EagleFX is one of the newest, most exciting FX brokerage options to enter the marketplace in quite some time. Headquartered in Dominica, this FX broker offers 24/7 trading on an extensive list of assets, along with some of the most attractive spreads we’ve ever seen. As an ECN broker, they offer straight through processing, linking clients directly with a variety of liquidity providers. This allows traders to essentially shop for the best rates effortlessly, all within a fraction of a single second. If reviews teach us anything though, it would be that no broker is perfect. So, we invite you to read on to learn what we discovered whilst investigating EagleFX.
EagleFX keeps things simple by not offering tiered accounts. While some traders do like having the ability to receive extra perks in exchange for a larger deposit, it seems that most (especially first-time traders) prefer to have access to the same exact trading conditions and extras as everyone else. With all of that being said, there is one different type of account and that would be Islamic accounts. Islamic accounts allow traders to pay administrative fees rather than swap fees, which are not compliant with Shariah Law. Should you need assistance with setting up an Islamic account, the customer support team will be happy to assist. Note also that this broker does allow corporate accounts, provided that the correct documents are submitted.
Eagle has chosen to offer the always popular MetaTrader 4 trading platform. The platform can be downloaded and installed on Windows based computers and will soon be made available for Mac systems. On the site, you can opt to sign up to be notified via email when the Mac version is available. Additional formats include apps for iOS and Android, along with WebTrader, which is completely browser based. MT4 offers a wide variety of analytical tools and charts, rendering the process of analysis a much easier one. In addition to technical tools, the platform also works to make trading easier and faster. For example, it provides the ability to trade from directly within charts, with no need to venture away from pertinent information. Although a newer version of the platform is now available, MT4 remains the most popular FX platform of all.
Traders can maximize their trading dollars by opting for a leverage ratio as high as 1:500. While there are a handful of brokerages offering up to 1:1000, this is rare and could be problematic for those who do not understand how to use leverage correctly. There is no requirement to opt for the 1:500 setting. In fact, there are many different ratio options, starting at 1:500 and declining down all the way to 1:1. The leverage setting can be changed at any time, but of course cannot be changed once a trade has been opened. To increase or decrease your leverage for future trades, simply make a new selection.
Micro lot trading is allowed within the EagleFX platform. Traders can open trade sizes as small as 0.01 lot. This is perfect for those who are risk adverse or still learning how to trade Forex. Those who are interested in larger positions are free to open trades as large as 1,000 lots. Note that within this platform, margin call takes place at 100%, while the stop out percentage is 70%. It is also worth mentioning that a variety of popular strategies and trading methods are permitted, such as news trading, hedging, and even scalping. Scalping using micro lots is just one of many strategies that traders can use to lock in profits quickly, so it’s nice to see that it is allowed.
If you’ve ready many reviews, then you know that brokers primarily use one of two methods to generate profits for their business. In one example, the broker will profit from the spread. In the other, brokers charge commission on each trade. EagleFX uses the latter and does ask for $6 per trade, round turn ($3 in and $3 out). Right now you’re probably thinking that you know of a different broker that charges less, and there certainly are some, but it is important to note that Eagle pays $4 of this $6 out to their affiliates. So, if say your friend referred you to this broker and you signed up using their personal link, your friend would receive $4 for every trade that you completed. While no one loves commission costs, they are simply a part of trading and it’s refreshing to see a broker give so much to affiliates, who are often the backbone of any successful brokerage.
Swap fees will also apply to positions that remain open overnight. These vary by asset and can always be viewed within the asset specifications details area in MT4. As mentioned in the accounts area above, swap fees do not apply in the case of Islamic accounts. However, don’t assume that you can avoid them completely by having an Islamic account, as admin fees are assessed in place of rollover costs. The administrative fees will be comparable to the swap costs.
Traders will find over 200 different assets within the EagleFX platform. To be exact, there are currently 209 underlying assets being offered. The list is comprised of FX pairs, cryptocurrencies, stocks, commodities, indices, futures, and energies. The exact number of underlying assets in each group are shown below.
Currency Pairs: 53
While you may think that currency pairs and stocks steal the show, the real star here is the list of cryptocurrencies. Although many wise brokers are now starting to offer digital assets for trading, few are able to offer such a vast array of options. Yes, you will find popular cryptos such as Bitcoin, Ethereum, Dash, and Litecoin, but will also find lesser known coins such as IoT, ETP, OMG and many more. The bottom line here is that there are unlimited trade opportunities to be found in the EagleFX platform and maximum variety equals maximum chances to generate profits.
So, what are the amazingly impressive spreads that we spoke of in the opening of this EagleFX review? You’ll quite often find spreads as low as 0.01 pips. Sure, other brokers may also offer a spread this low at times, so what’s the big deal? That comes in the average spread, which is only 0.3 pips. Obviously, it isn’t always possible for all assets to have a spread that low (we’re looking at you, cryptocurrencies), but that average is excellent and should be factored into the broker selection decision. The average spread, trading costs, and leverage ratios should always be at the top of your list when shopping for a broker, as at the end of the day, you want to maximum profits while minimizing costs.
