EagleFX In-Depth Review 2020

General Information

Website                            https://www.eaglefx.com

Founded                           2019

Regulated                         No

Platform                            MetaTrader4

Mobile App                      Yes

Tradable assets 100+

Min. Deposit                    $10

Forex Majors Spread      0.1

Max. Leverage   1:500

Min. Trade Size 0.1

Free Demo Account        Yes

Payment Options            Bank Transfer, Credit/Debit Card

About EagleFX

Founded in 2019, EagleFX is a full-service Forex brokerage offering Cryptocurrency and CFD trading. With headquarters in the Dominican Republic, the new brokerage attracts traders with its unique offering. EagleFX boasts a very attractive spread with super-fast trade processing and a global client base. This review will focus on providing an in-depth look into everything EagleFX has to offer to help you decide if they are capable of meeting all of your trading needs.

Account Types

Unlike most brokerages, EagleFX offers only two account types, MT4 live trading account and MT4 demo account. Both of them offer a simplistic interface that is easy to navigate. Upon special request, you can have access to an Islamic account that is fully sharia-compliant.

  • Demo Account

There is no time limit for using the demo account. Unlike many other competitors who present you with a certain amount of starting cash, EagleFX gives you the complete freedom in choosing how you start your trading experience. You get to choose your base currency as either BTC, EUR, USD or GBP and then you can replenish your funds as often as you like.

  • Live Account

Traders have access to plenty of trading tools with interactive charting options. Minimum leverage is set at 1:1 with the maximum going as high as 1:500. Maximum trade size is a highly competitive 1000 lots which will appeal to high volume traders.

What Are Your Trading Options?

  • Forex

EagleFX offers a short list of currencies to trade on this platform when compared to the competition. While their spreads are very competitive, traders would benefit more from having a larger pool to choose from.

  • Crypto

The variety is much greater when it comes to cryptocurrencies. When most other brokerages offer only a narrow list, EagleFX offers even the exotic pairs.

  • Commodities

The broker also offers the most tradable commodities. These include gold, platinum, UK oil, US oil, natural gas and many other.

  • Indices

Traders have the option to buy and sell indices across the world. You have access to Dow Jones 30, S&P 500, NASDAQ 100, DAX 3, Euro Stoxx 50 and much more.

Deposit/Withdrawal Methods

When trading with EagleFX, there is a minimum deposit requirement of $10. While some novice traders will be attracted to the low entry fee and small open positions of 0.01 lots, this brokerage aims to attract the higher-volume traders by offering a high leverage ratio of 1:500. Clients have several options for depositing:

  • Credit card (Visa/Master card)
  • Bitcoin
  • Wire transfer

Same options apply for withdrawals. When it comes to speed of executions, the brokerage promises same-day delivery, with Bitcoin option being the fastest. Bitcoin withdrawals are reviewed and processed within the hour. Another positive is that the brokerage doesn’t charge any fees for either deposits or withdrawals.

Safety of the Funds

Trading safety through EagleFX is debatable. At the moment, there are no regulatory bodies locally or globally that control this brokerage. To compensate for this, they offer something they claim to be “some of the best features in the market to protect clients’ funds”. Bitcoin Cold Storage is highlighted as one of the prime features. It means your funds are not held on broker’s servers but on the external storage devices. All funds are held in segregated accounts with two-factor authentication. This supposedly greatly increases the client’s security of funds.

Summary  

Even though EagleFX is a new broker on the market, they were able to make a name for themselves in a short amount of time. Admittedly, they have a long way to go. Especially if they ever want to become one of the industry giants. Improving some of the key shortcomings we noticed will be a good start. Lack of regulation, limited pool of tradable assets and poor education tools are the biggest hurdles EagleFX is facing right now. When and if these issues are addressed will determine if this brokerage will leave a lasting impression in the online trading industry.