- MINIMUM $10 DEPOSIT
- 1:500 LEVERAGE
- GOOD RANGE OF PRODUCTS TO TRADE
- FULLY INTEGRATED CRYPTOCURRENCIES
- LOW SPREADS
- NO CONTACT NUMBER
- BASED OFFSHORE
- NOT MANY CLIENT REVIEWS
- RELATIVELY NEW BROKER
Are you looking for a forex broker to trade with? Considering EagleFx? With thousands of brokers and it being so much easier to set one up, it can be really hard knowing which brokers are trustworthy and not too good to be true. I’ve tested EagleFx in depth over the last few months and have done extensive research into the conditions, spreads, company, regulation and everything else you might need to know! Let’s have a look…
Who Are EagleFx?
EagleFx are an ECN/STP forex trading broker founded in 2019, based in The Commonwealth of Dominica. They currently offer 55 forex currencies, 30 cryptocurrencies and 11 indices, all on the MT4 trading platform. They offer 1:500 leverage with tier 1 liquidity, great spreads, a flawless reputation and a low minimum deposit of only $10, making it a great possible broker for beginner traders.
They are headquartered at 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica and are not regulated by any financial governing body, which is why they can offer huge leverage and crypto funding methods for clients. From first glance they look like a great option as a forex broker, so let’s look in a bit more detail…
EagleFx is based offshore, meaning it is completely unregulated and as such can offer a huge maximum leverage of 1:500 on forex pairs, cryptos and indices for its clients. This huge leverage is what traders love about the broker as it allows them to potentially grow accounts rapidly. I have to say that leverage is definitely a double edged sword, as it allows you to risk a large percentage of your account in every trade – which can work for and against you.
The offering of 55 forex pairs, 30 cryptos and 11 indices is enough to keep every retail trader happy. Most traders only really stick to the majors and a few minors, plus maybe a crypto pair or two so this product offering should be absolutely fine. If you trade a really specific market I would recommend contacting their 24/7 support team to check if they offer that market for you to trade.
Spreads and fees will be on every trading product so it’s really important to know how much every trade taken is going to cost you as a trader. Spreads and fees are even more important for lower time frame traders as they typically get less of a pip reward per trade. EagleFx is a STP/ECN broker with extremely tight spreads and low commissions, making it a perfect environment to trade on. They don’t manipulate any prices or spreads to stop traders out, as they are not a market maker, they simply push your order through to their liquidity providers.
In conclusion, the trading conditions offered by EagleFx are perfect for forex traders, especially beginners and scalpers. The tight spreads, tier 1 liquidity, rapid execution speeds and high leverage make it a truly great broker, condition wise. Beginners can benefit from the minimum deposit of just $10, making it a great platform to practice and learn on.
Are EagleFx Regulated?
Most forex brokers are regulated by governing bodies which impose strict rules and regulations on them. These rules keep the broker and most importantly, the clients safe from a number of different potential risks. These risks include missing payments, stop hunts, unfair conditions and a lack of fund insurance/security for clients.
EagleFx are based in The Commonwealth of Dominica and they are completely unregulated by any financial authority. This means your capital is at risk with this broker and you could be a victim of unfair trading conditions and a lack of support from governing bodies should the broker scam you.
Although completely unregulated, the broker uses Bitcoin Cold Storage to safeguard client funds. This is completely offline and means they bitcoin are unaccessible by hackers, which is supposed to increase security of funds. With that being said, client funds aren’t backed or insured by any governing body or authority which means they are completely at risk.
Is EagleFx a scam? No, they aren’t a scam but they are much higher risk than regulated brokers. They are based offshore meaning they can offer huge 1:500 leverage for clients and take on clients from countries banned by other brokers, which is why people like this broker. You are much safer using a regulated forex broker that insures client deposits as well, so you know your money is safe and you won’t run into any unfair conditions or withdrawal issues.
