EagleFX uses the MT4 platform to trade FX and CFDs, as well as indices and cryptocurrencies. This review discusses the verification procedure, commissions, minimum deposit requirements, and demo accounts.
EagleFX Ltd, based in Dominica, is a multi-award-winning STP brokerage. The broker is used by thousands of dealers in nations ranging from Indonesia to Nigeria. The service has competitive ECN trading terms and lightning-fast execution. Forbes and Finance Magnates both covered the business.
Users who open a single account with the broker may trade a broad range of assets 24 hours a day, seven days a week on the most popular trading platform, MetaTrader 4. Users may now participate in online poker games, according to the company’s owner and CEO.
EagleFX Trading Platform
Each EagleFX customer gets access to the MT4 trading platform, which has dynamic charts and analytical tools. With a single click, you may trade orders directly from the screen, thanks to the user-friendly and robust interface.
Traders have three execution choices, as well as the ability to use pending orders and trailing stops. MT4 enables extensive price analysis via the use of over 50 indicators and graphical components, as well as nine distinct time periods and a news feed.
At EagleFX, you may trade a wide variety of assets, including:
- Cryptocurrencies
- Foreign Exchange Market
- Commodity
- Stock and Indices
- Leverage
EagleFX provides high leverage on forex and commodities, up to 1:500. Leverage on indices and energies is up to 1:200, while leverage on cryptocurrencies is up to 1:100. Before opening an account, users should be informed of the risks associated with leveraged trading.
EagleFX Spreads and Fees
EagleFX’s live spreads begin at 0.1 pips and grow from there. The EUR/USD usually trades at a spread of 0.7 pips, whereas the NASDAQ trades at a spread of 1.12.
Additionally, EagleFX charges a round-turn fee of $6 per lot. By and large, these trading conditions are competitive with those offered by XM, HugosWay, and Oanda.
The only additional costs are swaps, which are assessed when transactions are left open overnight.
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Payments and Promotions
EagleFX does not provide any no-deposit bonuses or comparable promotions in 2021. Additional incentives will be announced on the broker’s website and in the members area in the future. Before you begin trading, always read the bonus terms and conditions.
EagleFX accepts three different forms of payment: Bitcoin, Visa/MasterCard, and wire transfer. There are no deposit fees, and the minimum deposit amount for Bitcoin is $10; for cards or bank transfers, the minimum deposit amount is $50.
Bitcoin, Coinbase/PayPal, or MasterCard are all acceptable methods of withdrawal. Again, there are no costs associated with withdrawals, which are usually completed within an hour. The minimum amount of Bitcoin that may be withdrawn is 10 dollars/euro/pounds. There is no maximum withdrawal amount.
EagleFX Regulation
EagleFX is a not-for-profit broker based in Dominica. Traders should be aware that unregulated suppliers seldom, if ever, offer adequate consumer protection. As such, we are unable to endorse EagleFX as a reputable broker.
EagleFX, on the other hand, claims to safeguard customer money via the use of Bitcoin Cold Storage. Customers’ funds are safeguarded from hackers since they are kept on an external storage device rather than on the broker’s web server.
Account Types
EagleFX provides all customers with a single basic account type, which requires a minimum deposit of $10. The minimum transaction size is 0.01 lots, while the maximum transaction size is 1,000 lots. Islamic traders may also open swap-free accounts with the broker.
It’s simple to create a live account; just complete the online form and verify your email address and phone number. Due to the absence of a KYC verification procedure, traders are not obliged to provide any papers. Following that, you’ll be able to enter the member’s area and begin trading.
The forex market is open 24 hours a day, 7 days a week, while the cryptocurrency market is also open 24 hours a day, 7 days a week. Specialized asset trading sessions are accessible in MT4 through the’specifications’ menu. The broker has a helpful time zone conversion link in the FAQs, however all market hours are specified in GMT+3.
Customer Support
EagleFX’s live chat assistance is available 24 hours a day, 7 days a week. Additionally, you may send a ticket via the website, and you will often get a response within 15 minutes. Those interested in speaking with a member of the team may do so by providing their phone number and requesting a callback within four hours.
Verdict
According to our analysis, trading with EagleFX offers a number of significant advantages and disadvantages. This broker charges minimal commissions, provides no-fee financing, quick withdrawals, and requires a minimum deposit of $10. EagleFX is an excellent broker for traders of any skill level, but there are many more licensed brokers to choose from if you want a bit more security.
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