There has been quite the buzz around EagleFX recently and therefore we decided to see what it was exactly that has traders talking about this ECN/STP broker. The firm is headquartered in Dominica and is relatively new in the industry. One would not know this by examining what they are offering though, as judging by appearance alone, they seem very seasoned. A true assessment can only be had by digging deeper, and that is exactly what we did to complete this honest EagleFX review.
It is quite important to be able to contact a broker if you have questions or need additional information. EagleFX does offer support 24-hours a day, 7-days a week via live chat, phone, and email ticket system. Live Chat offers an option for immediate contact, while tickets are answered within 15-minutes. Those who wish to speak with an agent via phone will need to request a callback and can expect to receive that call within a few hours.
Any questions or difficulties connected to specific trades that are executed within the MT4 platform are addressed by a trained trading desk team. This incorporates any concerns related to rates, trade performance, execution, and more. A trading desk team member can be reached using email or live chat and can also be spoken with via phone. Simply information the general support agent that you wish to talk with the trading desk to be connected, or when requesting a callback, specify that your question is directed to the trading desk agents.
EagleFX Account Types
Brokers have two primary choices when it comes to accounts – offer one single account or offer several, with each offering something different. EagleFX has decided upon the latter, offering one account for all. There is one exception, with that being Islamic accounts. The only difference with this type of account is the fact that instead of rollover costs, Shariah compliant fees are charged instead. It is also worth mentioning that the firm does allow corporate accounts for those who need them. Shared accounts are technically not allowed, but clients can of course decide who they allow to use their account.
The sign-up process requires only some basic information and will take only a moment. When a new account is successfully created, you will receive an email that asks you to confirm your email address. Simply click on the link in this email to complete the request. After this step is done, you’re all set to send your identity and address proof records, finance your account, and commence trading. All of the top forex brokers act in accordance with money laundering laws and requirements, which includes EagleFX. They actually do an outstanding job of going over and authorizing documents rapidly, typically within 15-minutes or less.
The submission of documents is not necessary before funding an account, but you will be asked to submit these in advance of requesting a withdrawal. Documents are also not needed in order to open a free demo account, a fact which permits privacy while evaluating the platform. The sign-up process for a demo account is quite easy. Detailed instructions for how to create a demo account using each of the available platform formats are provided for those who need help with getting started.
The primary (non-trading) account area is constructed well and straightforward in design. Clients can manage their account information, funds, and trading accounts all in one place. Trading accounts can be opened very easily, and a complete trade history is always available. The banking area is just as user-friendly, rendering funding and withdrawing easy processes. Personal information can be seen and kept up to date, all from within the supplied dashboard. The site is also user-friendly, supplying all of the details that one might want to know prior to selecting a brokerage.
Trading accounts can be opened with as little as 10 USD, EUR, GBP or BIT. Accounts can also be created and maintained using the major currencies. Deposits can be made using a variety of payment methods, including credit cards, bank wires, and Bitcoin. These same methods can be used to make a withdrawal. All withdrawal requests are initially paid out using the payment methods which was used to fund the account. Request for withdrawal are reviewed within two business days, with most actually being reviewed and submitted in 12 to 24 hours.
EagleFX Charges and Fees
EagleFX does charge a commission of $6 round turn ($3 going into the trade and $3 more going out). Also, swap fees do apply (administrative fees in the case of Islamic accounts) on positions that remain open overnight. There are no banking costs, with both deposits and withdrawals being entirely free on all payment methods. This is clearly an advantage, as banking fees can become quite costly, particularly for those who make frequent deposits and make multiple withdrawal requests each month.
The maximum leverage ratio offered is 1:500. Clients can of course option for lower leverage if they wish to do so. There are many lower settings to choose from, with the lowest offering being 1:1. Traders can make changes to their leverage setting at any time but should know that changes are not retroactive and will only apply to future trades. Should assistance be needed with changing your leverage setting, contact the EagleFX customer support team.
Spreads are typically where the broker makes its money, but you wouldn’t know it by looking at the typical spreads within the EagleFX trading platform. The spreads are floating, and the average spread is only 0.3 pips. Spreads as low as 0.1 pips were noted in some instances during this broker review. The tight spreads are most definitely one of the advantages to trading with this FX broker and are likely one of the reasons behind their instant success.
