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BROKER REVIEW

EAGLEFX

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July 5, 2020 | 

JOHN K MWANIKI |  8 Comments | 

3115 Views

EAGLEFX BROKER REVIEW 2020

Our Pick

Mimimum Deposit

$10

Crypto

currency
currency
currency
currency
currency

Regulation

country
country

Our Score

8.4

EagleFX is one of the latest forex trading brokerages to join the sector. It got founded back in 2018; the site has grown over a short period to become one of the ideal trading platforms. 

EagleFX offers multiple assets that allow traders with different interests. It also provides for ease of sign up and uses, among other benefits for traders with various needs. 

Here is a detailed review of EagleFX. 

Regulations and Safety

Regulation and safety are some of the primary considerations before joining a trading platform. The lack of any significant rules for EagleFX makes it a gamble for most traders. However, the broker is committed to providing excellent protection.

It uses the advanced cryptocurrency cold storage away from the computer hard drives. 

The storage is safe from hacking and other internet vulnerabilities. It also provides for a segregated bank account to hold client assets away from the company funds. It is keeping the clients harmless from any losses or liabilities incurred by the brokerage. 

Fees, Spreads and Commission 

As one of the newest brokers, the site has to offer competitive spreads to increase the chances of success. It sets the spread on all CFD and FX assets based on volatility and market liquidity. The advanced pricing system it offers depends on market trends. 

The broker charges commissions of $6 for every trade. Even though this might seem high compared to other brokers, it is worth it. It invests in an affiliate program where it pays the affiliates up to $4 for every trade. 

Generally, using the platform is quite affordable. It does not charge deposit and withdrawal fees. It also has no other hidden costs like the inactivity fees. 

The broker only charges swap fees on open overnight trading. The fees depend on the assets. 

Account Types 

Unlike the majority of forex brokers, EagleFX does not provide for multi-tiered or levels of accounts. It provides for a single primary account for all the traders. It only allows a variation for the Islamic account under the Sharia laws. 

The platform also provides for a corporate account as long as there is proof of business ownership. Such accounts come with higher deposit and trade limits.  

Deposit and Withdrawal

EagleFX has some of the most exciting deposit and withdrawal methods. It provides for a minimum deposit of $10. 

The lower initial deposit limits make it ideal for beginner traders. 

The brokerage supports multiple deposit methods like Bitcoin, Credit, and wire transfer. However, it also has a maximum monthly deposit depending on the payment method. It does not charge deposit fees. 

EagleFX comes with equally reliable withdrawal methods. It supports Bitcoin, prepaid MasterCard, and PayPal. It does also not charge any withdrawal fees. However, it provides for a withdrawal limit of $10 via Bitcoin and no maximum limit. 

Withdrawing from EagleFX is quite the experience. Unlike the other brokerages that can process funds for up to 7 days, it has same-day withdrawal processing. 

Trading platforms 

Trading on EagleFX is quite a breeze as it supports the popular MetaTrader 4 platform. The platform supports several in-built and third-party tools. It also supports browser access without necessarily downloading the software. 

The platform comes with a quick trading function for more accessible order placements. It also has a tick chart feature for accurate data analysis, among other useful tools. The platform is also secure as it supports digital signatures and encrypted data protection. 

EagleFX is also available as a mobile app free for both Android and iOS operating systems. Mobile trading using the app comes with a similar experience to that of the desktop.

It comes with multiple technical indicators and analytical objects. It also provides for ease of both portrait and landscape format for access to the objects and indicators. 

Accessing the platform on WebTrader is also easy and fast for anyone at all times.

Market and Products 

EagleFX offers a wide range of commodities for the ultimate trading experience. Among the options to choose from is the forex. It has multiple currency pairings that come with competitive spreads. The range of the forex provides for exotic, minor, and major pairs. 

The brokerage boasts a list of over 25 crypto coins. It also provides popular tradable commodities like copper, platinum, US, and UK oils and natural gas. 

Lastly, the brokerage provides several share indices from some of the reliable assets like Apple Inc, Amazon.com, Boeing Co, Allianz AG, Chevron, Ford Motor Company, and many more. 

Customer Service 

EagleFX has one of the most reliable customer services in the industry. It provides a detailed FAQ page with information on all the common concerns among traders. In case one needs more information, then they can contact the dedicated customer service. 

Unlike most brokers with days off, EagleFX provides support 24/7. It has a live chat, which is the fastest channel of communication due to real-time and instant feedback. Otherwise, if you don't prefer chatting, you can submit an email with the 15-minute average response time. 

The brokers also allow traders to request a callback. They generally call back within 4 hours. Such durations and provisions are exceptional compared to other platforms. 

Education Materials 

Education is where EagleFX fails to make an effort. The only way to trade on the platform is when the trader has prior knowledge from other sources. However, there is no call for concern, as there are several online forex study resources.

The MetaTrader4 platform also comes with tools for analysis and charting tools that make it possible to trade without necessarily becoming a pro. It also allows for the installation of other third-party or custom algorithms for personal trading. 

Pros and Cons 

EagleFX has grown over the past few years due to the several benefits it comes with. It offers some of the lowest transaction fees in the sector. It also does not charge for deposit and withdrawal. The multiple assets also make it great for users of various needs. 

However, it also comes with concerns like lack of regulation and the need for more educational materials. 
 

Pros

Cons

Low transaction fees

Few education materials

Ease of trading due to the MT4 platform

Lacks regulations

Multiple assets

Bottom Line 

As one of the new brokers in the market, EagleFX has been stellar to provide such results and functionality. Several pros have made it one of the fastest-growing brokers. However, it still has more to deliver by improving education and regulation. 

Any trader looking to join the broker should only invest money when sure of the security. While the broker provides for terms and conditions and segregated accounts, it might all seem nothing in case the company dissolves. 
 

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COMMENTS

8 Comments

Like this article

Steve Goliam
Good broker, used for a year or so now, not had any issues and withdrawals have been pretty quick!

0     Reply    5 months ago from: United Kingdom

Dave
Been using this broker for some time now. No complaints from me and the 24/7 trading is a major plus for me.

0     Reply    5 months ago from: United Kingdom

Lee Baxter
Ive held a live account with EagleFX for a while now. The 24/7 crypto trading was a big attraction to me aswell as the leverage options. Im pleased to say that my trading has gone well due to the usual sunday movements crypto usually brings. If your looki

0     Reply    7 months ago from: United Kingdom

Seb King
Used EagleFX for a little over a year now. I was attracted by their crypto offering and the claimed withdrawal speeds when using bitcoin and I wasn't disappointed. Money normally clears to my crypto wallet within a few hours. The lack of regulation doesn'

0     Reply    7 months ago from: United Kingdom

Paula Pughe
Used these for a long time now and am happy with them, chose them because of the BTC deposit and withdrawals and they haven't let me down

0     Reply    8 months ago from: United Kingdom

Stephen Day
Good broker that I found easy to sign up with. I use bitcoin to deposit so no kyc was needed. Withdrawals are also processed within a couple of hours via this method. I use EagleFX for both forex and 24/7 crypto and would definitely recommend them.

0     Reply    8 months ago from: United Kingdom

Peter Lanceley
Decent broker, been using them for a year now. They've got fast withdrawals, plenty of markets to trade and have a web trader, all these pros are good enough for me to use them.

0     Reply    8 months ago from: United Kingdom

James Burt
I’ve been using these since last year, I wanted a broker that had forex and crypto trading. There’s a good amount of instruments to trade here and the crypto trading is available 24/7 which is nice.

0     Reply    8 months ago from: United Kingdom

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