EagleFX Review 2024: Legit or Scam? Learn Fees & Features

Interface and highlights: EagleFX

Summary of EagleFX

You shouldn’t trust every forex broker you come across. I certainly don’t.

That’s why I’ve been so pleased with my experience using EagleFX. It’s a trustworthy, budget-friendly option that facilitates currency trading and offers opportunities for diversified investments across different markets.

Packed with all the major, minor, and exotic forex trading pairs, along with notable crypto pairs and CFDs, EagleFX caters to every kind of trader.

EagleFX earns a TB (Trading.Biz) evaluation score of 6.2 after being carefully reviewed across multiple parameters.

EagleFX is a relatively new broker, launched in 2019 and based out of Dominica. It isn’t regulated but is still among the more popular players in the Asian and African markets.

Homepage: EagleFX

Pros and Cons

List of benefits: EagleFX

As a Straight Through Processing (STP) broker, EagelFX directly moves client orders to large brokers, liquidity providers, or banks it is partnered with, avoiding dealing desks. This results in tighter spreads. The top liquidity providers for EagleFX include the Deutsche Bank and the Barclays.

Evaluating High Impact Factors

User satisfaction: 6 / 10

Regulation: 1 / 10

Educational content: 6 / 10

Webinars: 7 / 10

Spreads and commissions: 8 / 10

Customer support: 9 / 10

The customer support setup stands out: EagleFX

Trade with EagleFX If:

• You’re an aggressive trader who prefers leverage options to the tune of 500:1
• You want access to CFDs, forex, and crypto trading options

Leveraged trading tools: EagleFX

Don’t Trade with EagleFX If:

• Security and regulation are your top concerns
• You want a platform that offers negative balance protection

Unregulated broker: EagleFX

Verified Office Address

I checked extensively and found that EagleFX has a physical address at 8 Copthall, Roseau Valley 00152, Commonwealth of Dominica.

Verified sources have confirmed that people can visit this physical location to get their queries resolved.

EagleFX employee segregation: LinkedIn

Expert Opinions

SA Shares: YouTube

“There is one type of account you can open with EagleFX, and this broker also offers an unlimited MetaTrader 4 demo account. The standard live account is the default account created when you open an account with EagleFx.

This account can be used to trade all the available instruments and will give you full access to the MetaTrader 4 platforms. If you are new to trading, we recommend practicing on a demo account until you have a solid understanding of trading.

Demo accounts are the safest way to trade for beginners, and this account allows you to trade in a risk-free market environment using virtual funds.”

EagleFX synopsis: YouTube

Keith Hagen Jr., KJI Investments: YouTube

“Best broker. I have used it for 2 years with zero issues.” (Edited for clarity.)

Expert review: YouTube

Expert Review of EagleFX

The real question isn’t whether EagleFX is a good forex broker or not. The question is whether it’s the right broker for you.

To answer that, I’ll share my impressions of its signup flow, fee structure, security standards, and other features.

By the end of this piece, you should be able to decide whether to choose EagleFX or opt for one of its competitors like JustMarkets or Avatrade instead.

I had the opportunity to try out a few elements of EagleFX. While I didn’t trade extensively (except the BTC/USD pair), I did verify the promptness of deposits and withdrawals. Deposits were instant, whereas withdrawals (I tried $300) took close to 2 hours.

Features that I personally liked: EagleFX

I raised a ticket about this delay via the contact page. To my surprise, I heard back from their support team in under 30 minutes. They informed me that network congestion was probably the reason for the delay.

Here are other aspects of the platform that stood out to me.

Features and Offerings

To evaluate any broker, you will need to take a close look at all of its features. Here are the features I found most useful on EagleFX.

Access to Several Trading Instruments

EagleFX lets you access a number of trading instruments, including forex pairs, cryptocurrencies, and a host of CFDs.

They offer an impressive variety of forex trading options, with all the Majors, Minors, and Exotics, including the likes of AUD/USD and EUR/AUD.

Forex pairs list: EagleFX

Most popular crypto pairs are supported, including BTC and DOGE. I was happy to see they even have the XRP/BIT pair, which allowed me to use BITs in my EagleFX wallet to start trading.

Crypto pairs: EagleFX

EagleFX also allows you to trade commodities, stocks, and indices as CFDs.

A handful of stocks and commodities available: EagleFX

Here are the top picks on the platform, in case you want to consider CFDs:

Rest of stocks and indices offered: EagleFX

I couldn’t try all the instruments – there were simply too many. But the selection seemed extensive.

Demo Account

The most popular forex brokers offer demo accounts that let you trade with made-up funds so you can learn the ropes. EagleFX is one of them, and you can set your demo account using MT4 for Windows, the Web Trader, or the Mobile apps.

I mainly used the Web Trader and had no hiccups whatsoever.

Demo account declaration: EagleFX

The demo account has no expiration date, so you can take your time and only start using live funds when you’re fully comfortable. You can also choose the starting balance based on your needs.

Accessing the Demo account: EagleFX

Educational Resources

EagleFX has a loaded educational page with plenty of relevant articles.

There is an FAQ section to help you get answers to all your platform-related questions.

Users also get access to a number of Guides to help them learn about MT4 across devices.

Guides section: EagleFX

Signing Up with EagleFX

EagleFX has a relatively simple sign-up flow.

A screen pops when you hit the signup tab at the top of the page. From there, you can enter your email and some basic personal details (name, date of birth, gender) to sign up, or sign in with Google and get started even more quickly.

