EagleFX has managed to generate a lot of excitement within the industry recently and we set out to discover what has people already referring to them as one of the best forex brokers. Eagle is based out of Dominica and is relative newcomer, yet to hear traders speak of them, one would think they had been in operation much, much longer. This begs the question, how does a young brokerage function as a seasoned broker right from the start? For starters, the brand was launched by a team who has plenty of experience in the industry. That is just the start though. We invite you to use this comprehensive EagleFX review to assist with deciding whether or not this broker is right for you.
In this review, we’ll start out with the various account types, as this is something that many traders look to first when trying to decide which broker to choose. EagleFX has made the decision to offer only one primary account type. This ensures that all clients are treated as equals, with no one trader receiving better trading conditions than another. Business owners are free to open a corporate account with this brokerage, provided that they provide the required documents to do so.
Islamic accounts are made available to those who adhere to Shariah Law, but the only difference between the two is how swap fees are assessed. In the case of Islamic accounts, swaps are replaced with administrative fees so as to remain compliant with Islamic beliefs. There is no option to open an Islamic account at the point of registration, but the account type can be changed over once an account is created. Contact the support team to request a change from a standard to Islamic account.
The registration process takes less than a minute, after which an email will be dispatched to your inbox. In this email, you will need to click the link to confirm your email address. After this is done, you’re ready to submit your identification and address proof documents, fund your account, and start trading. All of the best forex brokers conform to KYC (Know Your Customer) requirements and Eagle is no exception. They do an excellent job of reviewing and approving documents quickly and do take the time to contact each client if additional information is needed.
KYC documents are not required in order to fund an account, but they will need to be submitted prior to making a withdrawal. They are also not required in order to open and use a demo account. This allows for a level of anonymity while testing the platform to see if this FX broker is the one for you. It will take a bit longer to create a demo account, but the process is in no way complicated. Complete instructions are provided, but help is always available for those who need it.
The account back-office is designed well and easy to navigate. It allows for plenty of customization without being overly complex. One or more trading accounts can be opened easily and a full trade history for each is easy to access. The deposit and withdrawal areas are equally user-friendly, making it easy to trade deposits and request fund withdrawals. Personal details can be viewed and updated, and all pertinent information can be viewed at a glance from the provided dashboard. It’s worth mentioning that the site itself is user-friendly, providing much, if not all of the information that someone who is preparing to learn how to trade forex may need to know.
Deposits & Withdrawals
New trading accounts can be started with any deposit of $10 or more. Accounts can be opened and funding using either USD, GBP, EUR, or BIT. Deposits can be submitted using one of three different payment methods. These include credit/debit card, bank wire, and Bitcoin. Deposit fees do not apply on any of these payment methods, which is excellent. Many brokers do work hard to keep deposit fees low, but many do feel compelled to charge fees on wire transfers, which are costly for them to accept.
The same three payment methods which are accepted for deposits can also be used to withdraw funds from an account. All withdrawal requests are reviewed by a member of the broker’s payments team within 48-hours, with the majority of withdrawal requests in fact being evaluated within 12-24 hours. The request that we made for the purpose of this review was reviewed and paid out in less than one day.
The wait time for a deposit to be credited to your trading account varies. For the fastest fund availability, opt for Bitcoin depositing. Credit and debit cards are also a good option for getting your trading account funded promptly. Bank wires are secure but are more complex and do take longer to post to the account. The time it takes for a withdrawal to arrive will also be based on the payment method chosen. Bitcoin payments are instant, where credit and debit card payments can take a few days (up to 30 days in extreme cases, depending on the card company). Wire transfers typically take between 2-10 business days to post to an account.
Fees & Costs
Traders are charged a commission fee of $6 round turn. This cost is split into $3 going into the trade and $3 at the time the trade is exited. Rollover (or administrative in the case of an Islamic account) fees do apply to positions that remain open after market hours. These can be viewed within MT4 using either a demo or real account. Simply select an asset and then open the specifications information for that asset. When completing this review, we found that the swap fees were on par with those of other firms who are considered to be the best forex brokers.
As mentioned above, there are no fees associated with funding or withdrawing from an account, as all deposits and withdrawals are entirely free of charge. There are also no fees on inactive accounts and no other fees of any kind. Although the commission fee is a bit higher than that charged by other brokers, it likely will not be viewed as a deal breaker for most. When completing forex broker reviews, we typically note that most brokerages earn the bulk of their profits from the spread, but once you see how low the spreads are with EagleFX, you’ll fully understand the need for a commission fee.
