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Mega Equity Review - Is it scam or safe?

Mega Equity Review - is megaequity.com scam or good forex broker?

RATING: 3 / 0 REVIEWS Mega Equity
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Trading Accounts

 

Trading platforms Minimum deposit  Minimum trade size Maximum leverage Agerage Spreads
MT4 $500 0.01 1:400 0.1 pips + $7*

 

*Commission is calculated per standard (100 000 base units) lot per side.

 

Mega Equity offers its clients a single STP/DMA account with tight inter-bank variable spreads, leverage up to 1:400, and the option to trade in micro lots. Besides, clients benefit from their Exchange Membership, multi-asset global execution and clearing capabilities.

 

The Company. Security of Funds

 

 
Mega Equity (also known as MegaFX) is a European public joint stock company established back in 1999 that offers various financial investment and intermediary services.

 

It is a 100% DMA/STP broker, offering wide range of financial instruments for trade: more than 50 currency pairs, precious metals, various CFDs, Exchange Traded Funds (ETFs), equities and Futures and Options on the Greek Markets.  The company behid the brand is Mega Equity Securities and Financial Services Public Ltd., a Cypriot Investment Firm (CIF), licensed by Cyprus Securities and Exchange Commission (CySEC) since 2003.

 

CySEC requires Cyprus Investment Firms to hold at least €730,000 in order to prove their good financial standing. In addition, Cypriot forex brokers must keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If a regulated company is becomes insolvent.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

In addition, the company is a Member of the Cyprus Stock Exchange, the Athens Stock Exchange, the Athens Derivatives Exchange and of X-NET Markets (the electronic trading platform of the Athens Stocks Exchange that enables Member Firms to offer competitive and cost effective Direct Market Access to 35 foreign stock markets).

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Mega Equity, traders have to invest a minimum of $500, which is a bit too high. By comparison, other Cyprus-based brokers require less - FXTM, for example, demands just $5 from its clients as a start.

 

Spreads & Commissions

Mega Equity offers tight interbank floating spreads, averaged 0.1 pips on EUR/USD, however it charges a commission of $14 per lot round turn. So, average trading costs with this broker amount to around 1.5 pips per lot, which is on the upper end of average.

 

For purposes of comparison, FXTM’s average ECN spreads amount to 0.5 pips on EUR/USD and involve a of commission $4 per standard lot (round-trip). For further information and comparison, you may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

The maximum leverage level offered by Mega Equity is 1:400, which is considered high, as such leverage levels involve greater risk of losses. Regardless of this, many Cyprus-based brokers offer similar or even higher leverage rates - for example, FXTM provides leverage up to 1:1000.

 

Probably this practice is about to change, as the CySEC proposed default leverage levels offered by forex brokers to be just 1:50, and other European Authorities also intend to cap leverage levels, in line with ESMA’s recommendations.

 

Trading Platforms

 

Mega Equity supports MetaTrader4 (MT4), the most popular choice among both brokers and traders.

 

The MT4 offers more than 50 built-in technical indicators and tools, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.

 

Besides, MetaTrader 4 platform allows users to subscribe to the Meta Quotes Social Trading service. Traders who choose to use this service can automatically copy trades from other traders directly within the Mega Equity MT4 trading terminal.

 

Mega Equity’s Smart Order Routing Technology (SOR) aggregates the fragmented markets into a single, unified view systematically scanning 80+ Derivatives and Commodities Exchanges, including Dark-Pools and Light-Pools as well as Primary Exchanges such as the LSE, VIRT-X, XERTA, NYSE, or NASDAQ.

 

In addition, Mega Equity offers Multiclient - their platform specialized in global equities trading, and Periskope - an application for valuing, real-time market watch and portfolio management for derivatives (a front office system for the Athens Derivatives Exchange).

 

Methods of Payment

 

Mega Equity offers its clients the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment system Skrill.

 

Conclusion 

 

Mega Equity (MegaFX) is a well-regulated forex and CFD broker with more than 13 years of experience. It offers reasonable conditions for trading on the standard MT4 platform, as well as advances stock broking services. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated Comparatively high commission fees
MT4 available No choice of trading platforms & account types
Pure DMA/STP model  
Low spreads  

                                                                 

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Traders` reviews for Mega Equity

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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