EagleFx Review: Find Out About This Fraudulent Broker
EagleFX is an investment firm that acts as a global broker. It offers many trading assets, by all means. They provide leverage up to 500:1 and use MetaTrader 4 and a WebTrader. We checked out their demo account and saw spreads of about 0.9 pips for the EURUSD pair. That is reasonable even with a trading commission of 6 USD per standard lot, bringing the total to 1.5 pips.
There are 55 currency pairs, such as USDZAR, USDTRY, and USDSGD. Plus, they offer CFDs on silver, gold, platinum, indices, and oil. Yet, we have some clear doubts about their credibility. So, if you plan to invest with them, please read our EagleFX review.
|Broker Status:||Unregulated Broker Scam|
|Regulated by:||No Regulation|
|Blacklisted as a Scam by:||OSC, CFTC|
|Broker Owner:||EagleFx Ltd.|
|Headquarters Country:||The Commonwealth of Dominica|
|Online Trading Platforms:||MT4, WebTrader|
|Crypto Asset Trading:||Yes|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||FX, Crypto, Indices, Commodities, Shares|
|Free Demo Account:||Available|
|Accepts US clients:||Yes|
EagleFx Funds Safety and Regulation
EagleFX is owned by EagleFX Ltd., located in Dominica at 8 Copthall, Roseau Valley. We couldn’t find a phone number. Yet, we discovered that the address belonged to a small country hotel, the Roseau Valley Hotel. The hotel is also home to other offshore brokers on the UK FCA’s blacklist. The address also appeared in the Panama Papers for criminal activity. Beware of that!
EagleFX is not regulated, as Dominica doesn’t regulate forex and CFD brokers. Yet, that doesn’t excuse them from applying for a license from a reputable regulator since they want to target European customers.
EagleFx – Trading Platforms
The brokerage firm offers clients access to MT4 and a WebTrader platform. MT4 provides a cross-functional platform compatible with the Windows, iOS, and Android operating systems.
The platform boasts a variety of features and is easy to navigate. Moreover, the firm offers a mobile app that enables clients to watch their trades in real time. The application is simple and easy to use.
Yet, the firm operates offshore. That poses a potential risk to clients’ funds and trading platform security. So, clients may have limited or no recourse to regulatory bodies in the event of market manipulation, leading to losses. The resolution process may require clients to submit chargebacks and reports.
EagleFx – Account Types Available
EagleFx offers a single Standard trading account. Yet it is designed to meet the needs of all levels of traders with a low minimum deposit of 10$. While the offering may initially seem simple and attractive, it is critical to note that EagleFx is a known broker scam. The low minimum deposit and high leverage may be enticing, but this is often a tactic used by fake brokers to lure unsuspecting traders into their trap.
The low spreads may also seem appealing, but in reality, they may not be sustainable or reliable. Also, the demo version may give traders a false sense of security and trust in the platform. This may lead them to invest their hard-earned money without realizing the risks involved. Traders must do their due diligence to stay safe and sound.
Withdrawals and Deposits at EagleFx
It’s important to be aware of the deposit options available when choosing a broker. With EagleFx, you have several options to choose from, including bank cards, Bitcoin, and wire transfers. The good news is that there are no fees associated with these deposit methods. You only need a minimum deposit of 10$ to get started.
Regarding withdrawals, the broker only accepts Coinbase, PayPal, and prepaid MasterCards. This may not be ideal for some traders who prefer more flexibility in their withdrawal options. Also, there’s no clear information available about the withdrawal fees and processing times, which can be a red flag.
EagleFx is not licensed, which means they are not regulated by any financial authority. This lack of regulation can increase risks, including scams, frauds, and unfair trading practices. Therefore, it’s essential to exercise caution and always do your research before making financial decisions.
Tactics Used in Unauthorized Brokerage Scams
As much as we hope that the world is a trustworthy place, the reality is that some people use deceptive tactics to commit scams. These scammers often operate under the guise of legitimate brokers and use different methods to trick investors into parting with their hard-earned money.
One of the most common tactics that scammers use is the creation of fake websites. These websites are designed to look and feel like legitimate broker websites, complete with official-looking logos, contact details, and even client testimonials. They then use social media platforms or make unsolicited phone calls to reach out to potential victims, offering attractive investment opportunities with high returns.
Yet, the key to avoiding these scams is to exercise caution and always do your due diligence. Research any brokerage firm you are considering investing in, and verify their credentials and regulatory compliance. Look for reputable and well-established brokers with a proven track record, and avoid offers that seem too good to be true. Remember, if something seems suspicious or too good to be true, it probably is.
Lastly, always take the necessary precautions to protect yourself, and always be wary of unsolicited investment offers. By investing only with reputable brokers, you can enjoy the peace of mind that comes with knowing your assets are in safe hands.
All in all, EagleFX is an unregulated broker that offers FX pairs, CFDs, and crypto coins with leverage up to 500:1. Their demo account shows reasonable spreads, but doubts remain about their credibility.
The broker operates from Dominica, and their funds’ safety and regulation are questionable. They offer only one account type with a low minimum deposit, and their withdrawal and deposit methods are limited. Investors should be cautious when dealing with them.
How Trustworthy is EagleFx Broker?
Since EagleFx is an offshore broker without regulation, its reliability cannot be guaranteed. They are not trustworthy.
Is EagleFx a Legitimate Company?
No. EagleFx is not a legitimate company. EagleFx is not regulated or registered.
Are There Any Hidden Fees for Withdrawals at EagleFx?
The company doesn't provide any information on withdrawal fees. It is unclear whether the broker charges no commission.