Is Eaglefx Regulated? Is Eaglefx Scam? An Honest Review
When you want to start trading forex or you’re trading already and want to switch brokers, one of the most important things you should do is determine whether the specific broker is safe and legit.
To do this, there are several things you’ll need to consider including if the broker has the necessary security measures in place, whether it has implemented client protection strategies, and if it’s regulated. Once a broker ticks all these boxes, you can be reasonably certain that the broker is safe to use.
So, with that in mind, we’ll take a closer look at Eagle FX. Is EagleFX safe? Is EagleFX legit? Read on to find the answers to these questions and more.
Is EagleFX Legit?
To determine if a forex broker is legit, there are several things you should look at. For instance, you should look at whether the broker offers extensive support, whether it has the necessary measures in place to protect clients’ money, and, maybe more importantly, whether it’s regulated.
Measured against these aspects, EagleFX promises to offer 24/7 support to its clients. In addition, it also states that it has the necessary security measures and risk management plans in place to protect client funds. While this might count in its favor, EagleFX falls severely short in other aspects.
Is EagleFX Regulated
One of these aspects is that EagleFX is not regulated at all. As such, it does not fall under the jurisdiction and oversight of any country, regulator, or other institution. When considering the right broker, this could be a definite warning sign.
In addition, EagleFX does not cooperate with any compensation funds in any way, which means that no fund can compensate you for your loss if EagleFX becomes insolvent. Ultimately, this means that EagleFX has little to no client protection in place.
Is EagleFX Legit in My Country?
On its website, EagleFX has no indication about which countries its services are available in. It goes only as far as to say that its website is not directed at any jurisdiction and is not intended for use where it’s contrary to any law or regulation. Also, as mentioned above, it’s not regulated in any country.
You could, therefore, assume that its services are available in all countries where forex trading is not prohibited if not regulated. In turn, this means that it’s prohibited in countries like the US where it must be regulated to operate. So, in a sense, one could say that EagleFX is a global broker that offers its services to traders around the world.
Is EagleFX Safe to Use or a Scam?
As mentioned earlier, EagleFX is not properly regulated by any authority or jurisdiction, and it has no client protection in place. As a result, we’re simply unable to guarantee the safety of EagleFX. In other words, we can’t with 100% certainty say that EagleFX is safe.
What we can say, however, is that due to its lack of regulation and client protection measures, and because of a large number of negative reviews about EagleFX, we can’t recommend the broker to any traders. We generally recommend that traders use regulated broke because of the protection they provide.
As you’ll see from our broker ratings, our top-rated brokers are regulated in the UK, Europe, or other countries.
EagleFX Background
Apart from knowing that Eagle FX was established in 2019 and that the company is registered in the Dominican Republic, other details about EagleFX are scarce. As a result, we’re unable to provide in-depth details about the background of the company. This, in itself, could be a warning sign.
EagleFX Pros and Cons
Let’s now look at some of the pros and cons of EagleFX.
👍 EagleFX Pros
The pros of the platform include:
• The registration and account opening process is relatively straightforward and only takes a few minutes to complete. This means you’ll be able to open an account quickly and effortlessly if you want to test the platform.
• The platform offers a demo account that is free and available to you for an unlimited amount of time. A demo account is a very valuable tool that allows you to learn to trade and test out new strategies. However, many brokers often limit the duration for which you can use the demo account.
• The platform’s support is available 24/7 which means you can contact support at any time of the day.
• EagleFX uses STP technology for fast order execution. This means that every trade is executed directly which excludes the possibility of price manipulation.
• The platform is available on a range of devices including PCs, tablets, and mobile phones.
👎 EagleFX Cons
Unfortunately, there are some cons to using EagleFX too and, as mentioned above, some of these cons are significant:
• No regulation. As mentioned earlier, EagleFX is unregulated. Regulation gives you a safety net and peace of mind that your funds are safe and that’s why we always recommend regulated brokers.
• No client protection. With the total lack of client protection, you can lose all your funds in the event EagleFX becomes insolvent.
• A lack of educational materials. Educational materials are important to teach you the core concepts of forex trading. EagleFX offers no educational materials like articles, videos, or courses on its website.
•No passive income options. EagleFX offers no passive income options like copy trading, automated trading, or managed accounts. This means the only way in which you’ll be able to generate a return is by trading yourself.
Best EagleFX Alternatives
Considering that EagleFX is unregulated and offers no client protection, we’ll advise you to consider alternatives. Now, the question is: Which brokers should you consider? As mentioned earlier, we always recommend regulated brokers, and from our Forex brokers list, we can specifically recommend RoboForex and Admiral Markets, which currently hold the top spots on our list.
RoboForex
Established in 2009, RoboForex is a broker that offers trading in forex, stocks, ETFs, indices, and more. It’s regulated by the IFSC in Belize, and it has several client protection measures in place including negative balance protection, a civil liability insurance program, and it’s a participant of The Financial Commission and The Commission’s Compensation Fund.
In addition, RoboForex offers a wealth of educational materials, trading tools, and in-depth analytics that aim to make trading easier and more profitable.
Admiral Markets
Founded in 2001, Admiral Markets offers its services to clients in 130 countries around the world. It offers these clients the ability to invest in and trade with forex, indices, stocks, commodities, bonds, and ETFs.
The company has 16 offices around the world and is regulated in the UK, Estonia, Cyprus, and Australia. In addition, Admiral Markets has implemented the necessary client protection measures and has a wealth of educational materials and analytics that can give you the information and knowledge you need to trade successfully.
FAQs
Why is regulation important?
Regulation means that a forex broker falls under the authority and oversight of a regulator. This, in turn, ensures that your money is safe.
What deposit methods does EagleFX offer?
EagleFX offers multiple deposit methods including credit/debit cards, Bitcoin, and wire transfers.
What is EagleFX’s minimum deposit requirement?
The minimum deposit requirement for EagleFX is $50.
Should I trust EagleFX?
As mentioned in our review, because EagleFX is not regulated and has no client protection measures in place, we can’t guarantee that it’s safe to use.
Team that worked on the article
Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.
His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).