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EagleFX Forex broker review

eaglefx.com
nika
Written by:
Nika
Av
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
23 February 2024
Date
Last edit:
4 March 2024
Our rating:
4.6

4.6

Summary
Safety & Security of EagleFX
0.1
0.1
Account types available for traders on EagleFX
6
6.0
Fees & commissions review of EagleFX
6
6.0
Trading platforms and mobile trading reviewed at EagleFX
7.4
7.4
Education and research tools offered by EagleFX
6
6.0
Customer support of EagleFX
6
6.0
Conclusion

EagleFX Forex broker review

eaglefx.com
nika
Written by:
Nika
konstantinrabin
Edited by:
Konstantin Rabin
Calendar
Written on:
23 February 2024
Date
Last edit:
4 March 2024
Our rating
4.6

4.6

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Main summary

EagleFX is an online Forex and cryptocurrency STP broker, providing CFD trading on hundreds of assets and optimal trading conditions within the award-winning MT4 platform.

However, the broker is unregulated and offers very little security to its clients. Despite excellent spreads and conditions, the lack of regulatory oversight is a serious red flag that can not be underestimated by traders. 

We have analyzed all the essential information about EagleFX and concluded whether you should trust this broker in the review below. 

Pros & cons of EagleFX broker

  • Ability to withdraw with $0 fees
  • Offers access to MetaTrader 4
  • Fast and digital account opening/verification
  • Offers access to 54 Forex pairs
  • Very low minimum deposit requirements from 10 USD
  • The broker claims to have a 20 minutes withdrawal process times
  • Most payment options are free and instant
  • Unregulated broker
  • Only one trading account
  • There is no hotline support available, raising suspicions
  • There are no trading accounts with 0 spreads for scalpers

EagleFX Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 10 USD
Minimum account activation 10 USD
Number of available assets 100
Leverage up to 1:-
Available trading markets Forex, Stocks, Commodities, Indices, Cryptocurrencies
Account currencies USD
Demo account Yes
Live account types -
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account -
Assets
Forex
Shares
Cryptocurrencies
Indices
Commodities
Total -
Fees & spread
Forex From 1 pip
Shares -
Cryptocurrencies 1 pip
Indices 14 pips
Commodities 17 pips
Software
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety & Security of EagleFX

EagleFX is not regulated by any authority, making the broker highly risky for traders and investors. We can not confirm the broker truly keeps user funds in segregated accounts.

The broker is not also a member of any investor compensation fund but offers negative balance protection.

eaglefx main page.png

Account types available for traders on EagleFX

Only one trading account is offered with decent specs. The spreads start from 1 pip for all major pairs, which is very attractive. The maximum leverage is capped at 1:500 which is more than enough to trade comfortably. The minimum deposit requirement is 10 USD, which is also very low. The leverage system is dynamic, and it is set at 1:500 for Forex pairs and metals, for indices at 1:200, for stocks at 1:20, and for energies and cryptos at 1:100.

Pros & cons of EagleFX account types

ProsCons
There is a very low minimum deposit of $10There is no trading account with zero spreads
Enables traders to use Demo and Islamic account typesOnly one trading account
Has 1 pip spread on all major pairs 

Fees & commissions review of EagleFX

Comparing EagleFX fees with other brokers

EagleFX fees compared to Interactive Brokers fees

Type of FeeEagleFXInteractive Brokers
EUR/USD SpreadFrom 1 pipFrom 0.6
Fees on Deposits0 USD1%
Inactivity fee0 USDNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

EagleFX fees compared to CM Trading fees

Type of FeeEagleFXCM Trading
EUR/USD SpreadFrom 1 pipFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 EUR/USD per month after 60 days of inactivity

EagleFX fees compared to plus500 fees

Type of FeeEagleFXplus500
EUR/USD SpreadFrom 1 pipFrom 0.8 pips
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 10 USD per month after 3 months of inactivity

EagleFX fees compared to XM fees

Type of FeeEagleFXXM
EUR/USD SpreadFrom 1 pipFrom 0.6
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 15 USD after 12 months, +5 USD/m

EagleFX fees compared to AvaTrade fees

Type of FeeEagleFXAvaTrade
EUR/USD SpreadFrom 1 pipFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

EagleFX fees compared to Capital.com fees

Type of FeeEagleFXCapital.com
EUR/USD SpreadFrom 1 pipFrom 0.9
Fees on Deposits0 USDNo
Inactivity fee0 USDYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at EagleFX

Advanced trading software MetaTrader 4 is provided for all devices and systems, including the web trading platform and mobile apps. With MT4, traders can fully analyze markets and the broker offers tutorials and explanations for beginner traders to start using this software. 

Education and research tools offered by EagleFX

There are no market research tools available, but educational sources are decent. With articles on various trading topics and concepts, beginner traders can grasp some basic concepts. However, there are no other resources for educational purposes, and traders will have a hard time transitioning from beginner to experienced traders. 

Customer support of EagleFX

Where EagleFX shines the most is excellent support, which is provided via live chat and is very convenient. Support representatives are professionals with comprehensive knowledge about their broker’s services and assist politely.

Both the website and support are only available in the English language. 

From other support options, there is a call-back function, an online form, and an extensive FAQ section. There is no hotline support, which is a minor red flag. 

Conclusion

In the end, EagleFX is an unregulated Forex and CFDs broker offering standard spreads from 1 pip on its single live trading account. The trading platform offered is MT4 for all devices, educational resources are several, and live chat offers a convenient form of support. There is no hotline support available which is another red flag together with a lack of regulatory oversight. 

We advise extra caution when dealing with an unregulated broker, as the risk of losing money because of fraud is very high.

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FAQs about EagleFX

Is EagleFX a regulated broker?

No, EagleFX is not regulated by any financial authority. This lack of regulatory oversight raises concerns about the safety and security of your funds when trading with this broker.

What are the minimum deposit requirements with EagleFX?

EagleFX offers a very low minimum deposit requirement of only $10 USD, making it accessible to traders with smaller capital.

What trading platform does EagleFX provide?

EagleFX offers access to the MetaTrader 4 (MT4) platform, a widely used and respected trading software that is available for all devices, including web platforms and mobile apps.