Megafxtrader.com is a new Binary options broker offering up to 75 trading instruments including Forex, Stocks, Indices, Commodities and Cryptocurrencies.
The website of Mega FX Trader was created in February 2020 which is probably the reason they’re not popular.
We generally prefer trading with well-known and regulated brokers who have established their reputation of providing financial services to the general public.
Meanwhile, Mega FX trader is boasting of an elaborate trading education system where traders are given access to videos, e-books and webinars.
In addition to this, Megafxtrader offers analytical tools, economic Calendar, market news and reviews.
They believe their platform is suitable for both beginners and experienced traders, and are willing to provide deposit bonuses, 24/7 customer support and withdrawal process times of under 48 hours.
While the promises are of course attractive to the ear, we still have to exercise due diligence before we can actually send any money to this broker.
Is Megafxtrader legit or a scam? Our review will help you find the answer.
This broker’s website appears to be very organized and well designed.
Their trading conditions are published on the website for us to view so we can make a decision with regards to whether or not we should sign up.
There are multiple account types but the minimum deposit is $300.
They have binary options contracts whose expiry times range from 30 seconds to 6 months.
They claim that the platform does not charge any spreads and will guarantee instant execution.
All of the promises above are indeed good but in reality, we can’t trust a binary options broker that just entered the market the other day and is unregulated.
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Some of the account types are bundled with free signals, quicker withdrawal times and “risk-free” trades up to a certain percentage.
What we do not understand is why they claim that the minimum deposit is $300 at the same time their Bronze account is advertising a deposit of $250.
Is Megafxtrader regulated?
The about us page of this broker’s website does not disclose who is behind the company and whether or not they are regulated.
This is the greatest undoing of this company because people won’t trust them if they lack transparency.
In fact, it is always advised that traders should shun brokers that are not regulated by any financial authority.
We also don’t understand why they didn’t disclose their country of operation.
Their about us page is just focused on what they can do for us.
This is probably to distract readers and make them forget about this critical issue and requirement.
Deposits and withdrawals
Megafxtrader supports a wide range of deposits and withdrawal methods.
These include Visa, MasterCard, Skrill, Neteller, WebMoney, Bank Transfer, QIWI, Bitcoin and Ethereum.
Depending on the account you have, they may “process” your first withdrawal free of charge.
Megafxtrader is not a broker of choice because they are unregulated and some aspects of their reputation is not clear.
They are completely anonymous and even the company behind this website is not know.
We can’t trust a broker that conceals their identity while focusing on what they claim to do for their clients.