EagleFX Review: Is EagleFX Broker Legit?

by Edith
Updated April 6, 2021

EagleFX is an online Forex, Cryptocurrency, commodities, and stock market indices broker. It started operations in 2018 and is currently headquartered in the Commonwealth of Dominica. The full service broker provides its clients with round the clock trading services that allows them to interact with hundreds of different trading instruments.

Open a Demo Account
Broker Summary
Services Available At
Features
Account Types
Trading Platforms
Regulation and Reputation
Customer Support
Deposit and Withdrawal
Trading Size and Fees
Leverage and Margin
Trading Instruments

EagleFX Review: Is EagleFX Broker Legit?

Overall Rating

(3.1/5)

{{ reviewsOverall }} / 5 Users (1 rate)
Customer Support2
Security4.5
Commissions, Fees & Rates2.5
Education3.5
User Friendly0
Deposit & Withdrawal0
What people say... Leave your rating
Order by:

Be the first to leave a review.

User Avatar User Avatar
Verified
/ 5
{{{ review.rating_title }}}
{{{review.rating_comment | nl2br}}}

This review has no replies yet.

Avatar
Show more
Show more
{{ pageNumber+1 }}
Leave your rating

EagleFX is an online Forex, Cryptocurrency, commodities, and stock market indices broker. It started operations in 2018 and is currently headquartered in the Commonwealth of Dominica.

The full service broker provides its clients with round the clock trading services that allows them to interact with hundreds of different trading instruments.

EagleFX is an STP (Straight Through Processing) and ECN broker .

On their website, the broker platform is referred to as a “Reliable system created by traders for traders.” 

But what are some of its key features, what account types does the broker support, and what are the trading fees on the platform? Importantly, how much do you need to start trading with the broker? In this review, we will answer all these and more to help you determine if EagleFX is a legit broker.

Quick EagleFX Broker Summary

  • Headquarters                           Dominica
  • Regulation                                Non
  • Platforms                                  MT4 Web, MT4 Windows,
  • Instruments                             Forex, Crypto, commodities, Indices
  • Demo Account                         Yes
  • Minimum Deposit                   $10
  • EUR/USD Spreads                   0.7

Pros and cons of using EagleFX

The pros:

  • Beginner friendly and highly intuitive trading platform. 
  • Deep liquidity that translates to tighter spreads and pricing
  • EagleFX gives its platform users access to 100+ tradable instruments.
  • The broker promises to process and disburse your withdrawals within the same day.
  • EagleFX has put in place multiple security measure to safeguard traders’ funds

What I don’t like:

  • EagleFX does not offer stocks and ETF trading: 
  • The broker offers limited educational resources
  • EagleFX is not regulated

Features of EagleFX broker

Deep liquidity: Eagle FX has collaborated with multiple Tier 1 investment banks and dark pool liquidity providers. The move ensures that the brokerage users have access to deep liquidity, which translates to less requotes, better prices, and ultra-tight spreads. Deep liquidity is especially important when trading Forex CFDs as it ensures that even minor and exotic trades are closed at highly competitive price levels

STP/ECN broker: EagleFX is a hybrid brokerage as it blends both the STP and ECN models of order processing. It does not operate a dealing desk and all orders are routed directly to the liquidity providers. This not only guarantees fast order processing and execution but also ensures that these orders are fulfilled at the highly competitive exchange rates provided by the liquidity providers. The hybrid model also ensures that the broker is able to automate virtually all aspects of the order processing.

24/7 trading: EagleFX also offers round the clock trading on their platform. We must, however, mention that the 24/7 trading feature is currently only available to digital asset traders.

Guides and News: On the EagleFX website is the ‘Guides’ tab. It provides platform users with different tutorials that break down the different processes of interacting with the broker services and platforms. They include website guides, MT4 guides, Android guides, and iOS guides. There is also the ‘NEWS’ tab that provides users with real-time news about the financial market and daily market analysis reports. These are aimed at helping traders make informed trade decisions.

Account types offered by EagleFX broker

  • Demo account:

EagleFX provides its platform users with a free demo account. The account can be used by novice traders to help them understand the broker platform and the online trading industry in general. It can also be used by expert traders looking to develop new or perfect current trade strategies. The EagleFX demo account has no expiry date and gives you $100,000 in virtual cash.

  • Real account:

EagleFX provides users with only one type of Real Trading Account. It is a standard account for all the brokerage users with no tiered minimum deposit amounts or perks. EagleFX’s Islamic clients can also request for the Sharia compliant and swap free account. You can also request for a corporate account – but you will have to furnish the broker with a business registration certificate. The account opening process is straightforward and it can be funded with such currencies as EUR/USD/GBP/BTC.

Trading Platforms offered by EagleFX

The Web TraderWindows Metatrader 4 Metratrader 4 App

You can start trading on EagleFX – without necessarily downloading trading software or programs – via the WebTrader. This is the browser-based variety of the MetaTrader platform. It is highly advanced and provides users with a host of trading and market research tools as well as multiple charts.

