EagleFX account types
EagleFX is a reputable Forex and CFD broker that offers dedicated 24/7 live chat support and MetaTrader 4 (MT4) trading platform to its customers. The broker offers live and demo account types for trading. Unfortunately, swap free, also known as Islamic, trading accounts are not available. Let’s learn more about the broker’s account types.
EagleFX Live account
EagleFX offers only one live account type, and it’s Standard ECN. The maximum available leverage is 500:1. Margin call level is 100%, and traders are stopped out at 70%. This means if you reach 100% you get a margin call, and you are not able to open any trades. If you reach 70% your biggest negative trades will be closed automatically to avoid running your account into a negative balance.
Leverage enables traders to increase their purchasing power dramatically. For example, by choosing 100:1 leverage, you can manage 100 times bigger capital than your account balance. While high leverage brings many benefits, it can create risks too. Availability of maximum leverage is capped depending on asset class on his account and is as follows:
- 500:1 for currency pairs
- 200:1 for indexes such as S&P 500, DOW30, FTSE100
- 20:1 for Stocks as CFDs (Contracts for Difference)
- 100:1 for energies such as US and UK Oil
- 100:1 for cryptocurrencies as CFDs
There are no spread markups on this account. Instead, the broker charges traders with commissions of 6 account currency. Once traders make their deposits in cryptos, they are able to choose one of the three offered account base currencies, including USD, EUR, and GBP.
The commission of 6 account currency is charged per traded lot per side. To calculate your fees yourself, you can use this formula: Commission fee = Rate x Lot traded
The fact that spreads start from 0 pips on major currency pairs, makes this account type ideal for active trading. Low spreads generally attract intraday traders, including scalpers, high frequency traders, arbitrage traders, algorithmic traders, and news traders. As a downside, there are no dedicated accounts for traders that avoid commissions. Commission-free trading is generally attractive for position traders, beginners, and swing traders.
When it comes to account funding, there are no minimum initial deposit requirements to open a live account, however, only two funding options are available, and each option has a different minimum transfer amount. When traders use the Bitcoin funding method, transactions are available from 10 USD. And when accounts are funded via Instacoins, the minimum amount is 50 USD/EUR/GBP. It should be mentioned that traders can use credit/debit card or wire transfer to buy and transfer Bitcoin from Instacoins to EagleFX.
As already mentioned, the available trading platform for both Live and Demo accounts is MetaTrader 4. MT4 is a highly popular Forex trading platform developed in 2005 and instantly became a hit. MT4 is highly reliable and comes with the largest market of custom-made trading algorithms and indicators, which is the result of its crazy popularity. You will find it difficult to locate a broker that doesn’t offer MT4 for trading currency pairs.
EagleFX Demo account
The Demo trading account offered by EagleFX is identical to the live account with one major difference that trading conditions are simulated. The demo account gives traders the opportunity to learn how to trade, make mistakes, and learn how to use the MT4 platform without risking real money.
In addition to training, the demo account is a great tool for developing and upgrading trading strategies. Market conditions often change and to keep up with the changing environment, professional traders are constantly improving their strategies.
FAQS on EagleFX account types
Should I open a demo account before going live?
It is a great idea to open a demo account first before going live, as this way, you will learn about the broker’s policies without risking a penny. Demo accounts’ purpose is to train novice traders, help seasoned traders develop trading strategies, and let new traders learn more about their brokers.
Is EagleFX trading account good for day trading?
The EagleFX’s live account type’s fee structure is ideal for active trading. Spreads start from 0 pips, and trading fees are charged in the form of commissions (6 USD per traded lot round turn). Low spread accounts are best suited for day traders, including scalpers, news traders, algorithmic traders, arbitrage traders, and high frequency traders.
Is it hard to open a live trading account at EagleFX?
Opening a live trading account is super easy with EagleFX. The account opening process is fully digital and fast. The broker provides traders with an intuitive and user-friendly web page. In addition, live customer support is available 24/7, and you can always reach out to them for help.
By Irakli
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