With retail forex traders spending so long every day/week staring at our screens, looking for the best trading opportunities, it’s really crucial to be using a platform that gives us the highest chance of success. So what platforms do EagleFx offer traders? They offer MetaTrader4 on PC, mobile and web trader, making it accessible to all clients.
|Very user friendly for beginners||Very limited tools for analysis|
|Free to use||No volume profiles or depth of market|
I’ve used MT4 for 5 years now and it’s probably the most popular platform in the world for forex traders. It doesn’t have many advanced tools for charting or order execution but that’s actually why traders love it – the pure simplicity of the whole platform. MT4 has everything you need on a basic level, with order execution, lot size calculator, simple charting tools, indicators, EAs and multiple time frames. It doesn’t have anything more advanced like custom time frames and volume profiles etc but for most traders it’s more than enough!
It’s shame that Eaglefx only offer MT4 and not any other platforms like MT5 or cTrader, as some traders including myself much prefer the newer, updated platforms. If you are using just MT4, I would recommend using Tradingview for your actual analysis as it’s much more user friendly and there’s hundreds more features!
Deposits & Withdrawals
This broker offers a really good range of the main deposit and withdrawal methods, one of which cannot be found at most brokers, making it the main choice for some retail traders. The deposit methods currently are:
- Wire Transfer
The withdrawal methods are:
- Prepaid Debit Card
All of these methods come with absolutely NO FEE and a minimum deposit amount of $10! The fact they are offering such a low minimum deposit and accept PayPal and Bitcoin make EagleFx a perfect choice of broker for beginner traders looking to practice their skills without committing a huge amount of money.
|Prepaid Debit Card||$0|
As they are an offshore broker, they are able to process bitcoin transactions which is a great perk for certain traders – but we won’t go into the reasons!
Withdrawals are completely free and the support team are looking at withdrawal requests hourly to get them processed as quickly as possible.
Typically withdrawals are processed within 24 hours but if yours is slow then reach out to the 24/7 support team via live chat to get an update on where your money is. From my own experience and research on forums, traders are saying that withdrawals do in fact come extremely fast.
There are a few different methods of getting in contact with EagleFx for customer support when an issue arrises. I’ve used brokers before where it’s virtually impossible to get in touch with them for help, so it’s reassuring that this isn’t one of those brokers.
There is a 24/7 live chat feature on the website which is probably the easiest and quickest way to get in touch with the broker. I’ve used it twice now and both times they were very responsive and helpful but there are other ways to get in contact with the support team too…
- 24/7 Live chat
- Submitting a support ticket (15 minute response time)
- Requesting a call back
- Address – 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica
As you can see there is a lot of routes of contact, but sadly there isn’t an email address or a phone number that you can contact for help. I personally find it a bit worrying when a broker doesn’t publish a phone number for clients to call, but they do offer a call back option so they must have staff actually working on a premises. Does this mean EagleFx are a scam because they don’t list a phone number? No, of course not, it’s just something to bare in mind though.
Reviews & Reputation
As forex has exploded as a retail industry over the last few years, it’s great that forums now have reviews from thousands of traders from across the world as this allows us to really see if our experiences with a broker are the same across the board. So, what are traders saying about EagleFx?
This broker has a pretty great reputation online in trading communities, which is actually rare to see from an unregulated broker. On ForexPeaceArmy they have a score of 4/5 stars, with a decent amount of reviews from traders that are thrilled with the conditions and have no problems.
There aren’t too many reviews yet at this broker is fairly new, so it’s not the most reliable data set we have seen. The traders that are rating the broker 1 star typically are moaning about the spreads, saying that the broker is stopping them out unfairly. EagleFx are an STP broker meaning they have absolutely no impact on the spread or price of the product being traded, it’s all coming directly from their liquidity providers so I can’t verify how true this is. A lot of new traders don’t understand bid/ask at all, so bare that in mind when looking at the negative reviews!
In summary, EagleFx is a high risk broker because it is not regulated by any financial authority. The 1:500 leverage, cheap fees, low minimum deposit and great funding options do make this a very attractive broker for traders. It also has a fairly flawless reputation since it started in 2019. With that being said, the broker is still unregulated, making it very high risk. Traders should always trade with regulated brokers, so their capital is less at risk of fraud and unfair conditions, manipulation etc.
This broker is very similar to Hugosway, another offshore ECN broker. I have done a full review of Hugosway which you can read here.
If you have questions about EagleFx, please leave me a comment and I’ll get back to you. This broker is high risk but could be a goo choice for beginners who are just looking to deposit $10 and practice their trading strategies – not any serious traders until they get regulation.