On its website, EagleFX claims to host a “reliable system created by traders for traders.” It also promises to treat its clients with “highly leveraged and full STP/ECN” CFD trades backed by institutional grade liquidity. But how true are these claims? More importantly, what trading accounts are available with this broker and on which platforms? These are some of the things that we will be looking at when vetting the efficiency and legitimacy of this Dominican-based online forex, crypto, and CFD broker. We start by looking at the EagleFX company overview.
Pros & Cons
There is very little information about the broker’s background on their website. But a quick look at the profiles of such reputable forex sites as Forex Peace Army as well as some of their user reviews indicates that the brokerage was founded in 2019, and is currently registered and headquartered in the Dominican Republic. Note that the broker isn’t regulated or licensed in a major global financial district. On this website, however, you will have access to 100+ forex and digital asset trading instruments.
Here is the detailed account of everything you will want to know before registering for a trading account with EagleFX:
EagleFX Account types
EagleFX only maintains two types of accounts; the MT4 ECN live trading account and the MT4 demo trading account. This is unlike most other online trading platforms and brokerages that host several types of live trading accounts suited for the varied classes of high-volume and average traders. Both these accounts feature a simplistic dashboard and have the US-Dollars as its base currency. Deposits to the live trading account can be made in EUR, GBP, USD, and Bitcoin (BTC). Here, all the deposited funds are held in what the online brokerage refers to as the ‘Vault’ and will only move to the trading section when you enter into a trade position.
EagleFX and their one Live Account will also provide you with a sharia-compliant trading account upon request. These are, however, not available by default and you will need to contact their customer support and have them set it up for you. These accounts are secured with a password but you are free to fortify it further with the two-factor authentication feature. The biggest perk to operating the Islamic account (also known as Swap-free account) is that orders held overnight don’t attract the overnight financing fees.
EagleFX doesn’t have a proprietary trading platform yet and, therefore, relies on the all-popular Meta Trader 4 (MT4) platform. Once registered with the forex broker, you will have to download your preferred trading platform. These range from the MT4 for windows and MT4 for MAC desktop apps that can be downloaded for free on the website. Mobile traders are also free to download the Android and iOS versions of the MT4 trader availed on the EagleFX website. Similarly, traders can choose to use the Web Trader.
On either platform, you will have access to a variety of trading tools, analytical and technical indicators, and highly interactive charting options. From here, you can choose between instant and market modes of trade execution. Similarly, you will have access to stop order and trailing stop functionality among other risk management tools.
In addition to these are the quick trading functions that allow you to lock in trading orders from the chart with a single click. Plus, according to the broker, you will have access to over 30 technical indicators, 24 graphic tools, and have every symbol displayed in 9 timeframes. These allow for the most comprehensive use of analysis of the price movements for the different trading instruments.
EagleFX supports leveraged trades with the minimum leverage set at 1:1 and the maximum capped at 1:500. You will note that most brokerages with different types of accounts have limits to the use of leverage where the maximum limit is preserved for high volume traders. But since the broker only has one live trading account, the relatively high leverage is available to everyone with an EagleFX trader account.
Some of the most popular online forex industry players have the maximum lots sizes set at 100 lots. EagleFX, on the other hand, has its minimum trade size at 0.01 lots while its maximum trade size is at a highly competitive 1,000 lots. This makes it quite attractive to high volume traders.
Trading costs: EagleFX fees and commissions
EagleFX imposes overnight fees on all open swap positions. And according to the broker, the specific charges vary from one trading instrument to another. Unlike most other forex brokers that list of these overnight charges on their website, Eagle FX requires that you contact their support team for this information.
Trading commissions here stand at $6 for each lot traded. This rate is adjustable to suit smaller trading sizes. For instance, if you entered into a micro-lot trade – 0.1 lot – the commission for the trade would be $0.6. And given that the broker has its minimum trade size at 0.01 lots, the minimum trading commission here, therefore, stands at $0.06.
Despite being a few months old, it is interesting to note that EagleFX currently has over 100 financial instruments available for trade. These cut across the indices, cryptocurrency, forex, futures, and even the commodities markets. Featured here are all the 7 major forex pairs and an additional 48 forex trading pairs. On the crypto markets, EagleFX features 31 crypto options that include both fiat-to-fiat and crypto-to-fiat trading pairs. There also are 11 equity indices, 6 spot metals, and 3 energy products featured in the commodities market. Of these, only the crypto market is open 24/7.
EagleFX adopts a relatively advanced approach to pricing their CFD and FX spreads through the live spread feature. Here, spreads are highly variable and are updated every 10 seconds on the site’s live spread area. The upside to trading with the variable live spreads is that traders get to enjoy competitively low spreads when the market is largely calm. On the flipside, slight peaks in volatility oftentimes result in high spreads.
Most online brokers have varied minimum deposits for the different trading accounts supported on their platform. The fact that EagleFX has one trading account means that the minimum initial deposit of $10 applies to all of their clients here. The broker is quite vague with regard to the maximum account operating balance. It is also interesting to note that all the deposits are first held in the vault before moving to the trading section to collateralize the trading positions you have entered into.
