Connect with us

news

EagleFX Review | Security, Apps & Features | Invezz

There is very little information about the broker’s background on their website. But a quick look at the profiles of such reputable forex sites as Forex Peace Army as well as some of their user reviews indicates that the brokerage was founded in 2019. This makes it no more than a few months old and…

EagleFX Overview

There is very little information about the broker’s background on their website. But a quick look at the profiles of such reputable forex sites as Forex Peace Army as well as some of their user reviews indicates that the brokerage was founded in 2019. This makes it no more than a few months old and is currently registered and headquartered in the Dominican Republic. Note that the broker isn’t regulated or licensed in a major global financial district. On this website, however, you will have access to 100+ forex and digital asset trading instruments.

Here is the detailed account of everything you will want to know before registering for a trading account with Eagle FX:

Account types

EagleFX only maintains two types of accounts the MT4 ECN live trading account and the MT4 demo trading account. This is unlike most other online trading platforms and brokerages that host several types of live trading accounts suited for the varied classes of high-volume and average traders. Both these accounts feature a simplistic dashboard and have the US-Dollars as its base currency. Deposits to the live trading account can be made in EUR, GBP, USD, and Bitcoin (BITS). Here, all the deposited funds are held in what the online brokerage refers to as the ‘Vault’ and will only move to the trading section when you enter into a trade position.

EagleFX and their one Live Account will also provide you with a sharia-compliant trading account upon request. These are, however, not available by default and you will need to contact their customer support and have them set it up for you. These accounts are secured with a password but you are free to fortify it further with the two-factor authentication feature. The biggest perk to operating the Islamic account (also known as Swap-free account) is that orders held overnight don’t attract the overnight financing fees.

Platform

EagleFX doesn’t have a proprietary trading platform yet and, therefore, relies on the all-popular Meta Trader 4 (MT4) platform. Once registered with the forex broker, you will have to download your preferred trading platform. These range from the MT4 for windows and MT4 for MAC desktop apps that can be downloaded for free on the Eagle FX website. Mobile traders are also free to download the Android and iOS versions of the MT4 trader availed on the Eagle FX website. Similarly, traders can choose to use the Web Trader.

On either platform, you will have access to a variety of trading tools, analytical and technical indicators, and highly interactive charting options. From here, you can choose between instant and market modes of trade execution. Similarly, you will have access to stop order and trailing stop functionality among other risk management tools.

In addition to these are the quick trading functions that allow you to lock in trading orders from the chart with a single click. Plus, according to the broker, you will have access to over 30 technical indicators, 24 graphic tools, and have every symbol displayed in 9 timeframes. These allow for the most comprehensive use of analysis of the price movements for the different trading instruments.

Leverage

EagleFX supports leveraged trades with the minimum leverage set at 1:1 and the maximum capped at 1:500. You will note that most brokerages with different types of accounts have limits to the use of leverage where the maximum limit is preserved for high volume traders. But since Eagle FX only has one live trading account, the relatively high leverage is available to everyone with an Eagle FX trader account. 

Trade sizes

Some of the most popular online forex industry players have the maximum lost sizes set at 100 lots. EagleFX, on the other hand, has its minimum trade size at 0.01 lots while its maximum trade size is at a highly competitive 1,000 lots. This makes it quite attractive to high volume traders.

Trading costs: fees and commissions

EagleFX imposes overnight fees on all open swap positions. And according to the broker, the specific charges vary from one trading instrument to another. Unlike most other forex brokers that list of these overnight charges on their website, Eagle FX requires that you contact their support team for this information.

Trading commissions here stand at $6 for each lot traded. This rate is adjustable to suit smaller trading sizes. For instance, if you entered into a micro-lot trade – 0.1 lot – the commission for the trade would be $0.6. And given that the broker has its minimum trade size at 0.01 lots, the minimum trading commission here, therefore, stands at $0.06.

Assets

Despite being a few months old, it is interesting to note that EagleFX currently has over 100 financial instruments available for trade. These cut across the indices, cryptocurrency, forex, futures, and even the commodities markets. Featured here are all the 7 major forex pairs and an additional 48 forex trading pairs. On the crypto markets, Eagle FX features 31 crypto options that include both fiat-to-fiat and crypto-to-fiat trading pairs. There also are 11 equity indices, 6 spot metals, and 3 energy products featured in the commodities market. Of these, only the crypto market is open 24/7.

Spreads

EagleFX adopts a relatively advanced approach to pricing their CFD and FX spreads through the live spread feature. Here, spreads are highly variable and are updated every 10 seconds on the site’s live spread area. The upside to trading with the variable live spreads is that traders get to enjoy competitively low spreads when the market is largely calm. On the flipside, slight peaks in volatility oftentimes result in high spreads.

Minimum deposit

Most online brokers have varied minimum deposits for the different trading accounts supported on their platform. The fact that Eagle FX has one trading account means that the minimum initial deposit of $10 applies to all of their clients here. The broker is quite vague with regard to the maximum account operating balance. It is also interesting to note that all the deposits are first held in the vault before moving to the trading section to collateralize the trading positions you have entered into.

Deposit methods and costs

EagleFX accepts three primary deposit methods. You can choose to deposit funds here through the bank wire transfer, the Visa/MasterCard, or in the form of Bitcoins. The broker further adopts the zero-fee policy on deposits by committing to foot the transaction charges resulting from your choice of funding method.

