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The WikiFX Score of this broker is reduced because of too many complaints!

MegaFX

Canada|2-5 years|
Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|Suspicious Overrun|High potential risk|

https://www.megafx.cc/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
ForexGlobalManagement-Demo MT4
Server Location United States

Contact

FOREX@megafx.cc
https://www.megafx.cc/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Broker Information

More

Company Name

MEGAFXCM LIMITED

Company Abbreviation

MegaFX

Platform registered country and region

Canada

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 7
Previous Detection : 2024-03-05
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of this brokers's negative field survey reviews has reached 2. Please be aware of the risk and the potential scam!
 A Visit to MegaFX in UK -- Finding No Office

A Visit to MegaFX in UK -- Finding No Office

The investigators went to visit the foreign exchange dealer MegaFX in London, England as planned. They did not find the dealer’s office on the publicly displayed address, and the dealer simply registered the company at that address without real business premises. Investors are requested to choose the dealer carefully.

Danger MegaFX United Kingdom
A Visit to the Foreign Exchange Dealer megafx in Canada - Finding No Office

A Visit to the Foreign Exchange Dealer megafx in Canada - Finding No Office

The survey team went to Toronto, Canada, to visit the foreign exchange dealer megafx. The publicly displayed business address is a shared office, and the investigators did not find the dealer’s office here. As a result, the foreign exchange dealer megafx may not have a real business venue here. It simply borrowed this address to register the company. Investors are advised to choose this dealer car

Danger MegaFX Canada
 A Visit to MegaFX in UK -- Finding No Office

A Visit to MegaFX in UK -- Finding No Office

The investigators went to visit the foreign exchange dealer MegaFX in London, England as planned. They did not find the dealer’s office on the publicly displayed address, and the dealer simply registered the company at that address without real business premises. Investors are requested to choose the dealer carefully.

Danger MegaFX United Kingdom
A Visit to the Foreign Exchange Dealer megafx in Canada - Finding No Office

A Visit to the Foreign Exchange Dealer megafx in Canada - Finding No Office

The survey team went to Toronto, Canada, to visit the foreign exchange dealer megafx. The publicly displayed business address is a shared office, and the investigators did not find the dealer’s office here. As a result, the foreign exchange dealer megafx may not have a real business venue here. It simply borrowed this address to register the company. Investors are advised to choose this dealer car

Danger MegaFX Canada

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Expose

MegaFX · Company Summary

Aspect Information
Registered Country/Area Canada
Company Name MEGAFXCM LIMITED
Regulation Unregulated
Minimum Deposit $500 (for the most basic standard account and ECN account)
Maximum Leverage 1:500
Spreads ECN accounts claim to start from 0 pips; Standard account spreads not specified
Trading Platforms MetaTrader 4
Tradable Assets Forex, metals, indices, energies, equities (claimed, but not verified due to lack of trading platform)
Account Types Standard , ECN
Customer Support Via QQ and Email
Payment Methods Visa/MasterCard, bank transfer, Skrill, Neteller, Bitcoin, eMERCHANTPAY, Safecharge (inconsistent information, actual deposit method was Bitcoin only)
Educational Tools None
Website Status Website appears to be down (not functional)
Reported as Scam There are reports of Mega Fx Market being identified as a scam broker by reviewers and regulators.

Overview

MegaFXCM Limited, an unregulated Canadian-based forex broker, raises significant concerns for potential investors due to its lack of regulation, high minimum deposit requirements, and unclear information regarding spreads and tradable assets. The company's claim of offering a maximum leverage of 1:500, while appealing to some, comes with considerable risk, especially considering the reports of it being identified as a scam broker by reviewers and regulators. Furthermore, the absence of a functional website and limited customer support options via QQ and email only add to the skepticism surrounding this broker. Given these red flags and the potential risks involved, it is strongly advisable to seek more reputable and regulated alternatives for forex trading.

basic-info

Regulation

MegaFXCM Limited, the Canadian-based forex broker, currently operates without valid regulation, posing a significant risk to potential investors. Regulation is essential in the forex industry to ensure transparency, security, and ethical conduct. Regulated brokers adhere to strict guidelines and provide safeguards such as segregated client funds and dispute resolution mechanisms. In contrast, MegaFXCM's lack of regulation leaves traders without these protections, increasing the potential for misconduct or mismanagement of funds and making it challenging to seek recourse in case of issues or disputes. Therefore, investors should exercise caution and consider regulated alternatives for a safer and more transparent trading experience.

regulation

Pros and Cons

Pros Cons
  • High maximum leverage of 1:500.
  • Unregulated, lacking investor protection and oversight.
  • Offers MetaTrader 4 as a trading platform.
  • High minimum deposit requirement of $500 for basic accounts.
  • Claims to offer various tradable assets.
  • Lack of transparency regarding spreads for standard accounts.
  • Reports of being identified as a scam broker by reviewers.
  • Limited customer support options via QQ and email.
  • Inconsistent information about payment methods.
  • Non-functional website, raising concerns about reliability.

