EagleFX

EagleFX Review

Table Of Contents

Nowadays, traders and investors can easily buy and sell tradable assets by clicking on a computer button. This way, you can fend off large commissions charged by unscrupulous money managers and do business at the comforts of your own home.

If you intend to look for the most reliable internet brokerage platform, the biggest hurdle you will face is finding the right one that fits your needs. Unfortunately, cyberspace is such a vast area that determining a trustworthy and suitable one is like looking for a needle in a haystack.

However, EagleFX might be the best one out there for traders of different skill sets, ranging from the beginner level, intermediate, and to the more sophisticated and advanced ones. They have the best online tools and functionalities for any interested parties willing to try it out.

We have over nine years of experience and have made an exhaustive examination of the platform and the services it provides. Once you have read this review, you will learn the truth about it. Then you can decide for yourself if you are going to use it or not.

(Risk warning: Your capital can be at risk)

EagleFX Company Overview

EagleFX is one of the newer foreign exchange and CFD (Contract for Differences) brokerage companies that have burst into the financial scene in 2018. Its base of operations is in the Commonwealth of Dominica, a small island nation located in the eastern Caribbean Sea.

Even though they might be late in the brokerage game, they have managed to find a niche in the foreign exchange world and making a name of themselves as one of the most comprehensive and user-friendly trading platforms in the whole world.

EagleFX has partnered with top-rank investment banks and affiliates that deal with dark pools of liquidity to make sure that their customers can access and engage in the best online trading. These numerous associations made it possible for clients to access the most beneficial pricing and tight spreads.

EagleFX takes pride in its tremendously fast trading process due to a unique feature called STP or Straight-Through Processing. It enables a potentially arduous and complex undertaking of trade to be straightforward and quicker. There is no need for re-quotes, a dealing desk, and no time for manipulating the price. To put it in perspective, the EagleFX platform compares each offer rate from their stored information of liquidity providers and provides the greatest output. The whole complicated process happens in a split second and allows you to earn loads of cash.

Trading Platform

MT4

EagleFX has a fantastic tool that has been utilized by many online platforms and has won its share of awards: MT4 or Meta Trader 4. There are a lot of powerful features like technical indicators, interactive charts, and analytical functions. These are crucial for the novice trader as well as the more experienced one. This robust and efficient interface permits you to trade orders directly from the chart with one mouse click.

You can trade anywhere you may be by utilizing MT4 for Android or iOS devices or straight off from a browser even without downloading or installing a WebTrader software.

You have the option of selecting from three execution modes like Execution by Market, Instant Execution, and Execution by Request and have additional features available to peruse in the platform. There are many other features like price analysis, built-in tick charts, a news feed, and other ultra-fast trading functions. These are deemed as essential functionalities for traders of different skill levels.

Regarding technical indicators, they refer to the collection of market data that happened in the past. Traders utilize this info for technical analysis to foretell trends in the forex market. They demonstrate if a particular trend is strengthening or weakening.

The MT4 platform has thirty indicators and twenty-four graphic objects that traders can use. These allow for consummate analysis of fluctuating prices.

You can utilize its proficient abilities to examine movements within the forex market.  This way, find out the most opportune time for trading.

If you are wondering and may be worried about the standard of security that MT4 has within the EagleFX platform, you shouldn’t be.  It abides by the highest degree wherein its servers are encrypted. It also endorses the usage of digital signatures. Your personal information and accounts are amply protected from any possible online threats.

You can download MT4 on Windows OS. It is also accessible straight from the web browser from Mac computers. It can also be downloaded via a mobile app, which will be discussed in a segment below.

Mobile Application

The MT4 platform is downloadable in Google Play or App Store, either on Android and iOS devices. You can also get the same tools and features directly from the site, along with straight-from-the-chart trading and live quotes. It has striking visuals, whose user navigation is easy and straightforward. It has favorable feedback and reviews online and is currently available in twenty languages.

Fees, Commissions, and Spreads

Since EagleFX is relatively new in the foreign exchange community, it has to provide highly competitive spreads to attract potential clients and create a dependable reputation.

