MegaCoinFX (Megacoinfx.com) is an awry CFDs, Crypto Currency, and Forex scam to hit the lucrative Forex trading world. Mega Coin FX is professing to offer CFD services, commodities, Forex, and indices. After receiving numerous email complaints from users who lost funds with this broker, we decided to investigate. This detailed and honest MEGACOINFX Review is meant to open your eyes. Know all the dirty tricks used by this broker now!
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Email complaints came in droves and this made us want to investigate why users were losing funds. Complaints centered on this broker refusing to allow members to withdraw funds. Why would a broker refuse members of their platform to make withdrawals? This means MegaCoinFX is operating a Forex platform under false pretense. And this is why we need to protect our readers from such brokers. What else could Mega Coin FX be hiding from investors?
Looking at their website, it’s clear why users could fall for their well laid trap. These scammers have created a compelling website which easily entices the eye. And this is what professional scam artists are after. To grab your attention is what scammers are interested in. With a compelling website which almost looks real, most unsuspecting investors will sign up. A safe way of signing up with brokers is to do a search before opening an account. Stay away from this broker.
According to the disclaimer at the bottom of their homepage, this broker claims to be located in Bulgaria. Scammers will do or say anything to make sure users believe their platforms are EU regulated. For all we know, this broker is based offshore which is even more damning news. Offshore brokers are known to openly flaunt set regulations and rules. And this is why signing up with MegaCoinFX is a pain in the neck. Trusting this broker should not cross your mind.
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And when it comes to the actual people running this website, there’s no real information. Who is the person who owns and runs this platform? Why have they failed to give users names of the people entrusted with members funds? These scammers have ensured they keep their real names hidden for a reason. They don’t want to attract attention to their illicit Forex activities. For all we know, this could be a money laundering scheme. Stay away from this broker and avoid being scammed.
After thorough investigating, we found this broker to be wanting in terms of licensing. Did you know this platform is operating under false pretense? They are conducting Forex trading without any valid licensing details. If they are based in Bulgaria, they should have passed the licensing test by CySEC. Sadly, CySEC does not have any broker licensed under this name. And this makes Mega Coin FX a risky Forex platform. This is another reason to stay away from such brokers.
If this broker had valid licensing and registration credentials, they would have posted copies of their registration. Why has this broker failed to post their copies of registration? It’s because they don’t have any license. This broker is operating under false pretense which makes opening an account with them a fraud. Only professional scam artist can steal funds from investors by creating a fake platform. These websites most likely are based offshore and are highly insecure.
When it comes to depositing funds with this platform, these scammers have done their homework. They have made sure depository channels are well open and available. These depository channels include credit cards, wire transfer and Bitcoin. MegaCoinFX is making sure investors have all options available to make deposits. They don’t want any investor to miss an opportunity to deposit. This is what scam artists do, cover all depository channels for full funding.
Withdrawing funds with this platform is what makes it a dirty brokerage firm. Complaints did in fact reveal this broker is not willing to allow withdrawals. And the reason being given is users have not reached the required threshold to warrant withdrawal. This means users have not reached the trading volume set by this broker. And this is when members are asked to deposit more funds to reach the set target. This is what makes Mega Coin FX a brutal scam platform.
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MegaCoinFX is offering users four different accounts for trading with. These account types include Silver, Gold, Platinum, and Diamond. Minimum acceptable trading deposit starts at $2,500, $10,000, $50,000 and $100,000. What we found odd with this platform is how high their acceptable deposit is. This is way too high considering the set standards is $250. MegaCoinFX is targeting all types of investors and wants to trap all of them. Stay away from these accounts.
Another disturbing feature with these accounts is how similar they are to each other. Why would anyone sign up with a broker who gives all traders the same advantages? These accounts have the same advantage which is weird. Imagine depositing $100,000 and getting the same advantages as a user who deposits $5,000? This is what makes Mega Coin FX a scam which must be avoided at all cost. Stay away from this broker and any other with same characteristics.
For a broker who has no license and no information regarding ownership, funds are not secure. A broker who fails to issue users with valid contract agreement should not be trusted. This broker fails to give details regarding how they handle funds deposited by users. Where do they bank money deposited by members? Could it be possible investors are depositing funds straight to owner’s personal bank account? This would make Mega Coin FX a dangerous platform.
When it comes to segregation of accounts MegaCoinFX is not following this rule. Investors are depositing funds in one singular account which makes it a risky venture. In case this broker faces bankruptcy or insolvency all funds will be lost. Any broker who deposits money with this platform will not be compensated. MegaCoinFX is breaking industry rules such as insuring all money deposited. Make sure to stay away from this broker to avoid being scammed.
Evidence clearly shows we are dealing with a rogue broker who is defrauding unsuspecting investors. From lack of proper licensing to openly refusing members to withdraw funds, MegaCoinFX is a scam. In order to remain safe, make sure to ignore all incoming calls from their agents. Some of these links contain malware which steals personal data. Stay away from this broker at all times.
After going through the evidence, we recommend you stay away from this broker. In order to protect our readers, we have to add this platform to our blacklist. This will help our readers know what to expect with this and any other Forex platform. After adding Mega Coin FX to our scam board, authorities are asked to investigate. Forex authorities should shut down this platform to safeguard all parties.
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Finally, we wish you all the best in your Forex trading experience.
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