EagleFX Review |
|
| 📅 Year founded |
2019 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Surrey, United Kingdom |
| 🌍 Country of regulation |
N/A |
| ✅ Regulators |
N/A |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$50 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Stocks / Cryptocurrencies / Futures |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Bitcoin |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Affiliate Program |
| 💰 Account Currencies |
USD / EUR / GBP / BTC |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
None |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
$6 USD per lot round turn |
| 💰 Spreads |
Variable spreads |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
55 + |
| 🔢 Number of clients |
Unknowns |
| 🥇 Instruments Offered |
150 + |
| 📙 Education |
Affiliate Marketing Only |
WHAT IS EAGLEFX?
EagleFX is an online brokerage founded in 2019, specialising in forex and cryptocurrencies. Despite being a relatively new entrant to the trading scene, EagleFX has quickly established a reputation for providing a reliable and efficient trading service.
One of the defining characteristics of EagleFX is its commitment to user-friendly technology. It employs robust platforms that support swift and stable trading activities, ensuring that both new and seasoned traders can navigate and execute trades with ease.
Although EagleFX is not regulated by any major financial oversight body, it has managed to earn considerable trust within the trading community. The lack of formal regulation is often a point of concern for traders, however, EagleFX addresses these worries by maintaining transparent business practices and prioritising customer security and support.
The broker has received positive customer feedback, particularly for its responsive customer service and the ease of account handling processes. This customer satisfaction reflects the broker’s dedication to providing a secure and efficient trading environment, even in the absence of regulatory oversight.
By focusing on technological efficacy and client service, EagleFX aims to continue growing its user base and maintain its position as a trusted option for traders looking for an engaging trading experience.
INTRODUCTION
EagleFX, headquartered in Surrey, United Kingdom, presents itself as a dynamic entrant in the competitive world of online forex and cryptocurrency trading.
Since its inception in 2019, the brokerage has focused on creating a seamless and empowering trading environment for both novice and seasoned traders around the globe.
The philosophy of EagleFX centres on the combination of speed, accessibility and customer satisfaction. The broker has leveraged cutting-edge technology to ensure that its trading platforms are not only fast but also reliable, making sure that traders can execute trades at any hour without delays or technical glitches.
As it continues to expand, EagleFX remains committed to enhancing its offerings, constantly adapting to the needs of its clients and changes in the market landscape. This approach has not only facilitated rapid growth since its foundation but also helped in forging a reputation as a reliable broker in the eyes of the global trading community.
Through its efforts, EagleFX aims to set a benchmark in delivering top-notch service without the backing of traditional regulatory frameworks, relying instead on its robust operational protocols and the trust it has cultivated among its clientele.
PROS & CONS
PROS
- Competitive spreads and low commission fees.
- Access to high leverage up to 500:1.
- A wide range of trading instruments including forex, cryptocurrencies, commodities and indices.
- User-friendly trading platforms, namely MetaTrader4, compatible with various devices.
- 24/7 customer support.
CONS
- Not overseen by any regulatory bodies.
- Restricted educational resources compared to other leading brokers.
- Not available to traders in certain jurisdictions such as the USA.
TRADING INSTRUMENTS
EagleFX offers a diverse and comprehensive range of trading instruments, enabling traders to access multiple asset classes from a single platform. This variety not only caters to the preferences of different traders but also allows for sophisticated portfolio strategies and risk diversification.
Forex
EagleFX provides traders with the opportunity to trade a wide range of currency pairs including all major pairs like EUR / USD, GBP / USD and USD/JPY, as well as several minor and exotic pairs. This selection of over 55 currency pairs is suitable for traders looking for both stable returns and high volatility.
Indices
Traders at EagleFX can engage with several of the world’s leading indices woth 5 indices currently available to be traded. These indices reflect the performance of specific segments of stock markets and are ideal for traders interested in macroeconomic strategies.
Commodities
EagleFX offers trading in various commodities, which includes precious metals like gold and silver and energy commodities like oil and natural gas. Commodities trading can be a good way to hedge against inflation or currency devaluation.
Stocks
While not as comprehensive as dedicated stockbrokers, EagleFX still provides access to some of the most prominent and liquid stocks in the market. This allows traders to take positions on over 75 stocks in global companies without needing to engage directly with stock exchanges.
Cryptocurrencies
EagleFX recognises the importance of digital assets in today’s market and offers trading in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple. This sector is particularly appealing due to its high volatility and 24/7 trading availability, making it a favourite among traders looking for rapid returns.
With over 30 cryptocurrencies available for trading, the broker ensures that its traders are never short of options.
Futures
Additionally, EagleFX provides futures trading, which is somewhat less common in typical forex and CFD brokers. Futures contracts available are limited the US Dollar only.
TRADING PLATFORMS
EagleFX offers its trading services through the highly acclaimed MetaTrader4 (MT4) platform, one of the most popular and widely used trading platforms in the world. MT4’s robust functionality, user-friendly interface and wide acceptance make it a top choice for both novice and experienced traders.
