Our Fxmegatrade.com review reveals why this broker is a scam. Unfortunately, the few who have invested with the broker know the risks too well. FX Mega Trade is a broker with no insight into what investment is all about.
Hundreds of clients get locked out of their funds thanks to the broker’s unfair conditions. In addition, members must deposit another amount to gain access to the funds. Know more in our credible FXMegaTrade Review.
NOTE: You need to use these investments when engaging in crypto.
The broker claims to have founded the platform in 2021. Their primary mission was to empower people to trade with confidence. From where we stand, the broker takes away your trading confidence by blocking withdrawals.
Looking at the overall website, navigating through it is a tall order. Most of the information you need is unavailable. The broker tries to plaster information on all pages. And that creates chaos and a lack of understanding for naïve investors.
When naïve investors land on the homepage, all they see is a professional outlook. Plus, the broker claims to offer crypto investments, mainly Bitcoin. Far from it, this is a dummy investment and trading platform.
The broker claims to offer over 250 trading instruments. We also see a promise of using a range of automated EA robots. Both competitive and fixed spreads are available; you only get to choose one of these.
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What’s different from other liquidity providers with Fxmegatrade.com is the demo account. You get a virtual deposit of $10,000 to get started. But, despite all this, the demo account doesn’t fare compared to the actual trading platform.
You get a Buy/Sell-only demo account. That’s not a real demo account as it fails to input the set trading conditions. You also get a demo account void of all assets and currency pairs. Again, it’s a dismal demo account with no clear point of action.
Anyone can click buy or sell on such orders and get lucky with the outcome. A real demo account uses the full trading platform version. That helps traders to make full use of available robots and trading tools.
The broker’s demo account entices users with a large virtual money fund. No expert trader would recommend using a Buy/Sell-only demo account. You need the real deal to get in touch with reality.
It seems the broker offers one account for all. There’s no mention of any available trading accounts on the entire website. The broker even fails to mention the acceptable minimum deposit with this account.
We see a flawed registration process that requires members to use verification documents. It all starts after you open an account. The registration process is just like the rest. First, you must fill in the required fields with your name, address, and contact details.
Once you open an account, the broker takes you to the member dashboard. A message pops up claiming the best way to invest is by depositing $1,000. Members are, however, allowed to deposit less.
After depositing funds and starting trading, you get to see the results. The account balance will increase or decrease depending on your trading results. And that’s when you decide to hit the withdrawal tab.
The broker gives you an account verification tab. You must upload crucial documents, including bank account statements, a copy of your ID, and credit card information. We don’t understand it. Why can’t the broker use a two-factor authentication process?
We have several issues with the broker, such as the set spreads. Despite claiming to offer fixed and variable spreads, that’s not the case. The first fifty trades get fixed spreads, putting some trading positions at risk.
Members also don’t know the set leverage for all these assets. So instead, the broker insists on a maximum leverage of 1:200. That’s way above the industry recommended leverage of 1:100. This is why regulators put a cap on leverage.
An unstable trading platform is another reason we insist the liquidity provider is a risk. The trading platform lacks the proper software to produce the right set of tools. Even the trading alerts are way off.
Traders get to trade with five classes of assets. These include commodities, crypto, forex, and indices. There are several commodities to trade, including crude oil, metals, and natural gas. You also get to trade several crypto pairs, Bitcoin and Ethereum.
Forex trading happens to be at the core of the platform’s activities. You get to trade major and minor currency pairs. Indices for trading include DAX, NASDAQ, NIKKEI, and S&P 500.
Stock markets are open 24/7, with the broker offering large quantities of stocks. These include stocks from leading firms. In addition, you can trade stocks from all sectors, including aviation, manufacturing, and tech.
The broker is lowly ranked and rated in the crypto and forex trading communities. Due to the risks that come with this liquidity provider, we rate it a 1/10. You need to stay away from the broker or risk losing everything.
Several issues point to a broker who won’t correctly satisfy clients. First, you get a broker unwilling to offer much accountability and transparency. The results are members crying foul over blocked withdrawals.
Most of the clients are unhappy with the outcome, and rightly so. The broker won’t even make a point or offer compensation. So you must stay away from the broker or risk losing everything. That’s why we insist this is a primitive trading platform.
Hundreds of clients have shared their experiences on social media and other platforms. Forex forums are full of members warning the community regarding this broker. Please stay away or risk becoming the next victim.
Don’t expect any customer support from the broker. There’s a chat box where the broker promises to reply immediately. Instead of getting live chat, members get a bot that answers basic questions.
There’s also no direct means of accessing any staff members. The broker fails to post any phone numbers that one can use to make a call. We see a broker who wants to avoid any contact with would-be victims.
Your funds are far from safe with a broker who fails to segregate accounts. Despite claiming to do so on the about us page, that’s not the case. The broker banks all funds in a single offshore account.
Nothing is stopping the broker from using the funds for personal use. The broker also fails to offer insurance cover for deposits made by the public. These are the costly mistakes putting your investment in jeopardy.
By blocking withdrawals and deleting member accounts. Once you send an email requesting a withdrawal, the broker knows you want out. So their next play is to delete your account credentials without proof of being a member.
The broker fails to get a license from any regulator. So before anything else, check with regulators to find whether the broker has a permit to operate. Without a license, your funds are at risk.
Please stay away from the broker.
NB: Go for proven and tested investments in crypto backed by experts.
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