AmegaFX review – 5 things you should know about


Beware! AmegaFX is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

AmegaFX is an interesting broker in the sense that it has really tried to put itself together even though the end product is not worth the effort, on the part of the broker itself and the users who are looking to invest. Indeed, it boasts a good interface and a pro look, but as we have said in countless reviews, the surface is always the least important thing. It’s what lies below it that matters. With AmegaFX things can get good at times, but there are ultimate killers of these positive sides to this broker. Read the review for more.

Registering was incredibly easy, and we were led to a nice-looking simple user area. Very soon, we discovered that the broker offered two of the best trading softwares on the market, which was a genuine surprise to us.

We opened a live account with the MT5 without an issue, which was suspicious because usually to open a live account, one must provide some sort of ID proof. Here just about anyone can open an account, and can do so without even an email confirmation.

The MT5 revealed to us that the EUR/USD cost of trade is 1.1 pip which is superb. The leverage was capped at 1:1000, meaning that users can use a leverage as high as 1:1000. The available tradeable assets are forex currency pairs, energies, metals, and cryptocurrencies. This is definitely not enough to retain users. Usually, modern brokers also include stocks and indices.

The website is available in a range of languages including English, Indonesian, Spanish, French, Portuguese, Vietnamese, Russian, Chinese, Thai, and Filipino.


The only source worth exploring is the footer. There we learn that the main parent company of AmegaFX is located in Saint Vincent and the Grenadines. The payment processing company is located in the UK, allegedly.

Let’s get the UK address out of the way first. Not only does the broker explicitly say that it does not operate within the UK, but there is no proof of this either.

As for the Saint Vincent and the Grenadines registration, it is useless, for lack of better words. This country has no FX regulator, and because of this all brokers there are unlicensed.

Seeing that there is no other info to work with, we have to conclude that AmegaFX is UNLICENSED, and a risk to all investors.

Always look for  FCA or CySEC regulated brokers, as well as U.S based ones, or any broker that holds a proper license from a legit regulator. The main reason for this is that all money that is invested in unlicensed brokerages will be lost, so better to invest it in a regulated entity than give it to a fraudster. Most FX overseers have strict rules applied to all their regulated entities so that the brokers may not manipulate them or make things work in their favor. Some agencies even offer compensation schemes that are applied to all users of licensed brokers. These funds are applied when the brokers cannot pay their debts to clients. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.


This company was able to acquire both the MT4 and MT5 as primary trading softwares, something that we still cannot put our heads around.

Here is a snip of the MT5. The MT4, while also available, we did not open.

Both these trading softwares are on the top of their game, and any user wishing to become a real trader must become proficient with either one of them.

However, the inclusion of these terminals is not enough to save AmegaFX from its unregulated status.


According to the user area, clients can invest through Skrill, PerfectMoney, Jetton Wallet, and in 30 different cryptocurrencies! Just remember that deposits made via a crypto gateway cannot be refunded unless the broker sends it back to the user; this is why the most preferred way of investing by unregulated brokers is and remains through cryptocurrencies.

The minimum deposit requirement is just $1.

The withdrawal section was blocked for us because we had not verified our account. All of a sudden we had to do that after being able to invest and open a live MT5 account. Suspicious? This is a common move my brokers without a license. The only thing we learn from the website concerning withdrawals is that users can also take out money through credit and debit cards.

Due to its lack of a license, AmegaFX is not worth your time and money. Although it has some potential, it still has a long way to go.

How does the scam work?

The first step of the most popular investment scam is the ability of online ads to lure users in. Online ads that consist of alluring profit possibilities, luxury, cars, etc, are almost always ads leading to either a scammer FX site or in some cases an intermediary website where users are bombarded with even more fake promises of money.

Those who fall for these are almost always asked to provide some sort of a contact number or email address, so the scammers can start contacting them and asking them to invest.

Picking up the phone, the user will be put with the first wave of scammers, the initiators, whose job is to push for the first deposit and fixate the user in the scam. These individuals are motivated by the fact that they will take a tasty percentage out of the invested sum.

Next come the retainers, or the pro scammers sometimes referred to as “account managers”. These will stay with you for some time and pretend to be on your side. As likable as they seem, rest assured that their only goal is to take as much money as they can. They are great talkers and can easily manipulate clients through different psychological channels.

Once users wish to take out their deposit or profit, which is actually totally non-existent, the broker will start staling the request. This is the most common thing to do. Some fraudsters can stop responding to requests, while others may shut down users’ accounts or entire websites!

The crucial thing to note is that users will never see their invested capital again!

What to do if scammed?

The smartest thing to do is file for a chargeback with your credit or debit card company. MasterCard and VISA have a chargeback period of 540 days.

If you have lost money by means of a wire transfer, the first thing to absolutely do is change your bank account’s username and password. Next, we encourage readers to contact the bank and try to reason with them.

Money lost by way of crypto transactions is definitely lost. There is no way to get it back. It’s crucial to never invest in unlicensed brokers throguh cryptocurrencies.

And lastly, do not fall for recovery agencies or agents. In return for a sum of money these, previously unknown, groups, or person, will promise to recover your lost funds, Safe to say that they will take the commission and disappear!

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