One of the first things that caught my eye on EagleFX was the claim of being a “reliable system created by traders for traders”. There were also promises of fast executions and low spreads. I was intrigued to find out just how true were all these claims. These are some of the crucial things to consider when defining the legitimacy and efficiency of a Forex broker.
The brokerage is fairly new, being founded as recently as 2019. At the moment, there is very little information regarding the broker’s background. It was founded in the Dominican Republic and it is not regulated or licensed in any major financial district. While this isn’t a dealbreaker, we had to dive in deeper to find out just what EagleFX can offer.
Platform & Execution SCORE: 70%
EagleFX relies on the true and tested MetaTrader4 (MT4) trading software. You can download it on both Mac and Windows operating systems. If you are looking for a mobile experience, you will be happy to hear there is a version for both Android and iOS. You have access to a variety of trading tools, analytical indicators, and some interactive charting options. If you prefer simplicity over advanced tools, you can use quick trading functions that enable you to lock in trading orders from the charts in a single click.
Leverage varies from 1:1 to 1:500. Most competitors reserve maximum limit for high volume traders. EagleFX has only one live trading account, which means that this relatively high leverage is available to everyone. Speaking of high volume traders, they get to enjoy a rather competitive maximum lot size of 1,000. On the other hand, the minimum trade size is set at 0.01 lot.
Like previously mentioned, EagleFX offers only two types of accounts, live and demo. Both offer a simplistic dashboard with the US dollar as the base currency. Upon request, you can get a sharia-compliant trading account. The biggest advantage of having an Islamic account is that orders held overnight do not attract any fees.
Despite being just several months old, EagleFX currently has over 100 financial instruments available for trade. Traders will have the option to trade over 50 trading pairs, including the major ones, 31 crypto options, 9 commodity products, and 11 indices. Unfortunately, only the crypto market is open 24/7.
Withdrawal Speed SCORE: 60%
Since EagleFX has only one trading account, initial deposit of $10 applies to all of their clients. For some unknown reason, the broker is quite vague when It comes to the maximum account balance. They offer three deposit methods. You can choose from bank wire transfers, Visa/Master Card, or using Bitcoin. There is a zero-fee policy on all deposits.
When it comes to withdrawals, there are also three methods. You can choose to have your withdrawals in the form of Bitcoin, in PayPal dollars or distributed to your prepaid MasterCard. Just like deposits, all withdrawals are 100% free of charge. EagleFX is one of the few online brokerages that guarantees that withdrawn funds will reach your account within 24h. If you prefer to have your money even quicker, consider withdrawing via Bitcoin.
Support & Assistance SCORE 80%
Traders have three primary options to access customer support team. Firstly, you can engage them directly via Live Chat. This will in most situations result in an almost instant response. Alternatively, you can send them a ticket via email with an average response of around 20 minutes. Finally, if you wish to speak to someone personally, you can leave a call-back ticket and have one of the representatives call you back. If like me, you prefer to check out the FAQ section, I’m pleased to say there is a pretty elaborate one on EagleFX. It covers the most common questions regarding trading, the MT4 platform and the withdrawal/deposition handling.
One place where EagleFX really shines is the availability of their customer system. While most competitors work only 5 days a week, this brokerage is open 24/7. Sadly, nothing is perfect as all the support is limited only to the English language without any indication that multi-lingual support is coming any time soon.
Education & Tools SCORE: 20%
While many online brokerages have focused on improving the education of its traders over the years, EagleFX takes a turn in the wrong direction. It seems to pay little emphasis on Forex training and education. While it is true that you can get a lot of Forex training courses online, not having them in the same space you do your trading leaves a lot to be desired.
EagleFX only has the news section that includes the economic calendar and technical articles describing the current market trends. The calendar displays the most recent and upcoming events that can cause an impact on global markets. This includes previous forecast, expected impact and the actual results. You can filter the calendar to display only the releases you have an interest in.
For the time being, there does not seem to be any bonus schemes. While a lot of competition offers the ability to trade with free money, EagleFX shies away from this option.
Despite being just several months old, this brokerage stands out with a decent size of trading tools and features. It also offers plenty of competitive trading features such as zero-fee deposits and withdrawals, same-day processing and 24/7 support.
EagleFX is however not fault free. I have noticed several areas that need to be addressed as soon as possible. First thing I would like to see improve is the size of tradable financial instruments. In addition, they need to work on regulation and licencing in order to earn more credibility. Finally, educational material is virtually non-existent. By building a solid library, they will become far more attractive to traders with little to no experience.