Forex Traders always look for trading with a broker that suits their trading strategies and preferences. The United States has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
EagleFX is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore if EagleFX accepts US clients, its Pros and cons, and why US traders choose brokers like EagleFX and more.
Does EagleFX Accept Clients?
No, EagleFX does not accept US clients. The broker previously accepted US clients, so old clients can continue their trading journey with EagleFX. The brokers adopted a new policy in 2024. According to our research, offshore brokers who use MT4 currently do not accept US traders.
An offshore forex broker can usually accept clients from anywhere in the world without having any regulatory restrictions. However, if an MT4 offshore forex broker accepts US clients and offers them CFD trading or other trading opportunities that are restricted in the USA, they may lose access to their MT4/MT5. Metaquotes is strict about this. So, offshore forex brokers must choose between leaving the MT4 trading platform or US traders. Many brokers are choosing to leave US traders, while others are leaving MT4 and integrating other trading platforms.
- Founded In: 2019
- Minimum Deposit: $10
- Maximum Leverage: 500:1
- Regulations: None
- Trading platform: MT4 , Webtrader
- Account Types:
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Bitcoin
- US Traders: Currently Not Accepted. However, Old traders can still trade.
EagleFX Alternatives:
EagleFX is a Popular offshore broker. Currently, the broker does not accept US clients. However, there are some other offshore forex brokers that serve as alternatives to EagleFX. They include
- Founded In: 2018
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms: Pro4 ,WebTrader, Desktop Terminal
- Trading Instruments: Forex, cryptos, commodities, indices and stocks CFDs
- Accepts US Clients: Yes
- Founded In: 2019
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms: TradeLocker
- Trading Instruments: FX Pairs, Indices, Commodities, Metals, Stocks, Cryptos.
- Accepts US Clients: Yes
- Founded In: 2015
- Minimum Deposit: $50
- Maximum Leverage: 1:1000
- Regulations: None
- Trading Platforms : MT4, WebTrader, Mobile Trader
- Trading Instruments: Forex, Indices, Commodities, Metals, Energy, Shares
- US Clients: Currenly not accepted.
- Founded In: 2018
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms: ActTrader
- Trading Instruments: Forex, Cryptos, CFDs (Gold, Silver, Stock Indexes, Oil)
- US Clients: Accepted
- Founded In: 2015
- Minimum Deposit: $20
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms: MT4
- Trading Instruments: BTC, BCH, LTC, XRP, USDT, debit cards, PayRedeem, Confirmo
- US Clients: Currently not accepted
- Founded In: 2020
- Minimum Deposit: $25
- Maximum Leverage: 1:500
- Regulations : None
- Trading Platforms : MT4
- Trading Instruments: Forex, Indices, Energies, Cryptos, stocks CFDs, and Metals.
- Founded In: 2019
- Minimum Deposit: $20
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms : MT4, MT4 Webtrader, MT5 Mobile trader
- Trading Instruments: forex, cryptos, commodities, indices and stocks CFDs
- US Clients: Currently not accepted
- Founded In: 2018
- Minimum Deposit: $25
- Maximum Leverage: 1:500
- Regulations: None
- Trading Platforms: TradeLocker
- Trading Instruments: Forex, cryptos, indices, energies, Metals, stocks.
- US Clients: Accepted
Why Do US Citizens Use Offshore Brokers Like EagleFX?
Below are some of the reasons why a US trader will choose to trade with EagleFX:
CFD trading
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of stock market shares of a company without owning the company shares.
Unfortunately, US traders are officially prohibited from trading CFDs by the regulators. However, EagleFX gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but EagleFX offers up to 1: 500. This means that with a deposit of $500; you can open positions worth $50,000.
With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital
With EagleFX, US traders can start trading with $10 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with EagleFX than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like EagleFX makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Which countries are restricted on EagleFX
As EagleFX is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. Currently, the broker does not have any restricted county list on its website. so it accepts clients from all over the world.
Frequently Asked Questions (FAQs)
What is EagleFX?
Founded in 2019, EagleFX is an online forex and CFD broker. It is an offshore forex broker that offers Currencies, Cryptocurrencies, Commodities, Stocks, Indices, and Futures services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading etc. The maximum leverage of EagleFX is as high as 1:500.
Is EagleFX Regulated in the USA?
No. EagleFX is not regulated in the USA. It is an unregulated offshore forex broker.
Does EagleFX have any office in the USA?
No, EagleFX does not have an office in the USA. As per their website, the broker is located in Roseau Valley 00152, The Commonwealth of Dominica.
Can Americans use EagleFX?
No, Currently American traders cannot use EagleFX. However, old traders can continue trading with their old accounts.
Final Impressions :
EagleFX is a forex broker that offers online forex and CFD trading services. The broker provides access to trade with a wide range of trading instruments, including Forex, Currencies, Cryptocurrencies, Commodities, Stocks, Indices, and Futures. The broker allows almost all trading styles, including scalping, hedging, copy trading, and news trading.
EagleFX previously allowed US clients to enjoy forex trading services on their own terms. However, currently, they do not offer their services to US clients. All other conditions remain the same as before. If you prefer high leverage, EagleFX offers leverage up to 1:500. Traders are allowed to use any strategies, including scalping, hedging, and news trading. Unlike US-regulated brokers, EagleFX offers CFD trading. The broker uses the MT4 trading platform, which is one of the most popular trading platforms in the world.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
