EagleFX

A summary of what happened?

EagleFX is an offshore forex and CFD broker established in 2019, offering trading services across various financial instruments, including currencies, commodities, stocks, indices, and cryptocurrencies. The broker operates on the MetaTrader 4 (MT4) platform and provides features such as high leverage up to 1:500, a low minimum deposit of $10, and 24/7 customer support.

Major Concerns and Complaints Against EagleFX:

1. Lack of Regulatory Oversight:
   • 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.
     Day Trading
2. Limited Range of Instruments:
   • 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.
     Day Trading
3. Inadequate Educational Resources:
   • 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.
     Day Trading
4. Potential Risks with High Leverage:
   • While high leverage up to 1:500 can amplify profits, it also increases the potential for significant losses, especially for inexperienced traders.
5. Mixed Customer Reviews:
   • Customer feedback on EagleFX is mixed, with some users praising its low minimum deposit and customer support, while others express concerns over its regulatory status and limited asset offerings.

While EagleFX offers certain appealing features such as a low minimum deposit and high leverage, the absence of regulatory oversight, limited range of instruments, and inadequate educational resources present significant concerns. Prospective traders should exercise caution and conduct thorough research before engaging with EagleFX, considering the potential risks associated with trading through an unregulated offshore broker.

Analyzing the Fake Copyright Notice(s)

Our team collects and analyses fraudulent copyright takedown requests, legal complaints, and other efforts to remove critical information from the internet. Through our investigative reporting, we examine the prevalence and operation of an organized censorship industry, predominantly funded by criminal entities, oligarchs, and disreputable businesses or individuals. Our findings allow internet users to gain insight into these censorship schemes’ sources, methods, and underlying objectives.

What was EagleFX trying to hide?

EagleFX‘s attempts to hide unfavourable content through the misuse of copyright notices while allegedly engaging in perjury present serious legal concerns. These actions suggest a calculated attempt to manipulate legal systems to suppress free speech, a fundamental violation of copyright law principles and an abuse of legal processes. The use of such tactics not only undermines the integrity of copyright protection but also potentially constitutes perjury, further entangling EagleFX in legal accountability. Let’s examine the information EagleFX may be trying to remove from the internet –

Investigative Report: Examining EagleFX – Allegations, Concerns, and Negative Feedback

Introduction

EagleFX, launched in 2019, operates as an offshore forex and CFD broker, providing trading services in multiple financial instruments, including forex, indices, stocks, commodities, and cryptocurrencies. The platform is built around the widely-used MetaTrader 4 (MT4), offering features such as high leverage (up to 1:500), a low minimum deposit requirement ($10), and 24/7 customer support. While EagleFX markets itself as a customer-centric broker catering to both beginner and experienced traders, the company has faced numerous concerns, criticisms, and complaints.

This report examines these issues comprehensively, providing insights into the controversies surrounding EagleFX.

1. Lack of Regulatory Oversight

Key Issue: Absence of Regulation

EagleFX operates as an offshore broker, with its operations based outside jurisdictions with stringent financial regulations. As of now, the company is not authorized or regulated by any trusted financial authority, such as the Financial Conduct Authority (FCA) in the UK, the U.S. Commodity Futures Trading Commission (CFTC), or the Australian Securities and Investments Commission (ASIC).

Implications for Traders

• No Safety Nets: The lack of regulatory oversight means traders are exposed to significant risks, including the potential loss of funds in cases of broker insolvency or unethical practices.
• No Compensation Schemes: Regulated brokers in leading jurisdictions often provide compensation schemes or insurance to protect traders’ deposits in the event of a financial crisis. EagleFX offers no such protection.
• Risk of Fraud: Without regulatory compliance, there is no external body monitoring EagleFX’s activities to ensure ethical operations, leaving traders vulnerable to potential fraud or unfair practices.

Industry Commentary

Experts and financial watchdogs emphasize the importance of regulation for broker transparency and accountability. EagleFX’s offshore status is frequently cited as a red flag for potential investors.

