How did I first hear about Eagle FX?
As you may or may not be aware, I have been a member of a number of online Forex groups for some time now, and Eagle FX was a name I had started to notice more and more, and spread across a wide range of the groups I am a part of. I also came across a few adverts on a handful of forex related news sites, too.
What was my first impression of Eagle FX?
I had seen a fair amount of adverts offering some impressive and competitive trading conditions which definitely elevated my interest, as I like to broaden my horizons when it comes to brokers and spreading my capital. They also appeared to receive a decent amount of traction on a variety of social media avenues and appeared to be highly popular amongst the majority of online forex groups I am involved in.
How easy is it to navigate the broker website?
The website itself is highly attractive, with an element of fun yet not eliminating the element of sophistication. The tabs are traditionally located at the top of the page for ease of access, and clearly marked as well for efficient navigation.
The FAQ page is also included at the top of the page, so one can easily pinpoint answers quickly and with ease. Included in the FAQ page is a search feature at the top to speed up your search, too.
Do they offer different account types and what are the benefits?
Eagle FX have kept things simple and straightforward by offering one ECN account type. The account is available via MT4 only. I find with many brokers who offer more than one account type, this can cause the potential client to feel overwhelmed with choice and make it incredibly difficult to decipher which account type actually holds the benefits suitable for a particular trader. Eagle FX on the other hand remove the complication by offering one account, meaning there is one less stressful decision to make and also adds an element of equality and fairness among clients; the trading conditions available are the same for all, allowing a fair chance of success to all clients, without any account types having been manipulated in a way for the client to purposely lose out without realizing.
The account is available via the industry’s trusted MT4 platform, with a leverage use of up to 1:500 for Forex, and 1:100 for cryptocurrency trading. There is a minimum deposit requirement of $10, or equivalent currency, and one can trade over 100 instruments, with variable spreads.
Do they offer a wide variety of tradable assets?
Eagle FX offers a wide range of tradable instruments to trade, so they offer an ideal environment to those wishing to diversify their trading portfolios. With Eagle FX you can trade over 100 assets: Forex, Commodities, Indices, Futures and cryptocurrencies. All Cryptocurrency pairs can be traded on a 24/7 basis. All instruments are also displayed on the website.
How competitive are their spreads?
Eagle FX display their live spreads for all instruments on the website itself to save you installing their MT4 to see them. The spreads are floating, and during my time reviewing this broker, the spreads remained tight across the board. I would like to also commend them for their tight spreads on all major forex pairs as well as their spreads on the wide range of cryptocurrency pairs available. This further concretes my confidence with the broker as it proves they have far reaching contracts with a number of quality liquidity providers.
What is the maximum leverage they offer?
As per the website, the maximum leverage you may trade with is 1:500 on Forex and Metals, 1:200 on Indices and Energies and 1:100 on Cryptocurrencies. I pulled this information from the FAQ page directly, using the handy search feature at the top to locate these answers with ease and efficiency.
The leverage offered by Eagle FX is incredibly competitive to what the majority of brokers in the industry can offer, keeping the overall leverage on tradable instruments above 1:200 for the majority, and 1:100 on cryptocurrency trading, which is the highest I have come across so far.
What is their commission charge?
I checked the FAQ to find out how much commission Eagle FX charge their clients and was pleased to see that they do not charge excessively and the amount is considered affordable in comparison to competitors; $6 per lot, per trade, round turn. This means that if you if your trade size is 0.1 lots, the commission charge would be 0.60 cents.
I also wanted to clarify this with their customer support to ensure I had understood this fully. I was pleased to be informed that I had, and also another nice thing to hear is that Eagle FX actually deduct the full open and close trade commissions ($3 per side), so a total of $6, at the beginning of the trade. This is so that the client can properly gauge their profits and losses, without worrying about the close trade commission as well afterwards, as it has already been taken into consideration.
Do they offer a deposit bonus?
No, Eagle FX do not offer any deposit bonus schemes, nor could I find any other ploys of encouragement for clients to deposit funds continuously with a false sense of belief that their chances of success are amplified and guarantee profits.
What do I need to open a verified account?
The fantastic thing about Eagle FX is that verification is actually not a requirement. Eagle FX have been incredibly forward thinking and clever in this aspect of their broker as they have managed to incorporate a means to onboard clients via Instacoins, enabling clients to use wire transfer or debit/credit card to purchase bitcoin (via Instacoin/ Bitcoin wallet/debit or credit Card/ Wire transfer) and then still hold their live accounts in a Fiat currency, or Bitcoin, however you prefer. This then eliminates the standard hassle and time consuming part of setting up a forex trading account. In addition, this means account set up is typically a lot faster, and thus, you can trade the same day you register, if you wish. This then means that the only verification you must complete is a simple click of a button to verify your email address once you register.
How long does it take to open a live account?
Since the verification process is not standard, the timescale between registering and having access to an Eagle FX live MT4 account can be up and running within minutes. In my case, it took approximately 10 mins in total; I registered with my name and email, received the email verification link, verified my account so that I could then request to open a live account, to which I then received my MT4 live login credentials via email within about 2 minutes of doing so. The set up time is one of the smoothest and fastest I have come across, and this meant I could begin trading the same day I signed up, and not wait around for 48 business working hours to receive my MT4 login credentials.