In summary, MegaFXCM Limited presents some potential advantages such as a high maximum leverage, the use of MetaTrader 4, and a claimed variety of tradable assets. However, the numerous cons, including its lack of regulation, high minimum deposit requirements, unclear information about spreads, reports of being a scam broker, limited customer support, inconsistent payment methods, and a non-functional website, make it a highly risky and questionable choice for forex trading. Traders are strongly urged to explore regulated and more reputable alternatives to ensure their investments' safety and transparency.

Market Instruments

MegaFXCM Limited claims to offer a variety of trading instruments, including Forex, metals, indices, energies, and equities. However, it's important to note that the information about the availability of these instruments is not verified due to the lack of a functional trading platform and the questionable reputation of this broker. Traders should exercise caution and skepticism regarding the actual availability and reliability of these trading instruments.

products

Trading Instruments Offered by MegaFXCM Limited:

Asset Class Description
Forex MegaFXCM Limited claims to offer a range of currency pairs for trading. However, the availability and competitiveness of these pairs remain uncertain due to the lack of specific information.
Metals Precious metals like gold and silver are typically available for trading in the forex market. Again, the actual availability and trading conditions for these assets with MegaFXCM Limited are unclear.
Indices Trading indices can be appealing to investors seeking exposure to a broader market. However, the lack of transparency regarding the availability of specific indices is a concern.
Energies Energy commodities, such as oil and natural gas, are commonly traded. Whether MegaFXCM Limited provides access to these commodities and under what conditions is uncertain.
Equities Equities refer to shares of publicly traded companies. MegaFXCM Limited claims to offer equities, but the availability of specific stocks and the conditions for trading them are not verified.

In summary, MegaFXCM Limited states that it offers a variety of trading instruments across different asset classes, including Forex, metals, indices, energies, and equities. However, the lack of verified information due to the absence of a functional trading platform and the broker's questionable reputation makes it difficult to assess the actual availability and trading conditions for these instruments. Traders should approach this broker with caution and consider more reputable and regulated alternatives for a safer and more transparent trading experience.

Account Types

MegaFXCM Limited offers two main types of trading accounts: Standard and ECN. However, it's important to note that the details regarding these account types are limited and lack specific information, which can be concerning for potential traders. Here's a breakdown of the account types:

Account Types Offered by MegaFXCM Limited:

Account Type Description
Standard The Standard account type is mentioned, but specific details such as minimum deposit requirements, spreads, and other trading conditions are not provided. This lack of transparency can make it challenging for traders to assess the suitability of the Standard account for their needs.
ECN The ECN (Electronic Communication Network) account is mentioned, claiming to offer spreads starting from 0 pips. However, like the Standard account, specific details such as minimum deposit requirements and other trading conditions are not specified. ECN accounts typically offer direct market access and tighter spreads, but the lack of verified information raises concerns about the reliability of these claims.

Leverage

leverage

MegaFXCM Limited offers a maximum trading leverage of up to 1:500. Leverage allows traders to control larger positions with a relatively smaller amount of capital. While high leverage can amplify potential profits, it also significantly increases the level of risk involved in trading. A leverage of 1:500 means that for every $1 in the trading account, traders can control a position worth up to $500. While this may be appealing to some traders looking for the potential for higher returns, it's important to emphasize that high leverage also magnifies potential losses. Traders should exercise caution and have a clear risk management strategy when considering the use of high leverage, especially in a market as volatile as forex. Additionally, it's crucial to note that the availability of high leverage is not necessarily a positive feature, as it can lead to substantial losses if not used wisely.

Spreads and Commissions

MegaFXCM Limited offers limited information on spreads and commissions, indicating that these factors may vary depending on the type of trading accounts they offer, such as Standard and ECN. However, specific details on spreads and commissions are not provided in the available information. This lack of transparency can make it challenging for traders to assess the cost-effectiveness of trading with the broker and raises concerns about potential hidden fees or unfavorable trading conditions. Traders are encouraged to seek clarification from the broker regarding these costs and compare them with other brokers to make an informed decision.

Deposit & Withdrawal

  1. Deposit Methods: MegaFXCM Limited offers multiple deposit methods, including:

    1. Visa/MasterCard

    2. Bank transfer

    3. Skrill

    4. Neteller

    5. Bitcoin (Note: Some information suggests Bitcoin as the primary deposit method)

    6. eMERCHANTPAY

    7. Safecharge

  2. Withdrawal Methods: The available information does not specify withdrawal methods. Traders should contact the broker directly for details on how withdrawals can be processed.

