EagleFx is a global broker that is pretty new on the market. It was only founded in 2019 as a global online financial trading platform and multi-asset broker. Located in the Commonwealth of Dominica, this site is known to offer trading options on multiple things like commodities, Forex pairs, cryptocurrencies, and company shares. This is what the company has grown into during its time.
In 2019, the company won the Best U.S. CDF Broker – Today Trader award. That may not be enough to convince you, especially when paired with the fact the broker is new. This is why we’ll dive into this company and see what it’s capable of, and whether it’s a scam or not.
|EagleFx Main Features|
|Country of regulation:
|Demo Account Available:
|Withdrawal fee amount:
- Bitcoin deposit and withdrawal
- $10 minimum deposit
- Wide range of cryptocurrencies
- Country restrictions
- No educational tools
What is EagleFx?
EagleFX is an unregulated broker based in Dominica. Traders should note that unregulated providers usually will not provide much if any, client protection. As a result, we can’t guarantee EagleFX is a legit broker.
Nonetheless, EagleFX does state that it uses Bitcoin Cold Storage to safeguard client funds. This ensures that client money is not stored on the broker’s web server but instead within an external storage device, safe from hackers.
Safety & Regulation
Is EagleFX safe or a scam?
EagleFX does not hold a regulatory license and therefore will not provide the same level of protection as providers with well-known regulatory bodies such as the FCA or CySEC
We’re not up to a good start, because EagleFx is not currently regulated by any authority. It’s important for every broker to have a proper regulatory status and administrative body.
Otherwise, if there is no regulatory body supervising the trades, the brokers are performing these actions at their own discretion, meaning that what you invest will not be safe.
Whereas EagleFx has been established in 2019, they didn’t take the time to work on getting a regulatory body and offer extra protection to their users. This is extremely risky. What makes this very sketchy is the fact that it was difficult to find the information about regulatory compliance and licensing that we were looking for while researching – so, concluding that EagleFx is not regulated took a while. They are not very transparent about this issue.
At the footer of the page, we were able to find some information about the Commonwealth of Dominica. It was just a mention of it, but enough in order to help us find out that this broker is very risky and unreliable. Their jurisdiction is pretty much not one that supports Forex brokerage regulation. Therefore, it would be dangerous to use a company that exists in said jurisdiction.
In terms of fund safety, the payments made to EagleFx will be held in a segregated bank account. Tier-1 banks are used for this in order to increase the safety of the funds. For instance, if you want to withdraw your money, you will be sure you’ll get your money even if EagleFx goes out of business in the meantime. From this point of view, they are pretty safe, and you’ll always be able to withdraw.
EagleFX accepts traders from Australia, Thailand, Canada, United States, 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
EagleFx has multiple fees and the people who intend to use the platform should know about them.
What is EagleFx’s Minimum Deposit?
Let’s begin with the minimum deposit fees. When you first start using the broker, you need to make a minimum deposit of 10 GBP/USD as soon as you open your trading account. This fee is important as most brokers have a minimum withdrawal fee.
When a broker has a smaller minimum deposit fee, it’s usually meant for a more mainstream audience, whereas those with higher minimum deposit fees tend to also offer some additional services.
We compared the fee to others in the market and discovered that EagleFx has a smaller fee compared to some of the big names. While EagleFx has a $10 fee, you would have a 200 minimum deposit fee for IC Markets or Etoro.
Withdrawal fees depend on your preferred withdrawal method, respectively what you use to withdraw your funds. This could be either by card, bank transfer, bitcoin, or e-wallets. So, the fee is going to differ based on the method you end up choosing.
This is all because the payment providers may come with different transfer processing fees and times. Brokers like Etoro have withdrawal fees as well, while brokers like IC Markets have none.
No deposit fees are charged when you’re making EagleFx deposits. This is just like Etoro and XTB. Meanwhile, IC Markets charged deposit fees sometimes.
What’s good with EagleFx is that even if your account becomes inactive, you will not be charged for that. Unlike many other brokers, such as Etoro, for instance, inactivity fees don’t apply here.
Commission fees usually apply on EagleFx, and you need to be aware of that when it comes to CFD instruments.
Opening an account with EagleFx is a very simple and straightforward process. As soon as you click on “Sign Up”, you will be redirected to a page where you’ll be able to introduce some information and create your account.
It’s also possible to sign up using a Google or Facebook account.
We went through the registration process and we discovered that you can choose to create a standard account or a demo account. So, this sets it apart from many other Forex brokers as the majority will usually offer levels of accounts, or multiple tiers, each coming with its own features. Here, all traders will share the same type of primary account.
In case you are the owner of a business and you have proof of that, you have the chance to get a corporate account. Of course, this will automatically give you a higher deposit and trade limit.
EagleFx Demo account
As for the demo account, this is a free type of account that you can use for as long as possible. If you’re not confident when it comes to making a standard account from the get-go, you can settle for a demo one. This account lets you pick your leverage and virtual fund limit.
What’s cool about the demo account is that if you’re a new trader, you don’t need real capital – you can start placing virtual trades having no capital. Not to mention that if you’re someone who’s been into trading for a while, you can use the demo account as a chance to test your knowledge and skills and see how it’s going. As time goes by, you have the option to switch to a live trading account.
We went through both processes and tested both types of accounts. The demo one was very easy to use and any person who is new to trading would be able to understand how it works. The transition from a demo to a standard account is very smooth and after using the demo account, anyone would be prepared for the real live trading one.
