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EagleFX review and ratings

Established 2019
Location Dominica
Regulation None
Offices Roseau
Broker type STP
Leverage up to 1:500
Deposit from 10 USD
Spreads mid  mid
Platforms Web MetaTrader 4
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Wire Transfer Credit Cards Bitcoin

Company information

EagleFX is a legally registered forex broker located in Dominica, but not regulated by any government agency.

Availability

EagleFX accepts clients from all over the world, excluding some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

55+ Currency Pairs Based on major and minor world currencies.
30+ Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Eidoo, Litecoin, Dash, OmiseGO, Ripple, Santiment, Monero, Metaverse, Zcash, EOS, NEO, IOTA, TRON.
11 Indice CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
6 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
60+ Stock CFDs Based on shares of US, UK and EU companies.

Comprehensive review

EagleFX is a forex and CFD brokerage company based in the offshore island nation Dominica, where forex brokers are generally not regulated by the government. As a consequence, brokers located there can offer much more flexible trading conditions than brokers elsewhere, including much higher trading leverage.

In EagleFX’s case, the maximum available trading leverage is 1:500 for the most liquid major forex pairs, and up to 1:100 for cryptocurrency CFDs. While 1:500 is pretty much in line with the industry standard for high leverage forex brokers, 1:100 is considered very high leverage in the notoriously volatile cryptocurrency market. As a result, it is possible to rack up high profits (and losses) even with just a small trading account with this amount of leverage.

For cryptocurrency trading, the broker works with the well-known crypto exchange Bitfinex as its liquidity provider. For forex & CFD trading, however, the name of the liquidity provider(s) are not disclosed by the broker, which appears somewhat questionable.

Other than a range of popular forex pairs and a pretty large selection of cryptocurrency CFDs, EagleFX also offers trading in precious metals, oil & natural gas, stock indices, as well as 60+ popular equities. As usual, all of these assets are offered as leveraged contracts-for-difference (CFDs).

In terms of trading platforms, EagleFX has chosen to focus exclusively on the classic MetaTrader 4 (MT4) platform. Released all the way back in 2005, MT4 has gathered a huge user base in the forex trading community, and many fans still love the platform despite its old age.

What’s most unique about MT4, however, is probably the very large marketplace for Expert Advisors (trading algorithms) that exists inside the platform. This enables beginners to make money by copying someone else’s trading strategy, while experienced traders can create a side income by selling their trading algorithms or sharing their trades with others.

Unlike many other brokers, EagleFX charges a fixed commission on all trades, regardless of how much money the trader has deposited into his or her account. At the time of this writing, the current commission is USD 6 per lot traded round-trip, and with spreads also being fairly competitive relative to other brokers.

Trading accounts with EagleFX can be funded in a straightforward way using bitcoin (BTC). This can be done either directly by transferring bitcoin from the user’s own bitcoin wallet and to the broker’s wallet, or by using a third-party solution called Instacoins, which allows the user to pay with credit cards or by bank wire transfer.

EagleFX’s customer service team is available 24/7 via live chat, which is something we greatly appreciate. Additionally, a request for call-back is also available via the broker’s website for those who prefer to speak with an agent in person.

In conclusion, we are of the impression that EagleFX is an innovative broker, particularly in terms of its cryptocurrency offering. The broker offers a far better selection of cryptocurrencies than most other traditional CFD brokers, and also offers these assets with much higher leverage. For cryptocurrency traders who like to trade on the MT4, we therefore think EagleFX is a good choice to go with.

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