It's crucial to exercise caution and verify the most up-to-date information regarding deposit and withdrawal methods when considering MegaFXCM Limited as a trading platform. Additionally, traders should be aware of any associated fees, processing times, and withdrawal conditions to ensure a smooth and secure financial interaction with the broker. Due diligence and clear communication with the broker are essential for a better understanding of the deposit and withdrawal processes.

Trading Platforms

trading-platform

MegaFXCM Limited offers the MetaTrader 4 (MT4) trading platform to its clients. MT4 is a widely recognized and popular trading platform in the forex industry known for its user-friendly interface, advanced charting tools, technical analysis features, and support for automated trading through Expert Advisors (EAs).

MT4's versatility makes it a preferred choice among traders, allowing them to analyze market trends, execute trades, and manage their portfolios efficiently. It offers a range of technical indicators, customizable chart layouts, and real-time market data, enabling traders to make informed decisions.

While the availability of MT4 is a positive aspect, it's important to note that the information provided lacks details about additional platform features, such as compatibility with different devices and operating systems, which can impact the overall trading experience. Traders should consider their specific needs and preferences when evaluating the suitability of the MetaTrader 4 platform offered by MegaFXCM Limited for their trading activities.

Customer Support

MegaFXCM Limited offers customer support through two primary contact methods: QQ and email. Traders can reach out to the broker using the QQ contact ID 903861049 or by sending an email to FOREX@megafx.cc. These contact options serve as the main means of communication for inquiries, assistance, or issue resolution.

However, it's essential to note that MegaFXCM Limited does not provide more immediate communication options like live chat or phone support, which are commonly offered by other brokers. The absence of these faster response channels could be seen as a limitation, especially in the forex trading industry where timely assistance can be crucial.

Traders considering MegaFXCM Limited should be aware of the available customer support channels and their responsiveness. It's advisable to test the response times and effectiveness of these channels before committing to trading with the broker. Additionally, researching the broker's reputation for customer service through reviews and feedback from other traders can provide insights into the quality of support provided by MegaFXCM Limited.

Educational Resources

Based on the provided information, MegaFXCM Limited does not offer any educational resources to its traders. Educational resources can include tutorials, webinars, courses, market analysis, and other materials aimed at helping traders improve their skills and knowledge in the world of forex trading.

The absence of educational resources may be a drawback for traders, especially those who are new to forex trading and seek guidance in understanding the markets, strategies, and risk management. Traders looking for educational support may need to explore external sources or consider brokers that provide a more comprehensive educational offering to enhance their trading proficiency.

Summary

MegaFXCM Limited, an unregulated Canadian-based forex broker, raises significant concerns for potential investors due to its lack of regulation, high minimum deposit requirements, and unclear information regarding spreads and tradable assets. The company's claim of offering a maximum leverage of 1:500, while appealing to some, comes with considerable risk, especially considering the reports of it being identified as a scam broker by reviewers and regulators. Furthermore, the absence of a functional website and limited customer support options via QQ and email only add to the skepticism surrounding this broker. In summary, MegaFXCM Limited's lack of transparency, regulatory oversight, and questionable reputation make it a highly risky and questionable choice for forex trading. Traders are strongly advised to seek more reputable and regulated alternatives to safeguard their investments and ensure transparency in their trading activities.

FAQs

Q1: Is MegaFXCM Limited a regulated forex broker?

A1: No, MegaFXCM Limited is not regulated by any recognized regulatory authority. It operates as an unregulated broker, which raises concerns about investor protection and transparency.

Q2: What is the minimum deposit requirement to open an account with MegaFXCM Limited?

A2: MegaFXCM Limited requires a minimum deposit of $500 for the most basic standard and ECN accounts, which is relatively high compared to other brokers.

Q3: Can I contact MegaFXCM Limited through live chat or phone support?

A3: No, MegaFXCM Limited primarily offers customer support through QQ and email. It does not provide live chat or phone support, which may impact response times and assistance availability.

Q4: What trading platform does MegaFXCM Limited offer?

A4: MegaFXCM Limited offers the MetaTrader 4 (MT4) trading platform, a widely recognized platform known for its user-friendly interface and advanced trading tools.

Q5: Does MegaFXCM Limited provide educational resources for traders?

A5: No, MegaFXCM Limited does not offer educational resources such as tutorials or webinars. Traders looking for educational support may need to explore external sources or consider brokers with comprehensive educational offerings.

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more than one year
Big Fraud, don’t fall prey to this. They are frauds, the registered address provided is also fraud. The FCA, CIMA and NFA licenses are all suspicious clones.
2022-12-06 17:05
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