EagleFX vs SimpleFX - Fees Review included
Which broker is better EagleFX or SimpleFX? Our expert assessment conducted according to TU’s own methodology showed that EagleFX is one of the top brokers in the financial market with the TU Overall Score of 6.13 out of 10. SimpleFX is one of the top brokers in the financial market with the TU Overall Score of 6.48 out of 10. Find out more about TU Overall Score.
| Feature | EagleFX | SimpleFX |
|---|---|---|
Overall |
2.5 |
3.3 |
1 |
1 |
|
4 |
3.5 |
|
3.8 |
3.3 |
|
Investment Instruments |
1 |
2.5 |
Platforms and Charting Tools |
2.7 |
4.1 |
Deposit and Withdrawal |
2.3 |
4.0 |
Research |
2.4 |
1 |
Education |
2.9 |
1 |
Support |
4 |
3.2 |
Bonuses |
1.5 |
4.1 |
|
|
|
EagleFX vs SimpleFX: Pros and Cons
EagleFX assists traders in trading on the Forex market. The company is registered in the Dominican Republic and provides financial services to traders from all over the world. EagleFX offers clients the following instruments: stocks, currency pairs, cryptocurrencies, commodities, and indices. Trading using the service of copying transactions, automated programs, and PAMM accounts is not provided.
The SimpleFX broker was registered in the state of Saint Vincent and the Grenadines in 2014 and provides services to traders globally. A distinctive feature of this company is that the broker provides its clients with the opportunity to open accounts and withdraw funds in cryptocurrency. The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. At the moment, there are no awards in the SimpleFX asset.
| EagleFX | SimpleFX | |
|---|---|---|
| Overall Pros | Registration with the site and opening an account take only a few minutes. | the ability to open an account in cryptocurrency |
| The demo account is free and available to traders for an unlimited amount of time. | the minimum deposit amount is $1 | |
| You can contact support at any time of the day, any day of the week. | ETH 2.0 Staking | |
| The STP technology is used for fast order execution. | ||
| You can trade using PCs, tablets, and mobile devices. | ||
| To protect clients’ funds, the broker uses a cold storage method. | ||
| Overall Cons | There are no passive income programs. | Not regulated |
| There are no educational articles, videos, or courses on the broker’s website. | The broker's website lacks key information about spreads and trading conditions | |
| Not regulated at all | No bank transfer withdrawal |
EagleFX vs SimpleFX: Safety and Regulation
| Regulated By: | EagleFX | SimpleFX |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
No |
The SimpleFX broker is registered as an international financial company (IBC), but its activities are not subject to the financial regulator. |
EagleFX vs SimpleFX: Trading Conditions
| Trading Conditions | EagleFX | SimpleFX |
|---|---|---|
Minimum Deposit |
$10 |
$1 |
Trading Platforms |
MetaTrader 4 for Windows, iOS, Android, WebTrader |
MetaTrader 4, SFX |
Max Leverage (Futures) |
1-500 |
1-500 |
Supported Markets |
Fiat currency, cryptocurrency, indices, commodities, shares |
Currencies, stocks, indices, commodities, cryptocurrencies |
Trading assets |
102+ |
70+ |
Trading Accounts |
Real, demo-account |
Standard |
Base Account Currencies |
USD, BTC, GBP, and EUR |
USD, cryptocurrencies |
EagleFX vs SimpleFX: Fees
Forex Trading Fees
| Fee | EagleFX | SimpleFX |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | EagleFX | SimpleFX |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | EagleFX | SimpleFX |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
FasaPay e-wallet - 1%, Skrill and Neteller – 3%, crypto - free |
Inactivity Fee |
No |
Yes |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
EagleFX vs SimpleFX: Trading Assets
| Asset Name | EagleFX | SimpleFX |
|---|---|---|
Overall |
102+ |
70+ |
Forex |
Yes |
yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
EagleFX or SimpleFX: Investment Programs
| Asset Name | EagleFX | SimpleFX |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
ETH 2.0 staking |
Trading Platforms: SimpleFX or EagleFX
| EagleFX | SimpleFX | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
No |
SimpleFX |
Others |
No |
No |
|
|
|
EagleFX vs SimpleFX: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | EagleFX | SimpleFX |
|---|---|---|
Bank Transfer |
No |
No |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
Yes |
Yes |
EagleFX vs SimpleFX: Research
| Research Type | EagleFX | SimpleFX |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