Indeed, EagleFX has done that to a greater degree, and their reputation vigorously grew. They began by providing truly competitive spreads through the STP or Straight Through Processing tool, which is an electronic system for financial institutions to enable faster transactions. It assists in dampening market liquidity and volatility, which are the two main elements that affect the foreign exchange and CFD spreads.

This system enables the traders to gain very low spreads at a time when the market is highly volatile. It can benefit different trader types like scalpers, day traders, and traders that deal with political and economic events. EagleFX then makes variable spreads accessible, which means the spreads are incessantly wavering whenever the market is erratic.

Live spreads are liable to change and begin at 0.1 pips. The spreads on EUR/USD are typically 0.7 pips and 1.2 on NASDAQ.

Commissions are charged at six dollars for each lot round turn. These spreads and commissions are very competitive, which can be compared to other giants in the financial world like Oanda, XM, or HugosWay.

Regarding fees, EagleFX does not charge any withdrawal, deposit, and inactivity fees. Swap fees are implemented whenever there is overnight open trade and are different depending on the type of asset.

Other online brokerage firms do charge commissions and hidden fees. EagleFX does implement hidden fees and is proud their spreads are comparatively lower than the others.

Regulation and Account Safety

Currently, EagleFX does not hold any regulatory license from any regulation entity.

However, they have taken measures to keep the clients’ funds safe. One method is called “Bitcoin Cold Storage” for traders that prefer to trade with cryptocurrencies. It means that your digital money is not stored in EagleFX’s internet servers or any computer, rather inside an external device, away from online threats like hackers.

Whenever high comparatively higher leverage rates are utilized, clients’ accounts might be at risk. EagleFX acknowledges this and supplies protection in the form of a powerful negative balance. It basically shields the customers’ positions from massive losses. Without establishing this, if you have opened a position with leverage and the trade proceeds to go awry, you can lose all of the accumulated funds in your account. Whenever the balance in your account becomes zero, EagleFX will immediately halt and close the position you are in. This way, you would need to pay additional losses.

Once your account is instituted and protected by a hefty negative balance, losing all your money would not happen.

Additionally, the clients’ money is stored in separate accounts and is only accessible by two-factor authentication, which immensely makes it secure and protected.

Lastly, there is a “customer compensation fund.” It serves as the clients’ last resort. Whenever you encounter any wrongful issue that is not your fault, you can open a dispute. Once it is discovered that you have been maltreated in any way, you can be compensated for your losses.

Assets

There are many tradable assets in EagleFX like:

  • Commodities- You trade in energies (like US oil and natural gas) and precious metals (like copper, silver, and gold).
  • Cryptocurrencies- You can trade in over thirty-eight currency pairs, like Ripple, Bitcoin, and Ethereum.
  • Forex- They offer fifty-five currency pairs that include exotics, minors, and majors.
  • Stocks- There are available tradable stocks from well-known companies from all over the world like Amazon and Netflix.
  • Indices- There eleven indices like NASDAQ or NAS100 and FTSE or FTSE100.

Leverage

EagleFX provides ample leverage of 1:500 for precious metals and foreign exchange. Energies and indices have 1:200 leverage, while 1:100 are available for cryptocurrencies. Traders should be mindful before opening an account that there are consequences from leverages.

Types of Accounts

There is only one kind of account available for customers of EagleFX. There is a necessary initial deposit of ten dollars. There is a 0.01 minimum lot size and has 1k maximum trade size. Also, only exclusive to Islamic users only, EagleFX provides swap-free accounts.

Opening an Account

You would not encounter any problem when you open a live account. It is quite easy. Look for the “Open Live Account” tab on the bottom portion of the page or a link on the top right side. It will direct you to a web form wherein you will need to put your contact details like your name, email address, etc. You do not need to send and documents for verification since there is no process involved for verifying. After providing the initial deposit, then you can begin trading.

