Is EagleFX Scam or Legit Broker?
Caution should be exercised when considering trading with EagleFX, as it operates under an offshore license from Dominica, a jurisdiction known for its higher risk profile due to its sole offshore location. Brokers situated in Dominica may raise concerns about trustworthiness due to the absence of comprehensive regulatory oversight and specific guidelines provided by the jurisdiction. Dominica’s Financial Services Unit lacks dedicated laws and regulations for forex trading, potentially introducing an element of risk and financial instability to trading activities with EagleFX.
Its important to work with well regulated and trusted brokers, we believe in Trade Nation, BlackBull Markets and Varianse. Read on about in EagleFX in our EagleFX Broker Review.
About EagleFX
EagleFX is a company registered in Dominica and holds an offshore license, which raises concerns about its safety for trading. It is not recommended for those seeking a secure trading environment.
For a safer trading experience, it is advisable to consider brokers with licenses from reputable authorities such as the Financial Conduct Authority (FCA) in the United Kingdom or the Australian Securities and Investments Commission (ASIC) in Australia.
An alternative broker worth considering is Trade Nation, which is licensed by ASIC in Australia, FCA in UK, SCB in Bahamas and FSC in Seychelles, providing a more reliable and regulated option for traders.
What is EagleFX?
EagleFX, as per their website, operates as an online Straight Through Processing (STP) broker specializing in Forex and cryptocurrency trading. They offer Contract for Difference (CFD) trading across a diverse range of assets, and they provide what they claim to be favorable trading conditions through the widely recognized MT4 platform. The broker emphasizes features such as substantial liquidity, high leverage of up to 1:500, and competitive spreads within the industry.
Additionally, EagleFX boasts 24/7 live customer service, a notable absence of deposit or withdrawal fees, and a commitment to processing withdrawals within 30 minutes or less.
However, our research into this broker has uncovered several concerning issues, including:
-
Registration in Dominica: EagleFX is based in Dominica (EagleFX Ltd, 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica). Dominica does not have a specific regulatory framework for forex services, which means there are no existing laws, statutory regulations, or protections in place for traders. Consequently, brokers from Dominica may not be the safest choice for forex trading. We recommend opting for brokers licensed by reputable financial authorities, with a proven track record in the industry (consider checking out HFM, Interactive Brokers, and FP Markets).
-
Mixed Client Feedback: EagleFX receives mixed reviews from clients, with both satisfied and dissatisfied feedback. While there are content customers, there are also numerous negative reviews and warnings. Some clients have alleged that the broker misled them and caused significant financial losses. It’s crucial to take client feedback seriously, particularly when it pertains to issues related to deposits and withdrawals.
-
Deposit and Withdrawal Concerns: Similar to many offshore brokers, EagleFX appears to have issues with the withdrawal process. Many clients report difficulties in accessing their profits, leading to financial losses. In forex trading, the safety of funds is of utmost importance. As such, we strongly advise traders to entrust their capital only to reputable companies known for their quality services and the ability to help clients generate profits.
In conclusion, while EagleFX may offer attractive trading conditions and features on the surface, the regulatory and client feedback concerns highlighted above should be carefully considered before choosing this broker. It’s advisable to exercise caution and explore alternative options with stronger regulatory backing and a more positive reputation in the market.
Overall EagleFX Ranking
Drawing from our well-informed expert opinion, backed by over a decade of practical experience in the field of Forex trading, we have identified significant concerns related to EagleFX’s regulatory framework and overall reliability. As a result, we are unable to offer a favorable ranking or endorsement for EagleFX.
EagleFX Alternative Brokers
Considering the substantial safety concerns linked to EagleFX, we strongly recommend exploring significantly better alternatives renowned for their stringent regulations and outstanding trading conditions. Below, we’ve provided a selection of reputable brokers and reliable options for your consideration:
-
Trade Nation: This broker is highly regarded, known for its strong regulatory compliance, tight spreads, and excellent customer service. It’s recognized as a low spread broker with the added benefit of offering high leverage.
-
BlackBull Markets: BlackBull Markets is another well-regulated broker known for its high leverage options and exceptional customer service. It’s a reliable choice for traders seeking a secure and supportive trading environment.
-
Varianse: Varianse is an STP (Straight Through Processing) broker regulated in the UK. It stands out for its excellent copy trading tools, making it a suitable option for traders interested in this feature while still benefiting from regulatory oversight.
These brokers provide safer and more reliable alternatives compared to EagleFX, ensuring a more secure and trustworthy trading experience.
Deposits and Withdrawals
EagleFX claims to provide various deposit methods, including Bitcoin and Wire Transfer through Instacoins. The minimum deposit requirement for Credit/Debit Cards and Bank Wire Transfers is set at $50. Notably, there are no fees associated with deposits or withdrawals made on the broker’s platform. It’s important to note that Bitcoin transactions may incur blockchain network and miner fees.
Typically, the broker aims to review withdrawal requests within 30 minutes. However, in cases of delays, traders are encouraged to reach out to EagleFX’s 24/7 support team through Live Chat.
For Bitcoin withdrawals, the minimum amount is $10 in USD/GBP/EUR. It’s crucial to exercise caution when considering withdrawals with EagleFX, as numerous traders have reported issues during their trading experiences, further raising concerns about the broker’s reliability and safety.
Account Types
EagleFX provides a single standard live account that is accessible to all clients. Additionally, clients have the option to create a demo account, and there is also the availability of an Islamic/Swap-free account for those who require it. Within the live account, traders can access a wide range of 55 currency pairs, including major, minor, and exotic pairs. The broker offers a low minimum deposit requirement of $50 and provides the option for high leverage, reaching up to 1:500.
The demo account mirrors the features of the live account, giving traders the valuable opportunity to engage in risk-free trading practices without the possibility of incurring any financial losses.
EagleFX Review Conclusion
Based on the accumulated information regarding EagleFX, there are significant reservations regarding the broker’s reliability and integrity. Therefore, we do not recommend using EagleFX for trading, as it appears to be quite suspicious. Its registration in Dominica raises concerns about the broker’s credibility and increases the potential for involvement in financial fraud.
It is advisable to steer clear of brokers with questionable registrations and instead prioritize those with established track records, known for consistently providing exceptional trading conditions and reliable services over time. Traders should prioritize brokers holding licenses from reputable regulatory authorities such as the FCA, ASIC, or CySEC, as these licenses offer higher levels of security and regulatory oversight.