de | cn | ru

EagleFX Review - is it scam or safe?

EagleFX Review - is eaglefx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS EagleFX
EagleFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard $10 1:500  0.9 pips + $6 /lot

 

EagleFX is a forex and CFD broker allegedly based in Dominica. It does not offer tiered accounts, but supports the good old MetaTrader4. Although the broker’s trading conditions appear attractive, we would not recommend dealing with it. Read on to understand why.

 

 

EagleFX Advantages

 

Access to MT4, competitive pricing

The presence of this trading software is always good news. The MT4 is easy to use, reliable, and offers top-tier charting with a lot of indicators and customization options. Besides, there are wide range of automated trading bots developed for it, which one can use for free, buy at the MQL marketplace or create by himself (those are known as Expert Advisors or simply EAs).

 

Click on the image to view full size.

 

Besides, when we tested EagleFX’ MT4 in demo environment, we found out the benchmark EUR/USD spread floating around 0.9 pips, and a commission of $6 applies round turn, which means that average trading costs for this pair are around 1.5 pips per standard lot, which is not bad. For further information and comparison on spreads, check out the below link

 

 

>> Compare the spreads of top forex brokers in real time <<

 

 

High leverage, wide range of assets

Furthermore, EagleFX covers a lot of markets and offers leverage levels as high as 1:500, which will be more than enough even for the most aggressive traders.

 

As regards the broker’s product portfolio, it covers different asset classes, including indices, commodities, precious metals and some of the most popular cryptocurrencies (BTC, LTC, ETH, and more). 

 

However, we always recommend our readers to trade only with reliable and regulated brokers. As Concept4x is not one of them, here is a list for those of you who are into cryptocurrencies:

 

 
>> Regulated Bitcoin forex brokers <<

 

 

Low entry threshold. No deposit, withdrawal, inactivity fees (allegedly)

Clients of EagleFX are able to open a live account with the broker by investing just $10. We find such initial deposit requirement reasonable, given the broker’s lack of legitimate license. Besides, EagleFX has no transfer, no inactivity fees, or at least they say so.

 

 

EagleFX Disadvantages

 

Doesn’t have a license

The brokerage brand is allegedly owned and operated by EagleFX Ltd., a company presumably based and registered in the Commonwealth of Dominica. Brokerages operating out of Dominica are bound by certain international banking regulations, however, forex businesses are not regulated at this time.

 

This means that the broker EagleFX does not have a legit license to operate on regulated markets like the US, the European Union, Australia or Japan, so basically if it targets customers on those markets, they are doing this illegally.

 

Related to other shady brokers

Actually, EagleFX does not provide much information about the company behind the operation – its website doesn’t feature a contact number, only an address: 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica.

 

Our research revealed that a number of other shady brokers claim to be registered at the same address. These include Capital Investment Holdings Ltd., which was blacklisted by the Swiss financial watchdog FINMA, Trade5000 flagged by the Polish d by KNF, as well as some of the brands of the notorious Options Tech Limited - Cryptex Markets, NB International, UBS investments, Unitedmarkets4you. Most of these brands are also blacklisted by one or several EU financial regulators – for example, the UK’s FCA has issued a warning against Unitedmarkets4you.

 

 

Conclusion

 

While we listed a couple of potential benefits of EagleFX, that was only for the sake of unbiasedness. In our view this is one of the many unregulated brokers out there that is most likely involved in some sort of investment fraud, especially considering its association with outright scam Options Tech Limited.

 

In order to avoid being swindled out of your money like millions of traders across the globe, you’d better only deal with entities holding licenses from reputable financial regulators like UK’s FCA, or Cyprus’ CySEC (in Europe). These regulatory agencies require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

To sum up the strong and weak sides of EagleFX:

 

Pros Cons
Generous leverage, competitive trading cost No financial regulation
MT4 available, wide range of assets Limited company info
Low entry threshold. No deposit, withdrawal, inactivity fees (allegedly) Related to other shady brokers

 

Latest news about EagleFX
No news about EagleFX . Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for EagleFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru