de | cn | ru

MegaTradeFX Review - is it scam or safe?

MegaTradeFX Review - is scam or good forex broker?

MegaTradeFX is an offshore broker. Your money is not safe.


Trading Accounts and Conditions


Trading account Min. deposit  Max. leverage Spread
Basic  $250 1:200 3.6 pips
Standard  $2 500 1:200 N/A
Silver  $5 000 1:200 N/A
Gold  $10 000 1:200 N/A


MegaTradeFX is an offshore provider of online forex and CFD trading. It offers its clients the account types listed above, plus Platinum & VIP ones (which we skipped because of the high initial deposit required of morethan $25 000). If you are wondering whether it is safe to invest with MegaTradeFX, read the below review where you can find all the details regarding this broker.



MegaTradeFX Advantages


An array of tradeable assets

MegaTradeFX offers trading in many forex pairs, CFDs on indices, commodities, stocks, many cryptocurrencies, as well as bonds and ETFs. Such rich and diversified product portfolio is definitely a plus, as clients of such a broker have a lot of assets to choose from.


Solid leverage

Although the broker has not announced the maximum leverage it offers, we saw in its platform that its clients can use up to 1:200. This is a solid leverage level, which will suit the needs of most traders, and besides, it is not extremely high. That being said, high leverage levels bring along significant risk, and statistics show that the exessive use of leverage is among the top reasons why beginner traders suffer losses.



MegaTradeFX Disadvantages


No license, blacklisted by FCA

The broker says it is operated by Vital Resources LTD, a company registered on the Marshall Islands. Its website is allegedly developed and supported by Guide Universal LP. None of these companies holds a valid forex broker license. This means that MegaTradeFX is not entitled to offer or provides financial services and/or advice on regulated markets, such as Europe, USA or Japan, for example.



Click to view larger.


However, it appears that MegaTradeFX does exactly this. The broker seems based in Scotland, UK, and obviously targets local investors, as the local Financial Conduct Authority has warned investors that MegaTradeFX is not authorized by it, and could be involved in scam.


Trading conditions not announced on website

The website of MegaTradeFX fails to mention any essential trading conditions, which is yet another worrisome sign regarding this broker. All decent forex companies show their commitment and transparency by announcing reference spreads, execution speed, leverage provided, and so on.


No MetaTrader

The platform of choice of MegaTradeFX is a web-based interface that is especialy popular among shady and unregulated brokers. It is simple, but lacking any useful analytics, as well as other advanced features, such as automated trading, for example.



MegaTradeFX’s web platform. Click to view larger.


Most traders prefer using the MetaTrader4 or the MetaTrader5. MT4 has proved its reliability and ease of use over the years. Besides, it is highly praised for its advanced functionalities, such as the top-notch charting and automated trading bots (a.k.a. Expert advisors).



>> Looking for a good MT4 broker? <<



High spreads

Furthermore, when we tested this broker’s platform, we found the benchmark EUR/USD spread way higher than what we are used to seeing offered by most forex providers. As you can see in the image above, MegaTradeFX’s spread for this pair is 3.6 pips, while most brokers provide spread in the range of 1.0 – 1.5 pips for this pair. Below, you might take a look at the pricing of some top forex brokers.



>> Real-time spread comparison page <<





While MegaTradeFX’s offer is not clear from its website, we found out that the broker’s trading conditions are not that attractive. What is worse, it is not overseen by any financial authority and the UK’s FCA has included it in its warning list. This makes it very probable that MegaTradeFX is one of the many con artists operating on the forex market, so you’d better not risk your hard-earned money with this broker, nor any other unregulated financial services provider.


It is always best to keep it safe, investing only with brokers licensed by reputable governmental agencies like the UK’s FCA or Australia’s ASIC.



>> Trade with a FCA-licensed forex broker <<



To sum up the negative and positive sides of MegaTradeFX in a few words:


Pros Cons
An array of tradeable assets No license, blacklisted by FCA

Solid leverage

Trading conditions not announced on website
  No MetaTrader
  High spreads


Latest news about MegaTradeFX
Broker Country Regulation Platform Min Deposit Review
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
$100 Review Website

Traders` reviews for MegaTradeFX
















Price feed















Customer service










Bad Site

I invested with MegaTradeFX and at first the support was good. helping me with trading and advice. I grew the account to a reasonable lever (£2k) and then tried to withdraw finds. from this point forward there was not contact. The account is still open and is still showing my amount but I have no way of withdrawing the funds.

Stay away at all costs.
Bill Cunnew

Bill Cunnew 09/13/2019

issues with repayment

I deposited 250 Euro with this company and I was helped by a nice person to make this about 320 rather effortlessly. I decided that i don't have time to do this and asked to close and send money back whereupon they agreed to open a bitcoin account for me and if I put the same amount on the bitcoin account so they can see this then they will put the money in this account. The friendly gentleman helped me open an account using anydesk and thus he could follow my information exchange and keystrokes to open the account. So I did not dare put any money into the bitcoin account to prove anything,I found the demand ridiculous to have a matching contribuion, especially since he most likelyhas the key to the bitcoin account. So Nothing happened. Instead he called and requested me to open a trade whcih seemed to go bad, then good, and after a few days it started losing so I closed it. Then he had tried to reach me. I suppose that opening a trade without automatic take profit and stop loss means that you can not leave it alone and if you close your trade for even a coffee break you need to have tose auto stops. Good lesson, now 300 Euro is in that account and he had told me it was too expensive to send such small amounts back to a bank account so he will only pay to a bitcoin account. I don't believe this is a fair request, and will try to get the money by bank transfer. I believe that he knows too much about my computer by having accessed it over anydesk, and I see that my password to one service is compromised. So I will warn people against letting anyone into your computer via any such device, since they could have software copying things from your computer. Or installing other stuff that you do not see. I can not swear this guy did this, but he seemed to ask me about files he ought not to know anything about while we were working together. I lost confidence with these guys and hope others will take it easy with them, to verify their whole background before trading with them.

Johan Fagerskiold 06/28/2019

You will never see your money again

This is a scam company,like all scammers they are nice to you on the phone and sound genuine, only to get your money. you will never see your money again.STAY CLEAR.

David Hall 05/22/2019

Megatradefx a big fat fraud

Just after I opened an account in Megatradefx, I found out that it is blacklisted by Financial Conduct Authority and I decided to close my account. Another reason was it has 100% negative review. And then my so called account manager tells me to deposit 3 times my original deposit to get my refund. He said it's a company policy and if I didn't do it I won't get my refund. I did a gamble and deposited and then he disappeared. After a while, this sick bastard calls me back and says to deposit more money. Although my deposit is in Megatradefx live account, I can't withdraw. I'm 200% sure now this company is a fraud.

Amrit Subba 04/15/2019
de | cn | ru