There are plenty of forex brokers in this world and you have to choose one of those brokers if you decided to trade in CFDs or forex trading market. An intelligent step would be to read reviews about the broker and then start with a little amount of money. Your reading review about EagleFX so you've already on the right way ahead to check it.
The broker was founded in 2019 and registered in the Dominica under the name of EagleFX Ltd. Across the worldwide Forex industry, the brokerage has already become a popular choice among many traders.
ACCOUNTS AT EAGLEFX
The broker has offered only one particular primary account type, Well an exception is made to allow for Islamic traders to use the platform without having to pay swap fees, which are replaced with a comparable yet compliant administrative fee. Clients can create free demo accounts without limitation, remaining open for as long as they are being actively used. Both live and demo accounts take only a few minutes to open. Both requires basic information from the trader.
The sign up procedure requires less than one minute and after completed, a welcome/email confirmation email will arrive in your inbox. In this message, you will have to click on the provided link to verify your email address. Once this is completed, you’re all set to send your identity and address records, add funds to your account, and commence trading. All of the top forex brokers ask clients to submit KYC (Know Your Customer) documents and EagleFX does comply with this anti-money laundering requirement. Their document review team does an outstanding job of examining and approving records swiftly and if any supplemental information is necessary, they do reach out to the client.
The currency pairs list incorporates an assortment of major pairs and minor pairs, along with several exotic pairs. A number of commodities and metals are also included, along with many opportunities for futures and indices trading. On the whole, the asset catalog is excellent, providing more than enough variety to please even the most seasoned of FX traders.
PAYMENT METHODS FOR DEPOSIT AND WITHDRAWAL
The minimum deposit at EagleFX is flat 10 USD/EUR/GBP/BIT also applies to any re-deposits. There is no minimum withdrawal requirement in place. This broker does not charge any banking fees on deposits or withdrawals, regardless of frequency and regardless of payment method. This is becoming rarer in the Forex industry and was refreshing to see. For client safety and security all withdrawal requests are reviewed by the payments team in two days or less, with most requests being reviewed in less than one business day.
The time requirement for an incoming deposit to be added to an account can vary. For the quickest fund accessibility, select Bitcoin as your method of deposit. Credit and debit cards, which are processed via Instacoins, are also an excellent option for funding an account quickly. Bank wire transfers, which are opted for by many, are safe but tend to be more complicated and take more time to clear. The waiting time for a withdrawal payment to post is also based on the selected method of payment. Note that withdrawals are paid out using the same payment method that was used to fund the account. So, for example, if you funded the account with a speedy Bitcoin payment, you can expect an equally speedy withdrawal.
COMMISSIONS & FEES
All accounts are subject to a $6 commission charge. This is higher than other brokers of a similar level in the industry. However, we noticed that $4 of this does go to affiliates, leaving EagleFX to collect only the remaining $2. Swap (or rollover) fees do apply, and these are comparable with those charged by other similar brokers within the sector. These costs are replaced with Shariah compliant administrative fees for Islamic account holders, with the administrative fees being similar in rate to the rollover costs.
As previously mentioned, there are no charges connected with making deposits or withdrawing funds from an account, as all of these types of transactions are fee-free, regardless of the number of monthly transactions. There are also no charges assessed on dormant accounts, nor any other types of charges that one should be aware of. Despite the fact that the commission fees are a touch above the industry average, most will gladly accept this charge when trading with a stellar broker that meets and exceeds their needs. When reading forex broker reviews, you've likely noted that most brokers generate the majority of their earnings from higher spreads, but Eagle's spreads are quite low, which works to offset the commission cost.
PLATFORMS & TOOLS
EagleFX seems to have decided to keep things simple by offering the most widely used of all platforms, MetaTrader 4. The platform is offered as WebTrader, Windows desktop, and mobile trading apps for both Android and iOS. MT4 has been around for well over a decade now and shows no sign of being supplanted by the newer version, MT5. The version of MT4 offered by Eagle offers the same advantages as those used by other brokers who offer the platform. It provides an accessible, easy to master layout that was designed to promote optimal functionality. The mobile trading platform version offers all of the same capabilities, combined with the advantage of allowing for trading while on the go. It is easy to navigate, and easily understood by new traders.
