EagleFX is an unregulated offshore broker red-listed by the CFTC. The operator is EagleFX Ltd in the Commonwealth of Dominica. The offshore broker deploys influencers to promote its services aggressively and has 109,000 followers on Instagram. EagleFX runs on the same white-label platform as CryptoRocket, LonghornFX, and CedarFX. And like them, it uses Instacoins as a payment processor for credit and debit cards. Stay far away from these unauthorized brokers. Your money is not protected.
Key Data
| Trading name | EagleFX |
| Business activity | CFD and crypto broker |
| Domain | https://eaglefx.com |
| Social media | |
| Legal entity | EagleFX Ltd |
| Jurisdiction | Commonwealth of Dominica |
| Authorization | No |
| Payment options | Crypto, credit and debit cards |
| Payment processor | Instacoins |
| Warnings | CFTC |
| Related schemes | CryptoRocket, LonghornFX, CedarFX |
Short Narrative
The offshore broker’s website states that it “is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.” However, such a statement is not enough to less, users from almost all jurisdictions can register. The offshore broker also offers leverage of 1:500, which violates the regulations in Europe, the UK, and most other regulatory regimes.
We think that the same people and their boiler rooms are behind EagleFX, CryptoRocket, LonghornFX, CedarFX, and other not yet identified offshore broker schemes.
EagleFX was put on the Red List by the US regulator CFTC. According to the regulator, the company is acting without registration and without being present in the U.S. However, according to the latest Similarweb statistics (August 2022), almost 60% of EagleFX website visitors come from the U.S. and almost 10% from Canada. This shows that the red-listed broker is still active in North America.
Instagram And Influencers
The broker scheme works with a so-called multi-tier affiliate program that allows affiliates to act as Introducing Brokers (IB) and refer traders and sub-IBs to EagleFX. Instagram influencers promote EagleFX and its financial services on Instagram or other social media platforms and message services using a unique referral link. When a new customer joins EagleFX via this referral link and begins to trade with real money, IBs start earning a commission.
More than 41,000 posts on Instagram are tagged with #EagleFX, demonstrating this broker’s powerful presence. EagleFX works with Instagram influencers to act as their Introducing Brokers. Perhaps, none of them has regulatory permission to do so.
- The verified Instagram user Herbert R. Sim (link) uses and promotes EagleFX on Instagram to his 696K followers and his almost 470k Facebook followers. On his website, this guy promotes himself as “The Bitcoin Man,” philanthropist and entrepreneur.
- Another affiliate is the user with the handle FOREXDOC (link). This guy has impressive 323K followers on Instagram and 12.2K members in his Telegram channel (link).
- So does InvestyWise (link) with his 135k follower base and h266.th (link) with more than 121k followers.
The influencers listed above knowingly promote an unauthorized broker and appear to be unlicensed to offer these financial services via social media. Each individual influencer is thus in violation of regulatory requirements in dozens of regulatory regimes.
Instacoin integration
EagleFX uses Instacoins to process its debit and credit card deposits. Instacoins is a registered crypto payment processor that offers a service of buying Bitcoin (BTC) via credit or debit card. By using the Instacoin payment platform, you become a client of Instacoins Estonia OÜ, a company with an Estonian crypto license (see companies register data).
Share Information
If you have any information about EagleFX, its operators, and its facilitators, please share it with us through our whistleblower system, Whistle42.
