EagleFX Review 2020
EagleFX is an established online broker with many clients around the globe who choose to trade online with them. The broker provides over 100+ trading instruments including 24/7 Cryptocurrency trading. They also have a generous selection of Forex currencies and CFDs that can be traded on competitive trading conditions including tight spreads, good execution speeds and intuitive trading platforms that are packed with an abundance of useful trading tools.
EagleFX Review 2020, Pros & Cons
- 100+ trading instuments
- 24/7 Cryptocurrency trading
- Bitcoin funding
- Competitive spreads. commissions & execution speeds
- $10 minimum deposit only
- User-friendly & powerful MT4 trading platform
- Useful trading tools for conducting chart analysis
- Daily market analysis
- Flexible leverage
- Affiliate program
- Offshore broker
- No MetaTrader 5 platform
In this detailed EagleFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
EagleFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including EagleFX.
EagleFX Review: Summary
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.
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. The customer ratings displayed on the brokers website shows very positive feedback from happy clients of EagleFX.
EagleFX Review: Regulation
EagleFX is a legally registered forex broker located in Dominica, but not regulated by any government agency. 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.
EagleFX Review: Countries
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. Some EagleFX broker features and products mentioned within this EagleFX review may not be available to traders from specific countries due to legal restrictions.
EagleFX Review: Trading Platforms
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.
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
EagleFX Review: Trading Tools
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. 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.
EagleFX Review: Education
Daily Market Analysis
EagleFX provide clients with very useful 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.
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 up coming 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.
EagleFX Review: Trading Instruments
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). Amongst the asset classes offered are:
- 53 Forex Currency Pairs (including major, minor & exotic FX crosses)
- 11 Indices – Based on baskets of different blue-chip stocks and US Dollar Index
- 31 Cryptocurrencies – Based on Bitcoin, Bitcoin Cash, Ethereum, Eidoo, Litecoin, Dash, OmiseGO, Ripple, Santiment, Monero, Metaverse, Zcash, EOS, NEO, IOTA, TRON
- 64 Stocks
EagleFX Review: Trading Accounts & Fees
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. Leverage of up to 1:500 is 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.
There are no inactivity fees charged. All trading strategies are welcome including scalping, hedging and news trading. Swap Fees are applied when holding an open trade overnight. The fee itself varies between assets.
EagleFX provide demo accounts if you wish to try the brokers different trading platforms and practice your trading strategies with virtual funds before going live.
As broker fees can vary and change, there may be additional fees that are not listed in this EagleFX review. It is imperative to ensure that you check and understand all of the latest information before you open an EagleFX broker account for online trading.
EagleFX Review: Customer Service
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.
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.
They are prompt and polite in their responses, 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 Review: Deposit & Withdrawal
EagleFX have a 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 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. There are three 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.
EagleFX Review: Account Opening
It takes just a few minutes to sign-up for an EagleFX trading account. There is a short application form on the brokers website to complete. You can also quicken the process by using your Facebook or Google account to sign-up.
EagleFX Review: Affiliate Program
EagleFX have a multi-tiered affiliate program where you can easily refer traders and sub-affiliates. You will earn a commission for every customer that you refer (or sub-affiliate refers) to the broker using your unique affiliate link. They offer fast and easy automatic monthly earnings pay outs and allow you to track your earnings inside your affiliate back-office account at any time. There are a variety of marketing tools and dynamic campaigns that can be customised to your needs whilst you also have a team of affiliate managers who will be happy to help. Every time a new user clicks on the link signs up and starts trading, the link owner earns $4. Being this a multi-layer structure, the customer will continue earning up to TIER 5. Successfully reaching TIER 5 carries a capped, additional commission of $1. Commissions last for a lifetime.
EagleFX Review: Conclusion
EagleFX is an established online broker with thousands of clients who choose to trade with them, enjoying over 100 instruments including 24/7 trading of Cryptocurrencies. They also have a good selection of Forex currencies and CFDs with tight spreads, reliable execution speeds and powerful trading platforms that are packed with useful trading tools.
CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with this broker, as well as any additional losses, charges, or other costs they incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being.