EagleFX Review 2024


4.1 / 5
EagleFX is #37 in our CFD broker rankings.

EagleFX will serve experienced day traders looking for raw ECN spreads, high leverage and fast withdrawals. Beginners can also take advantage of the low $10 minimum deposit and round-the-clock support. However, the lack of regulation is a major drawback.

- Daytrading Review Team

EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for short-term traders.

$10
MT4
Forex, CFDs, Indices, Stocks, Commodities, Cryptocurrencies
-
USD, EUR, GBP
Visa, Wire Transfer, Mastercard, Bitcoin Payments, Credit Card, Debit Card

Forex Trading

You can go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of advanced features, including 9 timeframes and over 30 indicators.

Stock Trading

You can trade 70+ of the most popular global stocks including Amazon and Tesla, as well as 10+ major indices. This isn’t particularly competitive compared to the hundreds offered by most alternatives, and the lack of additional analysis tools will disappoint seasoned stock traders.

CFD Trading

The broker offers a small range of 100+ CFD instruments spanning key markets, with high leverage up to 1:500. Pricing is reasonable, with round turn commissions coming in at $6 alongside tight spreads. Multiple short-term strategies are also permitted, including hedging and scalping.

Crypto Trading

A strong range of cryptocurrencies are available with 35+ tokens including popular assets like Bitcoin and Ethereum. You can also make convenient Bitcoin deposits within minutes, with no transfer fees.

Awards

  • FX Broker With Best Withdrawal Options 2020
  • Best ECN/STP Broker 2020
  • Best Forex Broker 2020

✓ Pros

  • The $6 round-turn commissions are competitive (other commission structures we review come in at around $7 per round-turn)
  • The broker offers free and unlimited demo accounts in MT4, plus no inactivity fees - ideal for beginners seeking flexibility
  • The broker offers Bitcoin deposits, as well as fast-tracked withdrawals, which will serve more active traders
  • EagleFX continues to offer 24/7 customer support to clients via live chat, email or telephone
  • High forex leverage is available for experienced investors, up to 1:500

✗ Cons

  • There are very limited educational resources, market research and popular additional tools like copy trading - common features found at many alternatives
  • The range of 100+ instruments is very limited compared to the hundreds offered by most other competitors
  • The broker is based offshore and is unregulated, meaning traders will receive little to no safeguards

EagleFX is a global forex and CFD broker offering trading on the MT4 platform. Supported assets include currencies, commodities, stocks, indices and cryptos. This EagleFX review will examine the registration and verification process, spreads and commissions, minimum deposits, platform features, and more. Find out if EagleFX is trustworthy or a scam.

Assets & Markets

EagleFX provides access to 100+ financial instruments. Whilst not the most extensive selection vs alternatives, clients can speculate on popular global markets:

Fees & Spreads

EagleFX offers relatively competitive variable spreads, starting from 0.1 pips.

When we used EagleFX, we found typical spreads on the EUR/USD currency pair were 0.7 pips, while on the NASDAQ, they were 1.1 points. Note, market volatility can significantly impact spreads. Price quotes are updated every 10 seconds within the platform interface.

Commissions also 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 ($7) and HugosWay ($10) and OANDA ($5).

Overnight swap charges also apply.

We liked that there no inactivity fees for dormant accounts.

Account Types

EagleFX offers one standard account for all clients with a low minimum deposit 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.

On the downside, a choice of accounts could benefit active day traders looking for lower fees and cash rebates in return for higher deposits and trading volumes.

How To Open A Live EagleFX Account

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 online.

EagleFX Registration Form

Payment Methods

Deposits

The brokerage offers three payment options; bank wire transfer, credit/debit cards (Visa and Mastercard) and Bitcoin.

The minimum deposit is $10 for Bitcoin and $50 for cards or bank transfers.

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

How To Make A Deposit With Bitcoin

  1. Sign in to the client dashboard
  2. In the left-hand menu, select ‘Deposit Funds’ under ‘Transactions’
  3. Click Bitcoin
  4. Choose the wallet you would like to send money to
  5. Input the amount
  6. Press ‘Deposit’

Withdrawals

It was disappointing to see no wire transfer option at the withdrawal stage. Instead, PayPal, credit/debit cards or Bitcoin are available.

Withdrawal times are relatively 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. There is no maximum withdrawal limit.

EagleFX 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.

While using EagleFX, we found the trading terminal 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. The quickest ways to open a position on MetaTrader 4 is via one-click trading or directly from a chart:

Mobile App

The EagleFX MT4 app is also available on iOS and Android (APK) devices. The application can be downloaded for free from the Apple App Store or Google Play.

The application 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 mobile terminal also integrates with the desktop solution seamlessly so you can open orders and manage trades on the go.

On the downside, advanced graph analysis is challenging on a smaller screen and the software can lag slightly, depending on your mobile or tablet device.

