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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.

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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

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.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%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:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

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.

Visit Avatrade NOW

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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

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