In recent years, the South African foreign exchange market has become one of the best in the world, and its work is somewhat distinct from other markets. EagleFx is a broker that offers the availability of making a ZAR account. This article will help you learn more about the brokers, how to make a ZAR account, and to further make it work.
What is EagleFX?
EagleFX is a global online financial trading platform and multi-asset broker founded in 2019. It is located in the Commonwealth of Dominica and provides opportunities for trading currency pairs, company stocks, commodities, and cryptocurrencies.
Opening an account and minimum deposit
The minimum investment to open an EagleFx ZAR account is $50 for a credit or debit card and $10 for a bitcoin. For new traders, the minimum investment rate may vary depending on the type of trading account chosen. It can take up to 72 hours to complete the investment. For most traders, this is a minimal investment and a very small barrier to entry, making EagleFX a viable option.
Deposit fees and deposit methods
EagleFX currently provides Bitcoin, credit card, debit card and bank transfer methods. All of these investment methods are processed free of charge. Bitcoin is not accepted for investment.
Unfortunately, this is a limited number of investment methods compared to most other brokers in the industry. However, the broker may update to more options in the future.
When withdrawing funds from your Bitcoin wallet, your funds will be credited after 6 confirmations, which usually takes up to 6 hours. As soon as the funds are credited to the broker’s account, they will be automatically transferred to your vault.
Traders who are not familiar with Eagle FX but want to try a free demo account can use it. A demo account has the same features as a real account but makes testing the strategy, almost before the money is placed on the market, an important part of the learning process. Another advantage is the lack of a deadline. This means that traders can use their time and energy to gain knowledge and experience before stepping into the real game.
EagleFX products include simple features. So, there are real account types. Islamic trading is also made available by contacting the EagleFx support desk.
Instruments, spreads, and commissions
One of the main advantages of EagleFX is its competitive execution spreads. In other words, when volatility is low, traders tend to receive higher interest rates, but when the market is under pressure, spread gaps can occur. The minimum trading volume is 0.01 lots and the maximum trading volume is 1000 lots. Another advantage of EagleFX is that it allows trading strategies such as scalping, but some other brokers do not.
The EagleFX website does not provide details on the fees charged and there are slight price differences on various instruments, so you should exercise some caution on your behalf before trading. EagleFX claims that it does not charge any fees for transferring capital to or from the accounts held there.