EagleFX Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Because spreads and fees will be associated with every trading product, it is essential for you as a trader to have a solid understanding of how much each individual trade will cost you. Because smaller time frame traders often receive a lesser pip payout for each trade, spreads and fees are of much greater significance for these traders. EagleFx is a STP/ECN broker that offers incredibly cheap costs and spreads that are exceedingly tight, giving it a fantastic environment in which to trade. Because they are not a market maker, they do not engage in any pricing or spread manipulation in an effort to discourage trading. Instead, they simply forward your order to the liquidity providers they work with.
The trading circumstances that are provided by EagleFx are ideal for forex traders, particularly novices and scalpers who are just starting out. When it comes to conditions, this broker is genuinely exceptional because of its low spreads, access to tier 1 liquidity, swift execution speeds, and huge leverage. It is an excellent platform for beginners to experiment and learn on because the minimum investment required is only $10. Beginners may benefit from this.
The majority of forex brokers are subject to regulation by regulating
organizations, which means that they must adhere to several stringent laws and
regulations. Because of these restrictions, the broker, and more crucially, the
customers, are protected from a variety of possible dangers. These dangers
include not making payments, engaging in stop hunts, being subjected to unjust
terms, and not providing clients with fund insurance or protection.
EagleFx is fully unregulated by any monetary authority despite having its
headquarters in Dominica, which is part of the Commonwealth of Dominica. This
indicates that your financial resources are at danger when working with this
broker, and you run the risk of becoming a victim of unfair trading conditions
and a lack of protection from regulatory organizations in the event that the
broker defrauds you.
The broker employs Bitcoin Cold Storage to protect customer assets despite the
fact that it is not subject to any regulatory oversight. Because this takes
place entirely offline, the bitcoins in question are inaccessible to
cybercriminals; as a result, the security of the money should be improved.
Having said that, the funds belonging to customers are not backed or guaranteed
by any regulating organization or authority, which indicates that they are
subject to every possible danger.
Is EagleFx a fraudulent company? They are not a fraud, but there is a far
greater potential for loss when compared to authorized brokers. People choose
this broker because of its offshore location, which allows it to provide a big
leverage of 1:500 to its customers and accept customers from countries that
other brokers prohibit them from doing business with. You are much better off
utilizing a forex broker that is licensed and also offers deposit insurance for
customers. This way, you can rest certain that your money will be protected, and
you won't have to deal with any unfavorable terms or problems withdrawing your
funds.
Because retail forex traders spend so much time each day and week staring at our
screens in search of the finest opportunities to trade, it is very essential for
us to make use of a trading platform that provides us with the best possible
odds of being successful. So, what kinds of platforms are available to traders
that use EagleFx? They make MetaTrader4 available for use on personal computers,
mobile devices, and online traders, so that it is reachable by all customers.
Since I've been trading forex for the past five years, I can confidently say
that MT4 is the platform that has the most users worldwide. It does not feature
a lot of sophisticated capabilities for charting or order execution, but that is
precisely one of the reasons why traders like it so much - the platform's
overall straightforwardness. On a fundamental level, MT4 provides everything you
could possibly want, including order execution, a lot size calculator,
straightforward charting tools, indications, expert advisors, and several time
frames.
It's a shame that Eaglefx only offers MT4, since many traders, like myself,
really prefer the newer, more up-to-date platforms. It's a bad that Eaglefx only
offers MT4, because it's a shame that Eaglefx only offers MT4. If you are just
using MT4, my recommendation is that you switch to Tradingview.
Because this broker provides its customers with such a comprehensive selection
of the most common deposit and withdrawal methods including one that is
unavailable at the majority of other brokersit is the preferred option for
certain retail traders. These are the ways currently available for deposits:
Bitcoin, Visa/Mastercard
Transfer Via Wire
The following ways can be used to withdraw funds: bitcoin, paypal, coinbase, and
prepaid debit cards.
The lowest amount that may be deposited using any of these ways is ten dollars,
and there are NO FEES associated with any of them. EagleFx. is an excellent
option for novice traders who want to hone their abilities without making a
significant financial commitment due to the fact that they need such a little
minimum deposit, in addition to the fact that they accept both PayPal and
Bitcoin as payment methods.