Deposit & Withdrawal
EagleFX is a global broker and it’s available in more than 188 countries. The nations are all from Asia, Europe, Africa, and Oceania. Also, the broker covers some major countries such as the United States, the United Kingdom, Australia, Germany, China, South Africa, and many others.
So, we were able to test the deposit and withdrawal options and see how both of these operations are unfolding, and how long they take.
Account Base Currencies
There aren’t many currency options so far, so you can only choose between four, respectively USD, EUR, GBP, BIT.
Depositing money on EagleFx is free of charge, but you’ll have to make a minimum deposit when you first join. What’s even better is that you have multiple options, respectively Wire Transfer, Credit/Debit card, or Bitcoin.
When you deposit money, the process is going to take up to 6 hours. We were pleased to see that we didn’t have to wait for ages until the money appeared in our account. The minimum deposit amount is $10 for Bitcoin and $50 for bank wire or cards.
When it came to the withdrawals, things were still very convenient. Fees don’t apply every time – it depends on the withdrawal method you choose. For instance, if you choose to withdraw by Bitcoin, you may notice that the amount you end up receiving is different from the one you see before withdrawing. This happens because of the Bitcoin fluctuation.
With that in mind, you should know you can withdraw by MasterCard, CoinBase/PayPal, and Bitcoin. Payments usually get processed within one hour, and we were more than happy to receive our withdrawn amount so quickly.
We tested the trading platforms with both our demo and our standard account to see how they work. First things first, it’s important to establish that just like many other brokers, EagleFx uses MetaTrader 4, the most known trading platform on the planet.
The EagleFx MetaTrader 4 is available on browser, Android, and iOS devices, and it also comes as a Desktop application.
Desktop Application and WebTrader
While testing the platforms, we came to the conclusion that both the Desktop application and the browser version are the same in terms of quality. The platform looks very nice and uses advanced charts, and you can easily access your trading tools and customize your own trading environment. Multiple indicators will help you work more easily as well.
Overall, both versions work smoothly, and we had a good time using them for trading on both types of accounts.
Two-factor authentication is available too, which is great as the account will be protected against unauthorized access. You will have to enable it first. The 2FA will require you to enter an additional code every time you log into your account.
This can be done by downloading the Google Authenticator app on your mobile phone and scanning the barcode in the browser.
Mobile Trading Platform
The EagleFx MetaTrader 4 platform can be accessed from your mobile phone too, which is great when you’re away from home but want to keep trading. Whether you have an Android or an iOS phone, you’ll be able to find the application.
Using the mobile application was as much of a great experience as the Desktop and browser versions were. You will have multiple analytical objects and technical indicators available, while the navigation is fast and the design is nice.
Markets & Financial Instruments
You have multiple assets you can trade on this platform, including:
- Commodities – Energies and precious metals
- Cryptocurrencies – 38 pairs
- Indices – 11 well-known indices
- Stocks – 64 global companies
- Forex – 55 currency pairs on offer
The EagleFX live spreads are variable, starting from 0.1 pips. Usually, spreads on EUR/USD will be 0.7 pips and they’ll be 1.12 for the NASDAQ. Commissions are charged at $6 per lot round turn.
Markets Research & Trading Tools
EagleFX offers frequent newsletters and they are teaching people how to trade.
Not to mention that it also uses a lot of analysis tools and charting tools that help people trade without necessarily being experts. Also, it’s possible to install other third-party algorithms or custom ones if you want to get involved in personal trading.
Contacting customer support was an overall good experience for us. We contacted the team using all the methods available. You can either call them, send an email, or simply contact them through live chat.
What’s even better is that you can get support in multiple languages. Apart from English, you can get support in Chinese, Spanish, Portuguese, German, Turkish, Slovenian, Polish, Czech, French, Italian, and Romanian.
The live chat is available 24/7 and is the fastest option out of all. We got a response within minutes, and the agent was very useful and wasn’t pushing sales on us. An email is a great option too, but it might take a bit longer – at least 15 minutes to get an email back.
Requesting a callback is possible too but it took us a while to get a call back from the team – around 5 hours. It could be a good option only if you’re not in a rush to fix an issue.
The platform does offer a few educational resources, such as guides on MetaTrader4 and how it works, website guides, poker guides, and guides for mobile app users. You can read about the way trading works, about trading times, and so on.
In terms of materials, though, they are lacking compared to bigger names in the industry. We didn’t find any useful videos, webinars, or anything of the sort that would help educate clients, so we cannot give this aspect a full rating.
EagleFX is great in terms of trading and the platform is overall amazing, useful and the operation is smooth. There is no inactivity fee, and you don’t get charged for deposits and withdrawals either. However, the site needs to be improved. More educational materials should be added for clients and, most importantly, it needs to be regulated.
Frequently Asked Questions
Does EagleFx accept US clients?
EagleFX accepts clients globally, including the UK and the US. However, traders will need to check that registration would not be contrary to their local country law or regulation.
Does EagleFx have a bonus?
No, EagleFX does not offer welcome deposit bonuses or any similar promotional deal.
Does EagleFx have a ZAR account?
EagleFX does not offer Rand accounts, but you can open an account in USD, EUR, GBP, or BIT.
Does EagleFx offer NASDAQ trading?
Yes, clients can trade on the NASDAQ along with a handful of other major exchanges.