EagleFX Review – Should You Trust this Broker?

Finding the right brokerage for your trading accolades is one of the most crucial steps you need to take at the initial step of your career. The broker of your choice will determine the level of effectiveness you reach in the market; a reliable and beneficial service provider tends to enhance your profitability, whereas a scammer will always try to rob you.

Unfortunately, the online trading industry is full of scam brokers, yet, it’s still not the reason why you should stop searching. With the in-depth broker reviews at Forex News Now, you can regularly find decent brokerage firms whose goal is to help you make more profits.

Today, we’ll do yet another review of the EagleFX broker. We’ll talk about its regulatory measures, software support, and, of course, trading terms and conditions. So, let’s get right to it.

Initial impressions

Upon the first inspection of EagleFX and its trading platform, we came to realize that there are quite a few beneficial offerings in it. But first, let’s take a quick look at its regulatory measures.

Right off the bat, EagleFX is a Dominican-based Forex brokerage. Despite our efforts to locate any kind of financial regulation on its website, we weren’t able to find any, which only means that EagleFX doesn’t actually hold a license from a governmental regulator.

However, this doesn’t necessarily mean that Eagle FX is a scam broker. As we’ll further explore, it offers high-powered fund protection mechanisms that ensure your stability and safety in the market. Besides, EagleFX still features comprehensive educational materials, as well as anti-money laundering schemes, that have always been characteristic to regulated brokers.

Next up, we’ll explore the website, as well as other software features, of EagleFX. When it comes to the website layout and design, it’s only fair to say that it looks well-optimized. Except for some difficult-to-obtain details, such as spreads or licensing, you can pretty much find anything on this website.

As for trading accounts, EagleFX offers a standard retail account with beneficial trading terms and conditions, an Islamic account with eliminated overnight swaps, and a demo account for virtual trading purposes.

Trading platforms are also important for our review. As we have discovered in this EagleFX review, the broker offers MetaTrader 4, which is the world’s most popular trading platform, as well as the WebTrader, which is also built on MT4. With all their trading features, these two platforms are just what you need in your trades.

Finally, we’ll move on to the discussion about trading terms and conditions. These will include the maximum leverage rate, as well as commission charges, spreads, and whatnot.

We’ll also explore available educational materials and how you can enhance your trading knowledge with them. Lastly, we’ll find out various ways in which you can make deposits and withdrawals on this platform.

All in all, this is going to be a comprehensive overview of EagleFX. And by the end of it, you’ll decide for yourself, whether or not it’s worth trading with this broker.

Is EagleFX regulated?

Arguably the most important thing you need to make sure of when choosing a certain brokerage is how reliable it is. Usually, we rely on the broker’s regulation to determine that, however, it’s not always the clear-cut way. And EagleFX is an example of that.

As noted earlier, the broker doesn’t hold a traditional type of license from a governmental regulator, which, to be honest, would immediately trigger EagleFX scam suspicions. However, just like we always do, we dug deeper into the website and tried to find out, whether EagleFX acts like a scam broker, i.e. has no safety measures whatsoever and its features reek of a Ponzi scheme.

And what we found directly counteracted the immediate reaction one would have of this broker: EagleFX does offer you top-notch fund safety features, as well as anti-money laundering policies and whatnot – stuff that a reliable brokerage would offer, regardless whether it’s regulated or not.

So, what are these safety measures? Here are some of them:

• Account segregation – whenever you deposit funds on your account or generate profits on it, they’ll be stored on separate bank accounts. What this means is that if anything happens to the broker (financial crisis, bankruptcy even), it won’t be able to use your funds to pay up to its customers.
• Negative balance protection – whenever you use leverage, there’s always the risk of increasing the losses significantly. With negative balance protection, the danger of eating up all your account balance and going to the negative balance is eliminated – it’ll immediately close the position once it hits zero.
• Customer compensation – if some kind of dispute happens between you and Eagle Forex broker, there’s always going to be a compensation fund that’ll reimburse your funds, should it get undermined in any way.

Besides that, when you’re registering a retail account at EagleFX, you’re asked to provide information about your employment background, tax details, and whatnot, which ensures that you’re not a suspicious entity and are serious about trading.

Long story short, EagleFX might not currently hold a traditional regulation but it does ensure that you’re getting the safest service on its platform. And that is the primary focus in all our reviews. Therefore, EagleFX is a reliable broker!

EagleFX.com overview

Moving on, let’s take a closer look at the broker’s website, as well as some of its software features that drive the entire trading platform.

