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MegaCoinFX Review - is it scam or safe?

MegaCoinFX Review - is megacoinfx.com scam or good forex broker?

RATING: 1 / 4 REVIEWS ForexBrokerz MegaCoinFX
MegaCoinFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Basic  $250 1:1000 0.9 pips
Silver  $2 500 1:1000 N/A
Gold  $10 000 1:1000 N/A
Patinum  $50 000 1:1000 N/A
Diamond  $100 000  1:1000 N/A

 

MegaCoinFX is a Bulgaria-based forex and CFD broker that offers the above accounts. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review. If you are going to skim through it, make sure you read at least the sure first point of the negatives section.

 

 

MegaCoinFX Advantages

 

Seemingly good spread high leverage provided

According to the information on its website, this broker offers leverage as high as 1:1000, which will surely suit the needs of all types of traders, including the most aggressive ones. The downside of using high leverage is that it can be risky and if you are not experienced in trading, you may lose your investment in a matter of seconds.

 

 

MegaCoinFX's web platform. Click on the image to view larger.

 

MegaCoinFX has not indicated any reference spreads, but everyone can log into their web-based platform and look them up. Besides, they seem good – we found the benchmark EUR/USD spread floating around 0.9 pips. Yet, we believe that the cost of trading is not as important as the security of your deposit, so check out our list of reliable brokers and the spreads they offer.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Huge selection of assets, many coins

Another possible benefit of MegaCoinFX is that offers trading in offers trading in many currency pairs (majors, minors, and exotic), as well as a wide range of CFDs, including on indices, commodities, precious metals, stocks, and many cryptocurrencies.

 

In case you are keen on trading digital assets like Bitcoin, it would be better to do that on a regulated exchange or with a forex brokers that is reliable and licensed.

 

 

>> Reliable forex brokers offering Bitcoin CFDs <<

 

 

MegaCoinFX Disadvantages

 

No legit license, scarce corporate information

The company behind MegaCoinFX is unknown, and the broker’s website mentions an address in Sofia, Bulgaria, but has included a number with an Australian phone code. So, the corporate situation of this brokerage appears quite messy. Of course, whichever the company behind the MegaCoinFX brand, it is not licensed by the Bulgarian Financial Supervision Commission, nor by another EU financial authority, as all CFD providers in this EU Member State should.

 

 

Regulation is the single most important factor for the safety of any investment and the fact that MegaCoinFX does not have a license significantly lowers its credibility. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

 

Unusual extra fees

When we went through MegaCoinFX’s T & C, we also found out that the broker has a series of unusual high fees, which are not in line with the general practice on the forex and crypto markets. For example, the broker charges management fee of 3.25% every 6 months, as well as a quarterly trading commission of 3.50% of the trading volume.

 

 

Click on the image to zoom in. 

 

MetaTrader no supported

MegaCoinFX offers an in-house trading platform that is web-based, simple and easy to use. Although this trading interface has good analytics and charts powered by TradingView, we doubt there is any room for comparison with the industry standard MetaTrader 4 (MT4). The main advantages of the MT4 are the superior charting, the automated trading strategies (EAs), and the programming environment, which allows for easy customization. 

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

Although MegaCoinFX seems to have several advantages, they are definitely outweighed by the disadvantages listed above. This forex and CFD broker is basically anonymous and unregulated, which inclines us to suspect that it is one of the many scams on the market. Also, keep in mind that investors that have fallen victim to a scam perpetrated by anonymous brokerages have very limited legal options afterwards.

 

The world of online trading is unfortunately full of con-artists and scammers seeking to swindle misinformed traders on every turn. This is why we encourage our readers to invest funds only in properly licensed firms in order to exclude any risk of foul play.

 

And finally, here are the highlights of the present review of MegaCoinFX:

 

Pros Cons
Generous leverage, seemingly good spreads Limited company info, no financial regulation
Huge selection of assets Unusual salty fees
  No access to MT4

 

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Traders` reviews for MegaCoinFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Do not trade with this company

Some names: Felix Bolton, Liam Brubeck, Michelle Tyler, coupled with Jubiter.com will get a starting deposit , show some unusual growth on your account and then ask you for additional funds. Withdrawal of funds from the account just doesn't happen despite multiple requests. Do not allow them access to your computer through anydesk, they will look for links and passwords.
When I asked for registration details, they gave me some numbers which showed up as HYCM. When I contacted this company directly, I was informed that MegacoinFX was not one of their companies.