Deposit methods and costs
EagleFX accepts three primary deposit methods. You can choose to deposit funds here through a bank wire transfer, the Visa/MasterCard, or in the form of Bitcoins. The broker further adopts the zero-fee policy on deposits by committing to foot the transaction charges resulting from your choice of funding method.
EagleFX withdrawal methods and costs
The online broker also supports three primary withdrawal options. You can opt to have your withdrawals made in the form of bitcoins, in PayPal dollars via Coinbase or channeled to your prepaid MasterCard. And just like the deposits, withdrawals are 100% free. Eagle FX is also one of the few online brokerages that guarantee that the withdrawn funds reach your account within the same day.
Withdrawal Processing and Wait Time
EagleFX reviews all withdrawal requests on the same day, ensuring you get your money as soon as possible. Its withdrawal process doesn’t need a verification process, making it faster and handy. If you want your money even quicker, consider withdrawing via Bitcoin, which allows you to withdraw via the Bitcoin-purchasing Instacoin service or any Bitcoin wallet of your choice.
Security of funds and account
As mentioned earlier, EagleFX supports the two-factor authentication security feature that will be activated immediately upon request. The security features implemented by the broker, however, extend way beyond the login page and into the handling of your deposited funds. EagleFX, for instance, assures its cryptocurrency traders that their funds are held in cold storage. Only small amounts of these coins meant to facilitate fast withdrawals are maintained on the broker’s servers.
The company further mentions that partnering with the world’s leading payment processors doesn’t just ensure speedy deposits and withdrawals. It also leverages the measures they have put in place to secure deposits and withdrawals.
Education and trading tools
The online broker pays little emphasis to forex education and training. Unlike some FX and crypto brokers who have updated sections of their websites dedicated to helping beginner traders get through the industry, Eagle FX only has the news sections. Here, you will find the economic calendar and technical articles detailing the current market trends and trade ideas.
Bonuses and promotions
EagleFX doesn’t offer any deposit or redeposit bonus schemes. On this front, their honesty is laudable. However, the company has not ruled out offering promotions in the future. If you like the sound of being able to trade with free money, keep checking their website for any updates.
EagleFX has not specified which countries it supports. The broker is yet to receive accreditation by major regulators around the world and it accepts traders from all over the globe. However, United States traders cannot invest with the platform as it has not been regulated by the Securities and Exchanges Commission or the Commodity and Futures Trading Commission.
The broker reserves the right to conduct due diligence on traders from certain countries as they deem fit from time to time.
EagleFX customer support
There are three primary ways in which you can access the EagleFX customer support team. You can engage them directly via Live Chat that has a near-instant response time. Alternatively, you can send a query ticket via email with an average response time of 15 minutes. You can also submit a callback ticket and have one of the company’s representatives call you back. These have the backing of an elaborate FAQ section. It addresses common queries on deposit and withdrawal handling, trading, and MT4 platforms.
Some of the most interesting facts about the customer support is their fast response and availability. Note that while most online brokerages will only be available 24/5, EagleFX customer service is open 24/7. Most of the queries we raised were resolved immediately and this is a good indicator of the customer service team’s proficiency. The only major downside to this online broker’s customer support is that it is only available in the English language.
EagleFX demo account
EagleFX also provides traders new to their platform or the online trading industry a demo account. The account is free and features all the trading tools and analytics contained in the Live Trading account. This platform outperforms most demo accounts fronted by other brokers in several ways. For starters, Eagle FX doesn’t impose a time limit for the use of the demo account. Plus unlike most brokerages that will present you with a specific amount of virtual cash, Eagle FX gives you the freedom of determining the virtual fund balance that you would like to start with.
You are also free to replenish these virtual funds as often as possible. EagleFX demo account can be operated on the free Windows MT4 platform, Android or iOS mobile MT4 traders or on the Web Trader. Plus you are free to set the base currency for your trades as either USD, EUR, GBP, or BIT.
What to keep in mind
- The online broker’s risk protection measures don’t include negative balance protection. You, therefore, stand to lose more than the amounts staked for a particular trade. This is highly suspicious for a broker that boasts of innovativeness and a deviation from the current trend where virtually every broker is employing negative balance protection measures to safeguard their client’s interests.
- Some of the key operational services featured on the EagleFX website will not be available to everyone. European Economic Area residents, for instance, cannot enjoy the attractively high leverages availed by the broker. United States residents, on the other hand, can only engage in crypto trades as the country bars CFD trading.
- You will also do well to remember that EagleFX is relatively new and thus not regulated by any major international brokerage firm or agency.
EagleFX, despite being a few months old, stands out in the online brokerage industry with its rich resource of advanced trading tools and features. It also features a host of competitive trading features that range from zero-fee deposits and withdrawals, same-day withdrawal processing, 24/7 customer support for both the FX and crypto traders as well as their ultra-fast trade execution made possible by the innovative Straight Through Processing of orders.
The broker isn’t, however, fault-free and we have spotted several operational areas that need urgent improvements. They, for instance, need to work on increasing their tradable financial instruments, strengthen their risk management measures, and also work on the regularization and licensing of the broker to earn themselves more credibility. Plus while the free and unlimited demo accounts come off as a promising training ground to beginner traders, we would like to see the company come up with more training and educational resources for both the newbie and slightly experienced traders.