EagleFX Review 2023
EagleFX is an online forex and CFD broker that gives its users access to the widely popular MetaTrader 4 platform for analysis and position management for CFDs in a range of markets. This 2023 EagleFX review will outline its investing products, deposit and withdrawal methods, customer support, how to create an account and sign in, key pros and cons and more.
Company History & Overview
EagleFX Ltd is a global brokerage established in 2019 that offers investing services in 188 countries – including the UK – to thousands of clients. It is an offshore and unregulated firm with the location of its registered office and headquarters sitting in The Commonwealth of Dominica. Our review team was unable to find any details of the broker’s owner, founder or CEO.
The broker prides itself on creating optimal trading conditions and fast execution using straight-through processing (STP) for a range of liquidity providers and not using requotes. The firm also claims it has access to institutional-grade liquidity, although it does not provide further details. Trading speeds can be improved further by using a virtual private server (VPS).
EagleFX uses the industry-leading MetaTrader 4 (MT4) platform. This can be downloaded on Windows and Mac computers, although this may require a separate software setup. Those looking to avoid downloading software can use the WebTrader version, which operates through most major browsers. Note that the MT4 mobile app is currently only available on Android (APK download) and not on the App Store.
Our experts reviewed the main features of MT4, which are as follows:
- Nine timeframes
- One-click trading
- 24 graphical objects
- Financial news alerts
- 30 technical indicators
- Signals integration options
- Various trade execution modes
- Copy trading integration options
- Algorithmic trading using expert advisors (EAs)
EagleFX Markets & Instruments
- 73 stocks
- 10 indices
- 55 forex pairs
- Six commodities
- US Dollar futures
- 37 cryptocurrencies
EagleFX uses an ECN/STP brokerage model, which means it charges commissions in return for raw market spreads. The commission is £6 per lot round turn. Spreads are variable and fluctuate based on market conditions and liquidity. However, clients can expect spreads on the most liquid forex majors of around 0.1 pips. For example, our experts found the EUR/USD spread to generally sit around 0.8 pips and the EUR/GBP at 0.9 pips. The FTSE 100 spread tends to be a respectable 1.2 pips and the Nasdaq 100 (NAS100) spread is closer to 1.1 pips.
There are no inactivity fees. Swap fees may be applied when holding a position overnight and the type of asset will have an effect on the charges applicable.
As a broker that is not regulated, the maximum leverage rate at EagleFX is 1:500 on forex and metals, 1:200 on indices and energies and 1:100 on cryptocurrencies. The margin call activates at a 100% margin level and the stop out at a 70% margin level.
There is no in-house EagleFX mobile trading app. However, investors can use the MT4 mobile app, which is intuitive and easy to use. The mobile platform has some limited features compared to the desktop alternative, though key functions and position management systems are still in place.
While this application has historically been available on iOS, it is currently not on the App Store. Only Android users can therefore benefit, although this may be rectified in due course.
EagleFX Payment Methods
There are no deposit fees at EagleFX. The two main deposit methods at this broker are Bitcoin (USD 10 minimum deposit) and Instacoins (USD/EUR/GBP 50 minimum deposit), which is a third-party Bitcoin provider. Investors can purchase Bitcoin through Instacoins using their credit/debit card or by bank wire transfer. The Bitcoin then gets sent directly to the investor’s account. Both deposit methods take 1-6 hours but this depends on blockchain traffic. Deposited funds appear in your vault and will then need to be internally transferred to the appropriate MT4 account.
Withdrawals must be made using Bitcoin or to a Coinbase Wallet via PayPal. There are no transaction fees. EagleFX offers fast withdrawal times, with most being processed in 30 minutes or less. The minimum withdrawal amount via Bitcoin is USD/EUR/GBP 10 and there is no maximum withdrawal limit.
A demo account is available on MT4 with EagleFX. Prospective clients can download the desktop platform for this, though the web-based system is also suitable. The MT4 mobile app is also compatible with the demo account and investors can download this from Google Play. There are no restrictions on the demo account balance nor any time limits, which is great for new and experienced speculators alike.
Bonuses & Promotions
EagleFX does not have a no-deposit welcome bonus available for new customers. This is unusual for an unregulated broker that is not subject to the same restrictions as many European brokers. However, it may be that this broker decides to offer promotions in the future.
This broker is unregulated, which means that its customers have fewer protections compared to traders using regulated brokers. It also means that the firm is not subject to the same level of scrutiny or monitoring requirements and that investors do not have insurance for the funds they deposit in the company should it become insolvent. Despite this, there are brokers without a license with a regulatory body where the company is not a scam but a legitimate, fair and competent financial services firm. We recommend that investors always approach unregulated brokerages like EagleFX with caution.
Only one account type is available at EagleFX, although traders can open multiple MT4 accounts with different leverage settings. There is also the option to open an Islamic/swap-free account, where rollover charges are replaced with administrative costs to keep in line with Sharia law. Traders that want an Islamic account should contact the broker. The minimum lot size when trading is 0.01.
