Mega Fx Market

Mega Fx Market claims to be “safest place to trade”, an assertion that could not be further way from the truth. This is a complete turn from what the broker is actually all about, and in this review we will expose this shady company for what it really is.

Mega Fx Market does the unspeakable and claims to be regulated by CySEC, VFSC (Vanuatu) and the FSCA (South Africa). Well, it wasn't surprise to learn first hand that none of these claims were true. We checked with each individual regulator and found no result for one Mega Fx Market in either databank of licensed entities.

The firm further discloses that it holds cross border licensed to other EU countries. But as above so below, and no legit proof exists to suggest that Mega Fx Market in legally available in, say, France or Sweden, as the cross border license claims.

Moreover, when we tried to access the legal documents, we were redirected to the login page, which seems to us to suggest that the broker expects only registered user to access these clauses. No real access to legal docs is offered, and so no proof that they exist is offered.

Last but not least, we found an FCA warning, which acts as a cementer; once and for all Mega Fx Market is unregulated and considered from here on out a risk to all, and a scam!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We tried registering, but each attempt proved futile. The broker continuously claimed that our email already exists, even though we had no recollection of ever seeing this broker before. Usually this predicament occurs when the broker does not want a particular user pestering. In the end, we had no way to register and therefore no way to actually take the trading and payment conditions form the one safe (as far as verified information goes) place.

And so, according to the website the available tradeable assets are energies, equities, forex currency pairs, indices, and metals. The spread goes as low as 0.1 pip, although what reason do we have to believe the broker? There is either a hidden commission or the spread is used as a lure. There is no leverage value.

The broker claims to have a chart showing the live updated spreads of individual assets, but in reality what we got were two error pages.

MEGA FX MARKET LOGIN

The promoted auxiliary trader for browser and desktop, as well as iOS, seems to be the only positive side to the broker, until you realize that access to this is also blocked.

There is no no evidence of the software, and we think that only registered users will ever get their hands on the software, if it exists that it.

MEGA FX MARKET MINIMUM DEPOSIT

Investing in unlicensed brokers is a complete waste of money.

According to the website, the minimum deposit is $500.

The only payment method information we have are a bunch of provider logos of SafeCharge, VISA, MasterCard, and other e-wallets.

Deposit details seems to be available exclusively to registered users, and this is not an acceptable approach.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

MEGA FX MARKET WITHDRAW TIME AND FEES

According to the main page, there are no withdrawal fee, although the same annotation claims that the terms and conditions apply, and as we have seen we do not have direct access to these fees.

Other than this, there are no further details on withdrawals, and honestly we don't really need them. The broker is a scam, and therefore not worth investing in to start with.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Mega Fx Market is nothing more than a scammer broker and a risk to all investors. There is nothing more to know about this broker.