2. Limited Range of Tradable Instruments

Scope of Offerings

EagleFX provides access to around 100 tradable instruments, covering:

• Forex Pairs: Major, minor, and exotic currency pairs.
• CFDs on Indices and Stocks: A limited selection compared to industry leaders.
• Cryptocurrencies and Commodities: Popular digital assets and raw materials.

Customer Complaints

• Restricted Options: Advanced traders have criticized the broker for its limited range of instruments compared to competitors like BlackBull Markets, which offers over 26,000 tradable assets.
• Narrow Portfolio: Investors seeking diverse opportunities for portfolio management find EagleFX’s offerings insufficient, especially in emerging markets or niche sectors.
• Cryptocurrency Focus: While EagleFX emphasizes its cryptocurrency trading features, the overall variety remains underwhelming for broader market participants.

3. Inadequate Educational Resources

Deficiency in Educational Materials

EagleFX has been heavily criticized for failing to provide comprehensive educational resources to its users. Key points include:

• Lack of Beginner Support: New traders often rely on brokers for educational content to learn trading basics. EagleFX provides only minimal guides, insufficient for building foundational knowledge.
• Outdated Materials: The company has not added new educational resources since 2022, which has left existing materials outdated and less relevant in evolving market conditions.
• Absence of Analyst Insights: Unlike competitors, EagleFX does not offer market analysis, forecasts, or actionable insights, leaving traders without crucial decision-making tools.

Impact on Traders

• Knowledge Gap: Beginner traders are left ill-equipped to navigate the complexities of the financial markets, increasing the likelihood of losses.
• Unfavorable Comparisons: Traders who prioritize educational support are likely to opt for more robust brokers with extensive learning hubs, webinars, and mentoring programs.

4. High Leverage and Associated Risks

Leverage Features

EagleFX offers leverage of up to 1:500, significantly higher than the caps set by regulators in major jurisdictions (e.g., 1:30 in the EU or 1:50 in the U.S.). While this can amplify potential gains, it equally increases the magnitude of potential losses.

Concerns Raised

• Risk for Novices: High leverage is particularly dangerous for inexperienced traders who may not fully understand margin requirements or the risks involved.
• Potential for Significant Losses: Traders using high leverage often risk wiping out their accounts during periods of market volatility.
• No Regulatory Safeguards: Regulated brokers impose leverage caps to protect traders. EagleFX’s lack of regulation means such protections are absent.

Case Studies

Several traders have shared experiences of losing substantial amounts due to over-leveraging, exacerbated by a lack of guidance from the broker.

5. Mixed Customer Reviews

Positive Feedback

• Low Minimum Deposit: Many traders appreciate the accessibility provided by the $10 minimum deposit, making EagleFX appealing to beginners with limited capital.
• 24/7 Customer Support: Users have praised the broker for its responsive and round-the-clock customer support.

Negative Feedback

• Withdrawal Issues: Some users have reported delays in withdrawals, with complaints about prolonged processing times and limited payment options.
• Transparency Concerns: Critics argue that EagleFX does not provide clear information about its ownership or operational structure, further undermining trust.
• Unregulated Status: A recurring complaint is the broker’s lack of regulatory credentials, which makes traders uneasy about depositing funds.

6. Risk Factors and Broader Implications

Risk Factors

• Potential Scams: The unregulated nature of EagleFX raises concerns about its legitimacy and long-term operational stability.
• Financial Vulnerability: Traders risk losing their funds without recourse in case of broker malfeasance or financial instability.
• Lack of Investor Protection: The absence of regulatory oversight eliminates key safety mechanisms, such as fund segregation and regular audits.

Industry Reputation

EagleFX’s controversies have contributed to skepticism toward offshore brokers in general. Industry analysts often warn against trading with such firms, recommending regulated alternatives.

Conclusion

While EagleFX markets itself as a user-friendly platform with accessible trading features, its operational practices and lack of regulatory oversight pose significant risks to traders. From its limited range of instruments and inadequate educational resources to high leverage and withdrawal concerns, EagleFX has faced numerous criticisms that should not be overlooked.

