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Eagle FX Broker – Forextraders.com
EagleFX is a new entrant into the increasingly competitive broker space. Fortunately, it comes with a few unique selling points that mark it out from the crowd. Founded in 2019 it offers a broker platform which looks to combine tried and tested processes with the latest trading trends.


EagleFX is a new entrant into the increasingly competitive broker space. Fortunately, it comes with a few unique selling points that mark it out from the crowd. Founded in 2019 it offers a broker platform which looks to combine tried and tested processes with the latest trading trends.
The best example of them adopting an established top tier process is the selection of Meta Trader MT4 as their trade execution platform. EagleFX clients can benefit from using this powerful and robust platform which is something of an industry standard. Demonstrating their understanding of modern trading styles the platform offers up to 31 cryptocurrency markets. Other useful features include a support team available 24/7 that is able to support clients via live chat, email or phone.
Deposits and withdrawals of funds incur zero fees and can be for amounts as small as US$10. The broker also boasts of being able to facilitate same-day withdrawals which is something most other brokers do not. Once transferred funds are placed in the market traders can take advantage of very competitive trading spreads.
The company is registered in the Dominican Republic and is currently considering its options in terms of which regulatory body to align with. The customer support team explains: “We are currently researching which regulatory body we would like to consider for regulation. What we need to be careful of is that we don’t eliminate certain countries or citizens of the world so for that reason we are taking our time.“
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Who does this broker appeal to?
EagleFX does not try to be all things to all people. As a result, it has an agile functionality backed up by powerful software tools and an approach to trading that will be particularly appealing to a certain type of trader.
The EagleFX site itself is web browser-based and of very light touch. The services provided will appeal to those looking for simple functionality, excellent customer service and punchy leverage terms.
We have yet to come across a trader who doesn’t like to see zero commissions on cash deposits and withdrawals so that part of the EagleFX offering will appeal to all. The fact that withdrawals can be made the same day will also catch the eye of some.
The actual trading takes place through Meta Trader MT4 which is an established, robust system with a market-leading range of software tools and indicators. The charting, analysis and execution functionality of MT4 is hard to match and will appeal to anyone looking to have access to pretty much all the tools out there.
Traders looking to trade forex and crypto will find EagleFX offers a range of markets that is hard to beat. There are 53 forex pairs and 31 crypto markets. Trading spreads are tight and the MT4 execution GUI is as reliable as they get.
One feature which might appeal to those who are more active in cryptocurrencies is that EagleFX provides cold storage for crypto deposits.
Account types
Traders who are new to EagleFX will take comfort from the availability of a free to use Demo account. It has the same functionality as the Live account which allows traders to fully test their strategies before they put capital into the markets. Unlike some other brokers, there is no time limit on the Demo account; a plus point for EagleFX.
The EagleFX offering is very much one that involves simple functionality. Accordingly, there is one type of Live account.
Deposits can be made in USD, GBP, EUR or Bitcoin BITs and are held in what EagleFX refer to as a “Vault” account. Funds are moved from the “Vault” account to the “Trading” account to collateralize trading activity. All trading accounts are USD denominated.
The Account Queries section of the FAQs section includes a concise break down of the options available to account holders who can adjust their profile and preferences very easily. Updates to additional services such as Two Factor Authentication (2FA) or personal details are processed instantly.
Islamic Trading accounts are available and are set up by contacting the EagleFX support desk. Swap-free accounts do not incur rollover charges but administrative charges do apply.
Markets and territories
EagleFX offer access to 53 forex markets, 31 cryptocurrency markets, 11 equity indices and 7 commodities markets. The spread of markets is global. Forex markets available include a whole range of Major, Minor and Exotic currency pairs and FX crosses go down to the level of pairs such as AUDCHF, EURPLN and NOKSEK.
Crypto markets include major names such as BTCUSD but also Bitcoin Altcoin pairs such as ETHBIT. The range of global equity indices is limited but includes all the larger names including SPX500, GER30, UK100, AUS200 and NAS100. The limited range of commodities includes markets in oil, gold and natural gas.
MT4 can be set to operate in one of 41 languages ranging (alphabetically) from Arabic to Vietnamese
Customer support
During this review, the testing of the customer support team found the staff were able to address all queries promptly and accurately. In 84% of cases, our issue was addressed in the first instance.
