EagleFX was launched in 2019 and is headquarted in the Commonwealth of Dominica. Although the firm remains a startup to the Forex sector for the time being, it has already developed into the preferred choice of many FX traders. Our mission was to discover exactly what it is that traders like or dislike about this brokerage, and the results of that mission are stated in this comprehensive EagleFX review.
Account Types
Similar to many, this brokerage offers only one main account type. Having said that, an exception is made for Islamic traders who are not permitted to pay swap or rollover fees. These traders are free to open an Islamic account. Free demo, or practice accounts are provided, and these are unrestricted, remaining active forever, provided that the account holder logs into the account regularly. Both account types are simple to open and detailed instructions are provided for how to start a new demo account.
Assets Availability
EagleFX offers more than two-hundred assets for their clients to trade with. The underlying assets within the currency pair category include major, minor, and exotic pairs. The list of digital assets is quite substantial and honestly, very impressive. With cryptocurrency trading growing in popularity, many will be happy to know that there are over 30 digital assets included. When comparing this asset list with that of other brokers, it was clear that there are no problems to report in this area.
Trading Costs
A commission fee of $6 is charged and swap/rollover fees do apply to trades remaining open after-hours. Obviously, swap fees can be avoided completely by closing open trades while the market remains open, but commission costs will still apply. The good news here is that the spreads, which is what most brokers use to generate the bulk of their earnings, are extremely low. This fact will help to ensure that you have a better chance of locking in greater profits with each and every trade.
Deposit & Withdrawal Information
Trading accounts can be opened with a deposit of only $10. There is no minimum withdrawal condition. EagleFX does not charge fees on deposits or withdrawals, which is excellent. The available banking methods include credit and debit cards, bank wire transfers, and Bitcoin. Of these, Bitcoin is the fastest way to get money in or out of an account. All requests to withdrawal funds are reviewed within two business days, with most being processed much quicker than this.
Trading Platform
EagleFX offers the MetaTrader 4 platform to its clients. The platform is provided in several different formats such as WebTrader, Windows (download), and smartphone and tablet apps for both Android and iOS. The edition of MT4 offered by the brokerage provides the same strengths as those offered by comparable brokers. MetaTrader 4 delivers an easily accessible, user-friendly layout that was developed to enhance performance. The mobile trading app versions also offer the same features, but of course differ in that they allow for trading from virtually anywhere. New traders will find MT4 to be easy to master and easy to use, which is one reason why such a large number of individuals make the decision to start trading Forex each day.
Trading Conditions
EagleFX has joined forces with some of the very best liquidity providers and this allows them to offer attractive spreads and excellent rates. Their spreads, which are floating, can be as low as 0.1 pips. Clients are free to choose their own leverage setting and can select from several options starting at 1:1 and climbing as high as 1:500. The smallest allowed trade size is 0.01 (a micro lot). Within the platform, the margin call setting is 100% and stop out is set to occur at 70%.
Customer Support
24/7 support is available from EagleFX and is accessible via live chat, telephone, and email. When screened, we observed that the live chat agent we spoke to was knowledgeable and it is worth noting that when we opened the chat box, we received a fast greeting from the agent. For email communication, the broker has a ticket system in place. Direct phone calls are not possible, but a callback request form is provided for those who prefer to speak with a support agent via telephone. We did request a callback and were able to speak with an agent in under forty minutes from the time we made our request.
Conclusion
EagleFX will continue to be viewed as a “young” brokerage for many years, but that doesn’t seem to be deterring traders from using them as either a primary or secondary FX broker. The reasons for this are no mystery, as all who trade Forex want to have access to the best platform, tight spreads, deep liquidity, a massive list of assets, and the leverage ratio that will help them to stretch their trading dollar. Toss in superior, around the clock customer support, free deposits and withdrawals, and fast withdrawal processing, and it becomes even clearer. EagleFX looks to be battling for a top spot in the industry, and if things continue to go in the direction they are currently going, we wouldn’t be at all surprised to see them come out on top.
Anthony Young
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