Finding a trustworthy broker should be your priority when you have made up your mind to engage in online trading. Even if you are just getting started, it is likely that you have heard about the scams that have happened and don’t want to become a victim of one. Fraudulent platforms have existed for quite a while and it can often be difficult for people to fathom how others continue to fall into their trap, despite knowing they exist. To put it simply, these fraudsters have also gotten smarter over the years and know just what tricks to use. You can go through this EagleFX review to understand how they operate.
There was a time when people could distinguish genuine and authentic brokers from scam and shady ones because there were some obvious indications. These days, it is not that easily accomplished because these cybercriminals have gotten better at what they do. They are able to create such an illusion that even experienced traders don’t realize it until it is too late. Therefore, it is a must that you do not make this decision without verifying all the facts.
Taking everything at face value is definitely not a good idea and this becomes apparent in the case of EagleFX, as you will learn. A look at their website shows that the brokerage is promising you tier one liquidity, a pure STP/ECN trading environment free of any conflict of interest, a demo account and lots of trading instruments to choose from. At first glance, it sounds like just the package you want because it ticks all the right boxes. But, you are not to take a company’s word for anything when you want to play it safe. You have to do your own checking and this is when you find the truth about EagleFX. What is that? Take a look here:
It is an old scam
As mentioned earlier, scam brokerages are not a new concept. They have been operating for quite a while and as for EagleFX, this is basically a remake of an old scam. If you take a look into the broker’s background, you will find that it claims to be owned and operated by a company named EagleFX Ltd. As per the details, the firm is based in the Commonwealth of Dominica. Why is this not reassuring?
It is not because the Commonwealth of Dominica is an offshore jurisdiction that does not regulate the forex industry. The local financial authorities don’t pay any attention to this space, which has made it a favorite of many scam brokerages like EagleFX as they are able to operate without worrying about any monitoring or accountability for that matter.
Most importantly, the current EagleFX has the domain name of eaglefxportfolio.com, but this same scam with the same website and content existed before under a different domain name. This was eaglefx.com, which has now become defunct. However, the details are too similar for it to be anything else than a remake. This is yet another practice used by scammers, as they recycle their old scams to find more victims.
Things get even worse when you check out the address that EagleFX has given on its website. Yes, it is based in the Commonwealth of Dominica, but what is important is the address it has provided. The post box address they have given is one that you can find on the websites of a ton of other shady brokers. Some of these include blacklisted ones like Capital Investment Holdings that has been blacklisted by the financial authorities in Switzerland as well as Trade5000 that has been blacklisted by Poland’s KNF. Likewise, there are plenty of other brokerages with the same address that have been blacklisted by regulatory authorities in the EU.
All of this shows that EagleFX is not a brokerage you can trust with anything because it is associated with scams and does not have any regulation and licensing.
It has no functional trading platform
What makes an online broker a broker? It is the trading platform they offer that makes them an actual brokerage because this is the software required for executing your trades in the markets. You cannot connect to the markets or make transactions without this software, so it is understood that this feature is of the utmost importance. Yet, you will find that EagleFX appears to be without a functional trading platform.
Yes, you will notice that EagleFX claims to offer one of the well-known and powerful platforms in the financial markets i.e. the MT4. However, when you follow up on this claim, as you should, you will discover that there is no MT4 available. Instead, what you come across is something that is expected to resemble a platform and only gives you the option of making a deposit.
What does that imply? This shows that EagleFX is only interested in your money and does not offer you any trading services. After all, there can be no trading when there is no trading platform.
It only accepts crypto payments
You will be required to make deposits and withdrawals during the course of trading and this means checking the payment methods supported by a brokerage is also important. You want to have access to safe, quick and convenient methods and EagleFX promises to provide them to you. When you take a look at their presentation, you will notice that they have logos of Skrill, PayPal and Western Union available as payment options.
However, the only real option that you can use on the EagleFX website is that of cryptocurrency i.e. bitcoin or ethereum. If you try to use any other option, you are told to contact customer support. This shows that they do not give you another option, which is not surprising because scammers prefer cryptocurrencies due to their anonymity and permanence. The transaction are final and a chargeback is not possible, which works in their favor.
With these obvious signs of a scam, you can determine that EagleFX is not a trustworthy brokerage in any way.