In this article, we will review EagleFx broker and we will talk about how to use EagleFx. We will cover everything you need to know about the EagleFx trading platform. This review will help you decide if the Eaglefx broker is right for you. Below is the summary of the Eaglefx broker.
|Assets Available||3 Asset Classes – Forex, Cryptocurrencies, and Indices.|
|Regulated by||No regulations|
|No. of Trading Platforms||3 Trading Platforms based on MT4 – Desktop, Web, and Mobile on both Android and IOS|
|Leverage||1: 500 leverage|
|Spreads||EagleFX’s variable spreads start from 0.1 pips on EUR/USD.|
|Demo Account||Never-expiring demo account|
|Education Provided||Does not provide you with trading education. Only guides on how to use the platform|
What is the Eaglefx Trading Platform
Eaglefx is a fairly new trading platform that provides you with a very high leverage of 1:500 for forex trading. Since they are fairly new, there are not many users using the Eaglefx platform. There are roughly 500+ clients using their trading platform.
Eaglefx provides you with 100s of assets to trade with, from Forex to CFDs. They claim to have one of the best spreads in the industry which we will look into in detail further down the article. They also offer 24/7 live customer service which includes a live chat as well. They have 6 core benefits,
- Lighting fast trading – They provide you with ultra-fast STP execution speeds.
- Security of Funds – They safeguard your funds with multiple security measures.
- Client Commitment – They never share your data with 3rd parties.
- Accurate Data Reports – Their data reports are analyzed and tested by a team of trading professionals.
- Quick Withdraw & Deposits – They give you quick access to transactions.
- High Growth Possibility – They provide you with fast execution and low spreads to enhance your trading experience.
Financial Instruments Available for Trading
Eaglefx provides you with 3 different financial instruments for trading. These are forex, cryptocurrencies, and indices. Eaglefx, as the name suggests focuses mainly on forex and other currencies such as crypto. If you are interested in trading any other financial instruments there are other brokers who provide you with a lot more instruments. But we ourselves are forex traders, so we will mainly focus on forex as well.
They provide you with 55 different currency pairs to trade with. These include the major currency pairs and a lot of cross-currency pairs. When trading forex, they allow you to have massive leverage of 1:500, which is quite huge. It is definitely not recommended for you to trade with that much high leverage.
The great thing about Eaglefx is that they allow you to start trading as low as $10 (that’s their minimum deposit). That is one of the lowest we have seen compared to most brokers that require at least a $500 deposit. This makes us think if Eaglefx is really legit or not. But since their new they want to get many customers as possible, that’s why they give you the ability to start trading with only that amount.
With only a $10 deposit you won’t be able to expect too much of a return. We recommend you start with at least $100 in your account or $1000 if possible. But before you start trading it is very important for you to have a strategy where you can test with a demo account which Eaglefx provides as well.
When it comes to Cryptos, have 33 different cryptocurrencies available to be traded. These include the most popular Bitcoin and other popular altcoins. EagleFx is mainly focused on forex trading with crypto as the secondary focus. Since crypto is becoming very popular at the time of writing this article we think that EagleFx will eventually provide you with great tools to trade crypto as well. As of now, forex seems to be the main focus of the broker.
Eaglefx provides you with 10 different indices to trade with. If you like trading indices you might be interested in using Eaglefx as your platform but read further before you decide to use this platform.
Eaglefx provides you with mobile trading and a PC trading platform based on metatrader4. Metatrader4 is a great platform to use. It has all the tools required for making profitable trades. The mobile platform is available on both android and ios. You can also trade directly from the browser using the web trading platform as well. The trading platform is not custom-built like the platforms that are provided by very popular brokers but the mt4 platform is great. We ourselves trade on the mt5 desktop platform which is the best trading platform. Mt4 is still good and we can expect Eaglefx to upgrade to the mt5 platform in the near future.
They provide you with multiple different execution modes. These are instant execution, market execution, pending orders, stop orders, and trailing stop functions. With the Eaglefx platform, each of the symbols can be displayed in 9 different timeframes. Overall mt4 is a great trading platform and since Eaglefx uses it, there won’t be any major complaints about the platform.
If we compare these to other brokers, there is no particular advantage in using the Eaglefx platform over them. Also, they are not regulated as well, which we will go into detail about below.
Now, this is the only major part that is lagging behind Eaglefx. Eaglefx is not a regulated broker. Can you trust an unregulated broker? No, it can be risky to trade with an unregulated broker. With our testing, Eaglefx seems to be fine but then again we never know what can go wrong. If you are planning to trade with Eaglefx you have to be extra careful with your money. There are plenty of other brokers who are regulated like AvaTrade, eToro, or XM brokers. We hope that Eaglefx gets regulated in the near future so that we can trust them more.
That said, the main advantage that Eaglefx has is that you can trade with low as $10 which most other brokers do not provide you with. Most brokers require you to have $100 – $500 as your minimum deposit to start trading with them.
Eaglefx provides you with massive leverage of 1:500. Of course, we don’t recommend that you trade with this much leverage. But if you are interested in a broker that provides you with massive leverage you might keep this broker on your broker’s list.
There is not much information available about the spreads and commissions of this broker. They provide you with variable spreads that can go low as 0.1 pips which is very low and tight.
Eaglefx does not provide much trading education but that’s alright. Anyways, we usually do not recommend trading education provided by most brokers because they are too common knowledge and too basic for you to actually become a profitable trader. If you want to learn how to become a profitable trader we provide you with great articles and you can also download our app which teaches you profitable trading strategies.
They provide you with guides on how to set up your trading account and use their platform properly which can be very useful for you.
Signing up with Eaglefx is quick and easy and their online platform is pretty good. We like its design and simplicity, it’s very easy to use as well because some brokers have quite complicated platforms. The support available is great as well, you have two options, you can submit a support ticket or request a callback from them. You are also can create multiple trading accounts within the platform.
The image above shows the online trading platform. As you can see the navigation through the platform is fairly straightforward. Also verifying your information on the platform is quick and easy as well. They also provide you with a never-expiring demo account which you can sign up for under transactions on the left navigation bar.
They do not provide you with a mobile platform built by themselves but they are compatible with the MetaTrader 4 mobile platform. So if you want to do mobile trading with Eaglefx get the mt4 mobile trading platform and log in with your Eaglefx account details.
Eaglefx is a fairly new trading broker which is not regulated. We do not recommend you to use unregulated brokers because you cannot trust them long-term. But if you are willing to take a risk you can start trading with Eaglefx with only a $10 deposit which is not that common in this industry. With a $10 deposit do not expect to make many profits at all. We always recommend that you don’t focus on the money but focus on making profitable trades. If you can consistently win, then you will be guaranteed to make a good amount of returns on your trading investment.
Is there any advantage of using Eaglefx over other brokers? not really, but you can always give it a shot if you don’t have much money to deposit.
Top Forex Brokers
|Visit Site |
|XM is one of the top recommended brokers. XM gives you a platform for world class trading experience.|
|Visit Site |
|AvaTrade is a great broker. One of the best brokers for Forex Trading.|
|eToro is great broker as well. It has a wide range of assets that you can trade with.|