Is MegaTradeFX Scam or Legit Broker?

No, it is not safe to trade with MegaTradeFX. MegaTradeFX is owned by Macro Projects Ltd. which is an offshore company registered in St. Vincent and the Grenadines.

  • St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR, and more.

About MegaTradeFX
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is MegaTradeFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is MegaTradeFx?

According to the website, MegaTrade Fx is a leading provider of online foreign exchange trading, CFD trading, and other financial services. However, we have a few valid concerns about it. The broker mentions two addresses on the website, they are both offshore (as the second one is on the Marshall Islands). They also mention contact numbers with British phone codes, however, the broker is not regulated in the UK.

  • Moreover, the UK's Financial Conduct Authority has recently issued a warning against the broker:

    "MegatradeFX (a trading style of Guide Universal LP) is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization."

  • Also, the company has been banned by Spain's CNMV:

    "MACRO PROJECTS LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions; or to perform the activities reserved for collective investment institutions, on Collective Investment Institutions."

MegaTradeFX - official website

 

MegaTradeFX Review Conclusion

We advise all investors and traders to avoid MegaTradeFX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.


MegaTradeFX Update

Recently MegaTradeFX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals. 

Bill From United Kingdom | | Friday, September 13, 2019

I invested with MegaTradeFX and at first the support was good. helping me with trading and advice. I grew the account to a reasonable lever (£2k) and then tried to withdraw finds. from this point forward there was not contact. The account is still open and is still showing my amount but I have no way of withdrawing the funds. Stay away at all costs. Bill Cunnew

No news available.

4 responses to “MegaTradeFX”

  1. They hooked me.
    I stupidly moved cash into bitcoin and sent it to them. Now, I can not make a withdrawal, I can not trade my “account”, I am not receiving the training I was promised.
    Please don’t make the same mistake.

  2. I invested with MegaTradeFX and at first the support was good. helping me with trading and advice. I grew the account to a reasonable lever (£2k) and then tried to withdraw finds. from this point forward there was not contact. The account is still open and is still showing my amount but I have no way of withdrawing the funds.

    Stay away at all costs.
    Bill Cunnew

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