Live Chat response times were rapid and compared favourably to other brokers in the sector. Our testers report that once engaged with one of the support staff the impression gained was that the member of the EagleFX team was dedicated to answering their query. Consequently, issues were resolved relatively quickly and problem solving didn’t prove too much of a distraction from the business of trading.
The telephone call back system is a neat idea.
We did, however, find call back response times were slower than those we experienced when using live chat. Using call back it was a matter of minutes rather than seconds before we were communicating with the EagleFX team.
Not only is the standard of customer service high, but a particularly attractive feature of the EagleFX offering is that it is available 24/7. This squares off an anomaly in the broker space where brokers have typically limited customer support from Monday to Friday, when the majority of markets are open. Traders and analysts looking to develop strategies during the quieter weekend period will find it particularly valuable to have customer support to hand to help them try and test new ideas. Most other brokers in the space provide 24/5 support at best. As crypto markets trade on a 24/7 basis and analysts exert themselves 24/7 it’s helpful to have expert support available at those times as well. On the downside. The Live Chat window can get in the way of other areas of the site. Scrolling doesn’t always solve the problem and minimizing the chat slows down the speed of resolution. It would also be helpful to have a switchboard/help desk phone number available. While the Call Back service delivers a degree of convenience there are sometimes delays between requests being logged and calls being made. That can be frustrating.
Instruments and spreads
One of the main selling points of EagleFX is its competitive execution spreads. The spreads are variable which means traders tend to get better rates during periods of low volatility but might experience spreads gapping at times of market stress. As is often the way with brokers that offer tight spreads, EagleFX is very willing to share information on its pricing. They even provide a Live Spreads area on the website which updates every 10 seconds and details some of the user-friendly small print.
The minimum trade size is 0.01 Lots and the maximum trade size is 1,000 Lots. Another point in EagleFX’s favour is that it allows trading strategies such as ‘scalping’ which some other brokers do not.
ECN
All accounts back into MT4 and offer Electronic Communication Network (ECN) trading.
This essentially involves EagleFX forming a ‘bridge’ between individual account holders and larger liquidity providers who have improved levels of access into the forex markets. The site advertises that liquidity providers include Barclays and Deutsche Bank, however, our review was unable to substantiate that.
The Margin rules for EagleFX are:
– Margin Call at a 100% Margin Level
– Stop Out at a 70% Margin Level
Fees and commissions
Financing Fees
Overnight financing fees are applied on open swap positions. The pricing schedule varies across instruments so requires some degree of due diligence to be carried out prior to trading. The EagleFX site doesn’t actually list the rates charged but instead advises that users should contact their support team for the information. Our reviewers note that if this is a trade-off to keep the site’s Spartan aesthetic, it’s, in this case, unwelcome and they’d rather have the information in all its granular detail shared more transparently.
Trading commissions
The commission charged by EagleFX is 6 USD per lot per trade. If the traded lot size is smaller, then this rate is adjusted because the commission is calculated per lot. For example, if you placed a trade with 0.1 lots, it would charge 0.6 cents.
Cash transfers
EagleFX claims to charge zero fees on capital movements into or out of accounts held there.
Adopting a fee-free policy on deposits and withdrawals would be an attractive proposition to most traders as overhead costs are an unpopular drag on trading performance. As the broker is relatively new on the scene (founded in 2019) we might suggest the proposition may not have been tested thoroughly. By this we mean the trading community has not yet shared any negative experiences. It just needs to be flagged up that the absence of comment challenging the proposal might actually be a false negative
Platform review in-depth
The MT4 platform has been around since 2000. Whilst there continue to be refinements it lives according to the adage that “if it ain’t broke, don’t fix it”.
It’s available in a downloadable format which is compliant with Windows, Mac, iOS and Android. There is also a web-trader version available through web browsers
The popularity of the service and the multitude of awards it has won are down to more than it just being readily available.
First off, trade execution is intuitive, smooth and reliable. Traders can adjust the system to their preference and operate using ‘one-click’ trading. Order building optionality allows for ‘market’, ‘pending’ and ‘stop’ orders and trailing stop losses and take profit instructions are also available.
