Richard Montana | August 2, 2022
EagleFX is an online broker with many clients around the globe who choose to trade multiple assets across different categories with high leverage and ultra-low spreads. The broker provides you with a reasonable selection of over 100+ financial instruments, including being one of a few brokers who offer 24/7 cryptocurrency trading. They also have a good selection of forex currency pairs and stock CFDs that can be traded on competitive trading conditions. You can get your trades executed with reliable speeds via intuitive trading platforms that are packed with an abundance of useful trading tools to help with your market analysis. The minimum deposit to open an account is just $10 whereas free demo accounts are available if you wish to practice trading online before making a commitment. I think they are a decent broker for trading cryptocurrencies and forex currency pairs, although feel they could improve by becoming regulated, providing some more trading instruments and up to date market insights.
Pros & Cons
- User-friendly and powerful MT4 trading platform
- Decent selection of 100+ CFD trading instruments
- 24/7 Cryptocurrency trading is available
- Competitive spreads. commissions and execution speeds
- Useful trading tools for conducting chart analysis
- $10 minimum deposit only
- Free demo practice accounts
- 24/7 customer support
- Not currently regulated
- No MetaTrader 5 platforms
- No Islamic swap-free accounts
- Could improve educational content
- Would like to see some up to date market analysis
- No FIX API connectivity
EagleFX is an STP/ECN broker that provides thousands of traders across the globe with leveraged Forex and CFD trading through tier one liquidity providers with zero conflict of interest. They offer online trading with tight spreads, fast execution speeds and leverage of up to 1:500 with a minimum deposit requirement of just $10. Clients get access to the award-winning MT4 platform and hundreds of tradeable instruments across multiple asset classes. You can trade on your desktop, web and mobile devices, with minimal fuss and lots of tools to build your own unique trading strategies.
As part of the brokers continued commitment to client’s satisfaction, they offer 24/7 live customer service, charge no deposit or withdrawal fees, and process withdrawals within 30-minutes or less. These factors amongst others help to set them apart from other brokers. I have been aware of the broker for quite a few years now and they seem to be a popular solution for those who are looking to trade cryptos without the restrictions that regulators can impose. However, that does come with its own risks. The customer ratings displayed on the brokers website shows very positive feedback from happy clients of EagleFX.
When I am choosing a broker, regulation is one of the first things that I look for. This is because a regulated broker can give you certain protection that unregulated brokers cannot. Whilst EagleFX is a legally registered forex broker located in Dominica, they are not regulated by any government agency. However, the broker goes to lengths to offer security of client funds with multiple security measures put in place to help safeguard them. They use cold storage to ensure clients funds are completely offline away from potential online threats. I understand that lack of regulation would deter some potential users, but at the same time it enables them to offer certain products and features that a regulated broker cannot. If you would prefer to trade with a regulated broker, AvaTrade are regulated in multiple jurisdictions and also have provide crypto trading.
EagleFX brokerage services are not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation. As they are not regulated, they can accept users from most countries but you should check to make sure that they are allowed to operate in yours. If you discover that they cannot, please feel free to use our free broker comparison tool to find another option.
MetaTrader 4 (MT4)
EagleFX offers traders the award-winning MetaTrader 4 platform developed by MetaQuotes Software Corp. MT4 is one of the most popular trading platforms available today and used by millions of traders all over the world. It has a quick learning curve making it a popular choice amongst beginners whilst having enough advanced capabilities to satisfy the more seasoned investors. MT4 is complete with a variety of powerful interactive charts of different styles and multiple timeframes. There are plenty of analytical functions including technical indicators and drawing objects. Choose from three trade execution modes, including instant execution, as well as market execution, pending, stop orders and a trailing stop function.
Quick trading functions allow for locking in trading orders straight from the chart with just one click. The built-in tick chart features provide an accurate method for locating optimal entry and exit points. You can view real time bid/ask quotes of multiple assets via the market watch window. The MT4 platform implements the highest of security standards. The data that is exchanged between the MT4 client terminal and the platform servers is always encrypted. Additionally, the platform supports the use of digital signatures. This can help to give users the peace of mind that their trading accounts are secured and fully protected.
