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Is MegaCoinFX a scam broker?

Overview

MegaCoinFX is a forex broker that offers its traders with a diverse range of trading assets, including CFDs, stocks, commodities, indices, and cryptocurrencies. MegaCoinFX, a Bulgaria based forex broker is not regulated and licensed and hence we request our readers to please continue reading this review until the very end to know whether this broker is legitimate or a scam broker.

About MegaCoinFX

MegaCoinFX offers its customers with various type of accounts, including:

  • Basic                      –         ($250 Minimum Deposit)
  • Silver                     –         ($2500 Minimum Deposit)
  • Gold                       –         ($10,000 Minimum Deposit)
  • Platinum                –         ($50,000 Minimum Deposit)
  • Diamond                –         ($100,000 Minimum Deposit)

The leverage offered seems to be on the higher side when compared with other forex brokers, as MegaCoinFX offers up to 1:1000. This kind of high leverage will attract all types of brokers, including professional and aggressive traders. But the disadvantage with higher leverages is that if you are new to trading, there is every possibility that you lose all your money in a quick time.

If there is one thing, we advocate our readers when it comes to investing their money with forex brokers is to look whether the broker is regulated or not. And we cannot find any licensing or regulatory authority details available on the MegaCoinFX website. Apart from the operational address provided, we couldn’t find any credible evidence about the that owns and operates MegaCoinFX. Hence, based on history and facts, after reviewing hundreds of forex brokers on the market, it is not advisable to deal with unregulated brokers.

Another thing that puzzled us is the unusual fees and commissions, which we don’t generally see with other forex brokers. According to the information provided on their website, traders are charged with 3.25% of management fees twice a year. Along with that, traders are also charged with 3.50% of trading commission of the total volume traded every quarter.

MegaCoinFX doesn’t offer an MT4 trading platform but offers an in-house TradingView web-based platform. Even though the analytics and charts seem to be good, Mets Trader is the market leader and comes with a lot of trading strategies, automated trading, easy customization, etc.

Is MegaCoinFX Legit or Scam?

Overall, we could say even though the leverage is on the higher side that could please professional traders, MegaCoinFX is not regulated and licensed. We also couldn’t find any details about the company that owns it, which raises a lot of questions. So, we would advise our readers to think twice before coming to a decision.