Clients of EagleFX are provided with some of the best floating spreads around. With an average spread of only 0.3 pips and spreads often falling as low as 0.1 pips, the spreads alone will draw in many traders. If you’re still learning how to trade forex, you’ll soon know that better spreads help to limit losses and increase profits. As with most brokerages, you’ll find the tightest spreads typically being offered for the most popular currency pairs, but we noted in this review that the spreads were excellent for other pairs and asset types as well.
The firm offers a maximum leverage setting of 1:500 but does allow for a lower leverage setting to be selected (1:1 is the lowest). There are many levels between the highest and lowest ratios to select from. Margin call takes place at 100%, while stop out takes place at 70%, both of which are average for the sector. The smallest allowed trade size is 0.01 lot, so micro lot trading is possible. The largest allowed single trade size is capped at 1,000 lots.
The best forex brokers tend to be those who partner with more than one liquidity provider so as to be able to offer the best spreads and rates to their clients. Eagle is in fact one of those brokers, having forged relationships with many top-tier liquidity providers, thus allowing their clients to trade on institutional grade liquidity from major global investment banks.
They combine this benefit with STP, ultra-fast trade execution. For those who are still learning how to trade forex, this means that within only a fraction of one second, the system scans for the best possible rates among several liquidity providers and locks in your trade. To put it simply, tight spreads mean nothing if trade execution doesn’t happen quickly. EagleFX’s system works to ensure that that great rate that you see on the screen is the rate that is the same or extremely close to the rate received when the trade is entered into.
There are actually few rules for trading within the provided platform, but we do recommend reading through the terms and conditions of any broker that you choose to trade with. Hedging is allowed, as is news trading. Those who like to use scalping as a means of locking in profits will have no problem, as it is also allowed. The trading hours for cryptocurrencies are 24-hours a day, 7-days a week. All standard assets can be traded during their associated market hours, but since at least one market is open at all times throughout the week, this means that trading on standard assets is possible 24-hours a day, Monday through Friday. All of the market hours within the platform are in GMT+3.
In total, EagleFX is currently offering 209 total underlying assets. Of these, 53 are currency pairs, 31 are cryptocurrencies, 104 are stocks, and the remaining assets are comprised of commodities, indices, futures, and energies. The variety of digital assets for trading is particularly impressive here. Although many brokers have begun to add them to their platforms, few offer as many or as much variety as Eagle does. Of course, the most popular options such as Bitcoin, Ethereum, Litecoin, and more are available, but lesser known options are there as well.
The list of currency pairs includes a variety of major pair, minor pairs, and exotic pairs. The stock list is massive, containing many of the top stock options such as Apple, Microsoft, Amazon, Tesla, and more. Metals traders will not be disappointed, and neither will those who trade commodities. Overall, the asset index is well-rounded and contains more than enough to please even the most experienced for traders.
Modern brokers essentially have three options when it comes to trading platforms – MT4, MT5, or their own proprietary platform. Many of the best forex brokers opt for the choice that is most familiar and liked by traders, with that being MT4. EagleFX has done just that and provides the platform in several formats. Clients can opt to download and install the platform on their Windows-based computer, make use of the iOS or Android applications for tablets and smartphones, or download nothing at all and instead choose to trade from within any major web browser using WebTrader.
A download for Mac is not yet available, but during this review we found that the firm is allowing clients to register for an email alert once a Mac solution is provided. For the time being, Mac users can opt to use either the apps on their mobile devices or use WebTrader to trade from within a web browser on their computer.
The platform contains a variety of tools which make the analysis process faster, easier, and more accurate. Trading directly from within the charts is an option and traders will find more than enough technical indicators to choose from. Millions of traders with a wide range of needs and demands choose MT4. The platform offers ample profit opportunities to traders of all skill levels. Advanced technical analysis, flexible trading, algorithmic trading, Expert Advisors (EAs), and mobile trading applications are just a few of the benefits of the platform.
If you have any questions or need information, EagleFX has you covered. This FX broker offers support 24-hours a day, 7-days a week via live chat on their website, phone (callback request), and an email ticket system. Live Chat provides a solution for instant contact with an agent, while tickets are responded to in 15-minutes or less. Individuals who would like to talk with a support agent via telephone will have to ask for a call and can be expecting to be phoned within four hours or less.
