EagleFX Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of EagleFX in Singapore
EagleFX is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of EagleFX for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of EagleFX for traders from Singapore. 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 Singapore
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 Singapore. 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 Singapore. 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.
Expert Review of EagleFX
EagleFX is a Forex broker that provides its services to novice and experienced traders. The company aims to cooperate with active traders; consequently, there are no programs for passive earnings. The exception is the availability of a multilevel referral program. To start trading, the user only needs to make a deposit of $10 if the transaction is carried out via Bitcoin, or $50 if depositing funds in another way.
The company uses ECN and STP technologies. Thanks to them, the traders receive instant order execution without slippage. They also trade with minimal spread indicators. This method of execution provides traders with a variety of trading strategies, including scalpers, to trade with EagleFX. Bitcoin cold storage is responsible for storing clients’ capital, that is, funds are not stored on the company’s servers and are protected from hacking by fraudsters.
It should be noted, however, that the activities of the EagleFX broker are not regulated by any authority. There is no cooperation with compensation funds that can compensate traders for their loss if EagleFX becomes insolvent.
FAQs
Is EagleFX legal in Singapore?
Yes. EagleFX operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with EagleFX? Does the broker offer courses for traders from Singapore?
Yes, EagleFX offers good trading courses and a lot of educational information for clients from Singapore.
Can EagleFX be trusted? Has the broker been operating in Singapore long?
EagleFX has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with EagleFX.
Is EagleFX suitable for novice traders from Singapore?
Yes. EagleFX offers optimal trading conditions and good education for beginners from Singapore.
How efficient is EagleFX customer support in Singapore?
EagleFX offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has EagleFX had any incidents involving theft of funds of clients from Singapore?
No. EagleFX provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if EagleFX violates my rights?
Yes. If EagleFX violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can EagleFX clients from Singapore use the broker’s mobile app?
Yes. The mobile app of EagleFX is available for the clients from Singapore.
Does EagleFX provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by EagleFX.
How can I withdraw funds from my account at EagleFX in Singapore?
EagleFX supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!