The forex market is the global marketplace where market participants exchange one currency for another. It is the biggest financial market in the world by daily trading volume. Only the biggest banks and investment firms that trade large volumes can access the topmost level of the market, which is the interbank foreign exchange market.
Retail or individual traders can only partake in forex trading via online brokers who offer their trading services through software trading platforms. Finding a reliable broker that meets your specific requirements is always a challenge, hence the need to review brokers to help traders make a choice.
This article reviews the brokerage operations of EagleFX and LMFX and compares the services provided. These two brokers are generally regarded as offshore brokers that are usually rated low. But, they are needed because of their unrestricted acceptance of clients from all over the globe as well as offering unconstrained brokerage services.
EagleFX vs. LMFX: Head-to-Head Comparison Table
More about EagleFX
EagleFX is an online broker that provides platforms for speculating the prices of forex and CFD assets. It is an STP broker that provides deep liquidity, high leverage, and lightning-speed executions. The customer support team is available round the clock, that is, 24/7. Clients’ funds are held in a separate cold Bitcoin storage location away from hackers.
About 100 trading instruments are available for trading on its MT4 platforms; available on the web, mobile, and Windows desktop. Accounts can be created within a few minutes by completing the online form. Leverage ranges from 1:20 for stocks up to 1:500 on forex and metals. Withdrawals are processed on the same day.
Key Features
- Trading starts at $10 and the maximum leverage is 1:500.
- Scalping, hedging, news trading, and the use of trading robots are allowed.
- Over 150 trading instruments can be traded on the platforms.
- Speedy STP trade executions in less than a second.
- The support desk is available 24/7 via email, web chat, or you can request for a callback via phone.
Cons
- No managed accounts, social trading, or any provision for investors.
- Limited deposit and withdrawal options.
- Unregulated broker.
More about LMFX
LMFX is an online broker that gives its clients access to trade more than 250 assets on its platforms. It is an STP broker that offers tight spreads and fast trade executions in a secured trading environment.
The broker offers the MT4 trading platform as the only platform for trading all assets. Traders are supported with monthly demo contests, deposit bonuses, and education. For example, a 100% deposit match bonus is available for first-time deposits of at least $100. The bonus is capped at $30,000.
Key Features
- You can trade with a maximum leverage of 1:1000
- You can double your deposit with the 100% deposit bonus.
- Free VPS is provided for traders who maintain a minimum balance of $5,000.
- Trading articles are provided for newbies.
- Multiple deposit options including cryptos, e-wallets, and bank cards.
Cons
- No regulation by any authority.
- No in-depth analysis from experts.
- No social trading.
Related Comparison: KOT4X Vs LMFX: Pros, Cons, and More!
EagleFX vs. LMFX: What are the differences?
Below are some of the key differences between the two brokers:
- You only need $10 to start trading with EagleFX but LMFX requires at least $50.
- EagleFX offers more than 150 instruments including crypto CFDs which are not available with LMFX.
- LMFX provides some trading education for beginner traders but EagleFX has an Education section that is only for affiliate marketers.
- LMFX keeps clients’ deposits in segregated accounts held in big international banks while EagleFX maintains clients’ deposits in an offline Bitcoin storage location.
- LMFX has bonuses and a monthly ‘Learn and earn” contest while EagleFX states they do not offer promotions.
- LMFX offers higher leverage which is 1:100 as against EagleFX’s 1:500.
- LMFX offers discounted VPS for its clients at $20 per month or free if you have up to a $5,000 balance but EagleFX has no such offers.
- With EagleFX, you can only withdraw your profits to a BTC address while LMFX offers more choices such as bank transfers, Skrill, FasaPay, Neteller, debit cards, and PayRedeem.
More Comparison: LQDFX Vs LMFX: Fees, Features, and More!
Company Information
EagleFX Ltd is the company that operates the brokerage brand “EagleFX”. It is a company that is registered in “The Commonwealth of Dominica” in 2019.
Global Trade Partners Ltd is a company registered in North Macedonia. They are the owners and operators of the LMFX brokerage. The company was registered in 2015.
Unfortunately, none of the brokers provided further information about its parent company, the organization structure, the company profile, or its office locations.
Account Types and Features
EagleFX does not have different accounts that have their own unique features; instead, it has just a real account or a demo account. To open an account, first, make a deposit into a wallet, then create the account and fund it from the wallet.
LMFX has 3 account types; premium, fixed, and zero accounts. Premium accounts require an opening balance of $50 and a max leverage of 1:1000. Fixed accounts maintain fixed spreads no matter the market conditions. $250 is required to open the account while the max leverage is 1: 400.
Zero accounts are for pro traders who desire raw spreads from 0.0 pips. At least $100 is required to open the account while the max leverage is 1:250.
