SimpleFX or EagleFX – which is better for UK traders 2024? Compare SimpleFX and EagleFX in this detailed breakdown of their platforms, features and fees.
SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.
EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for short-term traders.
Pros
SimpleFX’s proprietary WebTrader - powered by TradingView - delivers a stable trading environment with a user-friendly interface that’s accessible even to novice traders.
With MT4 support, experienced traders can access sophisticated charting tools, advanced technical indicators, customizable algorithms, and expert advisors (EAs) for automated strategies.
SimpleFX underwent a revamp in 2021, now sporting a slicker client area with faster load times and a social trading community where you can exchange ideas.
With leverage up to 1:1000, traders have the potential to amplify their positions significantly, allowing for greater exposure to market movements and magnified returns (as well as losses).
The range of cryptocurrencies available for trading is broad, encompassing well-known selections such as ADA, BTC, and ETH, as well as more specialized options like YFI, YFII, and ZEC.
The $6 round-turn commissions at EagleFX are competitive, with other commission structures we review often coming in at around $7 per round-turn, protecting profit margins for active traders.
This broker offers free and unlimited demo accounts in MT4, plus no inactivity fees - ideal for beginners seeking a risk-free environment to develop trading strategies.
EagleFX has introduced Bitcoin deposits, as well as fast-tracked withdrawals, which will serve active traders looking for hassle-free account management.
EagleFX continues to offer 24/7 customer support to clients via live chat, email or telephone while the ticket system on the website usually sees replies within 15 minutes.
Cons
SimpleFX operates with weak regulatory oversight, allowing it to offer high leverage, but meaning it faces less stringent supervision from authorities compared to brokers like IG which operate in tightly regulated jurisdictions.
While the Bloomberg TV news feed and economic calendar are valuable resources, the lack of research tools like Autochartist and Trading Central is a serious disadvantage for traders wanting support in identifying opportunities.
The educational tools are okay but not great. The ‘Opinion’ section needs updating more frequently while video tutorials covering market analysis and risk management would be valuable additions for beginners.
The availability of only a few non-crypto funding methods is a downside for traders seeking more diverse and convenient options for managing their accounts.
EagleFX needs to step up its education with extremely basic guides and no learning articles added since 2022, made worse by the lack of analyst insights to inform trading strategies.
The range of 100+ instruments on the EagleFX platform will be extremely limiting for serious traders, especially compared to category leaders like Blackbull with its 26,000+ tradable assets.
EagleFX is based offshore and is not authorized by a trusted regulator, meaning traders may receive little to no safeguards, substantially increasing the risks of trading with this broker.
Awards
Best Support 2023, Crypto Expo Europe
The Best Trading Platform Cryptocurrency, World Expo 2022 - Warsaw
Best Mobile App 2020 - Rankia Awards
The Best Trading Platform, Finance World Expo 2019 - Zug
Best Cryptocurrency Trading Platform, Cryptocurrency World Expo 2018 - Berlin
SimpleFX provides a proprietary app for both Apple and Android mobile devices. The application boasts a user-friendly design, facilitating easy opening and closing of trades with access to the broker’s 220+ tradable assets. However, occasional unresponsiveness during testing, alongside an average charting package, means it won’t meet the needs of highly active traders.
iOS App Rating
4.4
4.8
Android App Rating
3.8
4.4
Margin Trading
Yes
Yes
MetaTrader 4
Yes
Yes
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
No
eSignal
No
No
Trading Central
No
No
STP Account
Yes
Yes
ECN Account
No
Yes
DMA Account
No
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
Yes
No
Robo Advisor
Yes
No
Negative Balance Protection
Yes
No
Market Maker
No
No
P2P Trading
No
No
Spot Trading
No
No
Auto Trading
Expert Advisors (EAs) on MetaTrader
Expert Advisors (EAs) on MetaTrader
Copy Trading
No
No
Social Trading
Yes
No
Trade Signals
Yes
MT4
VPS Hosting
No
No
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
No
No
Custodial Account
No
No
Guaranteed Stop Loss
No
No
Inactivity Fee
3%
$0
Islamic Account
No
Yes
Account Currencies
USD
EUR
GBP
USD
EUR
GBP
Commodities
Copper
Palladium
Platinum
Gold
Silver
Oil
Cocoa
Coffee
Cotton
Corn
Natural Gas
Soybeans
Sugar
Wheat
Gold
Silver
Oil
CFD
SimpleFX stands out with highly leveraged trading options up to 1:1000 covering popular asset classes, including stocks, indices, currencies and commodities. Additionally, the social community serves as an excellent resource for gathering CFD strategy tips and short-term trading ideas.
The broker offers a small range of 100+ CFD instruments spanning key markets, with high leverage up to 1:500. Pricing is reasonable, with round turn commissions coming in at $6 alongside tight spreads. Multiple short-term strategies are also permitted, including hedging and scalping.
Leverage
1:1000
1:500
FTSE Spread
1.3
0.77
GBPUSD Spread<
1.2
1.3
Oil Spread
0.04
0.09
Stocks Spread
Variable
Variable
Forex
SimpleFX provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.
EagleFX provides opportunities to go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of charting tools for traders, including 9 timeframes and over 30 indicators.
Assets
57
55+
GBPUSD Spread
1.2
1.3
EURUSD Spread
0.9
0.7
EURGBP Spread
1.0
1.4
Cryptocurrency
SimpleFX’s strongest offering is its crypto trading environment, with a growing range of tokens, bolstered in 2024, including Bitcoin, Ethereum and Filecoin paired with the USD. Its crypto-based accounts also ensure a smooth trading experience for crypto enthusiasts, while the bespoke staking service allows capital to be utilized for margin trading.
A strong range of cryptocurrencies are available with 35+ tokens including popular assets like Bitcoin and Ethereum. You can also make convenient Bitcoin deposits within minutes, with no transfer fees.