Millions of people are attracted by cryptocurrency. It is a specific digital currency, which is fully decentralized. It means no gatekeeper or bank controls the flow of digital cash. Traders are not limited and so may earn as much as they want. Of course, cryptocurrency, like any other operation with money, is a risky challenge. You may earn, as well as lose, your money. That is why the choice of a reliable and legal broker is your first step.
Before you start to invest in any crypto fund, you are supposed to carry out in-depth research. You should find out what brokers and trading platforms can be trusted. To do that, you should define the next essentials and features:
· Legal status. First of all, be sure to check the licenses, history of the establishment, and all years of functioning of a certain platform or broker.
· Customers’ reviews. Make sure you check feedback left by other users. They post their reviews on a certain crypto platform, as well as on special sites that gather feedback about any platform in all industries. They can be trusted.
· Independent ratings. You should also check the ratings of independent rating agencies. They give objective and fair evaluations. Thus, Traders Union is one of them, and we provide comprehensive reviews of all crypto platforms.
· Fees. Be sure the entry and return fees are fair and profitable for you. It is also vital to check if the system is automated, and you can earn passively.
· Instruments. Check the instruments offered by a certain platform. They show whether you have a rich choice and thus good chances to earn a lot.
The team of Traders Union wants to provide its readers with relevant and trustworthy facts. Thus, our readers will know which platform can be trusted and which one should be avoided. Right now, we will find the answer to the question: is EagleFX scam?
There is not much to tell about this crypto platform. We know that it was established in the Dominican Republic in 2019. It is quite new, and it is always vital to verify such platforms attentively to avoid possible issues.
We could not find any proof that this crypto platform is regulated by any legal authority. Accordingly, we cannot confirm that it is legal. As it is not regulated at all, it does not provide any protection for its clients. If you invest on this platform, you risk losing your money and no one will return your investments.
Where Is It Legal?
Some traders want to know in what countries it is legal. It is not regulated by any authority, and so it’s impossible to say what countries does it cover. Perhaps it operates in many countries, and it can be used in all counties that do not forbid Forex. Nonetheless, the use of this platform is at high risk of losing your money. It does NOT provide customers’’ protection.
Regardless of the suspicious legal status, this platform has several benefits for traders. These are:
· The quick and simple process of registration.
· A free demo account version for an unlimited period of time.
· 24/7 accessibility and support.
· It can be run on PCs, tablets, and cell phones.
The main drawbacks are as follows:
· No regulation by any authority.
· The legal status cannot be checked and confirmed at the moment.
· No client protection.
· No passive income options.
· A lack of instruments and learning materials.
We do not recommend this crypto platform because the cons surely outweigh the pros. It’s better to look for some alternative, such as RoboForex or Admiral Markets.