MegaTradeFX Review

Is MegaTradeFX a 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 is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR and more.

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 the British phone codes, however, the broker is not regulated in the UK.

Moreover, the UK’s Financial Conduct Auhority has recently issued a warning against the broker:

“MegatradeFX (a trading style of Guide Universal LP) is not authorised 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 authorisation.”

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

“MACRO PROJECTS LTD is not authorised 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.”

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 Plus500.

MegaTradeFX website is no longer active.