EagleFX owner, CEO and founder
Mobile App

Leverage

EagleFX offers high leverage up to 1:500, though this varies by asset type.

However, new users should be aware of the effects of leveraged trading before creating an account. Although profit potential can increase, losses may be amplified.

Is EagleFX Regulated?

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 firm does use Bitcoin Cold Storage to safeguard client funds. This ensures that customer money is not stored on the broker’s web server, 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.

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 investors to place trades completely risk-free. Experienced traders can also use demo accounts to finesse a strategy or test out a new product.

Starting with a demo account can be a particularly good idea when a broker is unregulated, such as EagleFX. Prospective traders can check whether the company is legitimate and trustworthy.

Deals & Promotions

EagleFX does not offer any financial incentives to new or existing clients. This includes no deposit bonus deals and welcome promotions.

As an offshore 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.

However, make sure you check bonus terms and conditions as strict withdrawal/volume requirements are often in place.

Additional Features

EagleFX has a poor rating for its educational resources and market research. This is supported by other user reviews on the broker.

Basic analysis and online tutorials are published on the official website. However, to compete with other brokers, such as OANDA, it would be good to see integrated video content, margin and profit/loss calculators, plus analyst insights into the latest market trends.

Overall, EagleFX is not the best broker for traders seeking a breadth of extra features and training tools.

Customer Support

EagleFX offers reliable customer service through its 24/7 live chat. 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.

Company Background

EagleFX Ltd was established in 2019, with headquarters located in the Dominican Republic.

The online broker is used by thousands of traders worldwide, with services available in 188 countries including Indonesia and Nigeria.

The company has also been featured in well-known publications such as Forbes and Finance Magnates.

Security & Safety

Our experts found limited information regarding trading security and safety. The broker does not offer negative balance protection, which is a major disadvantage vs competitors.

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.

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 EagleFX provides a useful time zone converter link in the FAQs.

EagleFX Verdict

EagleFX offers several attractive features, including a low deposit, ECN/STP execution, the reliable MT4 platform, plus fast withdrawals. However, the firm’s weak regulatory status and limited list of instruments are serious drawbacks. There are plenty of regulated brokers for traders seeking more peace of mind.

FAQs

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.

Is EagleFX Good For Day Trading?

EagleFX is not the best broker for day trading. Despite STP/ECN execution, a stable platform and high leverage, fees are not the lowest and the lack of regulatory oversight raises questions about the firm’s safety status.

Does EagleFX Accept US Clients?

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

Does EagleFX Have A Bonus?

No, EagleFX does not offer welcome deposit bonuses or promotional deals. Check the firm’s social media channels for news of any upcoming offers. Also check withdrawal terms and conditions before opting in.

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 Offer NASDAQ Trading?

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 global indices are available.

Top 3 Alternatives to EagleFX

Compare EagleFX with the top 3 similar brokers that accept traders from your location.

  1. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
    Go to AvaTrade
  2. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
    Go to Pepperstone
  3. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG

EagleFX Comparison Table

Compare EagleFX With Similar Brokers
EagleFX AvaTrade Pepperstone IG
Rating 4.1 4.9 4.8 4.4
Markets Forex, CFDs, Indices, Stocks, Commodities, Cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA
Bonus
Education No Yes Yes Yes
Platforms MT4 WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Leverage 1:500 1:30 (Retail) 1:400 (Pro) 1:30 (Retail), 1:500 (Pro) 1:30 (Retail), 1:250 (Pro)
Payment Methods 6 13 11 6
Visit Visit Visit Visit Visit
Review AvaTrade
Review
Pepperstone
Review
IG
Review

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.

Compare EagleFX Trading Instruments
EagleFX AvaTrade Pepperstone IG
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes Yes
Silver Yes Yes Yes Yes
Corn No Yes Yes No
Crypto Yes Yes Yes Yes
Futures Yes Yes No Yes
Options No Yes No Yes
ETFs No Yes Yes Yes
Bonds No Yes No Yes
Warrants No No No Yes
Spreadbetting No Yes Yes Yes
Volatility Index No Yes Yes Yes

EagleFX vs Other Brokers

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

 

Customer Reviews

  5 / 5

This average customer rating is based on 1 EagleFX customer reviews submitted by our visitors.

If you have traded with EagleFX we would really like to know about your experience - please submit your own review. Thank you.

  5

DO NOT CHANGE ANYTHING EAGLEFX!!!! You guys are awsome. Great platform and company. I have been in demo for 3 months and have perfected my skill thanks to EAGLEFX great features and simplicity.

✍ Derrick Pettway | 🌐 Canada | February 23, 2024

Submit Your Own Review of EagleFX

If you have experience trading with EagleFX please share your personal review of the broker and what you think are strong and weak points. Thank you.

Visit
EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for short-term traders.