Information
Overview of EagleFX
General Information
- Broker Name: Trade Forex (Formerly EagleFX)
- Year of Foundation: 2024
- Headquarters: Dominica
- Regulation Status: Unregulated
- Trading Platforms: MetaTrader 4 (MT4)
- EURUSD Spread: 1.2 pips
- Demo Account: Available
- Minimum Deposit: $10
- Base Currencies: USD, BTC
- Maximum Leverage: 1:500
- Trading Instruments: Currency pairs, stocks, indices, metals, cryptocurrencies
- Deposit Methods: Bank Transfer, Visa/MasterCard, Bitcoin (BTC)
- Withdrawal Fee: Not specified
- Inactivity Fee: None
- Islamic Accounts: Not available
- Segregated Accounts: Not mentioned
- PAMM Accounts: Not offered
- Partner Account: Available
- Scalping: Allowed
- Automated Trading: Supported
- Mobile Trading: Supported
- Web Terminal: Available
- Social Trading: Not available
- Trading Signals: Not provided
- VPS Service: Not available
- Deposit Bonuses: Not offered
- Trading Contests: Not conducted
- Customer Support: 24/5
Regulation and Security
Trade Forex, established in Dominica in 2024, operates without regulation from government authorities. This lack of oversight allows it to offer more adaptable trading conditions, such as higher leverage, but also poses certain risks for traders due to the absence of regulatory protection.
Leverage and Trading Conditions
Trade Forex offers a maximum leverage of 1:500 for major currency pairs and up to 1:100 for cryptocurrency CFDs. This high leverage enables traders to potentially achieve significant profits (or losses) even with small deposits, amplifying both the opportunities and risks involved in trading.
Account Types
The broker provides a single account type, utilizing the Straight Through Processing (STP)/Electronic Communication Network (ECN) model, catering to various trading styles and strategies.
Fees: Spreads and Commissions
Trade Forex charges a commission of $6 per lot for all trades, irrespective of the account balance. The spreads offered are relatively competitive in the industry, making it an attractive option for cost-conscious traders.
Trading Instruments
Trade Forex’s diverse portfolio includes:
- Major and minor currency pairs
- A broad range of CFDs on cryptocurrencies
- Precious metals like gold and silver
- Energy commodities such as oil and natural gas
- Stock indices
- Over 60 popular stocks
For cryptocurrency trading, Trade Forex collaborates with Bitfinex for liquidity. However, the liquidity providers for Forex and other CFDs are undisclosed, raising some concerns about transparency.
Trading Platform
Focusing solely on the MT4 platform, Trade Forex capitalizes on its widespread popularity and robust features like a user-friendly interface, custom indicators, and the support for Expert Advisors, making it suitable for both novice and experienced traders.
Deposit and Withdrawal Options
Account funding is streamlined with options like Bitcoin (BTC), allowing direct transfers or through Instacoins for credit/debit card and bank transfers. The minimum deposit is $10 for BTC and $50 for card/bank transfers via Instacoins.
Conclusion and Recommendations
Trade Forex stands out in the cryptocurrency trading segment, offering a wide range of crypto assets with high leverage on the MT4 platform. This makes it a viable choice for traders interested in cryptocurrency markets.
However, traders should exercise due diligence and consider the lack of regulatory oversight before engaging with Trade Forex. Checking reviews and comparing it with other brokers in Trade Forex’s broker rating can provide additional insights for an informed decision.
