EagleFX Nigeria Review 2024 - TU expert opinion
Is the Forex market legit in Nigeria?
Performance of foreign currency buy/sell transactions in the Forex market is fully legal. Specialists of the Central Bank of Nigeria regulate the transactions and the income from trading must be declared and taxed. Forex trading industry is actively developing in the country, without foreign brokers entering the market, although the sector is weakly regulated at the moment.
Under the law of Nigeria, traders need to pay taxes and declare income. The financial regulator of Nigeria does not impose restrictions on trading any assets. Trading in the financial markets with licensed brokers in Nigeria is carried out 24/5.
How to Trade Forex in Nigeria
In order to start trading in the Forex market in Nigeria, you need to choose a reliable brokerage company and register a trading account. Next, you need to pass verification and deposit money to your account. You can use a demo account for testing strategy or gaining experience, before you start real trading.
Our Evaluation of EagleFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
EagleFX is a moderate-risk broker with the TU Overall Score of 5.81 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by EagleFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
EagleFX is a broker for active traders who trade Forex assets. Experience in trading is optional, the company is ready to cooperate with both professionals and beginners.
Detailed Review of EagleFX in Nigeria
EagleFX is a good choice for traders from Nigeria. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
EagleFX is a company that aims to cooperate with active traders and provides optimal trading conditions for both newcomers to the Forex market and professionals. The broker is also suitable for traders who are engaged in scalping, hedging, and trading on the news. The high speed applies not only to the execution of trades but also to deposits, withdrawals, and communications with the EagleFX support team.
EagleFX by the numbers:
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Opening a trading account takes no more than 5 minutes.
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The minimum deposit is $10.
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A trader can open an account in one of 4 currencies.
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The maximum leverage is 1:500.
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The maximum time for crediting funds is 6 hours.
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The response speed of the support service in the online chat is 1 second.
Advantages of EagleFX for trading in Nigeria
Traders Union analysts conducted a detailed analysis of EagleFX for traders from Nigeria. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
The demo account has no time limits, and the trader can use it as long as he sees fit.
The broker offers multiple ways to contact support.
There are no non-trading commissions.
EagleFX offers a tiered affiliate program.
MetaTrader 4 is used as a trading platform.
Analysis of the Main Features of EagleFX in Nigeria
Traders Union analysts analyzed the key features of EagleFX for traders from Nigeria. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for EagleFX traders from Nigeria
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of EagleFX trading conditions for traders from Nigeria. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4 for Windows, Android, WebTrader
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📊 Accounts: |
Real, demo-account
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💰 Account currency: |
USD, BTC, GBP, and EUR
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💵 Replenishment / Withdrawal: |
Bank transfers, Instacoins, Bitcoin
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🚀 Minimum deposit: |
10 USD
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⚖️ Leverage: |
1:500
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
floating
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🔧 Instruments: |
Fiat currency, cryptocurrency, indices, commodities, shares
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💹 Margin Call / Stop Out: |
100% and 70%, respectively
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🏛 Liquidity provider: |
No information
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
STP, ECN
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⭐ Trading features: |
WebTrader; Guides; Affiliate program.
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🎁 Contests and bonuses: |
No, except for the affiliate program and the Traders Union bonuses program
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EagleFX Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by EagleFX for traders from Nigeria. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Experts at the Traders Union analyzed EagleFX to reveal hidden fees, as well as to establish the amount of trading and non-trading fees. There is no commission for withdrawing funds, but the trader should take into account that when the funds are distributed by the blockchain system, a fee of 0.0005 BTC is charged. There are no fees for inactivity on the account, its maintenance, or the delivery of quotes. There is no commission for replenishment of the deposit or the withdrawal of funds. The spread is floating, the trader can find out the exact size of the spread for a specific instrument on the trading platform.
Account type | Spread (minimum value) | Withdrawal commission |
Real | from $19 | No |
It charges a swap commission for the transfer of transactions to the next trading day. There are no Islamic accounts at EagleFX.
The Traders Union also compared the indicators of trading commissions in EagleFX with those of its competing companies such as RoboForex and FXPro. As a result of the comparison, each of the brokers was assigned a trading fee level. You can see the comparative results in the table below.
FAQs
Is EagleFX legal in Nigeria?
Yes. EagleFX operates legally in Nigeria. The broker holds the necessary licenses.
Can you learn trading with EagleFX? Does the broker offer courses for traders from Nigeria?
Yes, EagleFX offers good trading courses and a lot of educational information for clients from Nigeria.
Can EagleFX be trusted? Has the broker been operating in Nigeria long?
EagleFX has been operating in Nigeria quite long and has a good reputation. Therefore, traders can work with EagleFX.
Is EagleFX suitable for novice traders from Nigeria?
Yes. EagleFX offers optimal trading conditions and good education for beginners from Nigeria.
How efficient is EagleFX customer support in Nigeria?
EagleFX offers a sufficient number of ways to contact customer support in Nigeria, and also provides support in the state language.
Has EagleFX had any incidents involving theft of funds of clients from Nigeria?
No. EagleFX provides reliable security of funds of clients from Nigeria.
Will I be able to file a lawsuit in Nigeria if EagleFX violates my rights?
Yes. If EagleFX violates your rights, you can file a complaint with the regulator of Nigeria, and then with a court.
Can EagleFX clients from Nigeria use the broker’s mobile app?
Yes. The mobile app of EagleFX is available for the clients from Nigeria.
Does EagleFX provide Nigeria market analysis?
Analysis of Nigeria is featured in the information provided by EagleFX.
How can I withdraw funds from my account at EagleFX in Nigeria?
EagleFX supports bank transfers and debit/credit cards of the banks operating in Nigeria.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.