EagleFX is a Forex broker established in 2019. Its headquarters are located in Dominica. This Forex broker offers 24/7 trading on an extensive list of assets and attractive spreads. EagleFX uses electronic communications networks to give clients direct access to other participants in the currency markets. It offers straight processing and linking clients directly with a variety of liquidity providers. It allows clients to trade for the best rates effortlessly.
EagleFX Account Types
EagleFX broker does not offer tiered accounts. Some traders like the ability to receive extra perks in exchange for a larger deposit but others, most especially first-time traders, just prefer the primary trading conditions. The good thing is that EagleFX offers Islamic accounts. Islamic accounts allow traders to pay administrative fees rather than swap fees. EagleFX’s customer support can set up an Islamic account if a trader needs assistance. This broker also allows corporate accounts provided that the correct documents are submitted on time.
Free demo accounts are offered by EagleFX broker and these accounts will remain open indefinitely provided that a trader is actively using it. If a trader does not log into a demo account for two weeks, it will be automatically closed. If that happens, a trader can open a new demo account in its place, but any progress made on the original account will be lost and it will not be recovered. To open a demo account with this broker, simply click on the demo tab from its website header and follow the detailed instructions on the page. Instructions are provided for each of the MT4 platform versions that are offered.
MetaTrader 4 Trading Platform
EagleFX operates under the most popular trading platform, MetaTrader 4 (MT4). The MT4 platform can be downloaded and installed on Windows-based computers and Apple Mac systems. MT4 is available in iOS, Android, and the browser-based exchange platform WebTrader. MetaTrader 4 offers a wide variety of analytical tools and charts. In addition to technical tools, this platform also works to make trading easier and faster. MT4 provides the ability to trade directly within charts with all the necessary information needed by the trader. Although a newer version of the platform is now available (MetaTrader 5), MT4 remains to be the most popular Forex trading platform of all.
Traders can maximize their trading amount for a leverage ratio of 1:500. While there are a handful of brokerages offering up to 1:1000, this is rare and could be problematic for those who do not understand how to use leverage correctly. There is no requirement to use the 1:500 setting. Many different ratio options start at 1:500 and decline to 1:1. The leverage setting can be changed any time, but it cannot be changed once a trade has been finally opened. To increase or decrease a trader’s leverage for future trades, a trader must simply make a new selection.
Deposits and Withdrawals
EagleFX accepts the most popular payment methods including credit cards, debit cards, bank wire transfer, and Bitcoin. There is no deposit fee charged on any of these methods regardless of the number of deposits made. It is worth mentioning that this brokerage makes Bitcoin deposits extremely easy by providing a QR code for its clients. Most traders are very hesitant to use Bitcoin in depositing funds and withdrawals out of fear that the process will be too complicated. That is why EagleFX broker made a simpler process for the benefit of all its traders.
There is a limit of $5,000 for every credit card and debit card transactions. A trader is only allowed to deposit three times daily and a total of thirty deposits every month. On the other hand, Bitcoin and bank wire transfers are unlimited.
The same payment methods used for depositing funds are also used for withdrawals. As with most Forex brokers, EagleFX allows payout or withdrawals through the same method used to fund the trader’s account. Like deposits, there is no fee charged for withdrawing funds. A trader may incur fees from its payment processor but Eagle FX will not charge anything from its trader. Usually, banks charge customers for incoming wire transfer payments. It is recommended to use Bitcoin for deposits and withdrawals because it is the most private and fastest way to transfer funds.
At a time when there are so many Forex brokers available online and many new ones opening their doors each day, it has become difficult to trust a new broker whenever it arrives on the scene of the trading industry. However, EagleFX has managed to generate reliability with its both novice and experienced traders. EagleFX has great spreads, costs, leverage, and security while making a firm commitment to its customer service. A broker that takes care of their clients and affiliates is one worth partnering with and it is trustworthy.