Company Overview
EagleFX is an online brokerage that offers access to a range of financial markets, including Forex, cryptocurrencies, commodities, indices, and stocks. Established in 2019, EagleFX has quickly garnered attention for its strong focus on providing an easy-to-use trading environment for both beginners and experienced traders alike. With an emphasis on competitive spreads, high leverage, and quick execution speeds, EagleFX aims to be a strong contender in the competitive world of online trading.
Though relatively young in the brokerage industry, EagleFX differentiates itself with a client-centric approach, offering a variety of trading instruments, flexible account types, and a robust trading platform. However, as with any new broker, it's essential for potential traders to consider the company's regulatory status, as EagleFX is not regulated by top-tier authorities like the FCA or ASIC.
Pros and Cons
Pros
- Registration with the site and opening an account take only a few minutes
- The demo account is free and available to traders for an unlimited amount of time
- You can contact support at any time of the day, any day of the week
- The STP technology is used for fast order execution
- You can trade using PCs, tablets, and mobile devices
- To protect clients’ funds, the broker uses a cold storage method
Cons
- There are no passive income programs
- There are no educational articles, videos, or courses on the broker’s website
Security
EagleFX places a strong emphasis on security. It uses SSL encryption to protect client data and ensure secure online transactions. The company maintains strict internal policies to safeguard client funds, ensuring that they are kept in segregated accounts. However, the lack of regulation from prominent authorities like the FCA or ASIC means that traders should exercise caution and fully understand the risks before depositing significant amounts.
Tradable Instruments
EagleFX provides a broad range of trading instruments across multiple asset classes:
- Forex: A wide selection of currency pairs is available for trading, including major pairs like EUR/USD, GBP/USD, USD/JPY, and exotic pairs.
- Cryptocurrencies: EagleFX is particularly popular for cryptocurrency trading, offering a range of crypto assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.
- Commodities: Traders can access popular commodities such as gold, silver, and oil.
- Indices: Major global indices such as the S&P 500, Dow Jones, and NASDAQ are available for trading as CFDs.
- Stocks: EagleFX offers stock CFDs for top companies from the US and global markets.
| Available tools | Forex, metals, indices, energy resources, stocks, cryptocurrencies, Futures |
|---|---|
| Cryptocurrencies | ADA, BTC, EOS, DAS, DAS, DOG, EDO, EDO, ETP, ETC, ETH, LTC, IOS, IOT, OMG, NEO, QTU, USDT, XRP, ZEC, DOT, SOL, XTZ |
| CFD | Cryptocurrency: 32 Forex: 55 Metals: 4 Energy: 2 Indices: 10 Stocks: 71 |
This diversity of assets allows traders to diversify their portfolios and trade in various markets, whether they’re interested in traditional assets or emerging markets like cryptocurrency.
Account Types
Standard
| Minimum deposit | 0 |
|---|---|
| Commission | 0.2 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 100 |
| Stop-out level | 70 |
Commissions and Fees
EagleFX operates with a spread-based pricing model. The broker charges no commissions on trades, which is a common feature of many retail brokers. Instead, traders pay a spread, which starts from as low as 0.0 pips on major pairs like EUR/USD for certain account types.
However, traders should be aware that there may be additional fees involved with deposits and withdrawals, depending on the chosen payment method. For example, withdrawals via bank transfers or certain e-wallets may incur charges.
Typical costs include:
- Spreads: As low as 0.0 pips for major currency pairs on the right account type.
- Swap rates (overnight fees): EagleFX charges swap rates for positions held overnight, which vary based on market conditions and the asset being traded.
- Deposit/Withdrawal Fees: Some deposit and withdrawal methods may have associated fees.
Trading Platforms
| Available tools | Forex, metals, indices, energy resources, stocks, cryptocurrencies, Futures |
|---|---|
| Cryptocurrencies | ADA, BTC, EOS, DAS, DAS, DOG, EDO, EDO, ETP, ETC, ETH, LTC, IOS, IOT, OMG, NEO, QTU, USDT, XRP, ZEC, DOT, SOL, XTZ |
| CFD | Cryptocurrency: 32 Forex: 55 Metals: 4 Energy: 2 Indices: 10 Stocks: 71 |
EagleFX provides the MetaTrader 4 (MT4) platform, a widely respected and powerful trading platform used by millions of traders worldwide. MT4 offers a wide range of tools and features:
- Charting Tools: Advanced charting and technical analysis tools, including a wide selection of indicators.
- Automated Trading: The platform supports Expert Advisors (EAs), allowing traders to automate their trading strategies.
- Customizable Interface: MT4 offers flexibility in layout and functionality, which can be tailored to the trader’s preferences.
- Mobile Trading: EagleFX offers mobile apps for both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.
MT4 is considered one of the best platforms for Forex and CFD trading due to its versatility, ease of use, and wide range of features.
Customer Support
EagleFX provides customer support via the following channels:
- Live Chat: Accessible directly from the website for quick responses.
- Email: Traders can contact the support team via email for more detailed inquiries or issues.
- Phone: Support is also available by phone for urgent matters.
The customer support team is available 24/7, which is particularly useful for traders in different time zones.
Account Opening
Opening an account with EagleFX is a straightforward process. Here’s a step-by-step guide:
- Registration: Fill out the online registration form with your personal details.
- Identity Verification: Submit the necessary identification documents (e.g., ID, proof of address) to comply with KYC (Know Your Customer) regulations.
- Fund Your Account: Make an initial deposit using one of the available payment methods (e.g., credit card, bank transfer, or e-wallet).
- Start Trading: Once your account is funded and verified, you can begin trading on the MT4 platform.
The process typically takes a few minutes to complete, with verification and funding processes varying depending on the payment method.
Deposits and Withdrawals
EagleFX supports a variety of payment methods for both deposits and withdrawals:
- Credit/Debit Cards (Visa, MasterCard)
- Bank Transfers
- E-wallets (Skrill, Neteller, etc.)
- Cryptocurrencies (Bitcoin, Ethereum)
Deposits are usually processed quickly, but withdrawal times may vary depending on the method chosen. Bank transfers and cryptocurrency withdrawals generally take longer to process compared to e-wallets.
Some payment methods may incur additional fees, so traders should check the fee schedule before making deposits or withdrawals.
FAQ
EagleFX is not regulated by top-tier financial authorities such as the FCA or ASIC, which may concern some traders. It operates under a less stringent regulatory framework, so traders should be cautious and ensure they understand the risks.
What platforms are available for trading?
EagleFX offers the MetaTrader 4 (MT4) platform for desktop, web, and mobile trading.
What is the minimum deposit?
The minimum deposit to open an account with EagleFX is $10, which is accessible for traders with smaller capital.
What leverage does EagleFX offer?
EagleFX offers leverage up to 1:500 on Forex and other CFD products, depending on the asset being traded.
Are there withdrawal fees?
Some withdrawal methods may incur fees, especially for bank transfers or cryptocurrency withdrawals. It's important to check the fees before making a withdrawal.