Here are simple steps to follow in creating a SimpleFX account:

  1. On the home page, click on the “Open Live Account” on the upper right side.
  2. Put in all the necessary personal information. The crucial portion is an email address and creates a unique password.
  3. Log in to the dashboard and fill in all the details to activate the account.
  4. Once done, tick off the “Open Trading Account” and finish up the registration process. Select the type of account, your favored currency, the ratio of the leverage amount. Then click the tab that says “Open Trading Account.”
  5. You will receive a message on your email address about your log-in credentials. Save those details, and you would need it to enter your account.
  6. You can either download the MT4 tool on your Mobile phone or computer desktop. You can utilize it directly from the Web Trader platform on the site.
  7. Put in your saved log-in credentials and select the server-type, whether demo account or live account.
  8. If you want to add funds, go to the “make a deposit” tab, and select the payment method. You have to put in at least ten dollars minimum deposit.

Demo Account

If you are still uncertain about your trading capability, EagleFX offers a demo account for novice traders who need a boost of confidence. You can utilize it for an unlimited period. It is all simulated and not using real funds. You can make alterations like putting in any leverage and deposit amount in the MT4 tool.

It is especially beneficial for rookie traders because it provides the capacity to fully practice and test all of the system tools and reenact trading strategies without the fear of losing real money. Once you are confident enough to do real trading, you can go ahead and open a live account in actuality.

Referral Program

One feature that might arouse potential customers’ reactions is a newer feature on the EagleFX platform: the Affiliate Program. In shorter terms, It a referral system wherein you can generate earnings by finding many people and causing them to sign up on the platform.

To explain it further, it is a multi-tier program that is specially created for their so-called “affiliates” to easily refer other potential traders to EagleFX. If you are successful in this venture, you can withdraw monthly payouts. It also provides the capability to track your profit via a back-office account whenever you prefer.

The Affiliate Program functions very simply. You have a link provided to you by EagleFX that is unique to you alone. If potential clients are interested, then they should sign up using your link. And whenever your recruit, which is the “affiliate” begins trading for real, you earn a commission. It does not end here, but this progress into an affiliate multi-tier system.

This scheme has the potential to earn lots of cash if you are at the top of the pyramid. If you sub-affiliates will get other affiliates, and those will get others to sign in, it can go on and on. You can remain on top without doing anything, and your signees will do all the work.

The tier system reaches five levels of sub-affiliates underneath you, which means you can earn large commissions. Once a new signee clicks on your unique link, signs up, and begins to trade, you will earn four dollars.

Under this system, the “Master Affiliate” will keep earning up to the fifth level, which is tier 5. If you successfully recruit clients and reach tier five, your four-dollar commission per traded lot becomes five dollars.

This will last you for the rest of your life as long as your affiliates will continue to trade and earn with the EagleFX platform. It is paid once a month directly into your MT4 account.

 Here are the chief players in the system:

  • Master Affiliate- This trader sits on top of the food chain and is like a king. The “master” intends to enlist as many affiliates as possible to earn more commission. The master will earn four dollars per lot traded and can withdraw it once a month. If the master has managed to sign many recruits and each has begun trading, he would not need to trade anymore and only wait for commissions to appear on his account.
  • Affiliate-This trader is known as an IB or Introducing Broker and functions as an agent that invites new clients to EagleFX.
  • Trader- He does the job of buying and selling cryptocurrencies, indices, and currencies.

Here is the affiliate commission rate of the five tiers:

  • Tier 1- $4 per lot traded
  • Tier 2- $0.50 per lot traded
  • Tier 3- $0.30 per lot traded
  • Tier 4- $0.15 per lot traded
  • Tier 5- $0.05 per lot traded

Here is how it works:

  • The Master Affiliate creates the unique link, then shares and presents it to several recruits.
  • One trader (IB1) sees the Master Affiliate link, clicks it, is directed to the website, and opens an EagleFX account. IB1 starts trading, and the Master Affiliate instantly gets four dollars per lot loaded.
  • IB1 refers to another potential affiliate who wants to join, thus becoming IB2. The Master Affiliate will get to receive 12.5 percent ($0.50) of the lot traded.
  • IB2 refers to another affiliate to join, who then becomes IB3. The Master Affiliate will garner 12.5 percent ($0.30) of the lot traded.
  • IB3 refers another to join, then becoming IB4.  The Master Affiliate will receive 3.75 percent ($0.15) per lot traded.
  • IB4 refers another to join in, who becomes 1B5. The Master Affiliate will gain 1.25 percent ($0.05) of the lot loaded.