The MetaTrader 4 platform features an assortment of analysis tools that work to make trading faster, simpler, and more profitable. Trading straight from inside of the charts (with one click) is an option and end users will have access to plenty of technical indicators to select from. Millions upon millions of forex traders, each with his or her own list of needs and demands opt for MT4, and with good reason. The platform delivers limitless profit possibilities to all who trade. Advanced technical analysis tools, flexible trade options, algorithmic trading, Expert Advisors (EAs), and a variety of applications are just some of the advantages of this award-winning platform.
The platform allows for a variety of trading styles and strategies. Scalping is allowed, and the permitted micro lot trade sizes work to help those who use this method. News trading and hedging are also permitted. The platform provides opportunities for cryptocurrency trading every day of the week and at all hours. For other assets, trading will be based on specific market hours. This means that opportunities will be available 24-hours a day, throughout the standard business week (Monday-Friday). MetaTrader platform hours are based on the hours of the broker's server, which in this instance is GMT+3.
This FX broker has partnered with a number of liquidity providers so as to offer appealing spreads and rates. The spreads, which are floating, average 0.3 pips, but can fall to as low as 0.1 pips. The lowest allowed leverage setting is 1:1, with traders being able to increase that to 1:500 if they wish. Trade sizes as small as 0.01 micro lot can be opened within the platform, with the maximum being 1,000 lots. Margin call is set to 100%, while a stop out will occur at 70%.
The firm offers STP (Straight through processing), which means that all traders will see their trades being executed almost instantly. If you're new to forex trading and aren't clear on the importance of STP, you will quickly understand when you begin trading. Essentially, STP means that within just a fraction of a single second, the system compares rates among a number of liquidity providers and then selects the best for each of your trades. Great spreads are basically worthless if the trade execution speed is too slow. At slower speeds, the rate that you see on the screen may not be the rate that the trade is actually entered into at. EagleFX’s system greatly limits this possibility and therefore is advantageous for traders.
Free demo, or practice accounts are supplied to all who wish to evaluate the trading platform, hone their skills, or test a variety of strategies. Each demo account is unlimited, which means that it remains open forever, on the condition that it is logged into at least once per two-week period. If no log in is detected within the stated period, the practice account will be closed. However, there is no rule against creating a new demo account if yours expires or you forget your password and are unable to log back in.
Support is available from EagleFX on a 24/7 basis and is available in the form of live chat, phone, and email via a ticket support system. When tested, we found our live chat agent to be helpful, picking up our request to chat immediately and responding to all questions with the requested information. The e-mail (ticket) support team responded with similarly helpful answers in under fifteen minutes. Our request for a callback took a bit longer (nearly two hours), but once again, the agent was courteous and helpful.
The broker does provide a comprehensive and searchable FAQ area, but if the information that you need is not found there, making contact with a support agent is the next move. In the EagleFX review, along with all broker reviews, we put each of the available contact methods to the test. The objective is to discover how long we have to wait for a response, and once contact is made, to discover how professional and educated the agent(s) are. During our testing, we observed that customer service is undoubtedly one of the benefits of using this broker. Not only do they guarantee fast response times on all contact methods, they also ensure that no client will exit the experience without having their questions answered or problems resolved.
The fact that this broker is based in Dominica may cause some to be concerned and this is understandable. It is only our job to report findings and not to guarantee that any one broker is or is not to be trusted. We can report that EagleFX was very transparent in all communications engaged in for the purposes of this review. We did discover that funds are segregated and are held using the cryptocurrency cold storage method, a state-of-the-art method which is used to prevent theft and assist with hedging of funds. For account protection, two-factor authentication can be opted for and is easy to set up from within the account's back office area.
Two-factor authentication is an option and can be activated (or deactivated) from within your account. To enable this security measure, simply sign into your primary (not MT4) account, click on the 'Account Info' link. Next, click on the 'Enable' button shown just below personal information. To enable this feature, you will need to download and install Google Authenticator on your preferred mobile device and scan the presented QRCode. The turn two-factor authentication off, return to the same account area and click the 'Disable' button.
FINAL WORDS ABOUT EAGLEFX
With trader friendliness along their customer services, we gotta consider other aspects. We gotta say that, EagleFX presents as a much older, well established brokerage rather than a newcomer. Definitely no issues regarding the platform or asset index, and the trading conditions (spreads, leverage, rates, etc.) are phenomenal. The lack of deposit and withdrawal fees is nice, and the customer service team was found to be above average. A consideration of all of these advantages may very well help traders see beyond any regulatory concerns and begin trading with EagleFX.