The fact that they are able to conduct bitcoin transactions thanks to the fact
that they are an offshore broker is a big benefit for some traders.
There are no fees associated with withdrawals, and the customer service team
reviews withdrawal requests on an hourly basis in order to fulfill them as
swiftly as humanly feasible.
In general, withdrawals are handled within 24 hours, but if yours is taking
longer than that, you should contact the support service via live chat, which is
available around the clock, to find out the status of your money. According to
traders' reports, which I've gleaned both from my personal experience and
through my study on online forums, withdrawals are processed quite quickly.
When there is a problem, there are several different ways to get in touch with
EagleFx in order to receive customer service from the company. It's good to know
that this isn't one of those brokers where it's nearly hard to get in contact
with them for support because I've used brokers in the past when that was the
case.
The website includes a live chat facility that is available around the clock,
making it likely the simplest and most expedient way to communicate with the
broker. There are other ways to get in touch with the support staff, and
although I've only used it twice so far, both times the customer service
representatives were quite quick to respond and helpful.
Chat available around the clock.
Creating a ticket for customer support (15 minute response time)
Making a request for a phone call
Dominica, Commonwealth of: Address: 8 Copthall, Roseau Valley: 00152 Country:
Dominica
As you can see, there is a large variety of ways to get in touch with someone;
yet, unfortunately, there is neither an email address nor a phone number that
you may use to get assistance. When a broker does not post a phone number for
consumers to contact, I find it a little concerning; yet, if they do give a call
back option, this indicates that they must have people genuinely working on a
premises. Does the absence of a phone number on the EagleFx website imply that
the company is fraudulent? No, of course not; yet, you should keep this in mind
since it is important.
It is wonderful that forums now have reviews from thousands of traders from all
over the world. This enables us to truly see if our experiences with a broker
are the same across the board. The retail forex market has exploded over the
past few years, and as a result, forums now have reviews from traders from all
over the world.
It is rather unusual to find an unregulated broker with a reputation as positive
as this one has online in trading groups. This broker has a really outstanding
reputation online. On ForexPeaceArmy, they have been given a score of four out
of five stars, and there are a reasonable number of reviews from traders who are
pleased with the terms and have no issues.
This data collection is not the most credible we have come across because there
are not currently a great number of reviews available at this relatively new
broker. Traders that give a broker only one star are often complaining about the
spreads and claiming that the broker is unfairly keeping them from participating
in certain markets. Because EagleFx is a STP broker, which means they have no
influence whatsoever on the spread or price of the commodity being traded, and
because the information is coming directly from their liquidity sources, I am
unable to confirm whether or not this is accurate. Bear in mind that many
inexperienced traders have absolutely no concept of the bid/ask spread.
In a nutshell, due to the fact that it is not regulated by any monetary agency,
EagleFx is a broker that carries a high level of risk. This is a highly
appealing broker for traders since it offers a leverage of 1:500, minimal fees,
a low minimum deposit requirement, and a variety of outstanding financing
choices. Since it first began in 2019, it also has a reputation that is almost
entirely spotless. Having said that, the broker is still unregistered, which
means there is a significant amount of risk involved. Traders should always
trade with registered brokers so that their capital is at a lower risk of being
stolen or lost due to fraud, unfair conditions, manipulation, and so on.
Trading in foreign exchange (FX) and contracts for difference (CFDs) are both
available through EagleFX's MT4 platform. If you follow this review, you will
have a detailed explanation of the steps involved in the verification procedure,
as well as information on the commissions, minimum deposits, and demo accounts.
Is EagleFX a regulated company or a fraudulent operation?
EagleFX Ltd. is a Straight Through Processing (STP) brokerage that has won many
awards and has its headquarters in Dominica. The broker is utilized by tens of
thousands of traders on a global scale, ranging from Indonesia to Nigeria. The
supplier provides desirable ECN trading circumstances in addition to incredibly
quick execution rates. Additionally, articles on the firm have been published in
respected magazines such as Forbes and Finance Magnates.
Users who register for the broker's single account get access to the industry's
most popular trading platform, MetaTrader 4, allowing them to trade on a broad
selection of assets around the clock. The company's owner and chief executive
officer have also launched online poker games for the site's customers.
Sites like EagleFX in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.