EagleFX Review 2022

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EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.

Awards
  • FX Broker With Best Withdrawal Options 2020
  • Best ECN/STP Broker 2020
  • Best Forex Broker 2020
InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies
Demo AccountYes
Min. Deposit$10
Payment Methods
Min. Trade0.01 lots
MetaTrader 4Yes
MetaTrader 5No
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralNo
AutochartistNo
eSignalNo
STP AccountYes
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsYes
Margin TradingYes
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingYes (EAs)
Social TradingNo
Copy TradingNo
Islamic AccountYes
Account Currencies
  • USD
  • EUR
  • GBP
Inactivity Fee$0
Guaranteed Stop LossNo
Stock Exchanges
  • Australian Securities Exchange
  • CAC 40 Index France
  • DAX GER 40 Index
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Japan Exchange Group
  • Nasdaq
  • S&P 500
Commodities
  • Gold
  • Oil
  • Silver
CFD TradingInvest in the markets with online CFDs.
CFD FTSE Spread0.77
CFD GBPUSD Spread1.3
CFD Oil Spread0.09
CFD Stocks SpreadVariable
CFD LeverageUp to 1:500
Forex TradingTrade with high leverage on the FX market.
Forex GBPUSD Spread1.3
Forex EURUSD Spread0.7
Forex EURGBP Spread1.4
Forex Assets55
Crypto TradingTrade on dozens of cryptocurrency coins agains the USD and BIT
Crypto SpreadFloating
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BCH
  • BCH
  • BIT
  • BTC
  • BTC
  • BTG
  • DASH
  • DOT
  • EDO
  • EDO
  • EOS
  • ETC
  • ETH
  • ETH
  • ETP
  • ETP
  • IOS
  • IOT
  • LTC
  • NEO
  • NEO
  • OMG
  • OMG
  • QTUM
  • SAN
  • SAN
  • TRX
  • USDT
  • XMR
  • XRP
  • XRP
  • ZEC
  • ZRX
Risk Warning – Your capital is at risk

EagleFX is a global FX and CFD brokerage offering trading opportunities on the MT4 platform. Assets include commodities, indices and cryptocurrencies. This review will cover the registration and verification process, commissions, minimum deposit requirements, platform features, and more. Is EagleFX regulated or is it a scam? Find out.

Company Details

EagleFX Ltd was established in 2019, with headquarters located in the Dominican Republic. The broker is used by thousands of traders worldwide, with services available in 188 countries including Indonesia and Nigeria.

The brokerage offers attractive ECN/STP trading conditions and ultra-fast execution speeds. Day traders can enjoy 24/7 access to 100+ assets on the industry-renowned, MetaTrader 4 trading platform. The company has also been featured in well-known publications such as Forbes and Finance Magnates.

It is worth noting that EagleFX is not currently regulated or licensed with any financial authority.

Trading Platform

EagleFX offers just one trading terminal; MetaTrader 4 (MT4). The platform is available as a desktop download or can be used directly through all major web browsers such as Internet Explorer or Google Chrome.

The trading terminal is intuitive and suitable for investors of all experience levels. Dashboards can be fully customized, with interactive charting, technical analysis tools and one-click order execution.

Features include:

EagleFX platform review
MetaTrader 4

How To Place A Trade

The MT4 platform provides several ways to place a trade. When using EagleFX, our experts were satisfied with the speed and simplicity to do so. The quickest ways to open a position on the MetaTrader 4 terminal us via one-click trading or directly from a chart:

Assets & Markets

EagleFX provides access to 100+ global instruments:

EagleFX Fees & Spreads

Live spreads are variable at EagleFX, starting from 0.1 pips. Price quotes are updated every 10 seconds within the platform interface. Our review found typical spreads on the EUR/USD currency pair are 0.7 pips, while on the NASDAQ, they are 1.1 pips. Remember, market volatility can significantly impact spreads.

Commissions apply for all trading instruments and are charged at $6 per lot round turn.

Overall these trading conditions are pretty middle-ground when we compare with the likes of XM ($3.50 per lot), HugosWay ($10 per round lot turn) and OANDA ($5 per 100,000 base currency traded).

Overnight swap charges apply. There are no inactivity fees for dormant accounts.

Leverage

EagleFX offers generous leverage up to 1:500, though this varies by asset type. Users should be aware of the effects of leveraged trading before creating an account. Although profit potential can improve, losses may be amplified.

Mobile Apps

The MT4 mobile app is available for download to iOS and Android devices. The app includes a full range of analytical features, with real-time quotes and trading directly from charts. The mobile 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 Apple App Store or Google Play.

EagleFX owner, CEO and founder
Mobile App

Deposits & Withdrawals

When we used EagleFX, our experts were pleased to see the broker does not apply a deposit or withdrawal fee for any payment methods, although third-party charges may apply.

The brokerage offers three payment options; bank wire transfer, credit/debit cards (Visa and Mastercard) and Bitcoin. The minimum deposit amount is $10 for Bitcoin and $50 for cards or bank transfers.

When reviewing the withdrawal options, it was disappointing to see no wire transfer option. PayPal, credit/debit cards or Bitcoin are available. Withdrawal times are fast, with requests reviewed within 30 minutes. The time to receive funds will vary. Public holidays may cause delays and Bitcoin fund transfers are dependent on network confirmation times.

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 which can be used for an unlimited time. Traders can specify their own leverage and virtual fund limit within the MT4 simulation.

