Do you want to trade with Mega Markets FX? Why megamarkets.com is not a genuine broker! Read detailed Mega Markets FX review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is Mega Markets FX?
Mega Markets FX otherwise known as Megamarkets.com is an offshore brokerage company with a lot of promises for forex traders. The location of company is shown as DUO RANGE LIMITED, 2 Frederick Street, Kings Cross, London, WC1X 0ND.
What is more, there are different account packages showed on the website.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Mega Markets Minimum Deposit:
Mega Markets deposit is shown $10,000 according to the account type. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the broker provides no information. What this broker offers is cryptocurrencies as the only possible payment method.
Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Mega Markets withdrawal FX leaves us with an information — $10 per month on an inactive account of 3 months. 5% withdrawal fee via Credit / Debit card and $10 for Bank Transfer.
Mega Markets Platform:
Mega Markets platform FX claims to use easy-to-use platform, that is, web based trader. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for Mega Markets leverage, it can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why You Should Avoid Megamarkets.com Forex Broker
First and foremost, Megamarkets.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
On a quick check, the broker claimed to have a registered office in London. Then, we checked the record of the Financial Conduct Authority (FCA), UK and nothing was found.
Again, the broker presented on its website regulation from St. Vincent and the Grenadines. Sadly, St. Vincent and the Grenadines has warned against using the entity for forex trading.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Mega Markets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Mega Markets FX located at Megamarkets.com claims to appear like a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience in the comment section below.