EagleFX is registered offshore in the Commonwealth of Dominica. The company’s strengths include reliability, stability, and security. However, an analysis of the eaglefx.com site and reviews on independent resources led to conflicting facts. It turns out that customers have accumulated a lot of complaints that do not fit into the image of a global broker. Let’s see if there are scammers here.
- EagleFX General Information
- Registration and Client Portal Review
- EagleFX Trading Conditions
- Account Types Review
- Trading Platform
- EagleFX — Deposit and Withdrawal of Funds
- Is EagleFX а Scam?
- Legal Information and License
- Eaglefx.com Domain Info
- Contacts Review
- Fake Awards
- Pros and Cons
- Frequently Asked Questions (FAQ)
EagleFX General Information
|Address||8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica|
|Leverage||From 1:20 to 1:500|
|Trading platform||MetaTrader 4|
Registration and Client Portal Review
On the EagleFX official website, the first thing a visitor sees is a large advertising banner. Future clients are invited to join an award-winning broker. Of course, they promise ultra-low spreads, multiple assets, etc. At the same time, we did not find specific information about the company.
You can create an account quickly by using authorization through social networks like Google or Facebook, or by filling out a form.
To complete the registration, you need to verify your email. EagleFX will send a link to your mailbox. Next, the system will ask you to confirm the phone number using a code. You can skip this step and sign up.
On the left side, there is an information panel where you can see transactions, uploaded documents, and demo accounts. The wallet with the client’s balance is in the centre of the page. You will find the buttons for depositing and withdrawing funds at the top.
The client portal looks functional and this is quite a plus for EagleFX. Perhaps the most interesting things are yet to come?
EagleFX Trading Conditions
Apart from trading, EagleFX does not provide any additional services. You can start trading at $50. At the same time, the minimum deposit in cryptocurrency is available from $10.
EagleFX uses STP to execute client orders. There is a margin call at 100% margin and a stop out at 70% margin to protect against negative balance. The minimum trade size is 0.01 lots, and the maximum is 1,000 lots.
Account Types Review
EagleFX does not have a line of accounts. Leverage varies depending on the trading asset. So, for stocks you can get 1:20, and for currency pairs already 1:500. Spreads are floating, and approximate values are not called.
Liquidity providers have not been disclosed. Rather, they are disclosed, but only to wealthy clients who can confirm their intention to deposit a large amount into the account. To be honest, this item is very strange and looks something like this: give us money, and we will tell you a fairy tale. The fact is that EagleFX promises to disclose suppliers, but does not provide evidence that it really receives liquidity from them.
EagleFX charges two types of fees:
- $6 for each lot
- Swap fees (for overnight transactions).
For more information about commissions, please contact the manager. Based on reviews, additional fees may apply.
EagleFX offers MetaTrader4 for trading. The platform can be downloaded on a PC, installed as an app on mobile devices, or simply used by a Web Trader. Beginners can practice on a demo account.
MT4 has fewer features than version 5, but for beginners it will be enough. The interface is simple and clear. There are enough indicators, you can set limit orders and work with orders directly from the chart page. The terminal also allows for hedging and scalping.
EagleFX — Deposit and Withdrawal of Funds
You can deposit by one of the following ways:
- Debit/Credit cards
- Bank Transfer
EagleFX does not charge any fees for deposits or withdrawals. However, Bitcoin transactions are subject to blockchain and miner network fees.
EagleFX verification ends at the phone number confirmation stage. We have not been able to find pages where you need to go through the KYC procedure. Immediately after confirming the number, they offer to replenish the deposit.
There is a whole section dedicated to the affiliate program. It is multi-level; the referrer can receive deductions from both affiliates and ordinary traders. Affiliates do not trade themselves but simply act as some kind of PR people, inviting new clients.
In general, for each invitee (regardless of their role), the user can receive from $4 to $0.05 for each lot opened by the referral. Logically, referrers try to attract as many people as possible.
Is EagleFX а Scam?
Now let’s talk about the problems that were identified during our review. We used the broker’s website and data from public sources.
Legal Information and License
First, EagleFX is not licensed as Dominica’s financial regulator does not control international dealing desks.
Besides, we do not have evidence (scanned certificate or legal entity number) that the broker is actually registered in The Commonwealth of Dominica.
Even so, Dominica remains an offshore zone with very little supervision of financial institutions. In other words, customer funds are not safe.
Eaglefx.com Domain Info
The domain check did not give us anything useful at first. This site has existed since the early 2000s.
Using the Internet Archive, we were able to find out that snapshots of the EagleFX domain started appearing in 2019. It is hard to believe that the company has acquired thousands of customers around the world in just 2-3 years of operation.
However, it is true. SimilarWeb reports that over 42K users visited the site in June 2022. For some reason, most of them are from the United States, where brokerage trading is strictly regulated. There is also a growing proportion of users from Turkey and Russia, but we don’t see Turkish or Russian language on the EagleFX site. Of course, the broker is also not regulated in these countries.
Such a large company does not have a phone or email. To contact the manager, there is only an online chat or a request form. You can write a message, and also apply for a callback.
EagleFX is presented on social networks. A few thousand followers on Facebook and Twitter is not a lot. The Instagram page has reached over 100К followers. Okay, but posts get an average of 50 likes and 15 comments. Apparently, the audience consists of bots.
Forex Awards is an event where intermediaries leading the financial market are recognized. For example, EagleFX claims to be the best ECN/STP broker in 2020.
We visited www.forex-awards.com and found disproving facts: the winner of this nomination was Kohle Capital Markets.
Pros and Cons
- Easy sign up and log in.
- Working since 2019.
- No license.
- Offshore registry.
- Strange user traffic.
- Fake awards.
- No phone and email.
- Bad feedback from customers.
Frequently Asked Questions (FAQ)
No, the broker is registered in the Commonwealth of Dominica, which does not license dealing centers.
The company was founded in 2019.
This is an offshore CFD broker. However, it brags about STP technology for bringing client transactions to the interbank market.