Is EagleFX Scam or Legit Broker?

No, engaging in trading with EagleFX is not recommended. The company operates under an offshore license from Dominica, which is considered the riskiest option as the company is based only in an offshore zone. Brokers located in Dominica are not trustworthy because of the lack of proper oversight and guidelines established by the jurisdiction itself. The country’s Financial Services Unit does not have special laws and guidelines for forex trading, thus making trading with EagleFX risky and financially unsteady.

  • In general, when dealing with offshore companies like EagleFX or other brokers with offshore registration (Milton Markets, Capitalix, and Zebra Finance) it is advised to exercise utmost caution.

About EagleFX
🏢 Registered inDominica
🗺️ Type of LicenseOffshore
🛡️ Is EagleFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is EagleFX?

According to the broker’s website, EagleFX functions as an internet-based STP broker for Forex and cryptocurrency trading, offering CFD trading across a wide range of assets and favorable trading circumstances through the acclaimed MT4 platform. As the broker states, with EagleFX, users can access substantial liquidity, enjoy high leverage of up to 1:500, and benefit from competitive spreads in the industry.

Also, EagleFX provides 24/7 live customer service, doesn’t impose any deposit or withdrawal fees, and ensures withdrawals are processed within 30 minutes or less. 

However, our research of the broker has brought to light numerous issues, with some of the most notable ones including:

  • Registration: EagleFX is located in Dominica (EagleFX Ltd, 8 Copthall, Roseau Valley 00152, The Commonwealth of Dominica). Dominica does not acknowledge forex services as an independent business category. Consequently, there are no existing laws, statutory regulations, and protection mechanisms in place for traders. This means, that brokers from Dominica are not the safest options to consider for forex. Instead, it is wiser to choose a broker with a license from reputable financial authorities, good standing, and proven experience in the market (Check HFM, Interactive Brokers, and FP Markets).
  • Mostly negative client feedback: Generally, EagleFX has mixed reviews from clients. They are not totally negative. However, together with satisfied feedback, there are still many negative reviews and alerts to be cautious about, claiming that the broker has ripped them off and caused them to lose all their investments. In fact, reviews from real clients shouldn’t be neglected, especially when the issues are in regard to deposits and withdrawals. 
  • Inappropriate deposit and Withdrawal process: As in the case of many offshore brokers, EagleFX also seems to have issues with the withdrawal process. Many clients state that they are not able to process their profits fully and experience financial losses. It is a well-known fact, that in forex trading the safety of funds is one of the most essential aspects, thus we recommend traders trust their money only to trustworthy companies that due to their quality services will help them get profits. 

Overall EagleFX Ranking

Based on our extensively informed Expert Opinion, supported by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding EagleFX’s regulation and overall reliability. Consequently, we cannot provide a positive ranking upon EagleFX.

  • EagleFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingEagleFXXMHFM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneEducationTrading Conditions

EagleFX Alternative Brokers

Due to the considerable safety concerns associated with EagleFX, we strongly advise exploring significantly superior alternatives known for their stringent regulations and exceptional trading conditions. Below, we have a selection of reputable brokers and reliable options for your comparison:

Deposits and Withdrawals

EagleFX claims to offer multiple deposit methods including Bitcoin and Wire Transfer via Instacoins. The minimum deposit for a Credit/Debit Card and Bank Wire Transfer is $50.  There are no fees for deposits or withdrawals made on the broker’s platform. However, all Bitcoin transactions are subject to the blockchain network and miner fees.

  • Generally, withdrawals are reviewed by the payments team within 30 minutes. In case of delays, traders are advised to get in touch with EagleFX  24/7 support team via. Live Chat.
  • The minimum withdrawal amount via Bitcoin is 10 USD/GBP/EUR. 
  • However, we recommend being careful with withdrawals, as many traders warn about issues they have faced while trading with the broker, which is confirming its unsafe nature

Account Types

EagleFX offers a single standard live account applicable to all clients. Besides, clients have the choice to establish a demo account, along with the availability of an Islamic/Swap-free account. Through the live account, traders can access 55 currency pairs, including majors, minors, and exotics. The broker offers a low minimum deposit of $50 and high leverage of up to 1:500.

  • The demo account has identical features to the live account, affording traders the chance to engage in risk-free trading practices without the possibility of experiencing financial losses.

EagleFX Review Conclusion

Based on the accumulated information about EagleFX, there are notable reservations concerning the broker’s dependability and integrity, so overall EagleFX is not recoomended for trading and is quite suspicious. Its registration in Dominica undermines the broker’s credibility, creating a heightened potential for it to be associated with financial fraud.

It’s advisable to stay away from brokers with dubious registrations and instead prioritize those with established track records, recognized for delivering consistent exceptional trading conditions and dependable services over time. Traders should prioritize brokers holding licenses such as FCA, ASIC, or CySEC, as these licenses offer elevated levels of security.

  • Overall ranking and experience for EagleFX is Negative

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