If you’re a seasoned online trader, then you’ll know the importance of finding a suitable platform that meets your individual needs. While some traders look for platforms that host a significant number of financial instruments, others look for super-fast deposits and withdrawals.
With that being said, we decided to review the recently launched online forex and CFD platform of Eagle FX. We subsequently explored the funding process, the number of assets listed, trading fees, the availability of leverage, and more.
What is Eagle FX?
Eagle FX is an online trading platform that hosts a number of popular asset classes such as cryptocurrencies, forex pairs, stock market indices, and commodities. Once you’ve gone through the seamless account opening process and deposited funds, you can start trading straight away.
One of the first things we noticed was that the Eagle FX trading framework utilizes Straight Through Processing (STP). This is highly beneficial for online traders, as it means that each and every trade is executed directly on the platform, rather than using the services of third-party dealers.
This is fully complemented by a range of technical analysis tools and indicators – all of which are facilitated via the industry-standard MetaTrader4 platform.
Trading Arena at Eagle FX
In terms of testing out the Eagle FX trading platform, we initially decided to utilize the demo account feature. In doing so, we had access to the entire Eagle FX trading arena in USD, GBP, EUR, and BTC. This is hugely beneficial if you want to get a feel for how Eagle FX operates before depositing real money.
If you’ve used the conventional MetaTrader4 platform before, then you’ll be pleased to know everything remains constant at Eagle FX. Before we began placing trades, we decided to make some adjustments to the main dashboard.
We initially changed the candlestick bars from the default black/white to red/green and then adjusted the pricing time-frame. You have the option of viewing statistics on a minute-by-minute basis, up to month-by-month.
Next, we then explored what technical indicators we had at our disposal. We found the vast majority of indicators by simply clicking on the ‘Insert Indicators’ button at the top of the screen. This included Bollinger Bands, Moving Averages, Parabolic SARs, Standard Deviations, and even the Ichimoku Kinko Hyo. As such, highly experienced technical traders are fully catered for.
Executing Trades at Eagle FX
In terms of finding your preferred financial instrument, you can do this by scrolling down the list of assets on the left-hand side of the trading screen, or by simply searching for it in the search box.
Once you’ve found your asset and clicked on the respective buy/sell button, you then have a number of options to fully customize your preferred order. This includes stop loss and take profit orders, as well as pending orders such as buy and sell limits, and buy and sell stops.
When we had set-up our trading parameters and placed our order, the trade was executed immediately. This falls in-line with the platform’s decision to utilize Straight Through Processing, meaning that there is no requirement to use external dealing desks. Moreover, there were no concerns regarding pricing manipulation, as the platform does not engage in re-quoting.
We also had the option of implementing leverage into our trades, which is ideal if you have a high tolerance for risk. This ranges from 1:100 (cryptocurrencies), 1:200 (energies and indices), and 1:500 (metals and forex).
Upon exploring the Eagle FX order process in more detail, we found that the platform is partnered with a plethora of financial entities, subsequently ensuring that sufficient levels of liquidity are available at all times. In fact, the platform has Tier One liquidity provided by the likes of Barclays Bank and Deutsche Bank.
What can you Trade at Eagle FX?
We found that the Eagle FX platform is a bit thin on the ground when it comes to the number of tradable financial instruments available – at least in comparison to more main-stream forex and CFD brokers.
Nevertheless, Eagle FX lists in the region of 200 instruments, across four main asset classes. Over in the cryptocurrency department, traders can buy and sell a number of crypto-to-fiat pairs and crypto-cross pairs.
Forex traders are fully catered for, with a full range of major, minor and exotic pairs hosted at Eagle FX. We also came across 11 stock market indices, as well as commodities such as gold and oil.
As is standard with all forex and CFD instruments, you have the option of going both long and short on your trades. As such – you have the chance to make gains, even when the cryptocurrency markets are down.
How can you Fund Your Account?
Once we had tested out the demo platform, we then spent some time exploring the payments department. You can find the ‘Make a Deposit’ button within your main account portal. Once you click it, you’ll be given the option of depositing funds with Bitcoin, Visa/MasterCard, or via a traditional wire transfer.
Although there were no deposit fees to contend with, we were advised that it can take up to 6 hours for the funds to be credited. As the Eagle FX platform also claims to facilitate super-fast withdrawals, we explored what the process was like. We were given the option of cashing out to our private Bitcoin wallet, Coinbase wallet (for the purpose of then withdrawing to a bank account), or via a Prepaid MasterCard.
Once we had executed our withdrawal request to our Coinbase wallet, we were advised that the payments team process cashouts every hour. True to their word, we received our funds back in just over an hour, which is a major plus-point for traders seeking fast withdrawals.
As a final note, the minimum deposit and withdrawal amount is the equivalent of 10 USD/EUR/GBP.
What is Customer Support Like?
In the final part of our Eagle FX review, we sought to explore the level of customer support provided. The good news is that the customer support team works on a 24/7 basis, so irrespective of where you are based, you’ll have access to support around the clock. This includes a live chat facility, telephone hotline, and email.
When we tested the live chat facility out for ourselves, we were pleased to see that we were connected to a live agent straight away. We were also pleased with the concise response we received on our query – which was directly related to account deposits and withdrawals.
In summary, our end-to-end review of Eagle FX was largely positive. We found the trading arena itself highly comprehensive, with the MetaTrader4 platform providing us with all of the necessary technical charting tools we required. We also liked the fact that Eagle FX is accustomed to Tier One liquidity from major financial institutions such as Barclays and Deutsche Bank. This ensures that traders of all shapes and sizes are catered for, which again, is fully backed by Straight Through Processing (STP).
While the platform hosts a somewhat low 200 financial instruments across four main asset classes, it is important to remember that Eagle FX is still relatively new in the forex and CFD space. In fact, if you’re looking to specialize purely in crypto trading, you have access to 31 digital currency assets, including both fiat-to-crypto and crypto-cross pairs.
Ultimately, with leverage of up to 1:500 available, fast withdrawals and 24/7 customer support across live chat, phone and email – Eagle FX is well worth considering if you’re on the look-out for a new broker.