EagleFX ReviewOpen Demo Account
EagleFX is a brand-new trading arena that will likely appeal to risk-taking traders looking to exploit the opportunities found in higher leverage ratios, especially those with a mind for trading forex and cryptocurrencies. The fact that EagleFX just started doing business in 2019 means it still has to establish itself in an increasingly saturated and competitive marketplace. With plenty to prove, the features on offer from EagleFX appear designed to draw in traders with competitive leverage and spreads options. This article will explore what it is that makes EagleFX stand out while providing a practical assessment of the leverage and spreads available from this new forex broker.
- 24/7 trading
- Scalping strategies allowed
- Live Spreads feature
- Currently only 50 forex pairs
- Relatively new broker
WHAT DID OUR TRADERS THINK AFTER REVIEWING THE KEY CRITERIA?
Summary and spreads
EagleFX offers upwards of 50 forex currency pairs including all majors, while crypto-to-fiat trades are also provided. Trade sizes begin at a competitive level of 0.01 lots, which expands to the maximum rate of 1,000 lots. A stand-out feature of EagleFX, and one we think should be offered by more modern forex companies is its uninterrupted service. Clients can enjoy both 24/7 customer service — via live chat, email and phone contact — as well as 24/7 trading. Another feature worth mentioning is that EagleFX permits scalping trading strategies, something not offered by all forex platforms.
There are downsides to the fledgeling company, particularly when it comes to regulation. As a new startup, EagleFX is yet to secure international regulation and as such, remains unlicensed. This may sound alarm bells for veteran traders who rely on established and certified markets — especially if they are looking to engage in high-risk, high-reward and high-leverage market action. EagleFX has previously stated that the company is taking time to consider which regulatory body it would like to join so as not to exclude certain citizens or countries.
EagleFX offers tight execution spreads that are variable to ensure improved rates for users during times of low volatility. Spreads are displayed via the Live Spreads functionality on its website, which is automatically updated every 10 seconds for the most up-to-date market analysis. The website boasts an advanced pricing system that aligns its platform with major global markets to ensure optimal trading conditions around the clock.
Leverage ratios can be determined by the account holder after opening an account with the minimum deposit of $10. Leverage rates are set to the preference of the account holder. The minimum leverage lies at 1:25 and extends to the maximum of 1:500 depending on the instrument, which entails no limits on account size in addition to no position limits. For those equipped with a higher threshold when it comes to taking trading risks, it is possible to implement leverage into your EagleFX deals at the following maximum rates:
- Crypto – 1:100
- Energies and indices – 1:200
- Forex and metals – 1:500
This is a bold offering and one that seems designed to attract aggressive traders. However, it is worth remembering that higher leverage rates can entail greater losses, and as such, risk management is key. This is why it is also worth noting that EagleFX has partnered with a number of financial entities ensuring adequate levels of liquidity are available. In fact, EagleFX has acquired Tier One liquidity via Deutsche Bank and Barclays. Furthermore, EagleFX also uses Straight Through Processing (STP) to give traders direct access to the platform as opposed to relying on third-party providers, which means that a broader spectrum of traders will be well catered for.
The bottom line
High-leveraged forex, CFD and STP-ECN trading are all available from this up-and-coming broker. Pending its promised membership to an internationally recognised regulatory body, EagleFX will certainly catch the eye of fearless traders looking to take advantage of high leverage, low spreads and a range of asset classes including crypto, major forex pairs, commodities and stock market indices. You can open a free demo account with EagleFX right now to test out the trading environment and decide whether or not it is the right forex and crypto platform for you.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.