EagleFX offers FX and CFD trading on the MT4 platform, including indices and cryptocurrencies. Follow this EagleFX review for a breakdown of the verification process, commissions, minimum deposits, demo accounts, and more. Is EagleFX regulated or is it a scam? Find out.
EagleFX Summary
EagleFX Ltd is an award-winning STP brokerage with headquarters in Dominica. The broker is used by thousands of traders worldwide, from Indonesia to Nigeria. The provider offers attractive ECN trading conditions and ultra-fast execution speeds. The company has also been featured in well-known publications such as Forbes and Finance Magnates.
Users who register on the broker’s single account enjoy 24/7 trading on a wide variety of assets using the most popular trading platform, MetaTrader 4. The owner and CEO have also introduced online poker games for its users.
MetaTrader 4 Trading Platform
The MT4 platform is available for all clients at EagleFX, which boasts dynamic charts and analytical functions. The practical and robust interface allows you to trade orders straight from the chart with just one click.
Traders can use three execution modes, as well as a set of pending orders and trailing stops. MT4 also enables comprehensive price analysis, with over 50 indicators and graphical objects, plus 9 different time intervals and a news feed.
MT4 is available for download on Windows computers or can be accessed directly from a web browser for those using Mac computers.
Markets
There’s a good range of assets to trade at EagleFX, including:
- Cryptocurrencies – 38 pairs available, including Bitcoin, Ethereum, and Ripple
- Commodities – Precious metals and energies, including gold, silver, and oil
- Forex – 55 currency pairs on offer, including majors, minors, and exotics
- Indices – 11 well-known indices, such as the FTSE (FTSE100) and NASDAQ (NAS100)
- Stocks – 64 global companies including Netflix and Amazon
Spreads & Commission
Live spreads are variable at EagleFX and start from 0.1 pips. Typical spreads on the EUR/USD are 0.7 pips and on the NASDAQ, they’re 1.12.
EagleFX also charges commissions at $6 per lot round turn. Overall these trading conditions are competitive and comparable with the likes of XM, HugosWay, and Oanda.
The only other fees are swaps, which are charged when you hold open trades overnight.
Leverage Review
EagleFX offers generous leverage up to 1:500 for forex and metals. Indices and energies can be leveraged up to 1:200, whilst cryptocurrencies are available up to 1:100. Users should be aware of the effects of leveraged trading before creating an account.
Mobile Apps
EagleFX offers the MT4 mobile app for iOS and Android devices. The app includes a full range of analytical features, with real-time quotes and trading straight from the chart. The interface is visually appealing and easy to navigate. The app is available in over 20 languages and reviews and ratings online are good.
The iOS and APK apps can be downloaded from the App Store or Google Play.
Payments
EagleFX offers 3 fast and secure payment methods: Bitcoin, Visa/MasterCard, and wire transfer. There are no fees on deposits and the minimum deposit amount is $10 for Bitcoin and $50 for cards or bank wire.
The withdrawal methods available are Bitcoin, Coinbase, PayPal, or MasterCard. Again, these are fee-free and withdrawal times are fast, generally processed within 1 hour. The minimum withdrawal amount via Bitcoin is 10 USD/EUR/GBP. There is no maximum withdrawal limit.
Demo Account
EagleFX offers a free demo account that can be used for an unlimited time. Traders can specify their own leverage and virtual fund limit within the MT4 simulation. New traders can benefit hugely from a demo account, as they allow you to place virtual trades without using real capital. Experienced traders can also use demo accounts to practice their trading strategies. Once ready, you can then open a real live trading account.
EagleFX Welcome Bonus
The broker does not offer any deposit bonus deals or similar promotions in 2022 so far. Traders could check the broker’s website and members area for future promotions. Always see bonus terms and requirements before you start trading.
Regulation & License
EagleFX is an unregulated broker based in Dominica. Traders should note that unregulated providers usually will not provide much if any, client protection. As a result, we can’t guarantee EagleFX is a legit broker.
Nonetheless, EagleFX does state that it uses Bitcoin Cold Storage to safeguard client funds. This ensures that client money is not stored on the broker’s web server but instead within an external storage device, safe from hackers.
Additional Features
Other than daily market analysis, EagleFX does not offer any educational materials or trading advice. To compete with other brokers such as Oanda, EagleFX could include useful tools such as video tutorials or margin calculators.
EagleFX Account Types
They offers one standard account type for all clients with a minimum deposit requirement of just $10. The minimum lot size is 0.01 and the maximum trade size is 1,000 lots. The broker also offers swap-free accounts for Islamic traders.
Creating a live account is fast; you can register using the online form and by confirming your email address and phone number. There’s no KYC verification process, so traders do not need to submit any documents. You can then sign in to the member’s area and start trading.
Benefits
Reasons to create an account include:
- Bitcoin funding
- Poker community
- $10 minimum deposit
- Volatility (VIX) 75 Index
- Free deposits and withdrawals
- Wide range of cryptocurrencies
Drawbacks
We did identify some drawbacks, including:
- Country Restrictions
- No educational tools
- Unregulated
Trading Hours
Forex markets are open 24/5 and crypto markets are open 24/7. Specific asset trading sessions can be found under ‘specifications’ in MT4. All market hours are provided in GMT+3, but the broker provides a useful time zone converter link in the FAQs.
Customer Service
The fastest way to get in touch with EagleFX is via the 24/7 live chat support. You can also submit a ticket through the website where responses are typically received in 15 minutes. For those who would prefer to speak to a member of the team over the phone, you can submit your phone number and request a call-back within 4 hours.
The broker’s office address location is at 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica.
Security
EagleFX ensures that the MT4 platform meets the highest of security standards, with encrypted data exchange between servers. The platform also supports the use of digital signatures, as well as Two-Factor Authentication (2FA) on the login page.
EagleFX Verdict
Our review has identified some notable pros and cons of trading with EagleFX. The broker offers low commissions, as well as fee-free funding, fast withdrawals, and a $10 minimum deposit. EagleFX is certainly a good broker for any level of trader, however, there are plenty of regulated brokers out there for those seeking a little more peace of mind.
Accepted Countries
EagleFX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Frequently Asked Questions
Does EagleFX accept US clients?
Yeah, it does! It accepts clients globally, including the UK and the US. However, traders will need to check that registration would not be contrary to their local country’s law or regulation.
Does EagleFX have a bonus?
No, EagleFX does not offer welcome deposit bonuses or any similar promotional deal.
Is EagleFX a scam?
EagleFX is a legit company that has been featured in several well-known publications. The broker also receives positive customer reviews online.
Is EagleFX regulated?
EagleFX does not hold a regulatory license and therefore will not provide the same level of protection as providers with well-known regulatory bodies such as the FCA or CySEC.
Does EagleFX have a ZAR account?
EagleFX does not offer Rand accounts, but you can open an account in USD, EUR, GBP, or BIT.
Does EagleFX have NASDAQ trading?
Yes, clients can trade on the NASDAQ along with a handful of other major exchanges.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
