EagleFX

According to research in South Africa, EagleFX is a Dominican-based ECN and STP broker which has been in operation since 2019, well-known for offering traders around the world competitive trading conditions and access to an array of financial markets.

EagleFX has been featured in many publications such as Forbes and Finance Magnates, and the broker has become increasingly popular in the Asian and African markets. With EagleFX, traders can expect variable spreads, 24/7 customer support, and access to the award-winning MetaTrader 4.

EagleFX Safety or Security

EagleFX is not regulated or authorized by any known entities which mean that client fund security cannot be guaranteed by regulatory entities. However, EagleFX claims that it uses stringent measures to ensure security.

EagleFX Sign-up Bonus

EagleFX does not offer a sign-up bonus.No sign-up bonus, deposit bonus, or welcome bonus is offered to traders who register a real account with EagleFX.

Through these bonus offers brokers often attempt to draw new customers to partake in trading activities. When offering a welcome bonus or anything of this kind, the traders will receive some money back. This will depend on the initial deposit made by the trader.

It is not clear why the broker does not offer a welcome bonus, particularly since it is not regulated by any regulatory body that usually places restrictions on the broker.

These bonuses are often the best way for brokers to attract new clients in registering for a real account. Such bonuses also serve as trading credit which can be used in trading activities and the amount is non-withdrawable.

Even though EagleFX does not offer bonuses, rewards, or any other promotions, traders should not be discouraged by this. The broker still offers attractive trading conditions.

EagleFX Minimum Deposit

EagleFX has a minimum deposit requirement of only $ 10.

This minimum deposit amount is equivalent to 144 ZAR at the current exchange rate between the US Dollar and the South African Rand at the time of writing.

The minimum deposit requirement is an extremely low minimum deposit amount. This is the most affordable option for any beginner trader and ensures that this broker would be seriously considered by most traders.

EagleFX is not regulated or authorized by any regulatory body, which means there is no watchdog keeping an eye on the way client funds are handled. It is not clear on the broker’s website whether client funds are kept in segregated accounts.

EagleFX Accounts Types

A Forex account is a trading account that traders hold with a specific broker with the purpose of trading financial instruments. Brokers may offer traders either a variety of accounts, with each catering to varying levels of skill, knowledge, and experience, or a single account that can be used.

EagleFX Standard Account

The singular trading account that EagleFX offers has some of the following features:

EagleFX Demo Account

EagleFX offers traders of varying skill levels the option of registering a demo account. With this account, beginners can use it as a practice account to build experience in trading while more advanced traders can use it to:

Develop, perfect, and refine their trading strategies in a risk-free environment before they use it in one where their capital may be at risk.

Explore what EagleFX has to offer by using the demo account to navigate the trading conditions offered.

EagleFX Islamic Account

EagleFX offers Muslim traders who follow the Sharia law the option of converting their live trading account into that an Islamic Account with no extra charge.

How to open an EagleFX account step by step

To open an account with EagleFX, traders can follow these steps:

Step 1 – Complete the online application

• Navigate to the official EagleFX website and select “Sign Up” from the homepage.

Step 2 – Upload further information

• Complete the online form by providing your First and Last Name, email address, date of birth, and user-selected password to register on the website. Alternatively, you can sign up using your Google or Facebook credentials.

Step 3 –Verification email

• Log into your email to view the verification email which was sent and click on the embedded link to verify your account.
• Once selected, you will be redirected to the EagleFX website to sign in and required to enter your mobile telephone number to secure your account. This step can be skipped until a later time but must be completed before you can start trading.

Step 4 –Start trading

• Once verified, you can proceed to make the minimum initial deposit to receive the download link and log in information for MetaTrader 4, after which you can start trading.

EagleFX Trading platforms

EagleFX offers traders the use of the award-winning and popular MetaTrader 4 which was developed by MetaQuotes. MetaTrader is one of the most popular trading platforms in the industry that offers traders with advanced capabilities while being a user-friendly platform.

