EagleFX, a financial firm located in Dominica, is one of the newest brands in the increasingly competitive brokerage space. As it is wired with unique features, it immediately gained market attention and popularity despite being founded just last year. Its main office is situated in Roseau and the company is known for its optimum CFDs and Forex solutions. While it is still a tad new broker, it managed to find its place in the industry by providing efficient tools for trading.
According to its website, it offers Straight Through Processing (STP) for trading. As it purely works through this, trades are no longer required to pass through a dealing desk. This guarantees a trading experience devoid of requotes and price manipulations. It also prides itself for having various top-tier liquidity networks, giving clients the opportunity to ramp up trading benefits through lightweight and secured connectivity.
For a company that debuted just recently, it is impressive to see that its asset classes are of decent selection. It grants access to over 55 currency pairings and 30 virtual coins. It also provides CFDs for stocks, oil, metals, and other commodities. All these can be traded through web, mobile, and even through electronic communications network.
EagleFX Legitimacy
This aspect is one of the downsides that EagleFX carries. The absence of a license from any financial regulator attests that it is most probably a fraudulent financial firm. Not only does it operate without any regulator, it also offers services to clients in the United States without any permits.
Upon checking its official site, it managed to stay transparent by providing an AML policy, privacy policy, and terms and conditions at the bottom of its website. But that is all that the company has in terms of regulation, nothing more. There are no discussions about regulatory compliance, and it only bears little information about its location.
The mention of its location led this review to identify this broker as a fraudulent company. The jurisdiction of Dominica does not recognize Forex as a legitimate service. While the government documents forex companies, it highly suggests that its citizens opt out from subscribing. Moreover, the availability of its services in the United States remains sketchy as it does not hold any operating permit from the Commodity Futures Trading Commission.
Account Selection
For interested parties who still want to subscribe with EagleFX, they may open a demo account first before opening a live account. The demo account bears similar functionality as the live account and is helpful in providing a comprehensive overview of how the system works. This brokerage firm’s demo account stands far from other mock account in the market mainly from the absence of time limit. This does not restrict clients from practicing in a simulated environment, allowing them to learn before opening a live account.
EagleFX likes to keep it simple by providing one standard account. Far from the typical three-to-five selection, this broker inarguably lags behind the industry standard. Its live account is equipped with a unique vault that holds fiat and virtual currencies. It also has a thick fiber of protection since Two Factor Authentication is wired to secure finances.
If you happen to be a trader that complies with the Sharia Law, you may then convert the live account into an Islamic account. To successfully do this, one is suggested to directly contact the support team and ask for further directives. There are also swap-free accounts that come advantageous since they only incur administrative fees.
Other Features
Customer Support- It can be noted that this broker is a trader-centered firm since it provides a wide selection of communication line for clients. The Live Chat feature and the Call Back service render a higher degree convenience for traders in need of real-time resolutions.
ECN- The availability of such enables clients to directly connect to other account holders and liquidity providers of their choice. Top-tier liquidity providers such as Barclays and Deutsche Bank are available, giving clients the chance to increase their profitability through high level of liquidity.
Mobile Trading- As this is a MetaTrader-powered platform, it provides the mobile version of the system. It is supported on both iOS and Android, giving clients the opportunity to trade at their own convenience.
Fund Transfers– What came as one of the interesting things about this is its charge-free transactions on capital movements, be it deposits or withdrawal. Adopting this kind of policy benefits clients well since overhead charges remain a drag in every transaction.
Conclusion
While there are many things about EagleFX that deserve commendations, we cannot simply dismiss the absence of its regulatory body. This aspect remains a critical factor for a brokerage firm to be called a legitimate one. Sure, it has decent, almost diversified asset selection but that does not erase the regulatory concern for potential clients. It is only after it provides a license that it would be reliable. Until then, interested parties are suggested to look for better options.
