EagleFx Review: Fraudulent Broker Luring Around

This is the EagleFx Review. Here, we have analyzed a fraudulent offshore broker from the Commonwealth of Dominica.

The EagleFx broker is unregulated and unlicensed to provide services in countries with strict regulations. Many traders wrote complaints against the broker.

What is more, we strongly advise you not to invest in Kot4x, Status Markets, and QuantumAI fraudulent brokers.

Is EagleFx a Scam Broker Without License?

This EagleFx, or EagleFx Ltd, is based in the Commonwealth of Dominica. However, the entity isn’t registered with the Dominican FSU.

Regardless, Forex trading is not regulated in that offshore domain so there’s no way that EagleFx could ever be a safe brokerage.

That increases the risks of trading with this provider so we suggest you avoid investing money and find a licensed broker.

EagleFx is an unregulated offshore broker that offers FX, CFD, and crypto trading. The shady broker’s website was visited mostly by traders from Poland, the US, the Czech Republic, the Netherlands, Malta, and more.

Why Is Trading On a Licensed Broker’s Platform Preferable?

Trading with a licensed broker is much safer. Preferably, Tier 1-licensed that operate under the jurisdiction of the FCA, FINMA, ASIC, BaFin, etc.

That way, you’ll get benefits such as negative balance protection, segregated funds, a compensation scheme (e. g. up to 20,000 EUR), and leverage restriction (1:30).

Financial Watchdogs’ Red Flags and Warnings

EagleFx was up to no good. As mentioned, the broker is unlicensed and doesn’t possess the necessary permits to provide services onshore.

We found that one regulator reacted to this offshore hoax. Namely, the Canadian OSC issued an official warning against EagleFx.

EagleFx Available Trading Platform

As far as the EagleFx trading platform portfolio goes, the broker offers MetaTrader 4 and WebTrader. Basically, traders can choose between renowned trading software and a rudimental web-based platform. 

We checked the former and it seems it’s the real deal, i. e. not some cheap demo version. MT4 is always good news but the worrying fact is EagleFx’s unregulated status, which increases the likelihood of the platform being rigged.

MetaTrader 4 for Windows

This is the quintessential trading platform. The Windows version of MT4 provides a series of advanced features such as automated trading, multiple timeframes, instant execution, etc.

The download link can be found on the EagleFx website. However, you must be careful and bear in mind the complaints about the platform being unreliable and manipulated. 

MetaTrader 4 For Android

EagleFx offers two versions of MT4 – a desktop and a mobile version. The latter has some advantages in terms of convenience such as trading on the go.

But, its desktop counterpart is superior and offers a more comprehensive overview of trading. Just be careful with both versions.

WebTrader

The other EagleFx trading platform is WebTrader. Unlike MT4, this particular browser-based terminal is oversimplified. 

There are no advanced features or tools. All traders can use is some basic graphs and charts. It’s subpar to MT4.

What Traders Are Saying About EagleFx

At the time of this writing, EagleFx had 119 reviews to its name on Trustpilot. On the site, we found numerous complaints against the broker. We also visited ForexPeaceArmy.

Most point to the fraudulent platform and withdrawal issues. Also, EagleFx demands that clients pay a fee in advance before allowing a withdrawal, which is illegal.

This platform is definitely not regulated. I paid every fee asked by my personal advisors so i could cash in my earnings, but unfortunately, i was left unattended to…

• Trustpilot user, February 10, 2023.

I have a terrible experience with EagleFX. How on earth will you hold a withdrawal from 29 April 2022 up till today (10 November 2022)… It shows that EagleFX confirmed the withdrawal, however, the withdrawal process has not been completed…

• ForexPeaceArmy user, November 10, 2022.

EagleFx’s Trading Assets and Instruments

EagleFx offers an abundance of instruments. Traders can choose from FX pairs, crypto assets, and CFDs on various traditional options. There’s also a Futures option for the dollar. Let’s look at the EagleFx trading assets with some examples:

• FX pairs – EUR/USD, CAD/JPY, NOK/SEK…
• Indices – AUS200, ESP35, US100…
• Commodities – gold, silver, oil;
• Shares – Moderna, Netflix, Facebook…
• Crypto – BTC, IOTA, BNB…

EagleFx Service Countries

For this one, we checked similarweb.com as well as client complaints. In the last three months, the total visits to the EagleFx website dropped from 115k to 77k. Here’s a list of countries where the site visitors live:

• Poland (35%);
• US (33%);
• Netherlands (16%);
• Malta (3%);
• Czech Republic (1%);
• Other (9%).

We also saw complaints from UK, Nigerian and Canadian traders. Only the OSC issued a warning against EagleFx.   

What Are The Different EagleFx Account Types?

EagleFx offers just one live trading account type – the Standard account. It requires a minimum deposit of 10 $ and offers leverage of up to 1:500 & spreads of around 1.5 pips. 

Traders can use both trading platforms with this account. Before creating this account, traders can try out a demo version.

Can a Trader Use a Demo Account?

Yes. Traders have the possibility to use a demo account. This is great for practice but keep in mind that opening a live account is another story. Investing real money is riskier and that’s when fraudulent brokers show their real face.

Leverage, Spreads, and Fees

The leverage cap is 1:500, which is what offshore brokers usually offer. Extremely high leverage is risky and often bears enormous losses.

For the benchmark EUR/USD pair, the spreads are 0.9 pips and the commissions are 6 $ per round lot. Basically, the trading costs are around 1.5 pips on average, which is the industry’s standard.

What Methods Of Deposit And Withdrawal Does EagleFx Accept?

According to the website, EagleFx doesn’t charge any deposit or withdrawal fees. As for the funding methods, there’s a variety:

• Credit/debit cards;
• Wire transfers;
• E-wallets (Western Union, PayPal, Skrill…);
• Crypto (BTC & ETH).

It seems that traders have to contact the broker directly for all payment methods except crypto. This comes as no surprise since dubious offshore brokers love their crypto. They also love to redirect traders to buy crypto coins, which allows them to remain anonymous.

EagleFx Protection Of Client Funds

EagleFx listed some security measures on its website. This includes Bitcoin Coin Storage, a risk-management plan and tier-one processing.

We highly doubt this. Offshore brokers are required to pay a far lower amount to set up a business in their respective domains than onshore brokers. 

They don’t have to fulfill all these conditions. If EagleFx really provides these perks, then great! If not, then that’s a despicable lie.

EagleFx Terms & Conditions – What You Need to Know

The first thing we checked is whether there is a shady bonus policy. Fortunately, there is not. The T&C section seems legit. Still, you should be really careful with EagleFx.

What Should I Do If I Have EagleFx Problem?

If the broker violates any terms and conditions or gives you withdrawal issues, let us know. Our team of experts has experience dealing with broker frauds.

Whether it’s bank chargebacks or crypto tracing using CipherTrace, our team does it all. If you’re a victim of EagleFx, book your free consultation with us and see what you should do.

If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.