EagleFx Review: Is This Forex Broker Legit or Scam?

EagleFx Review

EagleFX, another broker on the financial market. We decided to answer a couple of the main questions about it. Is EagleFX regulated? Is this broker legal in some countries? What is leverage? How to deposit? All that and much more you can find in our in-depth EagleFX review.

Regulated by: none
Headquarters Country: The Commonwealth of Dominica
Foundation year: 2019
Supported Platforms: MT4 and web trader
Minimum Deposit: 10$
Types of Assets: FX, Stocks, Commodities, Indicies, Crypto
Maximum Leverage: 1:500
Demo Account: Yes
Prohibited countries: none

Regulation and Security

EagleFX is a broker registered in the Commonwealth of Dominica. The broker is operating without regulation. This means that if something happens, you do not have any coverage, and you will simply lose your money. Usually, the reason why brokers are registering offshore is to avoid regulations and to avoid being sued for scamming the clients.

When it comes to the security of the funds, this broker claims to use a cold storage fund. Funds are not visible on their web server or any other computer but are kept on an internal storage device. According to them, the only amount kept on their server is the anticipated amount for quick withdrawal processing. After reading all this, we didn’t quite understand if you can see your funds with this broker, or not, and how to know your balance.

We advise you to be careful when it comes to this company.

In which countries does this broker work?

According to the broker’s website, the only limit for its actions are places where trading is prohibited by the law. But they do not list any specific country as forbidden. What we can conclude is that the broker operates everywhere, including the US, South Africa, the UK, Europe, Asia, Australia.

Since EagleFX is an offshore broker based in the Commonwealth of Dominica, it does not have a specific regulation for any of these countries.

When it comes to spread, with this broker spread vary not related to the country, but related to assets. For example, the GBP/USD spread is 1.3 pips, while for FTSE index is 0.77. Starting spread is 0.1 pip.

What can you trade with broker EagleFx?

EagleFX is a broker owned by EagleFX Ltd, an offshore-based company. The broker is providing a wide range of trading assets such as currencies, indicies, shares, commodities, and stocks. 

The number of assets is also solid, including 38 cryptos, 55 currency pairs, 11 indicies, 64 stocks, and all the precious metals and energies.

When it comes to clients’ opinions, we noticed that many people are saying that this platform is for more experienced brokers. Basically, the broker itself does not offer much help. A story from the beginning – that you need to put the money and watch it grow is far from the truth. The investor needs to know the market, and how to manage the account himself.

Also, clients are saying that it’s not possible to make a direct deposit with your debit/credit card. Instead, you have to buy BTC and do the transfer from your wallet to the company. Suspicious, if you ask us.

Now the main question, can this broker be trusted. The company operates with no regulation from any regulatory body, which is enough to say that you can never trust a broker like this. If something happens, you have absolutely no coverage. We advise finding a broker regulated by a tier-1 body such as FCA or ASIC.

Is the EagleFx Trading Platform Secure?

The broker is providing its clients MT4 and web trader. When it comes to MT4, they offer a platform suitable for Windows, iOS, and Android. The MT4 platform is definitely more secure than any web trader, and it is harder to manipulate it. Experiences from the past are showing that some brokers are using web trader to change bids and ask prices, or to change opening and closing prices, in order to put their clients in the loss. 

Yet, EagleFX is offering web trader as well, for clients that are maybe less experienced. The web trader is more user-friendly, easier to navigate. 

Also, with this company, you can use the mobile app, which allows you to monitor your trades easier. The app is appealing to the eye, and easy to use.

But we have to say again when it comes to the safety of the trading platform or your fund, this broker is offshore. That means that if you lose your money if the broker manipulates the market, you have no regulatory body to complain to. You will have to go into the procedure of chargebacks, reports, etc.

When it comes to balance and funding the account, you can use the deposit and withdrawal section in your account. This is how.

EagleFx Reviews

Eaglefx withdrawal methods 

Are another thing we want to discuss.

When it comes to payments, the broker supports several payment methods – credit/debit card, BTC, and wire transfer. For deposits, the company doesn’t charge any amount. The minimum to start with is only 10$. The company does not offer any bonuses for deposits.

When it comes to withdrawals, the situation is becoming a little bit more complicated. Seems that the broker is returning money only to the crypto wallet – coinbase, or PayPal. Also, it is stated that you can use prepaid MasterCard to get your money back. What we don’t understand is why you cannot transfer the funds directly to your bank account – using your card or wire transfer.

The minimum withdrawal amount is also 10$.

In regards to withdrawal fees, the company does not give any information. All we were able to find is that if you have some questions, you can contact support 24/7. Now, we are not sure if it means that the broker charges no commission, or you should ask to find out. Or, if you do not ask, they can charge as much as they want. Also, the time necessary for withdrawals is not stated. The only thing they say is that they are processing withdrawals hourly so you can get your funds quickly. What does it mean? Guess you will have to deposit and find out.

As mentioned before, the broker does not have any license which makes it easy to be a victim of a scam. Be aware when opening an account with this company.

If you have already fallen into the hands of a scammer what to do?

First of all, do not worry. There are numerous things you can do. You can request a chargeback, and get your funds back. All you need to do is collect all the information about the broker and transactions. Do not waste time, contact us today and let’s get your money back! 

Does EagleFX accept US clients?

Yes, in general, this broker accepts all the clients that are allowed to trade by their domestic laws.

Is EagleFX a scam?

EagleFX is an unregulated offshore broker. This means that it cannot be completely trusted when it comes to funds, because there is no regulatory body controlling its actions.

Is EagleFX regulated?

No. The broker is based in the Commonwealth of Dominica and operates without any regulations.

Is EagleFX safe?

Since we are talking about an offshore broker with no regulation, we cannot say that it is safe. We recommend you find a broker regulated by a tier-1 body such as FCA or ASIC.

Is EagleFX a good broker?

Generally speaking, EagleFX provides its clients all the necessary support. However, it is an offshore broker and has no regulation. Therefore, we cannot consider it safe.