In this FX Mega Trade review, we give you reasons why the broker is a scam that you should avoid. If you are looking to find out either is fxmegatrade.com scam or genuine before you invest in this company, then you made the right decision.
- 1 About FX Mega Trade
- 2 Should you trust FX Mega Trade?
- 3 Is FX Mega Trade Safe?
- 4 How FX Mega Trade works?
- 5 Conclusion
- 6 FXMegaTrade Brokerage
- 7 Pros
- 8 Cons
About FX Mega Trade
FX Mega Trade says to be founded in 2021, with the primary mission to empower people to trade with confidence. The want us to believe that they are a licensed and award-winning broker with strong core strong core values of integrity and innovation.
The broker offers short term trades on Stocks, Currencies, Indices, and Commodities. Minimum deposit allowed is $200.
FX Mega Trade claims to have over 15+ global awards with responsibility to offer top notch services to all their traders.
Should you trust FX Mega Trade?
Our background analysis of FX Mega Trade clearly showed that it is a scam that you have to stay away from. It is a fraudulent trading platform that will disappear with people’s money. And it certainly is not registered nor authorized.
Our analysis starts with the claim that FX Mega Trade is registered and licensed by ASIC in Australia. Seriously it is not.
When we checked on the official registry of ASIC, we saw that there is no FXMegaTrade company registered by the organization, see below.
Which means that FX Mega Trade faked documents on its official website. We cannot trust FX Mega Trade. Their investment offer is illegal, because it is not authorized by the financial regulator.
Faking of license in order to appear legitimate is a huge red flag. This alone makes it a very dangerous trading platform that everybody should avoid.
Unregulated Scam Site
- FX Mega Trade is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like FX Mega Trade do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Is FX Mega Trade Safe?
FX Mega Trade is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
FX Mega Trade is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How FX Mega Trade works?
It is risky trading with an unregulated broker like FX Mega Trade, as most of them turn out to be scams. Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
FX Mega Trade will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
FX Mega Trade is a brutal scam that is not registered nor authorized anywhere. They are faking license in order to deceive as much unsuspecting individual as possible.
The scam will disappear in a very short time. Stay away from it.