This platform is multi-lingual and supports the integration of expert advisors and other trade automation tools. It also supports in-chart trading. Accessibility is its greatest selling point as it allows you to log in to your account and monitor trades from any internet-enabled device in any part of the world.

You can also choose to trade on EagleFX using the all-popular MT4 desktop app for Windows OS. Download it from the EagleFX website and login to your Live or Demo account. With MT4, you have the option of multiple types of order execution, including instant order execution, stop and trailing stop order executions, market and pending order executions.

The versatility of the platform allows for the use of multiple trading strategies. And its chart features don’t just help identify best entry and exit levels but also facilitates in-chart trading. You also have access to 30+ technical indicators, 24 graphic objects, and a host of analytics tools. The supported instruments can also be viewed in 89 different timeframes.

Mobile traders can also opt to open their EagleFX brokerage accounts on the MT4 Android and iOS apps. On either platform, you have access to all the trading and market analysis tools and features offered by MT4 windows. Installing the MT4 app on your smartphone, nethertheless, gives you the advantage of being able to trade and monitor the markets while on the move.

Regulation and reputation

EagleFX holds no regulatory license. It, therefore, doesn’t accord its clients the same level of protection from fraud and harmful trading practices afforded to traders using regulated brokerages.

Nevertheless, EagleFX maintains a rather solid reputation. We looked at user reviews on such review-websites as Quora, Reddit, and Forex Peace Army and found numerous positive critiques of the platform and its services. And they mostly revolved around EagleFX’s fast order execution and fast withdrawal features. There, however, is a ranging debate on these platforms around the fact that EagleFX is an unregulated exchange.

One such user had this to say:

Another user was unimpressed and felt EagleFX was overrated.

Customer support

EagleFX brokerage runs a highly responsive customer support team. You can reach out to them by writing a support ticket, requesting a call back, or live chat with their agents on the website or social media pages. They also maintain a highly elaborate FAQs page and respond to online commentaries about the platform on different review sites fast. Check out how EagleFX support team stacks against other equally competitive brokers in a scale of 0-100.

EagleFX 91%
HugosWay 89%
CedarFX 86%
Exness 94%
LonghornFX 90%
Alpari International 40%
City Index 31%
FxPro 51%

The official EagleFX social media handles are:

Minimum/maximum deposit and withdrawal amounts on EagleFX

EagleFX has set BTC/$/£/€10 (of currency equivalent) as the minimum deposit amount. This however rises to $50 for bank wire deposits. The broker does not charge any deposit processing fees, but you are advised to inquire with your payment processor about transfer charges.

The minimum you can withdraw from EagleFX via any payment method is BTC/$/£/€10. EagleFX does not charge withdrawal fees or set a maximum withdrawal limit. Bitcoin traders will, however, incur network fees for both deposits and withdrawals imposed by BTC miners.

Supported deposit and withdrawal methods include:

  • Bitcoins
  • Credit card
  • Debit card
  • Bank wire

Trading size and fees

The minimum trade size on EagleFX is 0.01 Lots while the maximum trade size is set at 1000 lots.

Different types of fees act on your EagleFX trades. These include:

Commission fees: Charged at $6 per lot traded

Swap fees: Highly variable fees charged on trades that remain open overnight. You won’t know the applicable overnight fees until you open a trade.

Spreads: Highly variable per-transaction fees charged on the different instruments. They are constantly fluctuating.

Leverage and Margin

EagleFX offers highly attractive leverage for all the instruments traded on the platform. Current leverage levels are:

  • Cryptocurrencies – 1:100
  • Forex – 1:500
  • Metals – 1:500
  • Energies – 1:200
  • Indices – 1:200

Trading Instruments

EagleFX provides users with a wide range of tradable instruments that include:

  • Forex: 7 FX Majors, 21 FX minors, and 27 FX Exotics
  • Cryptocurrencies: 38 crypto crosses (both Crypto to crypto and Fiat to crypto pairs)
  • Commodities: 4 metals and 2 energies
  • Indices: 11 international indices

Conclusion: Is EagleFX Legit?

Yes, our comprehensive review of EagleFX brokerage is largely positive. The online broker, though relatively new, has put in place several measures aimed at making their platform safe, easy to use, and relatively affordable. We were especially drawn by their support for the feature-rich MT4 trading platform. 

We also appreciate the broker’s efforts in reaching out to many Tier 1 and dark pool liquidity providers in a bid to make the platform as efficient as possible. The fact that it is unregulated notwithstanding,  its high leverages of up to 1:500, responsive support team, and fast withdrawals appealed to us. 

{{ reviewsOverall }} / 5 Users (1 rate)
Customer Support2
Security4.5
Commissions, Fees & Rates2.5
Education3.5
User Friendly0
Deposit & Withdrawal0
What people say... Leave your rating
Order by:

Be the first to leave a review.

User Avatar User Avatar
Verified
/ 5
{{{ review.rating_title }}}
{{{review.rating_comment | nl2br}}}

This review has no replies yet.

Avatar
Show more
Show more
{{ pageNumber+1 }}
Leave your rating

Subscribe to FinaPress Newsletter

Get the latest market updates, trading news and promotions when you sign up to our weekly newsletters.