Withdrawal methods and costs

The online broker also supports three primary withdrawal options. You can opt to have your withdrawals made in the form of bitcoins, in PayPal dollars via Coinbase or channeled to your prepaid MasterCard. And just like the deposits, withdrawals are 100% free. Eagle FX is also one of the few online brokerages that guarantee that the withdrawn funds reach your account within the same day.

Withdrawal Processing and Wait Time

EagleFX reviews all withdrawal requests on the same day, ensuring you get your money as soon as possible. Its withdrawal process doesn’t need a verification process, making it faster and handy. If you want your money even quicker, consider withdrawing via Bitcoin, which allows you to withdraw via the Bitcoin-purchasing Instacoin service, or any Bitcoin wallet of your choice.

Security of funds and account

As mentioned earlier, EagleFX supports the two-factor authentication security feature that will be activated immediately upon request. The security features implemented by the broker, however, extend way beyond the login page and into the handling of your deposited funds. Eagle FX, for instance, assures its cryptocurrency traders that their funds are held in cold storage. Only small amounts of these coins meant to facilitate fast withdrawals are maintained on the broker’s servers.

The company further mentions that partnering with the world’s leading payment processors doesn’t just ensure speedy deposits and withdrawals. It also leverages the measures they have put in place to secure deposits and withdrawals.

Education and trading tools

The online broker pays little emphasis to forex education and training. Unlike some FX and crypto brokers who have updated sections of their websites dedicated to helping beginner traders get through the industry, Eagle FX only has the news sections. Here, you will find the economic calendar and technical articles detailing the current market trends and trade ideas.

Bonuses and promotions

EagleFX doesn’t offer any deposit or redeposit bonus schemes. On this front, their honesty is laudable. However, the company has not ruled out offering promotions in the future. If you like the sound of being able to trade with free money, keep checking their website for any updates.

Countries accepted

EagleFX has not specified which countries it supports. The broker is yet to receive accreditation by major regulators around the world and it accepts traders from all over the globe. However, United States traders cannot invest with the platform as it has not been regulated by the Securities and Exchanges Commission or the Commodity and Futures Trading Commission.

The broker reserves the right to conduct due diligence on traders from certain countries as they deem fit from time to time.

Customer support

There are three primary ways in which you can access the EagleFX customer support team. You can engage them directly via Live Chat that has a near-instant response time. Alternatively, you can send a query ticket via email with an average response time of 15 minutes. You can also submit a callback ticket and have one of the company’s representatives call you back. These have the backing of an elaborate FAQ section. It addresses common queries on deposit and withdrawal handling, trading, and MT4 platforms.

Some of the most interesting facts about the EagleFX customer support is their fast response and availability. Note that while most online brokerages will only be available 24/5, Eagle FX customer service is open 24/7. Most of the queries we raised were resolved immediately and this is a good indicator of the customer service team’s proficiency. The only major downside to this online broker’s customer support is that it is only available in the English language.

Demo account

EagleFX also provides traders new to their platform or the online trading industry a demo account. The account is free and features all the trading tools and analytics contained in the Live Trading account. It outperforms most demo accounts fronted by different other brokers in several ways. For starters, Eagle FX doesn’t impose a time limit for the use of the demo account. Plus unlike most brokerages that will present you with a specific amount of virtual cash, Eagle FX gives you the freedom of determining the virtual fund balance that you would like to start with.

You are also free to replenish these virtual funds as often as possible. The demo account can be operated on the free Windows MT4 platform, Android or iOS mobile MT4 traders or on the Web Trader. Plus you are free to set the base currency for your trades as either USD, EUR, GBP, or BIT.

What to keep in mind

  • The online broker’s risk protection measures don’t include negative balance protection. You, therefore, stand to lose more than the amounts staked for a particular trade. This is highly suspicious of a trader that boasts of innovativeness and a deviation from the current trend where virtually every broker is employing negative balance protection measures to safeguard their client’s interests.
  • Some of the key operational services featured on the Eagle FX website will not be available to everyone. European Economic Area residents, for instance, cannot enjoy the attractively high leverages availed by the broker. United States residents, on the other hand, can only engage in crypto trades as the country bars CFD trading.
  • You will also do well to remember that Eagle FX is relatively new and thus not regulated by any major international brokerage firm or agency.

Conclusion

EagleFX, despite being a few months old, stands out in the online brokerage industry with its rich resource of advanced trading tools and features. It also features a host of competitive trading features that range from zero-fee deposits and withdrawals, same-day withdrawal processing, 24/7 customer support for both the FX and crypto traders as well as their ultra-fast trade execution made possible by the innovative Straight Through Processing of orders.

The broker isn’t, however, fault-free and we have spotted several operational areas that need urgent improvements. They, for instance, need to work on increasing their tradable financial instruments, strengthen their risk management measures, and also work on the regularization and licensing of the broker to earn themselves more credibility. Plus while the free and unlimited demo accounts come off as a promising training ground to beginner traders, we would like to see the company come up with more training and educational resources for both the newbie and slightly experienced traders.

Continue Reading
Advertisement

news

Neteller Launches Cryptocurrency Exchange Service

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

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 and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

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

Continue Reading

news

The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.

Example:

The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊

 

Continue Reading

news

Wanted Cryptography Experts in China

 Wanted Cryptography Experts in China

The sooner we get to the official launch of China Digital Money. the more Cryptography Experts are needed.

it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.

The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)

this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC  that Bans any activity related to the cryptocurrency market.

Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.

something like if you can beat them , copy them.

in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the  digital currency research institute

This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.

the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project

since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.

the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.

“Beijing’s ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.

The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.

So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.

 

 

Continue Reading

Trending