MegaFXTrading seems to be offering a very advanced and rather complicated website, which seems a bit out of the league of a broker called MegaFXTrading. Just by the name alone we can say that something is very wrong here, indeed. This isn’t some gaming show or some Sunday morning cartoon, for the title clearly reminds us of entertainment programs much more than it awakens a sense of professionalism. And as a matter of fact, there really is something very unethical going on here that shatters the entire experience that MegaFXTrading claims to be offering. Users will have to go through the review to find out more.
In order to create an account, users have to pass through a very simple and bland process. From the dashboard we learn that there is definitely something shady going on. The user area is a typical scammer broker mess. Not to mention that there is no trading software at all. We tried to find one, but the user area has nothing.
Without a trading software we cannot really take MegaFXTrading seriously, not that we had taken it seriously before. But now, even less.
In reality, there are no trading condition applicable here. The firm does not allow for trading, and thus there is no spread, no leverages, and no financial instruments.
The website of this site is available in English.
MEGAFXTRADING REGULATION AND SAFETY OF FUNDS
The footer tells us that the broker is registered to operate in Australia and is regulated by the Financial Services Authority (FSA) of Australia. One interesting fact about the FSA of Australia is that it does not exist. The only FX regulator in Australia is ASIC, and no, it does not regulate MegaFXTrading.
Next, we have a very courageous claim that the broker is licensed by CySEC. This is by all means not true. CySEC doe snot regulate this broker.
None of the regulatory details apply that this brokers claims as its own apply to it. This is due to the fact that MegaFXTrading is in reality a shameless clone of the legit and regulated brokerage Fondex. All the regulatory details apply to Fondex, and to it alone!
The only thing that belongs to MegaFXTrading is the disastrous user area. Everything is brazenly copied from the legit Fondex.
Thus MegaFXTrading not only is UNLICENSED, but also a scam, a risk to all funds, and a clone! It can’t et any worse than that!
Never rely on unlicensed brokers. They are scams and will steal form you! Put you money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand a safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose broker cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
MEGAFXTRADING TRADING SOFTWARE
The alternative chosen by MegaFXTrading is a TradingView chart, which is completely useless here. It does not allow for trading, and it even does not represent any relevant trading conditions.
All of the trading software talked about in the website are in fact properties of Fondex. For example, the web trader link will redirect users to a Fondex sub-page.
Other than that, clients can directly buy Bitcoin from the user area of MegaFXTrading. This seems to be the main appeal of this broker. Be assured that any funds sent over to any of the three shady BTC wallets will be lost forever!
We find also a number of investment packages that promise very misleading profit gains in return for deposits! Take a look at it yourselves:
These are very scammer.
MEGAFXTRADING DEPOSIT/WITHDRAW METHODS AND FEES
The sloppy user area reveals that the only way to invest is, surprise surprise, through a bitcoin wallet. There seems to be no limit to the deposit amount. However, the lowest investment package starts at $500.
The withdrawal area reveals that the user can withdraw through a crypto wallet of a bank transfer.
The website discloses completely opposite deposit and withdrawal datils that have nothing in common with what the user area reveals.
This is not even a broker. It’s a simple scam and a copy of a legit firm. There is no reason to meddle with it!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalogue of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising, but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, care-free lifestyles, expensive items, and beautiful vistas. All are stock images to start you imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdrawal, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the accoutn, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit cars, then the firs thing to do if file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change you bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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