Megainvestco Review: What Is The Goal Of This Broker?
This Forex brokerage promises a web trading platform with high leverage and competitive spreads. However, the company’s regulatory status seems elusive.
Is Megainvestco up to no good like TradesPeck? The information and content on the website seem to point to that. In order to reveal the truth, we decided to investigate this platform in our Megainvestco Review.
|Regulated by:||Unregulated Scam Broker|
|Is This Company Safe?||No|
|Have Warnings from:||FSMA, CONSOB, CNMV|
|Registered in:||Switzerland (allegedly)|
|Trading Platforms:||WebTrader, Desktop Platform|
|Minimum Deposit:||100 USD|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Cryptocurrencies, ETFs|
|Free Demo Account:||Not Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is Megainvestco Regulated?
Megainvestco claims to be based in Switzerland, which is simply not true. The company is not registered anywhere. Simply check the database of the local regulator FINMA to confirm it.
The website also says the business is regulated by the Cyprus Securities and Exchange Commission (CySEC) but this is just another in a series of lies.
We found two regulatory warnings issued against Megainvestco. On September 6, 2023, the Belgian FSMA first issued a warning against the platform. The Italian CONSOB and Spanish CNMV followed with their warnings soon afterwards.
In conclusion, Megainvestco is definitely not a safe option for trading. Avoid this platform and instead find a licensed provider that’s regulated by a reputable financial regulator such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), FINAM (Switzerland), IIROC (Canada), etc.
If Megainvestco scammed you, we can help you recover your money!
Who Are Megainvestco’s Targets?
According to godaddy.com/whois, the Megainvestco.com website domain was created on October 17, 2022. Since then, the unscrupulous financial swindler has been primarily targeting unsuspecting traders who reside in the following countries:
Megainvestco has set his diabolical gaze on reputable European financial hubs. To reiterate, the FSMA, CONSOB, and CNMV (all EU regulators) blacklisted the platform because it is not registered to provide Forex or crypto trading services.
The broker ignores regulatory rules in force in Europe. For instance, you can set leverage up to 1:500 on this platform but the legal cap in the EEA zone is 1:30 for retail clients. Always check your provider first because even regulated brokers such as EuropeFX go astray.
Trader Reviews – Sharing Experiences
Trader evaluations are exclusively posted on one forum – reviews.io. Interestingly, there were 47 reviews with an average rating of 4.6/5 at the time of this writing, even though the brokerage firm has been red-flagged by two respectable European regulatory watchdogs.
This raises the question – are these reviews potentially deceptive or dishonest? Is it possible that Megainvestco has provided individuals with incentives in exchange for positive feedback?
We strongly suspect this to be the case. The platform received a terrible trust score on webparanoid.com. We’d rather believe the regulators on this one precisely because the reviews may be subject to fraud.
Do not trade on unregulated platforms. We can help you find a legitimate broker!
Megainvestco Trading Platform
Megainvestco offers access to two trading platforms, WebTrader and DesktopTrader, each with its distinctive characteristics as implied by their names—one being web-based, the other for download. The shady broker boasts about these platforms, highlighting an array of impressive tools for traders.
However, we were unable to give our own assessment due to the absence of a demo account for the desktop platform. In the context of the browser-based platform, it disappoints in comparison to the grand promises on the website, offering only rudimentary charts and indicators.
The platform lacks advanced features like automated trading, live market reports, and a customizable interface equipped with sophisticated charting capabilities. Megainvestco does not support widely used third-party software such as MT4 or MT5, which are far superior platforms.
Megainvestco Account Types
Megainvestco claims to offer five live trading account types:
|Minimum Deposit||N/A||10,000 USD||25,000 USD||50,000 USD||100,000 USD|
Leverage, Spreads and Commissions
Megainvestco’s maximum leverage of up to 1:500. It is important to keep in mind that high leverage is risky, especially if you’re a beginner and market volatility isn’t your friend. High leverage can magnify profits but also losses.
On another website page, the phony provider specified that the minimum deposit to open the Savings Account is 100 USD. However, the platform doesn’t support a risk-free demo account, which is a big drawback. If you’re a newbie trader, you shouldn’t be risking real money without practicing with virtual funds first.
When it comes to trading costs, i.e. spreads, Megainvestco advertises tight spreads starting from 0.0 pips. Again, without access to the platform, we couldn’t confirm it.
Megainvestco Withdrawal Process
The website listed two available payment methods for deposits and withdrawals:
- Credit/debit cards;
- Wire transfers.
The minimum deposit requirement is 100 USD. According to Megainvestco’s website, the illicit brokerage firm does not charge any deposit or withdrawal fees.
Funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete.
Key Facts To Consider About Megainvestco
To recap, Megainvestco is an unlicensed Forex trading scam. The main targets of Megainvestco are traders residing in France, Germany, Sweden, Denmark, and Finland.
The platform was recently blacklisted by the FSMA, CONSOB, and CNMV, which is the main reason why we do not recommend you trade on it. It’s as bad as Kowela.
If you lost money to the Megainvestco scam, please book your free consultation with us and tell us more about what happened. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process and assist you every step of the way.
Book your consultation with us today and start the chargeback process.
Is Megainvestco Legit?
No, Megainvestco was recently blacklisted by the Belgian FSMA, Italian CONSOB, and Spanish CNMV.
What Is the Minimum Deposit for Megainvestco?
The minimum deposit for Metainvestco is 100 USD. Need help getting your money back? Book a consultation with us.
Does Megainvestco Have a Mobile Trading App?
Yes, the cyber con artist supports a mobile trading app for Android and iOS devices.
How much is Megainvestco’s withdrawal fee?
According to the website, Megainvestco does not charge any deposit or withdrawal fees.