EagleFX Review 2023

4.1

United States not accepted.

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

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Awards	FX Broker With Best Withdrawal Options 2020 Best ECN/STP Broker 2020 Best Forex Broker 2020
Instruments	Forex, CFDs, indices, shares, commodities, cryptocurrencies
Demo Account	Yes
Min. Deposit	$10
Payment Methods	Bitcoin Payments Credit Card Debit Card Mastercard PayPal Visa Wire Transfer
Min. Trade	0.01 lots
MetaTrader 4	Yes
MetaTrader 5	No
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	No
eSignal	No
STP Account	Yes
ECN Account	Yes
DMA Account	No
MAM Account	No
PAMM Account	No
LAMM Account	No
Demat Account	No
Mobile Apps	Yes
Margin Trading	Yes
Volatility Index	No
Spot Trading	No
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	No
VPS Hosting	No
Tournaments	No
Demo Competitions	No
Managed Accounts	No
Market Maker	No
Auto Trading	Yes (EAs)
Social Trading	No
Copy Trading	No
Islamic Account	Yes
Account Currencies	USD EUR GBP
Inactivity Fee	$0
Guaranteed Stop Loss	No
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 Trading	Invest in the markets with online CFDs.
CFD FTSE Spread	0.77
CFD GBPUSD Spread	1.3
CFD Oil Spread	0.09
CFD Stocks Spread	Variable
CFD Leverage	Up to 1:500
Forex Trading	Trade with high leverage on the FX market.
Forex GBPUSD Spread	1.3
Forex EURUSD Spread	0.7
Forex EURGBP Spread	1.4
Forex Assets	55
Crypto Trading	Trade on dozens of cryptocurrency coins agains the USD and BIT
Crypto Spread	Floating
Crypto Lending	No
Crypto Staking	No
Crypto Mining	No
Crypto Auto Market Maker	No
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:

• Nine timeframes
• Multilingual interface
• Fully customizable charts
• Four pending order types
• One-click order execution
• Three order execution types
• MQL4 programming language
• 30+ built-in technical indicators
• Direct access to Expert Advisors and automated trading systems

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:

• Trading From A Chart – Right-click anywhere on a chart window and select ‘trading’. A drop down will appear. From here, choose ‘new order’ and the ‘open position’ window will appear
• One-Click Trading – From the menu along the top of the platform interface, select ‘tools’ and then ‘options’. On the ‘trade’ tab, activate one-click trading by ticking the box. Once initiated, you can place trades instantly from the top left of a chart using the buy and sell buttons. You can easily modify trading volumes too

Assets & Markets

EagleFX provides access to 100+ global instruments:

• Futures – Open a US Dollar futures contract
• Stocks – Trade 73 global company stocks including Amazon, Tesla and Goldman Sachs
• Indices – Invest in 10 global stock indices including the FTSE100, S&P500 and NAS100
• Commodities – Invest in a small number of commodity markets including gold, silver and oil
• Forex Pairs – Speculate on 50+ major, minor and exotic currency pairs including GBP/USD, EUR/GBP and USD/CAD
• Cryptocurrency – Take crypto positions across 37 digital currencies including Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH)

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.

• Forex – Up to 1:500
• Stocks – Up to 1:20
• Indices – Up to 1:200
• Energies – Up to 1:200
• Cryptocurrency – Up to 1:100
• Precious Metals – Up to 1:500

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.

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:

• Bitcoin funding
• $10 minimum deposit
• 100+ trading instruments
• Free deposits and withdrawals
• 1:500 leveraged trading opportunities
• Industry-established MT4 trading platform
• Demo account with access to virtual funding

Drawbacks

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

• Unregulated
• Country restrictions
• Limited educational tools
• No negative balance protection

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.

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. World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   
2. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
   
3. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   
4. ForexChief – ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.
   

EagleFX Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by EagleFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

EagleFX vs Other Brokers

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

The most popular EagleFX comparisons:

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

FAQ

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