You can trade from virtually anywhere using the EagleFX MT4 mobile trading app for iOS and Android, or trade directly from your browser without any need to download and install software using the WebTrader which runs in most popular web browsers. I think the desktop platform is ideal if you want the full functionality to conduct in depth chart analysis and also to run automated trading strategies. The web platform is great for when you need to access your account from any device and always want the latest version running. Then there is the MT4 app which is perfect for checking your positions and managing your account whilst on the move.
Some of the key MT4 platform features include:
- Fully customable user-friendly interface
- Real time bid/ask price quotes of multiple assets displayed in the market watch window
- Multiple order types are supported, including one-click trading direct from charts
- 9 chart timeframes and multiple chart types including bar, graph & line charts
- 30 technical indicators and 24 graphic objects are included for comprehensive chart analysis
- Automated trading is supported via Expert Advisors (EAs)
- Ability to back test EAs over historical data using the built-in strategy tester
- MQL4 programming interface to create your own customised scripts, indicators & EAs
- Large online MQL community where you can share ideas and tools with other traders
- Price alert notifications can be set via email, SMS & platform pop-ups
The EagleFX trading platform has an abundance of useful trading tools built in. There are technical indicators for analysing price movements such as moving average, Bollinger bands, Stochastics oscillator, MACD, RSI, CCI and many more. There are drawing tools for marking out support/resistance whilst the candlestick charts can be used for identifying price action patterns. I think there are plenty of tools to meet the needs of even the most demanding of traders. You can setup the platform to be as simplistic or complicated as your strategies require. The MQL marketplace has tons of add-ons so you can improve the platforms capabilities whilst there is the MQL programming interface where you can develop your very own trading tools. If you don’t have the programming skills to do so, then you can always hire a freelancer to help bring your ideas to like. In addition to the large choice of tools in the platform, the broker supplies an economic calendar which can be a very useful tool for fundamental analysis of the markets. However, they are lacking in terms of automated analysis software and I think they could benefit from integrating with Autochartist or Trading Central. These are both excellent trading tools that you can get free from some other brokers such as Forex.com.
The broker has an economic calendar on its website which is a very useful tool as part of the fundamental analysis of an overall trading strategy. The calendar displays the most recent and upcoming news releases that can cause an impact on the various markets around the globe. This includes the previous forecast, expected impact and actual results. You can even filter the calendar to only display the news releases that you have an interest in. I think this is a vital tool that should be in every trader’s toolbox. I always like to check the latest market news before making any trade decision. It is not nice to get caught on the wrong side of a major economic event. Of course, the calendar cannot account for unexpected news releases, or black swan events as they are known.
As part of their ongoing commitment to user satisfaction, EagleFX have prepared some step-by-step guides on how to activate various functions within the EagleFX platform and MT4. You will find some ‘how-to guides’ on processes such as depositing, transferring funds to trading accounts, how to execute a trade and much more. There is nothing too ground breaking here in my opinion but I am sure the absolute beginners will find something useful to help them get started. If you are looking for even more educational content, IronFX have a good amount of videos and guides.
Daily Market Analysis
EagleFX provide clients with some limited daily analysis covering a variety of different market and trading instruments. These articles on the brokers website cover technical and fundamental analysis which can be used to help inspire potential trading ideas. I found them easy to understand but they are not updated that frequently. If market analysis is important to you, then RoboForex have an excellent selection of frequently updated expert insights.
You can trade a variety of assets with EagleFX, with the benefit of uninterrupted 24/7 trading. They use Bitfinex as their Cryptocurrency liquidity provider (LP). Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands. I think they have a good selection of forex and crypto assets but they could improve by adding some more individual stocks like TMGM. Amongst the range of asset classes offered are:
- Forex Currency Pairs
EagleFX offers very competitive spreads on all of the assets listed within their trading platforms. They use an advanced pricing system that helps to ensure the brokers spreads closely follow those of the prevailing global markets, thus ensuring that all clients receive the best possible trading conditions at all times. Market volatility and market liquidity are the two primary factors that affect the spreads. There is quite high leverage of up to 1:500 available depending on the asset being traded:
- Forex – 1:500
- Metals – 1:500
- Indices – 1:200
- Energies – 1:200
- Cryptocurrencies – 1:100
- Stocks – 1:20
The broker charges just $6 per lot round turn commission fees whilst there is a minimum 0.01 lot size requirement. The commission is very competitive when compared with other online brokerages. It is great that there are no inactivity fees charged. I also like how all trading strategies are welcome including scalping, hedging and news trading. Just keep in mind that as with most brokers, swap fees are applied when holding an open trade overnight. The fee itself varies between assets.
