MegaFXoptions is a broker that will allow you to trade cryptocurrencies, currencies, stocks, commodities and indices on a CFD platform. The broker is allegedly based in the United Kingdom and they claim to have been registered in UK.
They also give access to an auto trading system that is cloud based. This auto trader will trade for you while you go about doing your daily business.
MegaFXOptions says that the robot will help you earn money and improve your trading experience.
Should you trade with MegaFXOptions?
- MegaFXOptions 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 MegaFXOptions 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.
MegaFXOptions is a false broker that is taking money from people and giving them nothing in return. It bears all the hallmarks of scam and you should stay away from it.
- MegaFXoptions claims to be located in United Kingdom but does not provide authorization from the local financial watchdog, in this case, the UK FCA. That means MegaFXoptions is an illegal entity operating on the British soil without proper authorization.
- To prove that MegaFXOptions is a scam, it has been blacklisted by the UK financial Conduct Authority (FCA) as an unauthorized financial firm, see below.
Is MegaFXOptions Safe?
MegaFXOptions 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.
MegaFXOptions 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 MegaFXOptions Work
You will notice how the MegaFXOptions scam broker works immediately you make a deposit to the MegaFXOptions platform. Scammers will take deposits from you but never let you withdraw anything.
They will use many tactics to make you deposit more. When you ask for a withdrawal, scam brokers will present silly legal document 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.
They 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.
MegaFXOptions is a scam that has been blacklisted by the UK authorities. The auto trading system that they are advertising is not a new thing, scammers use it countless times to attract unsuspecting victims.
They are completely anonymous and bears all the hallmarks of scam.