There are no KYC (Know Your Customer) requirements, making it fast and easy for a regular trader.

Account opening page: EagleFX

Once you’re signed in, you’ll get access to the dashboard. Verifying your account will let you start using the services associated with this forex and crypto broker.

The interface itself is very intuitive, at least it was to me. I found every element easy to understand and didn’t feel the need to migrate elsewhere. That’s a win for the platform.

EagleFX Dashboard

For starters, I personally didn’t like the blue-pink color scheme. It didn’t obscure any of the features – it just didn’t look very premium to me.

Colors aside, the dashboard was detailed and straightforward. Everything from your to the affiliate program is right there on a single page. There’s nothing tricky about navigating this page at all.

Dashboard: EagleFX

Deposits and Withdrawals

Although assets and instruments are the first thing on a trader’s mind, deposit and withdrawal methods are critical for a smooth experience with any broker.

You can add funds to your EagleFX account using wire transfers, Bitcoin, or third-party InstaCoins.

Deposit methods: EagleFX

Each method has a deposit minimum:

• BTC: $10 minimum
• InstaCoins: $50 minimum
• Wire Transfer: $50 minimum

For withdrawals, EagleFX supports USD, EUR, and GBP.

Native currencies supported: EagleFX

There are no broker charges for deposits, internal transfers, and withdrawals.

Trading Conditions: Fees and Overheads

Before you set your eyes on a forex broker like EagleFX, it’s important to be aware of the fee structure. So, let’s look at what you can expect.

For starters, for every trade per lot, the broker levies a commission of $6. The minimum lot size for trading is 0.01, and the maximum is 1,000 lots. So, the minimum commission would be $6 x 0.01, which equals 60 cents.

As for the spreads, the lowest is 0.1 pips, with the top forex pairs like EUR/USD attracting close to 0.7 pips. For stock CFDs, the spread could be 1.12 pips.

This forex broker also charges something called “swap fees,” which roughly translates to the position carryover rate. The formula for these is:

Swap = (Pip Value x Swap Rate x Number of Nights) / 10

I asked the EagleFX team to break this down for me. Here’s how the calculation happens in real time:

Fee-based interactions with customer support: EagleFX

One upside is that there are no broker-specific charges for account inactivity.

How to Start Trading on EagleFX

EagleFX doesn’t boast a proprietary trading platform. Instead, it relies on MetaTrader 4 (MT4), which users can access in four different ways.

MetaTrader iOS: App Store

Web Trader

• No need to download software
• Compatible with several browsers and operating systems
• Robust safeguards via 2FA and other safety measures
• Access to 30+ indicators
• Supports one-click trading

Desktop App

• Integrated markets for real-time quotes
• Supports flexible trading using stop orders, pending stops, and trailing stops
• Supports algorithmic trading
• Access to 30+ indicators and 23+ analytical tools

iOS App

• Access to advanced charting tools
• Support for different order execution modes
• Access to three chart types
• Comes with financial news bits
• Access to a quick trading panel

Android App

• Access to real-time market insights
• Interactive charts
• Built-in ability to modify order types

The EagleFX-powered MT4 web interface and web trader let you toggle between your demo and live accounts with a single click.

Useful Tools for Traders on EagleFX

EagleFX packs a number of tools under the MetaTrader 4 umbrella. With MT4, you can access advanced charting options, automated trading via Expert advisors, 50+ technical indicators, multiple order types, and customizable dashboards.

I was skeptical about the .exe file for the desktop app for MT4, but it worked just fine and the user experience was top-notch.

Investing Opportunities with EagleFX

On EagleFX, traders can earn via scalping – executing quick traders or copying the trading strategies of more experienced traders. Before copying a trader’s moves, you can evaluate their risk levels, profitable positions, and asset management from your dashboard.

To access the copy trading features, you will need to fund your account with a deposit of at least $50.

Even though you can leverage your trades, knowing about the margin call and stop-out or liquidation levels is important. I wasn’t terribly impressed by the 70% stop-out level, since positions can erode quickly for more aggressive trades, leaving you prone to liquidation.

Margin considerations: EagleFX

EagleFX Affiliate Program

EagleFX is one of the few forex brokers that offers a rewarding affiliate program with diverse commission tiers. The rewards are good, and the payouts are made weekly.

Affiliate program: EagleFX

I especially appreciate the infographic overview of the commission structure. This showcases not only how much affiliates can earn, but how these earnings can compound.

Security Standards

EagleFX may be unregulated, but it still takes security seriously. Besides two-factor authentication, some of the superior security implementations include:

• Cold storage for funds
• Fund hedging on the best possible global exchanges
• Funds aren’t impacted by Bitcoin rate fluctuations
• Regular security audits
• Advanced security tweaks like support pin

Features as described by live customer support: EagleFX

Details shared by the customer support team: EagleFX

Customer Support Quality

EagleFX provides human-powered livechat support, which is a great feature.

Besides that, you also get access:

1. Phone support (with callback feature)
2. A dedicated page for submitting support tickets
3. Dedicated social media handles

State of customer support: EagleFX

Why Choose EagleFX?

If you want to explore low-cost crypto, CFD, and forex trading options with high-leverage trading tools, EagleFX is the right choice.

If using a regulated broker is important to you, however, you will want to keep looking. Find a licensed platform whose investor protection tools are vetted by proper authorities.

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