EagleFX Broker Review 2024

EagleFX is a CFD and Forex broker that offers trading services for over 100 instruments on its Standard account.

This broker provides low spreads starting from 0.2 pips with $3 commissions and various deposit and withdrawal methods, including Bitcoin, Bank Wire Transfer, Instacoin, and PayPal (via CoinBase).

Company Information & Regulation of EagleFX Broker

EagleFX is a relatively new player in the online trading industry, having launched in 2019. This broker is registered in the Commonwealth of Dominica. However, it's important to note that no major financial authority regulates EagleFX.

This could be a major drawback for traders since they are still determining whether their funds are safe or there will be a compensation plan if the broker struggles with potential bankruptcy.

EagleFX Specifications

Let's take a quick look at the main features of EagleFX:

EagleFX Account Types Review

EagleFX keeps things simple by offering three account types:

Standard Account

 This is the primary account type for most traders. It offers:

• Leverage up to 1:500
• Minimum deposit of $10 (for BTC payments)
• Access to all tradable assets
• Spreads from 0.2 pips

Demo Account

Perfect for beginners or those who want to test strategies without risking real money. Features include:

• Virtual balance of $10,000
• Access to all trading features and assets
• No time limit

Islamic Account

Designed for Muslim traders, this account is swap-free and compliant with Sharia law. It offers:

• No overnight swaps or interest
• Same features as the Standard Account

The simplicity of account types makes it easy for traders to choose, but some may miss having more specialized account options.

Advantages and Disadvantages of EagleFX Broker

Let's weigh the pros and cons of trading with EagleFX:

EagleFX Sign Up & Verification

Opening an account with EagleFX is a straightforward process:

1. Visit the EagleFX website and click on "Sign up;"
2. Fill in your personal details (name, email, phone number);

3. Verify your email address.

Since EagleFX is not a regulated broker, traders are not required to verify their accounts.

Available Trading Platforms in EagleFX Broker

EagleFX exclusively offers the MetaTrader 4 (MT4) platform, which is widely regarded as one of the best trading platforms in the industry. Key features of MT4 on EagleFX include:

• Customizable Interface: Tailor charts, indicators, and tools to fit your trading strategy.
• Advanced Charting: Analyze markets with precise, powerful chart tools.
• Automated Trading: Use Expert Advisors (EAs) to automate trades based on set strategies.
• Flexible Order Types: Choose from various order executions to suit your trading style.
• Mobile Trading: Trade on the go with the MT4 app, anytime, anywhere.

While MT4 is excellent, some traders might miss having access to the more advanced MetaTrader 5 platform or proprietary alternatives.

Links: 

• Android
• iOS
• Desktop
• Mac

EagleFX Spreads and Commissions

EagleFX offers competitive spreads starting from 0.2 pips on major Forex pairs. Some key points about their pricing structure:

• EagleFX charges $3 commissions
• Spreads may widen during periods of high volatility
• No deposit and withdrawal fees
• No inactivity fee

The low spreads are attractive, but traders should be aware that they may fluctuate based on market conditions.

EagleFX Deposit & Withdrawal Methods

EagleFX offers limited payment options:

Deposit methods:

• Bitcoin
• Bank Wire Transfer
• Instacoins

Withdrawal methods:

• Bitcoin
• Paypal via Coinbase

Key points:

• Minimum deposit is $10
• No deposit fees charged by EagleFX
• Minimum withdrawal is $10

The lack of credit/debit cards and E-wallets are a major downside for EagleFX broker.

EagleFX Broker Copy Trading & Investment Options

Unfortunately, EagleFX does not offer copy trading or social trading features. This means:

• No ability to follow and copy successful traders
• Lack of automated trading based on others' strategies
• No social trading community within the platform

The absence of copy trading options might disappoint traders who rely on these features for their trading strategies.

EagleFX Bonuses

EagleFX doesn't offer traditional deposit bonuses or promotions. However, they do have an attractive affiliate program:

• Earn up to $600 per referred client
• Lifetime commissions on referred clients' trading activity
• Marketing materials provided for affiliates
• 5 Tier commission reward structure up to $4 per lot traded

While the lack of trading bonuses might disappoint some, the affiliate program could be lucrative for those with a large network.

EagleFX Broker Support Methods and Channels

EagleFX provides several customer support options:

• Live Chat: Available 24/7 for quick queries
• Ticket System: For more complex issues
• Request a Call: Schedule a call with a support representative

The 24/7 availability is a plus, but some traders might prefer having direct phone support.

EagleFX Broker Restricted Countries and Regions

EagleFX residents of all countries to create an account in this broker since there is no regulatory oversight. However, Traders from the countries below shouldn’t open an account in EagleFX broker due to their country’s laws:

• USA
• Canada
• United Kingdom
• Australia

EagleFX Trust Scores and Reviews

Let's look at how EagleFX fares on the Trustpilot review platform:

• Rating: 4.5 out of 5
• Number of reviews: over 200
• Number of 5-star reviews: 70%

While these numbers seem positive, they feel manufactured and fake. Traders must take caution before joining this platform. 

TF Expert suggestion

As a relatively new broker, EagleFX offers attractive trading conditions with 0.2 spreads, 1:500 maximum leverage, and a low minimum deposit of just $10.

However, the lack of regulation by financial bodies such as the FCA, SEC, ASIC, and CySEC, combined with the lack of investment options (social trading or automated trading), makes this broker unsuitable for many traders.