How To Get Started With EagleFX
1) Sign Up To Receive Your Login Details
The initial sign-up process is very quick and it takes around one minute to register a new account. Simply click on the ‘Sign Up’ button in the top-right of the EagleFX webpage and enter the details requested. Email verification is also required. No documents are needed as part of know-your-customer (KYC) regulations as these do not apply. Once complete, you can use your login details (email address and password) on the relevant page to go to the dashboard where you can perform various functions including accessing the trading platform and funding your account.
2) Open A Live Trading Account
Clients need to deposit funds to activate a real trading account and begin investing. This can be done easily from the account dashboard by selecting a deposit method, a wallet and the desired amount. Remember that the minimum deposit amount for Bitcoin is £10. When opening an account, you will also need to choose your leverage rate and the currency you want the account to display. Investors will then receive an email with their MT4 login details.
3) Choose A Market
Markets have different characteristics in terms of liquidity and volatility. Choose a market that fits your risk preferences and experience. For example, EagleFX traders wanting increased risk and reward may want to explore the crypto market, where volatility is much higher. Ensure you have the required skill to invest in that market by testing your strategy on the demo account beforehand.
4) Open A Position
Opening a position at the right time requires skill and rationality. Some investors prefer to use copy trading and signals to better time their entry into the market. Others will analyse the market themselves, based on technical or fundamental analysis (or perhaps both). Indicators such as Bollinger Bands and moving averages can be useful to identify overbought/oversold assets and positive/negative trends.
Benefits Of EagleFX
- MT4 access
- Low spreads
- Crypto CFDs
- Crypto deposits
- High leverage rates
- No transaction fees
- Low minimum deposit
- ECN/STP brokerage model
- Excellent customer support
Drawbacks Of EagleFX
- Unregulated offshore broker
- Limited payment methods
- Poor educational material
- Limited market analysis
The EagleFX education section is limited and lacks real insight into how to speculate on the various CFD markets offered by the firm. Most of the material is focused on affiliates, rather than on how to improve as a retail trader. More expert analysis of the market would also be welcome. The broker does have various guides that help understand how to navigate the website and the MT4 platform. Our team was unable to find a margin or forex calculator to assist traders in making investment decisions.
Trading hours at EagleFX vary with the market in question. The forex market runs 24/5, Monday through Friday, whereas crypto is open 24/7. The time zone for market hours with the firm is GMT+3 by default but this can be changed on the platform.
The EagleFX team provides the following customer service options:
- Live chat
- Email ticket
- Request a call back (no direct phone number)
Our review team found the live chat feature to be excellent with instant response times to a range of different enquiries. Submitting a ticket online has an average response time of 15 minutes and those requesting a call back will have an average wait of four hours. There is also an FAQ page for queries that do not require human input.
Although EagleFX is an unregulated broker with limited consumer protection in place, the broker does say it undertakes ongoing risk assessments and stores Bitcoin funds in cold storage where possible. It also says its crypto is hedged on global exchanges to reduce exposure to market volatility. Investors should also note that MT4 uses encryption to protect its users and is an established trading platform. In terms of personal account security, customers can use two-factor authentication (2FA).
Whether it is currencies or commodities, EagleFX provides a quality CFD trading experience through the MT4 platform with fast execution and a wide range of markets to choose from. High leverage rates allow for a variety of trading strategies and ECN/STP execution keeps spreads low. Offshore and unregulated brokers should be approached with caution but the responsive and helpful customer support team may help reassure investors about EagleFX.
Is EagleFX Regulated?
No. EagleFX is an unregulated broker, which means it provides fewer protective measures to customers and is not as stringently monitored.
Is EagleFX A Good Broker?
EagleFX has many good features such as fast trade execution, free deposits and withdrawals and excellent customer support. However, its regulatory status suggests clients should approach it with caution.
Is EagleFX A Scam Or Legit?
Although EagleFX has a relatively short history operating in the online trading industry and is unregulated, the broker does have a responsive customer support team and claims to have customers around the world. The broker has also won multiple forex awards.
Which Country Is EagleFX From?
There are no details available as to where the broker was founded, however, its current registered address is in Dominica.
Does EagleFX Have The Volatility 75 Index (VIX 75)?
This broker does not offer VIX 75 speculation but does have 10 other indices to choose from, including the FTSE 100, DAX 40 and NAS 100.
Compare EagleFX with Other Brokers
These brokers are the most similar to EagleFX:
- Pepperstone - Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
- FP Markets - FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
- Vantage FX - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
EagleFX Feature Comparison
|EagleFX||Pepperstone||FP Markets||Vantage FX|
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||-||FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB||ASIC, CySEC, ESMA||FCA, ASIC, FSCA, VFSC|
|Platforms||MT4||MT4, MT5, cTrader||MT4, MT5, cTrader||MT4, MT5|
|Leverage||1:500||1:30 (Retail), 1:500 (Pro)||1:30 (UK), 1:500 (Global)||1:500|
Trading Instruments Comparison
|EagleFX||Pepperstone||FP Markets||Vantage FX|
EagleFX vs Other Brokers
Compare EagleFX with any other broker by selecting the other broker below.
|EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for global traders.|