Those who want to seek answers on their own can access a detailed FAQ page, but if the answers you seek are not found there, contacting support is the next step. In all forex broker reviews, we test each of the available contact methods to see not only how long it takes to receive a response, but to also determine just how friendly and knowledgeable the support agents that we speak with actually are. In this EagleFX review, we found that customer support is most definitely among the strong points of this broker. Not only did we receive a fast response via each contact method, we found all three agents to be friendly, yet professional.
Questions and problems related to specific trades are handled by the trading desk. This includes any issues related to pricing, execution, and more. The trading desk can be reached using the same contact methods mentioned above. To reach the trading desk via live chat, simply open a new chat and then request to be connected.
Two-factor authentication is available for all back-office accounts and account funds are segregated from regular business operation funds. To enable two-factor authentication, sign into your broker (not trading) account, click on ‘Account Info’ and then click on the ‘Enable’ button in the two-factor authentication area, just under your personal information. To use this feature, it will be necessary to download Google Authenticator on your mobile device and scan the provided QRCode.
This broker is quite advanced when it comes to dealing with fund storage, opting to use the cryptocurrency cold storage method. This means that the majority of client funds are kept in digital form and held away from computers and servers, existing on physical external devices. This method of storage offers total safety from hackers, while also delivering protection from rate variances. Only the best forex brokers are using such state-of-the-art methods to ensure that client funds are protected.
Unlimited free demo accounts are provided for all who would like to analyze the platform, practice trading, or experiment with various strategies. Each demo account remains open indefinitely, provided that it is being actively used. If the account remains dormant for two-weeks or longer, it will be closed. However, it is possible to open a new demo if this does happen, as there are no limits on the number of demo accounts that one may have.
There are several options available for opening a new demo account with EagleFX. A demo, or practice account can be created using either the software, WebTrader, or app versions of the platform. If you’re still learning how to trade forex, fear not, as the broker provides complete instructions for how to create a demo account using each of these platform options. The provided instructions can be accessed both on the website and within the back-office account area (click on the ‘demo accounts’ tab to view).
Education & Tools
EagleFX doesn’t offer much in the way of educational resources at this time, but we were informed that a number of forex calculators will be added to the site soon. These include a Profit & Loss Calculator, PIP Calculator, and Margin Percentage Calculator. As for additional trading tools, these will be found within the platform itself. MT4 offers up nine different charting time-periods, twenty-three analytical objects, and thirty technical indicators. It is possible to use and create Expert Advisors within the platform and one-click trading is enabled.
Bonuses & Promotions
Similar to many of the best forex brokers, the firm has opted not to offer deposit bonuses. Obviously, some traders do like to have the option to stretch their initial (and sometimes subsequent) deposits, but few actually like the terms and conditions that come with being able to cash them out. If you’re creating an account with a broker for the first time and still mastering the basics of how to trade forex, be sure to read and fully comprehend the conditions which must be met in order to withdraw any bonus funds. As for promotions, we found none being offered during this EagleFX review, but were informed that promotions such as free trading contests were not out of the question for the future.
Affiliate & Referral Programs
There is no denying the fact that EagleFX offers one of the most generous affiliate programs in the industry. The majority of each commission fee ($4 out of $6) is paid out to affiliates. There is no limit on earnings, with affiliates earning on each and every trade taken by those they have referred. Payments are made automatically on a monthly basis and there is the option to use earnings for trading purposes. Marketing tools are provided, and every affiliate will have access to affiliate managers who can help along the way.
Pros & Cons
- Tight Spreads
- Leverage Up to 1:500
- Large Asset Index
- Free deposits & withdrawals
- Excellent customer support
- User-friendly platform
- Fast trade execution
- Connection to Multiple LPs
- Fast withdrawal processing
- Lack of educational resources
- Limited trading tools (outside of MT4)
- Slightly above-average commission fees
- No e-wallet (PayPal, Skrill, etc.) banking options
It’s quite easy to see why traders from around the world are opening accounts with EagleFX. They have managed to produce a fantastic trading ecosystem, complete with outstanding spreads, rapid trade execution, fantastic rates (courtesy of partnerships with some of the best liquidity providers), and maximum security. They’ve also worked hard at developing client connections by employing a rather large, well-trained customer support team who assist clients along the way. The drawbacks are few and the advantages are many, and this, friends, is a formula for success. Although some amount of caution is always advised when selecting a forex broker, EagleFX is recommended at this time.