EagleFX is a STP broker, which means that straight through processing is used to avoid any conflicts of interest. There is no dealing desk and clients will not experience any re-quotes. The firm works with a number of the top liquidity providers to help ensure the best possible trading conditions and offers ultra-fast trade processing. Trade execution is completed within a fraction of a second from the time the ‘Buy’ button is clicked upon. These are additional strong points and reasons for selecting this brokerage.
A free demo account is provided for those who wish to examine the platform, learn how to trade, or test strategies. Each demo account is unlimited, meaning that it remains open for as long as it is being actively used. If the account is not logged into for a period of two-weeks or more, the account will automatically be closed. There are no limits on the number of demo accounts that one can have though, so feel free to open more than one if yours expires or you want to test multiple strategies.
Assets Offered by EagleFX
Most Forex brokers offer trading in the major currency pairs only, brokers such as EagleFX offer much more. Not only do they offer exotic pairs, but they also offer a wide variety of cryptocurrencies. In total, there are over 200 assets to choose from within the following asset groups: Currencies, Cryptocurrencies, Commodities, Stocks, Indices, and Futures. Of note is the list of digital assets which is not only lengthy but contains a mix of the more popular and lesser known cryptocurrencies.
If you already know and love MetaTrader 4, you’re in luck. This broker offers the MT4 platform in software, application, and browser formats. Download the program to your computer, install it on your mobile device, or trade from your browser without having to download or install anything. The choice is entirely up to you. The platform comes equipped with a host of analysis tools and allows for one-click trading from directly within charts. It goes without saying that MT4 is the favorite platform of many for a plethora of valid reasons.
A direct MT4 download for Mac systems is not made available, but we noted during the process of this broker review that EagleFX is permitting clients to sign up to receive an email notice once a Mac version of the platform is offered. At this time, Mac users make use of either the applications on their smartphone or tablet, or use WebTrader to trade from any browser.
Various types of trading are allowed within the platform, including hedging and scalping. The smallest allowed trade size is 0.01 micro lot, with the largest allowed being 1,000 lots. Margin call is set to take place at 100%, while stop out will take place at 70%. The platform time setting is set to the broker’s server time setting, which is GMT +3. Expert advisors can be used, created, or customized within the platform and this does include the use of outside EAs which have been developed by other professional traders or businesses.
Secured Accounts & Funds
Feeling secure with a broker is of major importance and EagleFX works hard to win trust by using the cold storage method. Funds are stored as digital currencies outside of servers on physical exterior devices. This provides complete protection from would be thieves, while also providing protection from value fluctuations. The firm also segregates client deposits, keeping client funds apart from standard business funds. The combination of these two procedures should provide some peace of mind for prospective and current clients.
A second security option, two-factor authentication, is also available. To enable this security measure, sign into your account and visit the account information area. There, you will see a button to click that will activate the feature. Note also that client fund segregation is ensured, meaning that your deposits are not mixed in with the regular funds that are used to run a business. Most brokers use fund segregation to help ensure that client funds are always safe and available for withdrawal.
EagleFX Educational Materials
The most successful traders tend to be the most educated traders, but you will need to look elsewhere for educational materials as EagleFX does not currently provide them. Obviously, this is not a major problem, as the internet is overflowing with forex courses and tutorials, but it’s nice to see a broker make some effort to teach at least the basics of trading. During this review, we were informed that this could change in the future and that a number of FX calculators will be added to the site soon, so watch for these additions in the near future.
Bonuses and Promotions
There are currently no deposit bonuses or loyalty bonuses being offered, nor are there any promotions currently running. Similar to the education category, the provision of these extras is certainly not a deal breaker. In fact, many decide to turn down bonuses due to the demands which must be met before the funds can be withdrawn. We were informed that trading contests are not out of the question and could be offered at some point.
EagleFX Affiliate Program
The same as most forex brokers, Eagle does offer an affiliate, or referral, program. This is typically not something that is focused on within broker reviews, but the program offered by this broker is extremely lucrative and therefore worth mentioning. A total of $4 per traded lot of the $6 per lot commission charge is paid out to affiliates. In addition, earnings continue to add up for as long as a referral is actively trading. There are no limits as to how much one can earn and payments are issued automatically once per month.
EagleFX is an above-average broker with the power to draw in a large number of traders from around the globe. They’ve created an optimal trade environment, complete with excellent spreads, fast execution, great rates, and optimal security. They’ve also done an excellent job of fostering client relationships by having a large, top-notch support team in place straight away so as to avoid any problematic growing pains. The lack of educational materials and promotions can certainly be viewed as drawbacks, but they are certainly not major problems. At this time, we give EagleFX two thumbs up.