New clients are free to start with a deposit as low as $10 (or currency equivalent). Clients can fund their account using USD, EUR, GBP, or Bitcoin. As you’ll read below, there may be a maximum number of incoming deposits each month, depending on the deposit method that is chosen. This means that you may need to put some extra thought into the amount that you’d like to fund your account with. Regardless of the broker that you choose, we always recommend starting out with at least $300 to $500. Lesser amounts can prove limiting and limitations can restrict profits. Obviously, if you need to start with a smaller amount, do so. Stepping onto the path to earning is better than staying home and earning nothing!
Deposit Methods & Costs
EagleFX accepts the most popular payment methods, including credit/debit, bank wire, and Bitcoin. There is no deposit fee charged on any of these methods, regardless of the number of deposits made. It is worth mentioning that this brokerage makes Bitcoin deposits extremely easy by providing a QR code in each clients back-office. Often, traders steer clear of Bitcoin depositing and withdrawals out of fear that the process will be too complicated, so it’s nice to see that the process is simplified here. After all, Bitcoin is far and away the most private of all funding methods. The limitations mentioned above refer to credit/debit card transactions. Those are limited to $5,000 per transaction, with a limit of 3 deposits daily and 30 total deposits each month. Bitcoin and wire transfers are unlimited.
Withdrawal Methods & Costs
The same payment methods used for depositing are also used for withdrawals. As with most Forex brokers, Eagle makes every attempt to pay out withdrawals to the same method that was used to fund the account. Like deposits, there is no fee charged for withdrawing your funds. It is possible that you may incur fees from your payment processor (banks often charge customers for incoming wire transfer payments), but you will not be charged anything by EagleFX. Our personal recommendation is to use Bitcoin for deposits and withdrawals. It simply is the most private and fastest way to transfer funds.
Withdrawal Processing & Wait Time
All withdrawal requests are reviewed within 48-hours or less. When testing, our request was reviewed and approved within 12-hours, so we were extremely happy to see that. As mentioned above, Bitcoin is the absolute fastest way to get your funds. Bitcoin payments arrive immediately and clear quickly. The second fastest option is card payments. Those usually post within a few business days, but can take up to 10-days, depending on the card company. Bank wire transfers typically arrive within 5-10 business days, but can arrive faster. Again, this is dependent upon the financial institution.
Bonuses & Promotions
EagleFX does not offer any type of deposit or re-deposit bonuses. When speaking with the management team, we were informed that future promotions are not out of the question, but that deposit bonuses are not going to be offered. Check the broker’s website periodically for announcements and information regarding any new promotions.
Educational & Trading Tools
If you’re looking to learn how to trade Forex, you will need to use one of the thousands of resources available online. EagleFX is not currently offering any tutorials or trading courses. As for trading tools, you will find those within the platform. There, traders can utilize a variety of execution modes while taking advantage of quick trading functions. Incorporated chart features allow for pinpointing the very best entry and exist points. Each symbol can be viewed in several timeframes and there are a wide variety of indicators included. To sum it up, the analytical capabilities of MetaTrader 4 allow traders to thoroughly analyze market movements so as to determine the absolute best times to trade.
If there is one area in which EagleFX passes our test quite easily it would be in the area of customer support. We noted that in one of their advertising campaigns, they were offering “instant” support at all hours. Of course, we just had to put that to the test, so at several different times over a period of several days, we initiated a live chat on the broker’s website and clocked the response time. In all instances, an agent reached out to us in less than 10 seconds. Yes, you read that correctly.
We also tested the other available contact methods, email (support ticket) and callback request, and found those to have fast response times as well. It seems that their claim of fast (if not instant) support was actually true. It is not even possible to accurately state just how important stellar customer support is in the Forex industry. Even so, we can clearly say that almost always, excellent customer support is an indicator of an excellent FX broker.
Security & Fund Protection
Another area in which EagleFX stands out is that of fund protection. It is not uncommon to see a broker advertising the fact that they keep client funds in segregated accounts, separate from regular business funds. However, you do not often see a broker using the cold storage method, which this broker does. What is cold storage? We’re glad you asked. Cold storage is a method of storing Bitcoin (or other cryptocurrencies) on external devices and not on any set computer or server. This is done for many reasons, but is primarily done to prevent theft and to safeguard funds from losses due to rate fluctuations. All incoming funds are fully hedged on the largest global exchanges, thus offering the security and stability that traders need in order to feel safe when funding an account.
Free demo accounts are offered and these accounts will remain open indefinitely, provided that you are actively using it. If you do not log into a demo account for a period of two-weeks, it will automatically be closed. If that happens, you can opt to open a new demo account in its place, but will lose any progress made on the original account. To open a demo account with this broker, simply click on the demo tab from the website header and follow the detailed instructions on that page. Instructions are provided for each of the MT4 platform versions that are offered.
At a time when there are so many Forex brokers in operation and many new ones opening their doors each day, it has become difficult to become excited whenever a new broker arrives on the scene. However, EagleFX has managed to generate excitement with traders and with us as well. They pass the test in core areas such as spread, costs, leverage, and security, while making an extremely strong commitment to customer service. A broker that takes care of their clients and affiliates is one worth partnering with. As they are a new brokerage, we will of course follow their progress closely to see if anything changes, but for now (note that we do NOT say this very often) we fully endorse EagleFX and do recommend them for both novice and experienced traders alike.