Prospective traders are strongly advised to exercise caution, conduct thorough research, and consider regulated brokers offering greater transparency, comprehensive features, and robust client protections. EagleFX’s appeal to beginners with low deposits and cryptocurrency trading options does not offset the substantial risks associated with its unregulated status.

How do we counteract this malpractice?

Once we ascertain the involvement of EagleFX (or actors working on behalf of EagleFX), we will inform EagleFX of our findings via Electronic Mail.

Our preliminary assessment suggests that EagleFX may have engaged a third-party reputation management agency or expert, which, either independently or under direct authorization from EagleFX, initiated efforts to remove adverse online content, including potentially fraudulent DMCA takedown requests. We will extend an opportunity to EagleFX to provide details regarding their communications with the agency or expert, as well as the identification of the individual(s) responsible for executing these false DMCA notices.

Failure to respond in a timely manner will necessitate a reassessment of our initial assumptions. In such an event, we will be compelled to take appropriate legal action to rectify the unlawful conduct and take the following steps –

Since EagleFX made such efforts to hide something online, it seems fit to ensure that this article and sensitive information targeted online by these events get a lot more exposure and traffic than what it would have received originally

We hope this becomes an excellent case study for the Streisand effect…The key idea behind the Streisand effect is that efforts to restrict information can backfire, often causing the information to gain more attention than it would have otherwise. This effect is widespread in the digital age, where users quickly notice and spread censorship efforts on social media and other platforms. Trying to suppress something can unintentionally lead to it becoming more visible, which EagleFX is finding out the hard way.

Potential Consequences for EagleFX

Under Florida Statute 831.01, the crime of Forgery is committed when a person falsifies, alters, counterfeits, or forges a document that carries “legal efficacy” with the intent to injure or defraud another person or entity.

Forging a document is considered a white-collar crime. It involves altering, changing, or modifying a document to deceive another person. It can also include passing along copies of documents that are known to be false. In many states in the US, falsifying a document is a crime punishable as a felony.

Additionally, under most laws, “fraud on the court” is where “a party has sentiently set in motion some unconscionable scheme calculated to interfere with the judicial system’s ability impartially to adjudicate a matter by improperly influencing the trier of fact or unfairly hampering the presentation of the opposing party’s claim or defense.”  Cox v. Burke, 706 So. 2d 43, 46 (Fla. 5th DCA 1998) (quoting Aoude v. Mobil Oil Corp., 892 F.2d 1115, 1118 (1st Cir. 1989)).

Is EagleFX Committing a Cyber Crime?

Yes, it seems so. EagleFX used multiple approaches to remove unwanted material from review sites and Google’s search results. Thanks to protections allowing freedom of speech in the United States, there are very few legal ways to do this. EagleFX could not eliminate negative reviews or search results that linked to them without a valid claim of defamation, copyright infringement, or some other clear breach of the law.

Faced with these limitations, some companies like EagleFX have gone to extreme lengths to fraudulently claim copyright ownership over a negative review in the hopes of taking it down.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. EagleFX is certainly keeping interesting company here….

The DMCA takedown process requires that copyright owners submit a takedown notice to an ISP identifying the allegedly infringing content and declaring, under penalty of perjury, that they have a good faith belief that the content is infringing. The ISP must then promptly remove or disable access to the content. The alleged infringer can then submit a counter-notice, and if the copyright owner does not take legal action within 10 to 14 days, the ISP can restore the content.

Since these platforms are predominantly based in the U.S., the complaints are typically made under the Digital Millennium Copyright Act (DMCA), which requires online service providers and platforms to react immediately to reports or violations. Big Tech companies rarely have systems in place to assess the merit of each report. Instead, all bad actors need to do is clone a story, backdate it, and then demand the real thing be taken down.