It is merely a general summary of how the commission structure of the Master Affiliate functions. Whenever an IB invites another IB, he will instantly create a multi-tier system, with himself as the Master Affiliate.

Once you have joined the Affiliate Program and created a unique link, you will be given massive amounts of promotional materials that go along with it:

  • Email templates
  • Logo files
  • EagleFX informational sheet
  • Static banners
  • Animated banners

Payment Methods

Deposit

You are already aware of the minimum ten US dollar deposit, or the equivalent amount of another country’s currency.

EagleFX might put limitations on your deposit for the month, which is dependent on your preferred method of depositing. For example, when transacting with debit/credit cards, there is a 5k dollar maximum deposit.

EagleFX does not charge deposit fees.

Funding methods include:

  • Bitcoin- It has a ten-dollar minimum deposit.
  • Credit card- Either Visa or Mastercard and has a fifty-dollar minimum deposit.
  • Wire transfer- It has a fifty-dollar minimum deposit.

Withdrawal

If you have enough money to take out in your account, the whole withdrawal process will take place on the same day, same with depositing.

Withdrawing bitcoins will take thirty minutes since the EagleFX system will need that time to process and review the transaction. 

To start the process, go to your dashboard and click on the “Make a Withdrawal” link. Select from one of the methods, which are:

  • Prepaid Mastercard
  • Bitcoin
  • Paypal or coin-base crypto exchange

EagleFX does not charge any withdrawal fees. With Bitcoin, there is a minimum amount to withdraw, which is ten dollars, and there is no maximum quantity.

Benefits

There are many reasons why an EagleFX is beneficial, including:

  • Internet games like poker
  • Utilizing Bitcoin for online funding
  • Minimum deposit of ten dollars
  • No fees in withdrawing and depositing
  • (VIX) Volatility 75 Index

Aspects to Improve Upon

  • Unregulated
  • No educational materials
  • Country restrictions

Trading Hours

Foreign Exchange markets are open for twenty-four hours a day for five days a week, while you can trade in cryptocurrency 24/7.

In the MT4 tool, you find particular sessions in asset trading in the “specifications” option.

All Financial markets follow the GMT+3 time zone. 

Customer Support

EagleFX has incredibly efficient customer service compared to other online platforms that are very refreshing. It is available twenty-four hours and day, seven days a week. Here are the ways to contact them:

  • Live chat- This is their preferred method of contact and the quickest way. You can ask any query relating to your account or trading in general, which will be answered in real-time. Look for the message icon in blue in the lower right portion of the home screen and click on it to initiate the chat.
  • Submit a ticket- If you are too busy to chat, you can send an email to EagleFX email support, which can get back to you in fifteen minutes. Look for the “Submit a Ticket” link to start the process.
  • Request call- If it is much easier for you to talk with someone on the phone, click on the “Call Me” link. Then EagleFX staff will call you in less than four hours.

Countries that Accept EagleFX

  • United States of America
  • Australia
  • Canada
  • Thailand
  • Hong Kong
  • United Kingdom
  • South Africa
  • Singapore
  • Sweden
  • Norway
  • Germany
  • France
  • India
  • Italy
  • United Arab Emirates
  • Denmark
  • Kuwait
  • Saudi Arabia
  • Luxembourg
  • Qatar

Conclusion of our EagleFX review

Even though EagleFX is still relatively new to the online brokerage business, they have risen in recognition and became successful in their own right. They made a name for themselves for having a user-friendly site and the most effective means to earn money from online trading.

They achieved their innovative vision in establishing it as the premier trading platform, yet unrivaled.

If you have Bitcoin, this is the best place to earn by trading in cryptocurrency. You have come to the right place.

The EagleFX platform will do you no wrong and give you the extra income you need in these difficult times. So what are you waiting for?

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