EagleFx broker review 2021

From this EagleFx review you will find out if it is a regulated and legal or a scam broker. Also here you will find all the necessary information about the trading conditions, including spreads and minimum deposit.

Eagle FX is a new forex and CFD broker that was founded only in 2019. Despite this, it has already received awards from several internet portals. It is not very popular, but it is known in South Africa, Namibia, Nigeria and Botswana.

After sign up, EagleFX provides ECN/STP CFD trading on 100 instruments including 24/7 access to digital assets. The company is not regulated but tries to appear reliable and safe.

But is it? Is Eagle Fx just another scam? What are traders talking about in their reviews? Let’s tell you now.

Reviews of traders on EagleFX

On the official website, EagleFX proudly shows an average customer reviews rating of 4.7/5.

However, when checked, this turns out to be untrue. Now the broker’s rating is 3.8.

If you look at the positive comments, most of them seem fake. And the broker’s rating is overstated. Several users noted this in their review.

And Eagle FX is not credible for another reason. There is a hotel at their address in Dominica.

On the Forexpeacearmy website, the broker’s rating is slightly higher, it is 4.043. Most of the comments are hard to believe, they look fake and only increase the rating.

Is EagleFX regulated or a scam broker?

EagleFx is not regulated and is not intended for any jurisdiction. They do not offer services in countries where it is contrary to local regulations.

Unregulated brokers are not safe for forex and CFD trading.

In addition:

• The broker began work only in 2019 and a hotel is located at their address in Dominica.
• The main payment methods are cryptocurrencies. Such transactions are difficult to track and prove in case of problems.
• Reviews are clearly overstated.

Therefore, most likely EagleFx is a scam broker.

Is Eagle Fx a legit broker?

The official website of Eagle Fx states that this is not intended for a particular jurisdiction. The broker can provide services in any country unless prohibited by local law. Most often it attracts traders from Botswana, South Africa, Namibia, Nigeria, Canada, USA and UK.

But the broker cannot be called legit due to the lack of regulation and the many reasons listed above. Of course, it is better to choose another broker for safe and legal trading.

Trading Platform

Trading with EagleFX is only possible on the MT4 platform (web version or download app for PC/mobile). It is a convenient and intuitive terminal for most traders. It is a classic trading choice for beginners and professionals alike.

However, there is a reason for scam and short-lived brokers to provide MT4. This allows them to get started quickly and not spend money on developing their own platform. And this is the case.

Now a brief review of the conditions of Eagle Fx.

The broker provides its clients with the opportunity to trade on 150 assets.These are CFDs for forex, stocks, indices and cryptocurrencies. The Margin Call level is 100%, the Stop Out level is 70%.

The leverage varies between asset types.

• Forex – 1:500
• Metals – 1:500
• Indices – 1:200
• Energies – 1:200
• Cryptocurrencies – 1:100

On EagleFx you can trade on a demo account for an unlimited time. You can create a demo account in the MT4 platform, but first you need to download it. Also, the mobile app of this terminal is available in the Google Play and App Store.

Spreads & Fees

EagleFx offers different floating spreads for different assets. Although the broker states that they start at 0.1 pips, this does not happen. For example, the spread for EUR/USD is generally 0.7-1 points, for GBP/USD from 1.3 points. This is the industry average.

But that’s not all. Broker Eagle Fx also charges commissions of $ 6 per lot turnover. And also there are swaps for the transfer of trading positions to the next day. As a result, fees for most CFD assets are too high.

You can find brokers with the lowest spreads here.

Deposit and withdrawal

If you use Bitcoin the minimum deposit on EagleFx is $10, while if you wish to use Credit/Debit or Wire, the minimum is $50.

Eagle Fx only offers 3 ways to fund your account: bitcoin, credit / debit card or bank transfer. There is no broker commission for making a deposit using a credit / debit card and bank transfer.

Broker does not charge any fees when depositing or withdrawing funds via Bitcoin, however there is a standard network fee of 0.0005 BTC when distributing funds through the Blockchain network.

The minimum withdrawal amount via Bitcoin is 10 USD/GBP/EUR. There are two withdrawal options available: Bitcoin and Coinbase/PayPal.

Account types

EagleFx offers only one standard account type for all clients. The broker does not have different types of accounts and privileges depending on the size of the deposit or the trading volume. There is also no no deposit bonus and tournaments.

You can create an account in a few minutes. To do this, you need an email and come up with a password. After that, you can log into your account, and trading is possible only after a minimum deposit of $ 10.

There is no required identity verification when depositing and withdrawing funds. It also raises suspicions of scam because most reputable brokers require verification.

Conclusion

EagleFx can be described as an unregulated broker with a false rating. Most of the reviews (and its location) are fake. And even more mistrust is caused by the start of work only in 2019.

This review shows that Eagle Fx is not secure and does not offer good trading conditions. It may be attracting traders due to its low spreads, but it does have commissions per trading volume. The choice of assets is small. And there are only a few payment methods.

So should you choose it instead of the leading Forex and CFD brokers? Absolutely not.

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