Eaglefx Review: Features, Pros, Cons, and More 2024!

EagleFX is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in Seychelles. The broker offers 100+ instruments including Forex, commodities, stocks, indices, futures, and cryptocurrencies. Being an unregulated forex broker enables EagleFX to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for EagleFX due to its competitive trading condition, high leverage, and lower minimum deposit. 

In this content, we will analyze and review EagleFX, exploring its features, pros, and cons. We will also answer the most common questions people ask about EagleFX. By reading this review, you will gain a better understanding of whether EagleFX is the right broker for your trading needs and preferences.

What is EagleFX?

Though EagleFX is unregulated, it asserts that clients’ Bitcoin deposits are safely stored in a cold storage location. Bitcoin is the primary payment option used by EagleFX. You can start trading with just $10 on its MT4 platforms and enjoy deep liquidity, tight spreads, and speedy STP executions.

Key Features:

EagleFX Standard Accounts are designed to meet the needs of retail traders in the forex and CFD markets. These accounts suit beginner traders, offering a straightforward and accessible trading experience with competitive spreads and reliable execution.

Key Features:

•  KYC Verification: Required 
• Trading Instruments: 100+ instruments including Forex, commodities, stocks, indices, futures, and cryptocurrencies  
• Trading Platforms: Mt4, Webtrader
• Minimum Deposit:  $10(BTC), $50 Credit or Debit card, Bank wire transfer, 
• Maximum Leverage: 1:500
• Trading Fees: Commission $6 round turn per lot. A rollover commission is applied on open positions overnight.
• Minimum Trade Size: 0.01 lot. 
• Maximum Trade Size (Lot restriction per Ticket): 1000 Lots 
• Funding Currencies: Credit/Debit Card and Wire Transfer
• Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
• Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
• Trading Style Allowed: All including Scalping, hedging, News trading,  and EA Trading. 
• PAMM/ MAM:  Available 
• Stop Out Level (retail): 70%
• Margin Call Level: 100% 
• Negative balance Protection: Yes 
• Investor Protection:  No investor protection is Available. 
• Applicable For: Applicable to traders of all jurisdictions. 
• Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity. 

EagleFX Pros and Cons

Pros:

• The maximum leverage is as high as 1:500
• The minimum deposit is as low as $10
• Scalping Hedging, News trading, and the use of trading robots are allowed 
• Speedy STP trade executions in less than a second. 
• Over 150 trading instruments can be traded on the platforms. 
• Offers free demo accounts 
• The round-turn commission is $6, which is low and competitive compared to others.  
• Zero Fees on Deposit and Withdrawal 
• Offers Crypto CFD Trading 

Cons:

•  The broker is not regulated 
•  No investor protection scheme for traders 
• No managed accounts, social trading, or any provision for investors. 
• Limited Deposit and Withdrawal Options 
• Ctrader, Zulutrade, and Tradingview are not available 
• There are no educational resources

Our Ratings for EagleFX:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

EagleFX Ratings and Reviews from Trustpilot:

EagleFX has earned a rating of 4.6 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

EagleFX Ratings and Reviews from Forex Peace Army:

EagleFX has achieved an average rating of 3.8 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Frequently Asked Questions

Is EagleFX a Legit Broker?

EagleFX is considered a good offshore forex broker and is registered in Godalming, Surrey, United Kingdom. The broker offers over 100 trading instruments, including forex, commodities, stocks, indices, futures, and cryptocurrencies. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with EagleFX.

Is EagleFX regulated?

No, EagleFX is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities. 

Does EagleFX Offer CFD Trading?

Yes, EagleFX offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. EagleFX provides a variety of trading CFD instruments including forex, commodities, stocks, indices, futures, and cryptocurrencies.

Where is EagleFX Located?

EagleFX is located in Godalming, Surrey, United Kingdom. Godalming, Surrey, United Kingdom. is the home of many offshore forex brokers. 

Does EagleFX require KYC Verification?

Yes, EagleFX requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement

Does EagleFX payout?

Yes, EagleFX does payout to its clients. Traders can withdraw their funds from EagleFX using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet

Is EagleFX an ECN broker?

Yes, EagleFX is an ECN forex broker. The broker offers a standard account as ECN Accounts. 

What is the minimum deposit for EagleFX?

The minimum deposit for EagleFX is $10(BTC), $50 Credit or Debit card, Bank wire transfer.

Conclusion:

EagleFX is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including forex, commodities, stocks, indices, futures, and cryptocurrencies. The broker’s spreads start from as low as 0.0 pips. EagleFX offers high leverage (as high as 1:500 ) and a low minimum deposit (as low as $10). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make EagleFX a good choice for many traders.

However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.