There is a variety of powerful and interactive charts offered in different styles with multiple timeframes. Other features that traders can expect from MetaTrader 4 include:

A user-friendly interface that can be customized

 Bid/ask price quotes in real-time

 Multiple order types are supported and the option to use one-click trading.

 9 chart timeframes along with a variety of chart types.

 30 technical indicators along with 24 graphical objects

 Automated trading supported through Expert Advisors (EAs)

 The ability to perform backtesting on EAs

 MQL5 programming interface and access to a large online community

EagleFX Fees and Spreads

EagleFX’s variable spreads start from 0.1 pips on EUR/USD.

The spread list offered by EagleFX is not transparent and not much information is forthcoming from the broker’s website.

Typical spreads on the EUR/USD are 0.7 pips and, on the NASDAQ, they are 1.12.

Commissions charged by EagleFX is $ 6 per lot round turn. Price spreads vary throughout the day depending on factors such as available liquidity (supply and demand), market forces, volatility, and the trading session.

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.

EagleFX Deposit and withdrawal

When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider

EagleFX offers traders a variety of ways through which deposits and withdrawals can be made, including:

Traders must acknowledge that deposits and withdrawals may take some time to reflect, depending on the payment method being used.

EagleFX Customer Reviews

Been with EagleFX for a while now

Been with EagleFX for a while now, they’ve got good leverage of up to 1:500 which is perfect for me. Customer support is always there and very polite. And 24/7 crypto trading is a big plus.

Perfect broker

I’m really glad I found EagleFX. It’s a pleasure to use and also when you need assistance or anything the client service is the best and most kind I’ve ever witnessed. Wouldn’t want anything different than EagleFX, thanks!

I have been using EagleFX since last year

I have been using EagleFX for last year now in my trading journey

Overall after having not-so-good experiences with previous brokers can say the company is one of the best out there

Very user-friendly portal, with smooth payment, and deposit processes as well as great leverage and fees which is vital for trading

Customer service and support were very good too – had no issues getting anything resolved within 48 hours max

Conclusion

EagleFX is a popular choice among many traders around the globe, however, the lack of regulation is concerning, especially where client fund security is concerned. There is no guarantee that traders are safe when they use EagleFX’s services.

In addition to this, EagleFX offers competitive trading conditions, but the spreads are not the tightest and the commissions are not the lowest. There is also a significant lack of research, education, and training for traders on the EagleFX official website.

Even though MetaTrader offers a variety of trading tools and education, forex brokers must offer some of their own to provide traders with what they need to trade financial markets.

Disclaimer

EagleFX warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors.

Before deciding to trade with EagleFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

EagleFX warns that margin trading involves the potential for profit as well as the risk of loss.

Movements in the price of foreign exchange and commodities are very unpredictable, hence EagleFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

Frequently Asked Questions

Trading environment

How many instruments can I trade with EagleFX?

• Cryptocurrencies – 31 pairs available, including Bitcoin, Ethereum, and Ripple
• Commodities – Precious metals and energies, including gold, silver, and oil
• Forex – 53 currency pairs on offer, including majors, minors, and exotics
• Indices – 11 well-known indices, such as the FTSE (FTSE100) and NASDAQ (NAS100)
• Stocks – 64 global companies including Netflix and Amazon

Which platforms are supported by EagleFX?

MetaTrader 4.

Does EagleFX offer leverage?

EagleFX offers generous leverage up to 1:500 for forex and metals. Indices and energies can be leveraged up to 1:200, whilst cryptocurrencies are available up to 1:100.

What spreads can I expect with EagleFX?

Live spreads are variable at EagleFX and start from 0.1 pips. Typical spreads on the EUR/USD are 0.7 pips and, on the NASDAQ, they are 1.12.

Does EagleFX charge commission?

Yes, EagleFX does charge commissions. These are set at $6 (86 ZAR) per lot round turn.

Are there additional charges on the Islamic account?

Yes.

Is EagleFX regulated?

No, EagleFX is not regulated.

Is EagleFX a recommended forex trading broker for experts and beginners?

Yes. EagleFX caters for both beginners and experts.

What is the overall rating out of 10 for EagleFX?