As noted earlier, EagleFX has a pretty sleek website. It features a pleasant and modern-looking color scheme, and doesn’t shy away from visual decorations whenever it’s necessary. But more importantly, you can find pretty much all details about how trading is done at EaglesFX.

However, we still have to point out that some of the details were a bit more difficult to obtain. For example, we only found the spread information within the FAQ section. And while it speaks volumes about how vast this section is, it sort of undermines the informative optimization of the website.

Another important feature of the website is its account packages. First off, it should be noted that the EagleFX login section seems a bit limiting with only one standard account, however, given the fact that it only requires 10 USD for the minimum deposit and offers pretty low spread markups, it’s obvious that both beginners and experienced traders can make good use of this account easily.

But it’s certainly not the only account you can get with EagleFX. For example, if you’re a Muslim trader who wants to engage in overnight trading but is limited by their religion in terms of interest rate charges, you can easily contact customer support and turn your standard account into an Islamic account. It’s basically the same as the standard one, although it effectively eliminates swaps, which renders overnight trading accessible for Muslim traders.

And finally, we shouldn’t overlook demo trading. During the EagleFX sign in procedure, you can choose to trade with a demo account. This will help you put your skills and knowledge to test in a realistic market. And, what’s also important, you’re not spending anything on this type of trading.

Last, but not least, let’s take a closer look at which platforms you can choose at EagleFX. As noted above, the broker offers you the world’s most popular trading platform, MetaTrader 4. It’s been around for over 15 years now, and it offers thousands of third-party indicators, expert advisors, and order execution modes.

Alongside MT4, EagleFX also features its own WebTrader, which also shares the same platform like MT4. Therefore, regardless of which platform you choose for your trades, you’ll be able to make the most of EagleFX’s trading features.

How profitable can you get with EagleFX?

So, isn’t EagleFX regulated? No, but it doesn’t really matter because its features are backed by high-tier fund protection mechanisms. But what exactly are these features?

Well, let’s start with commission rates. The two primary commission types you’ll get with EagleFX are spreads and round turn lot fees. As we’ve discovered in the FAQ section, EagleFX charges spreads that go as low as 0.1 pips, whereas the average markups revolve around 0.3 pips, which is still quite affordable.

Another commission type is a 6 USD fee on round turn lots. What this means is that when you open a trade and close it, while the total volume reaches 100,000 currency units (be it the USD account, EUR account, or even the EagleFX ZAR account), you’ll be charged just 6 USD for it, which is a pretty acceptable fee.

The only other commission type you’ll sometimes need to pay at EagleFX is the overnight swap, and that’s only if you decide to leave your positions open for longer than one day.

Other than that, there are no inactivity fees, instrument or account-related commissions, or even deposit/withdrawal fees. This is yet another testament to how beneficial it is to trade with EagleFX.

Next up, let’s talk about leverage. This is a feature that helps you increase your trading capital and reach tens, even hundreds of thousands of dollars with only incremental deposit amounts. And at EagleFX, you can sign up for a 1:500 leverage rate, which means you can have x500 times more funds to trade Forex.

What’s more, EagleFX also protects you from unexpected losses, something that leverage is notorious for. If your account hits zero and starts to go into negative balance, negative balance protection will automatically close out the position and saves you from too grave losses.

EagleFX bonus is also worth noting here. The broker features an affiliate program, which lets you promote EagleFX’s platforms and services and get a certain amount of commissions out of this whole ordeal, which is nothing but yet another beneficial offering from the broker.

Now, if you do decide to sign up with EagleFX and start trading with it, one of the first things you’ll need to do is make a deposit on the account. For that, you can use a number of stable payment methods, namely:

• Visa/Mastercard credit cards
• Bitcoin
• Wire transfer

As for withdrawals, the following platforms are available:

• PayPal
• Coinbase
• Prepaid Mastercard

What’s great about the EagleFX withdrawal and deposit conditions is that there are no commission charges on either of them. Besides, they’re executed pretty much instantly, and the transaction limits are very flexible.

Should you trade with EagleFX?

As we’ve already discovered from this in-depth review, and as many other EagleFX reviews attest to this as well, this broker does feature some of the most beneficial trading opportunities on its platform.

First off, we tried to determine how reliable EagleFX really is. And while we found out that it doesn’t feature a governmental regulation, the broker does protect your trading security with multiple fund safety measures.

The website and software support are also on point at EagleFX. You can choose from a decently-diversified account selection, as well as a couple of top-notch trading platforms.

Finally, we discovered that EagleFX features affordable commission rates and pretty high leverage, which leads us to ascertain that trading with this broker is as lucrative as it gets.

Therefore, we can easily recommend EagleFX and its trading platform to your readers.