Given the range of powerful services available it’s worth mentioning that the dashboard maintains a crisp and clear aesthetic and navigating from market to market or screen to screen is simple and easy. This combination of agility and power makes it possible for traders to get into a perfect situation from which to trade the markets
Mobile trading
The MT4 mobile trading app is free to download, is available in iOS and Android format for Tablet and Smartphones and supports both Demo and Live account formats. Like the desktop version Meta Trader mobile app is all about supporting traders. It gives them the tools to analyse the markets and to seamlessly execute trades. MT4 for Android and iOS Apps is supported by 30 technical ‘indicators’ and 24 analytical ‘objects’ such as lines, channels, geometric shapes, as well as Gann and Fibonacci levels. To ensure all this information can be used effectively the screen can be set to Landscape as well as Portrait format.
Social trading
EagleFX does not offer social trading. Being a new company it is possible this is on their ‘to do’ list but it is not available at present. The provision of a Meta Trader account means users are provided with access to resources from that community. Although this is not a specific EagleFX community, Eagle users accessing the Meta Trader community will actually benefit from being part of a larger group. MT4 is, after all, the most popular retail broking platform in the world so the thoughts shared among its many users are a considerable resource to draw on.
Copy trading
EagleFX does not currently offer copy trading. Being a new company it is possible this is on their ‘to do’ list but for current users, it is not an option.
Crypto Currency
EagleFX users have access to 31 crypto markets. That is a considerable amount, particularly as the number offered by some brokers is in single figures.
As well as straightforward markets such as Bitcoin in USD and Ethereum in USD the crypto markets offered by EagleFX include Bitcoin Altcoin pairs such as ETHBTC.
The powerful analytical software is a joy to use. Each symbol can be displayed in 9 timeframes, allowing traders to view the price dynamics in detail and as they choose. There are 30 technical indicators and 24 graphic objects included which means that users can take advantage of an extensive and comprehensive analysis of price movement.
The appearance and properties of each chart can be set up on an individual basis. The platform has the functionality to allow all the following items on a chart to be individually colour-coded: background, foreground, grid, bar up, bar down, bull candle, bear candle, line graph, volumes, ask lines and stop levels.
The popularity of the service and the multitude of awards it has won are down to more than it just being readily available.
Any ‘objects’ and/or ‘indicators’ which need to be removed can be easily selected and deleted making it easier for analysts to chop and change their approach without losing the areas of their work they value most.
Education
The ‘News’ area of the EagleFX site provides daily news articles which report on recent market events from an analytical viewpoint.
This section represents the site’s research and education offering. EagleFX offers a more hands-on style of learning than some other brokers. Clients won’t find a long list of bespoke research notes or tutorial videos but they will find technical analysis notes relating to specific trading ideas relevant to the market events of the time.
Alternative research and learning tools come as part of the Meta Trader package. The Traders Forum on the MQL5 site includes services relating to Calendar, CodeBase, Articles, Freelance, Market, Signals, VPS and the members’ forum.
Trader protections by territory
As mentioned earlier in this review the company, which is registered in the Dominican Republic, is not regulated or authorized by any financial body. That will obviously be an issue for some and the firm’s customer support team explained the situation as follows:
“We are currently researching which regulatory body we would like to consider for regulation. What we need to be careful of is that we don’t eliminate certain countries or citizens of the world so for that reason we are taking our time. “ There is also no information available on which bank or organization holds account holder funds. There is also no ‘Negative Balance Protection’ which goes against the current trend for more and more brokers offering NBP. The best advice in the market is that traders should apply their own rigorous due diligence policy when considering which broker to use. The testing should cover all areas of the service. Checking any broker’s risk-disclosure policy is always a good starting place for prospective clients. Founded in 2019 EagleFX offer a comprehensive and up to date disclosure page at
https://www.eaglefx.com/risk-disclosure/.
EagleFX does include some security features which other brokers don’t. The cold-storage of crypto assets ensures a firewall sits between client assets and the internet. Same day withdrawals which incur no fees means that traders can liquidate their accounts more quickly than with most other brokers. Operational risk is managed through the use of a two factor log in (2FL) available to all account holders and data exchanged between the client terminal and the MT4 servers is encrypted. Additionally, the MT4 platform also supports the use of digital signatures.
How to open an account
The registration process relating to a demo account is very straightforward and involves little more than providing email details. In terms of helping traders get down to business EagleFX appear to have done its homework and worked out just what helps users get onboard the MT4 platform. The EagleFX site hosts a well laid out section which uses a series of illustrations, step by step instructions and even videos which explain how to access the different versions of the MT4 trading platform. The Meta Trader platform may be the most widely used retail platform in the world, but even experienced traders can find they need to be reminded of the different aspects of the onboarding process. EagleFX’s decision to hand-hold traders through the process is a welcome development.