MT4 is renowned for its versatility. It supports a wide range of financial instruments, including forex, stocks, commodities, indices and cryptocurrencies, making it an ideal platform for EagleFX traders who engage in diverse trading activities.
Traders can access over 30 built-in indicators and more than 2 000 free custom indicators, as well as 700 indicators available for purchase. This extensive range of tools allows traders to analyze price dynamics in detail, forecast trends, and determine entry and exit points.
One of the standout features of MT4 is its ability to support automated trading through Expert Advisors (EAs). EAs enable traders to automate their trading strategies without manual intervention, which is particularly useful for those looking to trade the markets 24/7 or who wish to back-test their strategies extensively.
The MT4 platform is highly customisable. Users can set up their trading environment according to their personal preferences, modify the interface, create custom indicators and even develop new trading strategies using the MQL4 programming language.
Security is a critical feature of MT4 and by extension, a priority for EagleFX. The platform uses encryption protocols to secure the data exchanged between servers and clients.
MT4 is accessible on multiple devices and operating systems. EagleFX traders can use the MT4 desktop version for Windows and Mac, or trade on-the-go with the MT4 mobile apps for Android and iOS.
The platform’s mobile versions are well-designed, offering nearly all the desktop features including interactive charts, a full set of trading orders and the most popular analytical tools.
By leveraging the robust capabilities of MT4, EagleFX ensures that its traders have access to a reliable and efficient trading experience, enriched with extensive tools and resources. The platform’s proven track record, combined with EagleFX’s commitment to providing quality trading conditions, makes it a solid choice for traders aiming to navigate and profit from the complexities of the financial markets.
ACCOUNT TYPES
EagleFX distinguishes itself from many other brokers by offering a simplified account structure, with a single live trading account designed to meet the needs of various types of traders, from beginners to experienced professionals.
This approach is centred around the idea of inclusivity and ease of access, ensuring that every trader, regardless of their experience level or trading style, has equal access to all the trading services and tools provided by EagleFX.
By offering one type of live trading account, EagleFX eliminates the often confusing decision-making process associated with choosing from multiple account types, each with different conditions and benefits. This simplicity ensures that all traders have the same trading conditions, which levels the playing field and simplifies the account management process.
The single live trading account offers competitive conditions that are attractive to most traders. This includes tight spreads which are variable and low commission rates fixed at $6 USD per lot, round trip, making it cost-effective for high-volume traders and scalpers alike.
High leverage is another hallmark of the EagleFX live trading account, with leverage options up to 500:1 This high leverage allows traders to increase their trading position size with a relatively small amount of invested capital, thus amplifying potential profits as well as risks.
Upon request, traders can also access a swap-free version of the account, which eliminates overnight interest charges on positions. This feature is particularly important for traders who adhere to Islamic finance principles.
By consolidating its offering into a single live trading account, EagleFX focuses on delivering quality and value without the complexity of multiple account options. This strategy not only simplifies the trading experience but also ensures that all traders, regardless of their trading volume or investment size, receive the same high-quality service and access to global financial markets.
HOW TO OPEN AN ACCOUNT
Opening an account with EagleFX is a streamlined process and is accessible via the broker’s website. Potential clients are required to sign up on the broker’s website, before submitting their personal details and ddocuments required by the KYC process, to be verified.
Once verified, traders are able to deposit funds and begin trading.
DEMO ACCOUNT
EagleFX offers a demo account that mirrors the trading environment of a real account. It is a valuable tool for beginners to practice trading without risk and for experienced traders to test new strategies.
The broker’s demo account aims to simulate live market conditions, ensuring traders are exposed to live markets before risking their capital thereon.
SOCIAL TRADING AND COPY TRADING
Although EagleFX does not currently offer native social or copy trading services, traders can utilise third-party solutions that integrate with MT4 to copy trades from successful traders.
By providing a platform such as MT4, the broker snures its traders can use features such as EAs to implement copy trading and social trading services directly onto their live trading accounts.
COMMISSIONS AND FEES
EagleFX boasts competitive commissions and fees with spreads starting from 0.6 pips on major forex pairs. There are no hidden fees and the broker charges a reasonable flat rate commission on trades.
Commissions on trades are charged at $6 USD per lot round trip, which represents one of the better pricing in the industry. Additionally, the broker does not charge any fees on withdrawals and deposits, nor do they charge inactivity fees.
The broker also offers a swap-free account that enjoys the same benefits as their live trading account.
LEVERAGE
Leverage at EagleFX can reach up to 500:1, providing traders with the potential to make significant gains from small movements in the markets. However, traders should be aware of the increased risk that comes with high leverage.
Leverage with the broker is flexible and can easily be changed on account settings once a trader has set up their trading account.
WITHDRAWALS AND DEPOSITS
EagleFX supports several payment methods including major credit and debit cards, bank wire transfers and cryptocurrencies in the form of Bitcoin.
Withdrawals are processed within the same day, and there are no fees for deposits or withdrawals, however, the broker does specify that fees may be charged by third-party service providers for these transactions.
CUSTOMER SERVICE
Customer service is available 24/7 via live chat, email and phone. Additionally, the broker also offers a feature where clients can open a ticket regarding any concerns, before the broker’s customer service team then responds.
