MegaTrader FX Review – Intermittent Scam Is A Recurring Danger
MegaTrader FX website is constructed on the basis of the WordPress platform, an easy to use website creation and management kit. Seeing something like this in the lucrative world of Forex trading is never a good sign. While megatraderforex.com is very informative and transparent, it lacks the critical feature- a forex license.
The website is currently in the state of maintenance, something which has been going on for years now. Find out more in our MegaTrade FX Review, as we analyze the particularities of this company.
|Regulated by:||Unregulated Forex Broker|
|Is This Company Safe?||No, stay away from unlicensed entities!|
|Have Warnings from:||N/A|
|Registered in:||British Virgin Islands|
|Trading Assets:||Currencies, CFDs on Shares, Metals, Indices|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||It is advised to be cautious and seek legal help for most efficient fund recovery. Our firm provides these services.|
Allegations Of Affiliation With XM.Com
Mega Trader FX Ltd, the company that is behind the megatraderforex.com, claims to be a brokerage agency that does not provide Forex services.
The firm responsible for that is said to be Trading Point of Financial Instruments Limited, regulated by CySEC. Also, besides the financial services, this licensed firm also supposedly handles clients’ accounts, funds and transactions done through MegaTrader FX.
However, the broker in question isn’t one of the domains approved by CySEC and is run from the British Virgin Islands. The local regulator there, BVIFSC, hasn’t regulated this firm.
XM broker’s website doesn’t officially publish any information about affiliation with MTFX, but the offshore firm still redirects clients to register with xm.com.
We recommend a properly regulated broker to trade with, instead of gray zone schemes without a license like MegaTrader FX and Prime Asset Trade.
It boggles the mind how long this broker went unchecked, as the megatradefx.com domain has existed since 2011. Their client base was never very large, which probably allowed them to stay hidden.
Here is where the majority of website visitors comes from:
- South Africa
- United States
The company used to operate a number of social media profiles. While the latest Twitter (now called X) update pertaining to MegaTrade FX occurred in late 2015, the Facebook profile remained active until 2022, mostly as an advertising platform for other companies.
Even though it appears dormant at first glance, the platform pops up time after time and the swindlers behind it continue their dirty work. If you’ve had a run in with these frauds, contact our experts for help with chargeback.
Rule-Breaking Leverage And Shady Fees
The maximum leverage ratio climbs up to 1:500, which is far beyond the allowed limits within the EEA regulatory system.
No trading commissions are revealed, although the starting spreads are claimed to be set to 1 pips on major Forex pairs. Another unregulated entity with suspiciously attractive conditions is Evergreen Oak Capital.
20% Deposit and 10% Loyalty Bonus
Upon first deposit, the brokerage rewards you with a 20% bonus. Most active members are also given a 10% bonus upon every next deposit.
Unfortunately, although seemingly harmless, these bonuses aren’t defined through legal docs. This gives the platform room to manipulate your funds and prevent withdrawals.
Borrowed And Improvised Trading Features
Although MT4 should be available, the file cannot be downloaded securely. Any attempt of account making is restricted by redirecting, but the fake broker does advertise some sorts of accounts.
Lastly, it is unclear if the provided instruments are offered by the questionable site or xm.com.
Credibility isn’t provided by lies like XLTRADE and MegaTrade FX try, but by genuine service.
MT4 Download Doesn’t Work
As attractive as the ads of MT4 are, the problem with the site is the fact that it doesn’t allow a safe download. The prestigious software is available only on PC, but any download attempt will be interrupted by your browser or antivirus. That means that the MegaTraderFX platform may not be a valid file at all, but a malware.
Trading instruments allegedly available at the website are both Forex and CFDs, except they’re divided into several groups:
- Currencies (EUR/USD, USD/GBP, EUR/JPY)
- CFDs on Stocks (Tesla, Amazon, Disney, 3M)
- Metals (Silver, Gold, Platinum)
- Indices (FTSE, Nasdaq, DAX30, AUD200)
Overpriced Accounts Don’t Open
Creating your MegaTrader FX account isn’t as simple as claimed. Upon clicking the registration button, whatever account type you choose, you’re either directed to xm.com or simply given a 404 error. The several available account types are only seemingly affordable, yet cost a lot and do not feature anything particularly valuable:
- Micro Account – No minimum deposit
- Standard Account – $3,000
- Executive Account – $100,000
Demo And Islamic Accounts
Another hoax that the shady platform produces is the availability of alternative accounts like Demo and swap-free packages. Advertised all over the site, these make you feel like the suspicious service provider has considered the needs and preferences of every trader. Unfortunately, once again you’ll be redirected to xm.com again.
Basic Educational Articles
MegaTrade FX education materials are limited to online articles that cover the basics of trading and analysis.
While the education section contains links to live webinars, the wordpress platform does not easily lend itself to video streaming. It’s questionable whether any webinars ever took place.
Undefined Withdrawal Policy
The broker advertises fast and easy payout, but we couldn’t find any reliable information about their payment channels. The terms and conditions don’t even mention any withdrawal conditions.
Without a clearly MegaTrade FXdefined withdrawal policy, the fraudsters can abuse the various bonuses and deny withdrawals. Contact our professionals for help and guidance with payouts from this company.
If the MegaTrade FX support ever had any quality, a long time has passed since they served their last customer. Some options are still listed, like live chat, phone call, and call back request, but the links are all dead.
Clients can still opt to send an email to one of the company’s departments as the email server seems to be operational.
Don’t Let The Scammers Run And Hide!
MegaTrade FX scam is only active occasionally. They find new investors, squeeze them for cash, and disappear for a couple of years.
Don’t let the same happen to you! Use the live chat on our website to start a chargeback today! We are available 24/7, and our first consultation is absolutely free.
Is MegaTrader FX Legit?
MegaTrader FX is a shady brokerage service from the British Virgin Islands and without a license.
Does MegaTrader FX Offer a Demo Account?
Allegedly yes, but you’re redirected to another broker’s site to create a login.
How much does MegaTrader FX’ charge for withdrawal?
Such information remains unrevealed. Better contact us in time for legal help in case of payout issues.
What Are The MegaTrader FX’Prime Asset Trade Platforms?
MT4 is allegedly available, but no safe download could be performed.