The online forex and CFD space has grown significantly over the past few years, with hundreds of third-party platforms now allowing you to buy and sell a range of assets at the click of a button. With that being said, new entrants to the marketplace are required to differentiate themselves from the crowd by offering enhanced features and benefits that will attract users to their platform.
One such example of this is Eagle FX. With the recently launched broker claiming to be the “the preferred broker of thousands of traders from around the globe”, we decided to explore the platform’s credentials.
As such, if you’re thinking about opening an account with Eagle FX for your trading needs, be sure to read our introduction to this new broker. We’ve covered everything that we think you should know, such as how the platform works, what assets you can trade, customer support, fees, and more.
Let’s start by exploring what Eagle FX is.
What is Eagle FX?
Eagle FX is a brand new entrant to the online forex and CFD space. The platform facilitates the buying and selling of more than 200 financial instruments, across a number of popular asset classes. This includes the likes of major, cross, and exotic currency pairs, commodities, stock market indices, and of course – cryptocurrencies.
The platform is backed exclusively by the MetaTrading 4 platform. Clients of Eagle FX can trade via a dedicated Windows or Mac software platform, a native mobile app across Android or iOS, or via the main web browser platform.
As a relatively new trading platform, Eagle FX has partnered with a number of financial institutions to ensure that traders are accustomed to first-grade trading conditions. More specifically, this ensures that traders have access to sufficient levels of liquidity, competitive pricing, and tight spreads.
In terms of the underlying technology, Eagle FX utilizes Straight Through Processing (STP). For those unaware, STP ensures that your trades are executed directly with the broker in question, as opposed to using an external dealing desk. This also ensures that Eagle FX does not engage in re-quoting, subsequently protecting you from the threats of pricing manipulation.
Finally, it is also important to note that the Eagle FX platform offers dedicated customer support around the clock – 7 days per week. This not only includes live chat and email. but also a direct telephone support line. This is especially useful if you are looking to engage in the buying and selling of cryptocurrency CFDs – as the digital currency trading industry operates on a 24/7 basis.
So now that you have a general idea as to what Eagle FX is, in the next section of our review we are going to explore the platform’s asset classes in more detail.
What can I Trade at Eagle FX?
At the time of writing, Eagle FX hosts four main asset classes on its platform. We’ve broken these down in more detail below.
- Cryptocurrencies Eagle FX offers a highly extensive cryptocurrency CFD platform. This covers key crypto-to-fiat trading pairs such as BTC/USD and ETH/USD, as well as a number of crypto-cross pairs. This covers the likes of LTC/BTC, XRM/BTC, and DASH/BTC. The broker allows you to go both long and short on your chosen cryptocurrency pair.
- Forex If you’re looking to trade forex, then you’ll be pleased to know that Eagle FX covers a number of major, cross, and exotic currency pairs. While all major pairs are covered, the platform also hosts 21 FX crosses, including the likes of CAD/JPY, NZD/CHF, and GBP/CAD. If you’ve got a slightly higher appetite for market volatility, the Eagle FX platform also lists 27 exotic pairs.
- Stock Market Indices Eagle FX currently allows you to trade indices across 11 key stock markets. This includes exchanges in the US, UK, Australia, Germany, France, Hong Kong, Japan, and Spain.
- Commodities Finally, Eagle FX also facilitates the buying and selling of popular commodities. This includes copper, oil, natural gas, and gold.
All of the asset classes available at Eagle FX can be traded with leverage. Cryptocurrencies come with a maximum leverage of 1:100, while indices and energies are capped at 1:200. At the upper end of the scale, both forex and metals can be traded with leverage of upto 1:500.
Ultimately, although the number of financial instruments available at Eagle FX is considerably lower in comparison to other brokers in the arena, it is important to remember that the platform was only launched recently. As such, the team at Eagle FX are committed to increasing the number of tradable instruments available at the platform on a continuous basis.
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Eagle FX: Fees
When it comes to trading fees at Eagle FX, this can come in two main forms. Firstly, irrespective of the underlying asset that you are trading, Eagle FX charges a flat trading fee of $6 per lot. This is charged at both ends of the trade. Secondly, you also need to make some considerations regarding swap fees.
This is a variable fee charged when you hold an open trade overnight. Unfortunately, the platform does not provide a full breakdown of what these fees are, so you’ll need to contact FX Eagle for further clarity.
As the platform does not charge any account inactivity fees, nor are there any charges to deposit and withdraw funds, there are no other fees to contend with.
Traders at Eagle FX have a number of deposit options to choose from. This includes a traditional debit or credit card, international bank wire , or Bitcoin. As noted earlier, all deposits and withdrawals are free. You will need to deposit a minimum of 10 USD/EUR/GBP. Eagle FX notes that deposits typically take 6 hours to be credited to your account, so do bear this in mind.
When it comes to withdrawals, you will need to cash your profits out via Bitcoin. If you have the coins transferred to your Coinbase account, you can then proceed to withdraw the funds back to your bank account. Alternatively, you can also obtain a Prepaid Mastercard via Instacoins, and then have Eagle FX transfer the funds to your card.
All withdrawals are free, and there are no limits – other than a 10 USD/EUR/GBP minimum.
The best thing about withdrawals at Eagle FX is that batch requests are processed on an hourly basis, which is great.
Account Security and Customer Support
On top of utilizing an in-house security and anti-fraud team, Eagle FX allows you to set-up two-factor authentication. You will need to do this manually via your account portal. In terms of customer support, this is available on a 24/7 basis. As noted earlier, you can contact the support team via live chat, email, or phone.
The Bottom Line
In summary, Eagle FX is still a relatively new entrant to the online forex and CFD space. However, traders still have access to a good number of financial instruments – especially in the cryptocurrency department. Alongside free deposits and withdrawals, and 24/7 customer support, the platform’s flat trading fee of $6 per lot is highly attractive.
Moreover, with withdrawal requests processed every hour, this allows you to cash-out your profits in a timely manner. This is in stark contrast to traditional online brokers, which typically take days to process withdrawals.
Finally, it is also notable that the platform utilizes Straight Through Processing (STP), subsequently ensuring that you benefit from sufficient levels of liquidity, and competitive spreads.