Read this EagleFX broker review before opening your account. Is this a reliable Forex broker? Find out more with our AtoZ Markets Forex broker review of EagleFX.
EagleFX is a forex and CFD broker based in Dominica. It provides trading opportunities through the famous MetaTrader 4 Platform. The overall trading conditions of the broker appear attractive.
We have done an extensive review of the company and found it legit and recommendable. This broker provides maximum flexibility on deposit requirements for all traders.
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For the above mentioned, we stand on our toes checking all the ins and outs in a broker’s business history, biography, and reputation. The very same standards apply in the case of this EagleFX broker review. Please go through this article on how we conduct our broker reviews.
EagleFX was founded in 2019 and headquartered in Roseau. The company has one innovative CFD and forex brokers rising up in the last few years. As a new brokerage, it has managed to find its niche in the forex industry by offering all the necessary tools to operate the trading account.
As mentioned on the website, it uses Straight Through Processing (STP) for trading. Therefore, each and every trade is completed directly without dealing desk. So clients can have a process with no re-quotes and no possibility of price manipulation. Moreover, the company brings direct light-fast connectivity to multiple top-tier liquidity providers.
Overall, EagleFX is a forex and CFD broker that provides services across the globe to trade the world’s markets. With a solid range of trading platforms, popular financial instruments, and competitive spreads, this broker became a unique company in the industry.
Online trading through EagleFX broker is safe. Although the broker is not yet regulated, they provide some features in the market to protect clients’ funds. For example, it offers the ‘bitcoin cold storage’ for traders to fund their account with bitcoin. So they do not hold any deposit to their web server or any other computer. In addition to that, traders’ funds are kept in segregated accounts with two-factor authentication to increase clients’ security of funds.
EagleFX provides the standard MT4 trading platform with full features. However, this might be disappointing for some experienced traders as they require advanced MT5 platforms. Overall, the automatic trading and custom solutions on the MT4 infrastructure is very user-friendly in the retail sector.
EagleFX offers the below-mentioned features for its traders:
- 9 different time frames
- Built-in tick chart features provide an accurate method for locating optimal entry and exit points.
- Wide choice of free indicators and advisors
- Creating your own indicators and advisors (MQL4)
- High-security 128-bit encoding
- Quick trading functions allow for locking in trading orders straight from the chart with just one click.
- Choose from three trade execution modes- instant Execution, market execution, and pending orders.
- Trailing stop
- Available in Android & iOS
Besides MT4, traders can access and trade their favorite currencies from any website enabled device. Using webtrader platform, traders can enjoy most of the features from the MT4 platform.
EagleFX provides only one type of account. However, EagleFX also offers an account in 4 different types of currencies (GBP, EUR, USD and BITS) granting the customer the ability to trade in a currency they prefer or hold their funds in BITS. Therefore, traders may find it is difficult to trade Forex and Cryptocurrencies from the same trading account.
EagleFX allows traders to trade a wide range of trading instruments with 55 currency pairs, 11 indices, and 32 Crypto-related pairs. The maximum leverage available for this account type is 1:500, and the required minimum deposit is $10.
Over in the cryptocurrency department, traders can buy and sell their favorite crypto-to-fiat pairs and crypto-cross pairs. Traders can trade Bitcoin, Litecoin, Ripple and other 31 digital coins through this broker for 24/7.
EagleFX earns revenue through a combination of spreads and commissions. However, there is no inactivity fee for an account. It offers a variable spread that is constantly fluctuating.
Moreover, it charges $6 commission fees per lot RT. Swap Fees are also applied when holding an open trade overnight. However, the rate of swap fees varies between assets which are not disclosed publicly.
There is no deposit or withdrawal charge on the website of EagleFX, however, traders should keep in mind that as withdrawals are available in bitcoin, they are subject to its volatility both in favor and against.
At a primary stage, EagleFX covers maximum asked questions in its FAQ sections. Queries beyond the Frequently Asked Questions page are covered by its friendly support staff who are here ready to assist immediately.
EagleFX traders can access customer support 24/7. Besides live chat, traders can contact via submitting a ticket or by requesting a call.
Moreover, the address of the company is at 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica.
There is no information regarding regulations that have been provided on the website of EagleFX. However, the only thing mentioned on the website is that they are not directed at any jurisdiction or intention for any use that would be contrary to local law or regulation.
In summary, our review of EagleFX is positive. We found the trading arena of EagleFX as highly comprehensive. MetaTrader 4 provides a lot of charting tools and EA’s that can ease a trader’s activity. They keep client's funds separate from its day to day expenses. However, they did not disclose details about its liquidity providers. However, it ensures that all traders are fully backed by Straight Through Processing (STP).
The platform holds nearly 200 financial instruments within four main asset classes. It is important to remember that EagleFX is new in the forex and CFD space. Therefore, if you’re looking to specialize purely in cryptocurrency trading, you have access to 31 digital currency assets with both fiat-to-crypto and crypto-cross pairs.
Overall, the leverage of the broker is up to 1:500. With fast withdrawals and 24/7 customer support across live chat, phone and email, EagleFX is worth considering if you are looking for a new and potential brokerage.