If you are new to trading, then you will be pleased to see that EagleFX provide free demo accounts if you wish to try the brokers different trading platforms and practice your trading strategies with virtual funds before going live. I would always test a broker on a demo account to begin with just to make sure that they have suitable conditions for my trading strategies. It can also be a great way to build your confidence up without the risk.
There is a Frequently Asked Questions page on the brokers website where you can get some immediate answers to some of the most commonly asked questions clients have. If you don’t find the answers you were looking for on the FAQ page, the EagleFX support team are on hand 24/7 to support you whenever you need them via Live Chat, Email or Phone. This is important when you consider the crypto market is open 24/7, so you may need to speak with someone on the weekend.
Live chat is the fastest way to reach them and have general queries resolved in real time. There is usually no wait time using this method. If you don’t have time to chat, you can send them an email and they aim to get back to you on average within 15 minutes. If you would prefer to speak to someone over the phone, you can request a call back and they will be happy to give you a call. The average response time is 4 hours when requesting a call back.
I have always found the broker to be prompt and polite in their responses, and appreciate how they are happy to answer all general, technical or account related questions. They treat all customers with the upmost esteem regardless of their experience level or size of investment.
EagleFX have a decent variety of convenient quick and easy withdrawal and deposit options. They pride themselves on processing withdrawals within the same day to ensure you have rapid access to your funds. The broker is currently offering the depositing methods of Bitcoin and Instacoins which allows you to fund via Credit Card, Debit Card and Wire Transfer. There are no fees for depositing with either Credit/Debit card, Wire or Bitcoin. Funds will be credited to your vault automatically once the funds have been received – you will also receive an email notification once the funds have been received. If you send funds through third party payment providers then the funds will credit your vault within 6 hours. If you send funds from your Bitcoin wallet then typically the funds will credit when they reach 6 confirmations, a process that can take up to 6 hours. The minimum deposit and withdrawal amounts are 10 USD/GBP/EUR. For third party payment providers, you can deposit using USD, EUR or GBP. For Bitcoin you can deposit using USD and Bitcoin (BIT).
There are three main withdrawal options available, which are:
- Bitcoin – Via any wallet
- Coinbase/PayPal – When withdrawing to your ‘Coinbase’ wallet, ‘Coinbase’ offers the option for you to do so via ‘PayPal’, for your added convenience
- Prepaid Mastercard
There are no fees for withdrawing by Bitcoin but you may find the amount received in your wallet differs from the amount withdrawn. This is because of the fluctuation of Bitcoin. Withdrawals are reviewed and processed within 30 minutes. Once approved, the funds should arrive in your Bitcoin wallet within an hour or less, depending on blockchain traffic. EagleFX clients enjoy 100% free and fast withdrawals. The specialist payments team review and process all withdrawal requests on an hourly basis to ensure that your withdrawals are paid out quickly. Just be aware of blockchain fees because I have been stung in the past where the fee amounted to more than the amount that I wanted to deposit which left me out of pocket.
Overall, I think EagleFX has a decent service for anyone who is looking to primarily trade forex and access 24/7 crypto trading with competitive conditions including tight spreads, reliable execution speeds and powerful trading platforms that are packed with useful trading tools for analysing the markets. They have versatile funding options and around the clock support, However, I feel that they could improve the educational materials provided and add some professional trading tools to compliment those already included within MT4. If you don’t mind the lack of regulation and are looking to trade CFDs, then you could always see what they have to offer with a free demo account to begin with.