A paper trading profile is ideal for new or inexperienced investors to place trades completely risk-free. Experienced traders can also use demo accounts to finesse a strategy or test out a new asset.

Deals & Promotions

At the time of writing, EagleFX did not offer any financial incentives to new or existing clients. This includes a no deposit bonus deal or a welcome promotion. As an unregulated broker, these may be offered in the future, given the lack of regulatory oversight. Keep an eye on the broker’s website and members’ area for upcoming promotions.

Regulation & License

EagleFX is an unregulated broker based in the Dominican Republic. Traders should note that unlicensed providers will not usually provide much, if any, client protection. With that said, the broker does state that it adheres to tier-one client fund processing, working with top global banks.

EagleFX also uses Bitcoin Cold Storage to safeguard client funds. This ensures that customer money is not stored on the broker’s web server, but instead, it is housed within an external storage device, safe from hackers.

Note, residents of the United States are not permitted to trade on the platform as the broker does not hold a license with the Securities and Exchanges Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

Additional Features

While using EagleFX, we were disappointed with the limited educational resources available to day trading clients. Basic daily market analysis and online tutorials are published on the EagleFX website, though to compete with other brokers, such as OANDA, it would be good to see integrated video content or margin calculators.

Account Types

EagleFX 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.

It is quick and easy to create a new account with EagleFX. You can register using the online form and confirm your email address and phone number. There is no KYC verification process, so traders do not need to submit any documents. Once complete, sign in to the member’s area and start trading.

Pros

Benefits of opening a real EagleFX trading account include:

Drawbacks

Our experts also found several downsides to creating an EagleFX account:

EagleFX 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 four hours.

EagleFX is from which country

The broker’s office address location is at 8 Copthall, Roseau Valley 00152, Commonwealth of Dominica.

Security

Our experts found limited information regarding trading security and safety. The broker does not offer negative balance protection. Nonetheless, the MT4 platform operates with the highest security standards, with encrypted data exchange between servers. The terminal supports digital signatures, as well as Two-Factor Authentication (2FA) at the login page.

Be cautious of scams, particularly when trading with unregulated brokers.

EagleFX Verdict

Our review has identified some notable pros and cons of trading with EagleFX. The broker offers free deposits and withdrawals, a low minimum deposit requirement and the industry-leading MT4 trading platform. EagleFX may be 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 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.

Traders can not use EagleFX from United States.

Compare EagleFX

Compare EagleFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to EagleFX:

  1. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  2. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
  3. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  4. AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.

EagleFX Comparison Table

Compare EagleFX With Similar Brokers
EagleFX LQDFX Forex.com eToro AAAFx
Rating 4.5 4.7
Markets Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $10 $20 $100 $10 $10
Minimum Trade 0.01 lots 0.01 lots $1 $10 0.01 lots
Regulators CySEC, IIROC, NFA, CFTC, FCA, CIMA FCA, CySEC, ASIC, FSA HCMC (Greece), FSCA (South Africa)
Bonus 100% deposit bonus up to $20,000 No 100% Deposit Bonus available for Global clients
Education No Yes Yes Yes No
Platforms MT4 MT4 MT4 MT4, MT5
Leverage Up to 1:500 1:100 – 1:500 1:200 1:30 EU 1:30 EU, 1:500 Global
Payment Methods 7 8 8 14 8
Detailed Comparison EagleFX vs LQDFX EagleFX vs Forex.com EagleFX vs eToro EagleFX vs AAAFx
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Compare Trading Instruments

Compare EagleFX Trading Instruments
EagleFX LQDFX Forex.com eToro AAAFx
CFD Yes Yes Yes Yes Yes
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes Yes
Oil Yes Yes Yes Yes No
Gold Yes Yes Yes Yes Yes
Copper No Yes No Yes No
Silver Yes Yes Yes Yes No
Corn No No No Yes No
Crypto Yes Yes Yes Yes Yes
Futures Yes No Yes No No
Options No No Yes No No
ETFs No No No Yes No
Bonds No No No No No
Warrants No No No No No
Spreadbetting No No No No No
Volatility Index No No No Yes No

EagleFX vs Other Brokers

Compare EagleFX with any other broker by selecting the other broker below.

EagleFX vs

The most popular EagleFX comparisons:

  1. EagleFX vs Oanda
  2. EagleFX vs Hugo’s Way
  3. EagleFX vs XM

FAQ

Does EagleFX Accept US Clients?

EagleFX accepts clients globally, including the UK, however US clients are not permitted. Traders should check local eligibility before signing up.

Does EagleFX Have A Bonus?

No, EagleFX does not offer welcome deposit bonuses or any similar promotional deals. Check the firm’s social media channels for news of upcoming offers.

Is EagleFX A Scam?

EagleFX is a legitimate company that has been featured in several well-known publications. Nonetheless, the broker is unregulated therefore customer protection is not guaranteed.

Does EagleFX Have A ZAR Account?

EagleFX does not offer Rand accounts. New accounts can be opened in USD, EUR, GBP, or BTC denominations.

Does EagleFX Have NASDAQ Trading Opportunities?

Yes, EagleFX clients can trade on the NASDAQ along with a handful of other global indices, including the S&P and FTSE.

Does EagleFX Have The Volatility 75 (VIX75) Index?

No, the online broker does not offer trading on the VIX 75. Instead, 10 major global indices are available.

EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.