They have pirated information from genuine and registered broker platforms and sites to create the visual effect of being a genuine registered company. The truth is far from that.

Always look for a company that has FCA or ASIC registration. If you cant find them on these registers then DO NOT DEAL WITH THEM you will very likely lose your money with little hope of ever getting it back

Chris Penniceard 12/05/2019

Crooks anc criminals

Ben Adam megacoinfx And Emma Watson from Jubiter collaborate to steal your money.when called they blocked my IP address from even signing on

Norm Skelton 09/25/2019

Beware of MegaCoinFX

I started with the minimum investment of £250 and was appointed a Senior Analyst called Mr Ben Adams.

Mr Adams after the initial conversation was always in ‘session’ and unable to speak with or was ‘too busy’ and will call later, calls never materialised.
Then I received a call from Mr Adams and as was busy at the time of the call we arranged for 10:00 the following day, I sent Mr Adams an e-mail after 12:00 asking why no call.

Mr Adams called me after 13:00 telling that my account had gone up to >$600US and requesting further funds when I told him that I would like to keep my small investment I was told that this was a starter account and it had ran out of an allotted timescale which was never mentioned?
I then asked to withdraw my money and suddenly the phone went dead?
Small investors beware of MegaCoinFX

Gavin Folan

Gavin Folan 08/16/2019

Megacoinfx Scam


I was approached by Megacoinfx...A friendly “Ben/jamin Adam/s” promised my that I could make big profits with Megacoinfx. I was ask to install Anydesc, and I invested my first €5000. Then I had to sign an “ Agency Agreement”. I saw my account grow, and asked for a refund. I didn’t get this because “Ben/jamin” had put €4000 in my account and this money was from the “Company”...I had to pay it back first. And than I could get a refund. So I deposited my last €4000, and had to sign the “Agency Agreement” again. Then I ask for a refund but without result. (My money went to banks in Hongary and Poland). When I ask “Benjamin” to do traders for my ( which I didn’t do myself) he was anonoyed and made my lose a lot of money. Hè told my...I had to leave it to him, because he knew about it, not me! The contact became less and less, and “Ben Adam” wasn’t so friendly either. He became friendly again when he introduced me to take out a loan. Megacoinfx perform forextrading without valid llicense data. They are not willing to allow withdrawals. They ask you to deposit more and more money with the promise that you will get money back. Don’t fall for the Beautiful words of “Ben/jamin Adam/s”.... every word is a lie....the are big scammers. The have the same platform as BestXtrade....

Bi 07/24/2019

MegaCoinFX is Unethical Scam

I initially opened an account with this "broker" with €250.00 and was convinced to deposit a further €1,000.00. Due to personal reasons around my health (I have Parkinson's Disease) I asked for a withdrawal from my account on the 08/07/19 - as of the writing of this review I have not received any funds. Tonight I received a telephone call from Ben Adam (could be alias) who told me that I couldn't withdraw any money as I had insufficient equity - you need €5,000 liquidity before you can withdraw - at no time was this explained to me. If you look further on their site there are clearly unfair contract terms and conditions that any trader should be aware of e.g. fee for withdrawal within the first month of 25% of your capital (this isn't a fee it's a penalty). I couldn't find any reference to the €5,000 liquidity that Ben Adam quoted to me on 15/07/2019. The Director of record in Bulgaria is;

Gergely Bíborka Lilla (mother's birth name: Szentirmai Klára)
Date of birth: 1988/01/22
1125 Budapest, Diós Árok 14.
Tax identification number: 8442153543
Manner of representation: independent
Title of the person entitled to representation: Managing Director (senior officer)

His email address is ibiborkagergely@icloud.com.

I have now been in email contact with this company three times without success. Ben Adam tried to call me 15/07/2019 and I called him back and explained I needed the money refunded - he wasn't interested and hung up on me.

All traders beware of having any dealings with MegacoinFX, Ben Adam or any clones of this site.

Andrew Morse 07/16/2019
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