EagleFX Review
EagleFX
EagleFX, established in 2019, is a relatively young and unregulated broker. Despite the risks associated with trading with unregulated brokers, EagleFX has garnered positive reviews from traders. The broker offers 24/7 multilingual customer service and boasts ultra-fast execution speeds, giving it a sense of legitimacy. Additionally, they provide live chat support and access to a wide range of trading assets, including Forex, indices, commodities, stocks, and cryptocurrencies. However, it's worth noting that despite its youth, the broker does not offer bonuses.
EagleFX operates solely on the STP (Straight Through Processing) technology, ensuring there is no dealing desk, re-quotes, or possibility of price manipulation. The broker redirects orders to its liquidity providers and offers relatively low spreads. However, it's important to mention that the broker charges both spreads and trading commissions simultaneously, which may be a drawback for some traders.
To aid traders in understanding the broker's operations, EagleFX provides a comprehensive FAQ section covering various details, such as the leverage system, deposit and withdrawal processes, payment methods, and more.
When it comes to transactions, all deposits and withdrawals are free of charge, except when using Bitcoin as a payment method, where blockchain fees apply. The broker supports wire transfers and bank cards for transactions as well. Withdrawals are typically reviewed within 30 minutes by the EagleFX staff, with Bitcoin withdrawals usually processed within 1-2 hours. Notably, EagleFX does not charge any inactivity fees.
For trading, EagleFX offers the widely-used MT4 platform, which is available on all devices, including desktop, Android, web, and iOS apps. The broker allows various trading methods, including scalping, hedging, and news trading.
Overall, while EagleFX is a relatively young and unregulated broker, it has garnered positive reviews from traders. With its 24/7 multilingual customer service, fast execution speeds, and access to a wide range of trading assets, the broker presents itself as a legitimate option. However, it's important to consider the simultaneous charging of spreads and trading commissions, as well as the potential risks associated with trading with an unregulated broker.
Countries
Afghanistan, Albania, Algeria, Andorra +172 more
Regulations
Account currencies
BTC, EUR, GBP, USD
Assets
CFDs on Stocks, Crypto CFDs, Energies, Futures, Indices, Precious metals
Platforms
MT4
Deposit methods
Bank Transfer, Bitcoin, Credit Card
Others
Copy trading, Demo account, ECN, Exotic Pairs, Expert Advisors, Fast withdrawals, Hedging allowed, High leverage, Lowest minimum deposit, Micro Lots, STP, Swap-free
Promos
Visit brokerEagleFX offers four account types distinguished by their base currency: EAG-BIT-PRO, EAG-GBP-PRO, EAG-USD-PRO, and EAG-EUR-PRO. The minimum deposit requirement is 50 USD, which is in line with the industry average. However, when using Bitcoin as a payment method, the minimum deposit drops to a competitive 10 USD.
All trading accounts support leverage of up to 1:500, and users can choose their preferred leverage during the account registration process. The leverage system varies for different assets, with a maximum of 1:500 for Forex, 1:100 for cryptocurrencies, 1:200 for indices and energies, 1:20 for stocks, and 1:500 for metals.
The broker charges a trading commission of 6 USD round turn per standard lot traded. The minimum lot size is 0.01, and traders can engage in a maximum of 1000 lots. Crypto markets are available for trading 24/7, while other markets operate on a 24/5 schedule.
Spreads for major currency pairs start from 0.6 pips, which is lower than the industry average. However, it's important to note that there is a trading commission of 6 USD per lot, making it a relatively expensive option.
To access precise spreads and account types, it is necessary to open a trading account. Unfortunately, finding detailed information about trading conditions requires an extensive search through the FAQ section, which can be cumbersome and time-consuming for clients. This drawback could be addressed by providing clearer access to exact specifications.
Overall, EagleFX offers average trading conditions with a spreads-plus-commission approach. While many brokers provide a variety of accounts with and without trading commissions, EagleFX charges both spreads and commissions across all trading accounts, offering a convenient but potentially costly option for traders.