No |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
No |
No |
E-Mail Reports |
No |
no |
EagleFX vs SimpleFX: Education
| Education Type | EagleFX | SimpleFX |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
No |
No |
Articles |
No |
No |
Videos |
No |
No |
Cent account |
No |
no |
SimpleFX vs EagleFX: Support
| Support Features | EagleFX | SimpleFX |
|---|---|---|
Working Days |
24/7 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
No |
Online chat |
Yes |
Yes |
Other |
Callback |
No |
EagleFX vs SimpleFX: Forex Bonuses and Promo
| Promo | EagleFX | SimpleFX |
|---|---|---|
Forex Bonus |
No |
First deposit bonus |
Affiliate Program |
EagleFX has the multi tier affiliate program. Tire 5 affiliates gets a $0,05 per lot traded, Tire 4 $0,15 per lot traded, Tier 3 $0,3 per lot traded, Tier 2 $0,50 per lot traded and Tier 1 $4 per lot traded |
SimpleFX Affiliate. The client of the company can earn extra income by attracting new clients: up to 25% of the spread of the invited trader and 5% of the spread of the traders who were invited by the invited traders. |
Other Promos |
||
|
|
|
Top 5 Reviews on SimpleFX
-
Comment
I never thought that I would be able to let myself be deceived. Last year I fell for the tricks of this SimpleFX company. They swindled $10,000 out of me. And after a month of trading with a mentor, there was nothing left in my account. Be careful!
-
Comment
Blatant deception, your money was used, in the end you are in the zeros and nothing more
-
Comment
About a month ago, my account was reset. Just one, and one zero. Luckily there wasn't much money. Support says "it's just a glitch". But they can't restore it! So draw your own conclusions.
-
Comment
A broker that offers accounts with standard terms. I traded with him for six months, but I could not reach a normal income. It seems that the spreads are not so high, but the profit that I expected when opening an account was still not there. I think that this is due to the speed of order execution - SimpleFX does not have it very good. More precisely, it is suitable for intraday traders, but for high-frequency trading it is better to look for another broker. SimpleFX also has advantages. For example, you can open a cryptocurrency account with this broker. You can also withdraw income in crypto. Leverage for majors is high - up to 1:500. In general, a normal intermediary, but definitely not for scalpers.
-
Comment
SimpleFX is a mid-level company, so I can't say anything particularly bad. Everything is fine here, both the terms and the quality of work. There's not much to praise either. But I've been with them for a few years now)
Top 5 Reviews on EagleFX
-
Comment
I use the services of Eagle FX and have some comments. Overall, the platform is not bad, I compared it with other brokers. I'm glad it's an honest company. For me, this income was not difficult. I continue to trade.
-
Comment
I work with several brokers at once. Order execution at EagleFX sometimes slows down in a volatile market, but I have seen this with many brokers. Also, there are withdrawal delays, but not long. Quotes are normal, as with other brokers. I didn’t notice any drawings or quote manipulation.
-
Comment
Before opening an account with EagleFX, I worked with other brokers, but my results were not very good, and once I was even severely deceived. So, from the very beginning, I was very cautious. But fortunately, my fears were not confirmed. I already have results, and I am not worried about anything like I was six months ago. I have withdrawn profits of about $500 during this time. Therefore, I consider EagleFX to be quite good.
-
Comment
EagleFX offers conditions under which it is possible to increase a deposit. Of course, this requires a trading strategy. By the way, any strategy can be used here because there are no restrictions. The platform works quickly, you can trade both intraday and medium-term. EagleFX withdraws profits without any problems.
-
Comment
A drawback of the EagleFX broker is the lack of diversity in account types. The company offers only one type of account, the classic one. However, the conditions are quite good. The spreads on various assets are low, contributing to increased profitability. Positive swaps can be selected, making medium-term trading relevant. The customer support at EagleFX is weak, but I have only encountered it twice.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
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!