Spreads and commissions
EagleFX states that it charges a commission of $6 for every lot traded if there are no swap fees incurred. When compared to LMFX, this commission seems to be on the high side. LMFX commissions are only charged from its Zero accounts and it is $4 per lot.
LMFX has premium and fixed accounts which are charged from the spread. Premium accounts have varying spreads starting from 1.0 pip while fixed spreads start from 1.8 pips.
Trading Services Offered
Both brokers provide their traders the platform to speculate on the prices of underlying financial markets. These are done by streaming the bid and ask prices on the platforms in real-time. If the trader believes that the prices will decline, he opens a sell position but goes long if he anticipates a price increase. He is likely to make a profit if he is right and losses if he is wrong.
LMFX allows its traders to participate in a trading contest every month. The contest is tagged “Learn and earn contest” and it is for demo accounts with a virtual balance of $100,000. A total of $1,750 in real account trading balance is shared with 3 winners with the biggest balance at the end of the promo.
Platforms and Features
Both EagleFX and LMFX clients can only trade on the MT4 trading platform. This is a free platform developed by MetaQuotes Software Corp. in 2005 and it has become the most popular forex and CFD trading platform.
The MT4 is compatible with all devices as it is available as a web trader, windows desktop application, and mobile apps; iOS and android. It supports automated trading using trading robots, and other features such as social trading, complex charting, technical indicators, multiple order types, etc.
Market and Instruments
On its MT4 platforms, EagleFX clients can trade 7 forex major pairs, 21 crosses, and 27 exotic pairs. Also, available are 10 indices, 2 energies, 4 metals, 71 stocks, and 30 crypto CFDs.
LMFX clients can open and close positions on about 105 assets which include 48 forex pairs, 5 commodities, 9 indices, 36 stocks CFDs, 7 Metals, and oil.
Deposit and withdrawal
The only way to fund and withdraw from EagleFX accounts is via Bitcoin; though trading accounts can be maintained in USD, GBP, EUR, and BITs; which is equal to 0.000001 BTC or a millionth of a Bitcoin.
There are no deposit or withdrawal commissions except the blockchain miner fees. Deposits are credited after 6 confirmations which usually take a few hours. The minimum deposit is $10 or its equivalent in BTC if you are funding your account directly with BTC.
If you have no Bitcoins, then EagleFX has partnered with “Instacoins” to help you buy Bitcoins via wire transfer, Skrill, or Debit/Credit cards. If you are buying via Instacoins, the minimum deposit is $50. Bank transfers take 2-5 working days while other payment options only take a few minutes.
For LMFX, you can fund your account with Bitcoin, PayRedeem, Instacoins, bank transfers, credit/debit cards, and e-wallet payments like FasaPay, Skrill, and Neteller. Bank transfers take 2-15 working days, BTC takes a few minutes to a few hours, card deposits and e-wallets are instant.
Instacoins are used to purchase Bitcoin if you have none while PayRedeem deals with eCards used for deposits and withdrawals. eCards are issued instantly if you pay with cards but payment via bank transfer will be delayed 2-5 days pending when the transfer is received before the eCard is issued. PayRedeem withdrawals are completed through cashout eCards which can be cashed through bank transfers.
Learn More: ProsperityFX Vs LMFX: Pros, Cons, and More!
Frequently Asked Questions (FAQs)
Is EagleFX better than LMFX?
No, EagleFX is not a better broker than LMFX. Though both brokers are generally rated as unregulated brokers with approximately the same services, LMFX even seems to have better conditions. In the areas of multiple deposit and withdrawal options, leverage, account types, commission, and promos; LMFX offers better services.
Is EagleFx regulated?
No, the broker did not provide any regulatory information with any authority. But, it has been in operation since 2019 and there have been no major issues.
What are EagleFX account types?
There are only two account types: live account and demo account.
Related Comparison : Hankotrade Vs LMFX : Pros, Cons, and More!
Final Impression
EagleFX and LMFX are online forex and CFD brokers that offer multiple assets for trading on the MT4 platforms. They are both unregulated and so, not obligated to abide by the stringent rules imposed by regulatory authorities. Also, there are no restrictions on trading styles or strategies.
But, their services differ in some areas. If trading capital is a constraint for you, then EagleFX is perfect because you only need $10 to start trading, unlike LMFX which requires at least $50. With EagleFX, the support team is available 24/7 without breaks while LMFX support is available 24/5.
If you are new to trading and need some training, LMFX has training articles for beginners. Also, pro traders will be better off with LMFX because of trading tools like free VPS, calculators, economic calendar, and lower commissions. The broker also has a fixed spread account for traders that prefer trading fixed spreads.
We are likely to opt for LMFX as our winner but EagleFX is also not a bad choice. Do not forget that trading with unregulated brokers increases the risks associated with forex and CFD trading.
