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EagleFX Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Nov 11, 2024

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United States not accepted.

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Overall Rating

4.1 / 5

EagleFX is #36 in our CFD broker rankings.

Customer Reviews (1)

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Customer Reviews

Regulation & Trust

2.5 / 5

Accounts & Banking

3.3 / 5

Assets & Markets

3.3 / 5

Fees & Costs

3.5 / 5

Platforms & Tools

3.3 / 5

Customer Support

3.3 / 5

Minimum Deposit $10

Trading Platforms MT4

Instruments Forex, CFDs, Indices, Stocks, Commodities, Cryptocurrencies

Regulators

Account Currencies USD, EUR, GBP

Payment Options Visa, Wire Transfer, Mastercard, Bitcoin Payments, Credit Card, Debit Card

Awards

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

Pros

• This broker offers free and unlimited demo accounts in MT4, plus no inactivity fees - ideal for beginners seeking a risk-free environment to develop day trading strategies.
• EagleFX has introduced Bitcoin deposits, as well as fast-tracked withdrawals, which will serve active traders looking for hassle-free account management.
• The $6 round-turn commissions at EagleFX are competitive, with other commission structures we review often coming in at around $7 per round-turn, protecting profit margins for active traders.

Cons

• The range of 100+ instruments on the EagleFX platform will be extremely limiting for serious traders, especially compared to category leaders like Blackbull with its 26,000+ tradable assets.
• EagleFX needs to step up its education with extremely basic guides and no learning articles added since 2022, made worse by the lack of analyst insights to inform trading strategies.
• EagleFX is based offshore and is not authorized by a trusted regulator, meaning traders may receive little to no safeguards, substantially increasing the risks of trading with this broker.

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:

• Futures – US Dollar futures
• Stocks – Trade 70+ company stocks including Amazon, Tesla and Goldman Sachs
• Indices – Invest in 10 stock indices including the FTSE100, S&P500 and NAS100
• Commodities – Invest in a small number of commodities including gold, silver and oil
• Forex – Speculate on 50+ major, minor and exotic currency pairs including GBP/USD, EUR/GBP and USD/CAD
• Cryptocurrency – Take crypto positions across 35+ digital currencies including Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH)

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 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.

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:

• 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. The quickest ways to open a position on MetaTrader 4 is 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

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.

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.

• 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

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. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US 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
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering 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.
   Go to World Forex

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

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