There is one type of Live trading account on offer. It can be funded using USD, EUR, GBP or Bitcoin BITs and transfers can be made using Bitcoin, credit card and wire transfer. These are paid into an account area described as the Vault and from there they are transferred into the Trading Account. EagleFX does not share information on which banks are used to hold client funds.
Leverage rates are set to the preference of the account holder. The minimum rate is 25:1 and the maximum rate 500:1 which would satisfy even the most aggressive trader. As higher leverage rates can mean greater losses as well as greater profits the ability to trade in small sizes is from a risk management perspective a step forward. The minimum amount required to open an account is US$10.
Setting up a live trading account is almost as simple as setting up a Demo account. As EagleFX is unregulated there are none of the Know Your Client documentation requests that are associated with some of the more established and mainstream brokers. Each potential user will have their own interpretation of the pros and cons of this ease of set up and should be factoring in checks of such things when carrying out their due diligence.
The bottom line
EagleFX has carved out a niche by offering its clients certain innovative services. The same day, free of charge withdrawals service removes a feature of the online broking world that has irked traders for some time. Trading and customer services are available 24/7 and during our testing they were found to tick the required boxes. Then there are the trading execution costs where EagleFX proves that tight spreads never go out of fashion. The regulatory situation will be a concern for many and potential clients would be encouraged to look into this in further detail. Then again, potential clients would be recommended to look into the whole service as well because for some it will be an ideal fit.
Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.
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Forex Trading Knowledge Questions and Answers


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Forex Trading Knowledge Questions and Answers
What Is A Demo Account?
Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.
Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.
How Does A Demo Account Work?
Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.
A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.
How to Open A Demo Account?
In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.
Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.
Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.
You will obtain login details after registering with a trading program. You will be able to open an account.
How Long Do Demo Accounts Last?
Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.
Why Is It Necessary to Open A Demo Account?
Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.
What Are Advantages of A Demo Accounts?
Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.
A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.
Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.
The Differences Between Demo & Live Accounts
A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.
However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk is more accessible when dealing with virtual money than when trading with actual money.
Can I have Multiple Forex Demo Accounts?
You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.
If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.
There are brokers who will only allow you to open one account of each type per email address.
As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.
In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.
In any case, you should practise on a demo account until you are really proficient.
Is A Demo Trading Account Free?
Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.
How to Choose Forex Accounts?
Different accounts have different settings. Before you open a trading account, you should answer the following questions:
How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.
What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.
Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.
Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.
Can I Take Money Out of a Demo Account?
Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.
As a result, any profits you would have made would be ineligible for withdrawal.


Forex Trading Knowledge Questions and Answers
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AvaTrade introducing 3 new crypto pairs


AvaTrade introducing 3 new crypto pairs – updating 3 others
AvaTrade has yet again improved their cryptocurrency trading offering.
AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.
These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.
Asset | Typical Spread | Leverage | Margin | Min Nominal Trade Size |
NEOUSD | 1.5% Over-market | 2:01 | 50% | 10 |
EOSUSD | 2% Over-market | 2:01 | 50% | 10 |
MIOTAUSD | 1.5% Over-market | 2:01 | 50% | 10 |
To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:
Asset | Old Symbol | New Symbol |
RIPPLE | XRP | XRPUSD |
ETHEREUM | ETH | ETHUSD |
LITECOIN | LTC_Mini | LTCUSD |
These new pairs have also been available since July 1st,
The trading conditions for each one is identical to those of the older respective assets they replace.
Effective immediately, new positions are only available on the new pairs.
Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.
Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.
as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.
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Neteller Launches Cryptocurrency Exchange Service


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Neteller Launches Cryptocurrency Exchange Service
Neteller one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.
They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.
Neteller and Cryptocurrencies
Neteller is a service which is operated by Paysafe Financial Services Ltd.,


paysafe
founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.
Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.
But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.
So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.
As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.
It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.
Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)
We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.
Conditions for buying and selling cryptocurrencies through Neteller
The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller
The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.
When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available
The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.
The fee rises to 3 percent for wallets with other default currencies.
Neteller | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?
At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.
The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.
Last July 25, Paysafe ( which as you remember is the company that owns Neteller
We could now see that this was like their test run on this concept.
We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.
We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think
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