The support team is knowledgeable and responsive, providing assistance in multiple languages and has received numerous positive customer reviews, highlighting the broker’s commitment to their clients.
SAFETY AND SECURITY
Safety and security are paramount in online trading, where both financial and personal data are at constant risk.
Although EagleFX operates without formal regulatory oversight, which can be a significant concern for many traders, the broker has implemented several measures to ensure a secure trading environment and build trust among its clientele.
One of EagleFX’s strongest assurances comes from its user base. Numerous positive customer reviews highlight the broker’s reliability, prompt customer service and the ease of processing withdrawals and deposits.
These reviews are crucial for potential clients, especially when formal regulatory backing is absent. They indicate a level of service and reliability that has led to customer satisfaction, which in turn acts as a form of self-regulation through community feedback.
To protect clients’ personal and financial information, EagleFX employs industry-standard encryption technologies. Secure Sockets Layer (SSL) encryption is used on all transmitted data, ensuring that personal information and transaction details are protected from interception by third parties.
EagleFX encourages strong account security practices, including the use of complex passwords and two-factor authentication (2FA), which provides an additional layer of security beyond just the username and password. These measures are designed to prevent unauthorized access and safeguard clients’ accounts against hacking and identity theft.
Even though EagleFX is not regulated by a financial authority, it still places a high priority on financial security. The broker uses segregated accounts to keep clients’ funds separate from its operational funds.
This separation is crucial as it ensures that clients’ funds are not used for any other purpose than the intended trading activities and can be returned to clients in the event of broker insolvency.
EagleFX strives to maintain transparency in its trading operations. It provides clear information on its trading conditions, fees and risks associated with trading, achieving a level of openness essential for building trust and ensuring that traders make informed decisions.
To keep up with the dynamic nature of online trading and emerging security threats, EagleFX continuously monitors its systems and updates them as necessary. This proactive approach helps in preventing potential security breaches and maintaining a safe trading platform.
While the lack of regulation at EagleFX might initially deter some potential traders, the broker compensates for this with robust security measures, positive customer feedback and a commitment to transparency and customer service.
PROMOTIONS
EagleFX occasionally offers promotions such as deposit bonuses and trading contests. These promotions are designed to attract new clients and to encourage trading activities among existing clients.
Currently, the broker does not offer any promotions, except their well-developed and in-depth affiliate programme, which is utilised by many traders around the world.
RESEARCH
The broker provides daily market analysis and news updates to help traders make informed decisions. These resources are complemented by economic calendars and advanced charting tools available on MT4.
EDUCATION
EagleFX’s educational resources are limited when it comes to trading knowledge, however, for aspiring affiliates of the brand, the broker does offer in-depth education and training on their affiliate programme.
These educational guides and articles are easily accessible on the broker’s website.
GLOBAL AWARDS
As a relatively new player in the market, it is certainly impressive that EagleFx has already won numerous global awards to date.
Their awards include the following:
- Best Withdrawal Options (2020) – AO+Z Markets.
- Best ECN / STP Broker (2020) – fxdailyinfo.com.
- Best Forex Broker (2020) – fxdailyinfo.com.
SAFE OR SCAM?
Determining whether a broker like EagleFX is “safe” or a “scam” involves considering several factors, especially given the broker’s lack of formal regulatory oversight.
One of the most significant indicators of EagleFX’s reliability is the abundance of positive reviews from its users. Clients have reported satisfaction with the platform’s trading conditions, ease of fund withdrawals and customer service responsiveness.
Such feedback, especially when consistent over time, typically suggests that a broker is trustworthy and committed to maintaining good client relations.
EagleFX makes an effort to be transparent about its trading practices and policies. This includes clear information on spreads, commissions, leverage and other trading conditions, which is crucial for trust and indicates that a broker is less likely to engage in deceptive practices.
EagleFX has invested in substantial security measures to protect client data and funds. These include SSL encryption, two-factor authentication and segregated client accounts.
The most considerable risk associated with EagleFX is its lack of regulation by any financial authority. This absence means fewer protections against potential malpractices and might pose a higher risk in terms of financial security.
However, the broker’s effort to align with industry security practices partially mitigates this concern.
While the unregulated status of EagleFX may raise caution, the broker’s consistent positive customer feedback, commitment to security and operational transparency suggest it operates a legitimate and trustworthy trading service.
Nonetheless, potential clients should approach with caution and consider their risk tolerance when choosing to trade with an unregulated broker.
CONCLUSION
EagleFX offers a robust trading platform with competitive fees, high leverage and a diverse range of trading instruments. While it suits traders who appreciate MT4 and fast trading execution, the lack of comprehensive educational materials and regulatory clarity might deter some potential users.
While the lack of regulation means traders should put in more effort when choosing this broker, the other aspects of the broker’s offering are exceptional and it is clear to see why the broker is held in high regard by their clients.
Should EagleFx become regulated by a trusted body in future, the team at Brokersuggest.com would certainly recommend the broker as a good trading partner for any aspiring traders.