Do they have a minimum/ maximum deposit requirement?
Eagle FX have removed pressure on the client to deposit a particularly large amount, and have respected the client’s freedom of choice by requiring a very low minimum deposit amount of 10 USD/GBP/EUR.This is another element I find very attractive about this broker, as it reflects a somewhat more honest, and open operation from the broker, leaving the client to be in more control of the amount that they wish to deposit, and release pressure to deposit a large amount that perhaps they are not entirely comfortable with, or perhaps one they cannot afford.
What deposit and withdrawal methods are available?
As mentioned already, the deposit and withdrawal options have been set so that the client is not required to go through the standard verification process, and instead, the option to deposit and withdraw via Bitcoin but through the options of: Instacoin, a Bitcoin wallet of choice, Wire transfer, or debit/credit Card (via Instacoins). The options available do not incur a fee, which is also a benefit to the client.
I would also like to commend Eagle FX for putting short guides on their FAQ on how to deposit and withdraw for those that are not 100% familiar. In addition, in my experience, Eagle FX adhere to the timescales stated on the FAQ page (process deposits and withdrawals within 30 minutes) and then approval dependent upon blockchain- my deposits and withdrawals were processed and available to me within an hour, or less, each time. This is incredibly impressive and definitely sets them apart from competitors where you may need to wait 24 working hours, or even up to 5 working days with some methods.
Are desktop/mobile/web trader versions all available?
Yes, Eagle FX have really considered the trader’s options when it comes to the client’s trading preference of how they like to trade, be that on the go, or at home, regardless of whether you are a Mac/IOS or Windows/Android user; clients can trade with Eagle FX via MT4 Windows, MT4 Mac, MT4 IOS/ Android or Webtrader.
Which countries are restricted from trading with Eagle FX?
Eagle FX deviates from the norm in regards to forex broker verification whereby their structure in place does not require documentation to prove residency or photographic ID. This means that clients have the one option to deposit and withdraw to and from their account via BItcoin/Instacoin, it would appear that if Bitcoin/Instacoin transactions are permitted in your country of residence, this would mean you would also be eligible to trade with this broker.
Do they sell additional products/services/managed accounts?
I could not find any information in relation to any EAs, Signal services, or managed accounts on the FAQ page, so I spoke to a Live Chat agent who confirmed that Eagle FX do not offer any Signals, EAs or Managed accounts. Of course, since they offer MT4, you would be allowed to use third party signal/ EA services, if you so wish.
If assistance is required, how can you get in touch?
Eagle FX offer customer support on a 24/7 basis. Should you require assistance, you can choose to request a call back at a time that is convenient to you, send in a ticket (email) or you can speak directly to an agent via Live Chat.
What is the quality of customer service?
The quality of customer service that Eagle FX offer sits far beyond the average expectation. All the agents I spoke with were consistently polite and delivered personal responses, and I did not once come across any automated/robotic answers. I also would like to say that my ticket enquiries were responded to via email within less than 15 minutes, and my live chats were answered instantly. Moreover, I did not at one point feel as though the agents were not well informed of the broker services or feel backed into a corner when I threw a variety of questions at them.
The quality of customer service really reflects on the broker, and it is refreshing to see that this broker has clearly focussed on their client support maintaining a high standard, which of course assists in client retention.
I also like the feature of requesting a call back, so for those that prefer to speak to someone directly rather than email/speak on live chat back and forth, are able to submit an enquiry and receive a call back, with the answer, at their convenience.
Do they offer an IB affiliate program?
Eagle FX offer an affiliate program, and details of the commission structure are available on the FAQ page, should this be of interest. If you choose to become an affiliate of this broker, you can earn residual income on trades taken by those clients you onboard, and earn $4 per lot on every completed trade. This is a very generous commission and the media package (displayed on the website) appears to be very thorough and sophisticated, meaning a potential affiliate should be very well informed and have a proper kickstart from the get-go.
What is my overall opinion of Eagle FX?
This broker is a perfect example of an innovative and diverse broker, yet they streamline the important aspects that do not need to be over complicated and misconstrued. This allows clients to feel more control over their accounts, and thus, over the end results of their trades, without adding into the mix any curveballs to disrupt a smooth trading experience. Eagle FX are efficient in every sense of the word; from the account set up and live account opening with the sheer speed and simplicity, to the deposit and withdrawal methods, with useful mini guides set out on the website to hand, to assist those that need it. Alongside this, the customer service team, available 24-7 via 3 avenues (telephone call back requests, email/ticket and Live Chat can be relied upon to deliver answers with professionalism, and in a timely manner.
The trading conditions overall, from the high leverage, the consistently tight spreads, and a wide variety of instruments to trade- are more than amicable and should meet the majority of trader’s expectations and preferences. This applies to both newer traders as well as the more experienced traders.
In conclusion, I would not hesitate to comfortably recommend Eagle FX to any trader looking for a straightforward, affordable and smooth trading experience.