Reputation Agency's Modus Operandi

The fake DMCA notices we found always use the “back-dated article” technique. With this technique, the wrongful notice sender (or copier) creates a copy of a “true original” article and back-dates it, creating a “fake original” article (a copy of the true original) that, at first glance, appears to have been published before the true original.

Then, based on the claim that this backdated article is the “original,” the scammers send a DMCA to the relevant online service providers (e.g. Google), alleging that the ‘true’ original is the copied or “infringing” article and that the copied article is the “original,” requesting the takedown of the ‘true’ original article. After sending the DMCA request, the person who sent the wrong notice takes down the fake original URL, likely to make sure that the article doesn’t stay online in any way. If the takedown notice is successful, the disappearance from the internet of information is most likely to be legitimate speech.

As an integral part of this scheme, the ‘reputation management’ company hired by EagleFX creates a website that purports to be a ‘news’ site. This site is designed to look legitimate at a glance, but any degree of scrutiny reveals it as the charade it is.

The company copies the ‘negative’ content and posts it “on the fake ‘news’ site, attributing it to a separate author,” then gives it “a false publication date on the ‘news’ website that predated the original publication.

The reputation company then sent Google a Digital Millennium Copyright Act notice claiming the original website infringed copyright. After a cursory examination of the fake news site, Google frequently accepts the notice and delists the content.

In committing numerous offences, EagleFX either premeditated actions or were unaware of the consequences. Despite hiring an agency to make Google disregard any negative information about EagleFX, ignorance does not excuse this wrongdoing.

Fake DMCA notices have targeted articles highlighting the criminal activity of prominent people to hide their illegal behavior. These people, which include US, Russian, and Khazakstani politicians as well as members from elite circles including the mafia and those with massive financial power, are all connected – and alleged corruption ranging from child abuse to sexual harassment is exposed when exploring evidence found at these URLs. It appears there’s a disturbing level of influence being exerted here that needs further investigation before justice can be served. FSMSmart is certainly keeping interesting company here.

The Reputation Laundering

Rogue Reputation agencies use spurious copyright claims and fake legal notices to remove and obscure articles linking clients to allegations of tax avoidance, corruption, and drug trafficking. Most of these reputation agencies are based offshore, mainly in Russia, India, and Eastern Europe, and they do not worry about complying with US-based laws.

The content in all of the articles for which the fraudulent DMCA notices have been sent relates to allegations of criminal allegations, including corruption, child abuse, sexual harassment, human trafficking and financial fraud against businesses and individuals with ultra-high net worth.

In addition to the misuse of the DMCA takedown process, there is a notable absence of enforcement concerning perjury violations. The statutory requirement related to perjury is designed to deter copyright holders from submitting fraudulent or knowingly false takedown requests, as they may face legal consequences for making false declarations under penalty of perjury. However, to date, there have been no known instances of any individual being prosecuted for perjury in connection with the submission of false DMCA takedown notices.

This lack of enforcement has emboldened copyright holders to exploit the DMCA takedown process to suppress dissent, criticism, or other unfavorable content, without fear of legal repercussions.

Some of the people and businesses who have employed this tactic to remove legitimate content from Google illegally include a Spanish businessman-turned-cocaine-trafficker, Organised crime, an Israeli-Argentine banker accused of laundering money for Hugo Chávez’s regime, a French “responsible” mining company accused of tax evasion, child molesters and sexual predators. EagleFX is in great company ….

What else is EagleFX hiding?

We encourage you to ‘Dork‘ Google by searching for keyword combinations such as [EagleFX] + {Negative Keyword, such as Scam, Fraud, Complaints, Lawsuit, Sanction, etc} on Google. It’s likely if you scroll down to the bottom of this Google search results, you’ll stumble upon this Legal Takedown notice (pictured below)

To make such an investigation possible, we encourage more online service providers to come forward and share copies of content removal requests with industry experts and researchers. If you have any information on EagleFX that you want to share with experts and journalists, kindly email the author directly at [email protected].

All communications are strictly confidential and safeguarded under a comprehensive Whistleblower Policy, ensuring full protection and anonymity for individuals who provide information.