Is EagleFX Regulated ? Pros, Cons, and Alternatives for 2024

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EagleFX is an online forex and CFD forex Broker that offers forex, Cyptos, Stock CFDs, and Indices CFD trading. The broker offers as high as 1:500  leverage to retail traders. You can also enjoy a minimum deposit of as low as $10. EagleFX allows scalping, hedging, news trading and so on. So if you consider using EagleFX as your broker, you may be wondering if the broker is regulated. 

The answer is “No” EagleFX is not a regulated broker. It is an unregulated offshore forex broker that extends its services worldwide. In this content, we will explore more about EagleFX including regulatory status, strengths, weaknesses, alternatives and so on. 

So let’s get started 

Is EagleFX Regulated?

No, EagleFX is not regulated by any regulatory authority. It is an unregulated offshore forex broker. Many traders opt for unregulated offshore forex brokers to avoid restrictions imposed by the regulators.

Pros and Cons of EagleFX

EagleFX is an unauthorised forex broker. Still, many traders settle for EagleFX for high leverage and restriction-free trading options. Here are the pros and cons of EagleFX

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

Alternatives of EagleFX

EagleFX is a popular offshore forex broker. However, other brokers can serve as alternatives to EagleFX. Some of the alternatives are regulated by top tire regulators. These alternative brokers include: 

  • Etoro: Best for Social Trading
  • Oanda: Regulated Forex Brokers for US Traders
  • Hugosway: Best offshore forex broker that offers Forex, CFD, and Crypto Trading
  • Pepperstone: Best all-around Forex Brokers for non-US Traders

Frequently Asked Questions ( FAQs)

What is EagleFX?

Founded in 2019, EagleFX is an offshore forex broker. It uses MT4 as its trading platform. EagleFX offers 200+ trading instruments including forex, CFD, Crypto CFDs, indices and so on. 

What is Forex Broker Regulation?

Forex broker regulation refers to the comprehensive set of rules and laws established by regulatory authorities to govern the operations of firms within the forex industry. These regulations are designed to ensure transparency, fairness, and integrity in the forex market, protecting the interests of traders and investors.

Is EagleFXan ECN Forex Broker?

Yes, EagleFX operates as an Electronic Communication Network (ECN) forex broker, providing direct access to liquidity providers and offering competitive pricing and execution.

Is EagleFXa Safe Broker?

EagleFX has been providing services for a long period. However, the broker is not regulated by any regulatory authority.  As a result, trading with EagleFX involves inherent risks due to the lack of regulatory oversight. Traders should carefully consider these risks before engaging with the platform.

Is EagleFX regulated in the USA?

No, EagleFX is not regulated in the USA. In fact, it is not regulated by any regulatory authorities. 

Is EagleFX regulated in the UK?

No, EagleFX is not regulated in the UK. The brokers of the UK are usually regulated by FCA, and EagleFX is not regulated by this regulatory authority. 

Is EagleFX regulated in Canada?

No, EagleFX is not regulated in Canada. 

Final Thoughts :

EagleFX is an unregulated forex broker that offers forex, CFDs and Cryptos. The maximum leverage of EagleFX is as high as 1:500. However, the broker does not have any passive investment options ( PAMM, MAMM) 

Since it is an offshore forex broker, it can onboard clients from anywhere in the world. The broker allows traders to trade with any style including scalping, hedging, EA Trading, news trading and so on. 

Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with unregulated brokers puts your funds at higher risks

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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