MegaCoinFx Review – Is it Really a Scam?

MegaCoinFx is a broker who has a rough history. Many people have complained about the way their platform handles client, but on the other hand, they carry some merits as well.

The main issue with them is that, they haven’t mentioned the actual owners running the brokerage. Moreover, they are not listed under any financial regulatory body.

We all can agree that a lot of confusion is surrounding this entity. However, to know whether they suit your trading needs or not, continue reading our review till the end and make an informed decision.

License, Regulation and Customer Support

If there is one thing we always urge our readers to do, then that would be to stick with regulated brokerages only. Looking at history as a guide, it is very clear that the costs of dealing with unregulated and offshore entities is not worth the trouble.

After all, the security of your funds is of utmost importance, right? We are not saying that all the unregulated brokers are outright frauds, but the sad reality is that, most of them are.

The corporate owners of this broker is unknown and even after we surfed their website for a long time, apart from Bulgaria based address, we couldn’t find anything relevant. This kind of anonymous nature is not a welcome kind of feature in our books and has become the first cause of concern.

If you need any kind of assistance on their platform, then you can reach the support team via email and telephone. The contact details of this firm are as follows.

Phone – 61 488854278

Email – support@Megacoinfx.com

Asset Class, Leverage and Trading Conditions

MegaCoinFx offers a wide range of trading assets to their clients. The cherry on the top is the fact that, their spreads are very reasonable and competitive. Depending upon the kind of account you are enrolled with, there are few more additional benefits like 100% margin loan and exclusive trading signals.

While we have no idea about the accuracy of the signals, it is definitely a welcome feature. The leverage offered by this broker tops out at 1:1000. This kind of high leverage will allow the traders to amplify their profits. However, if you do not give attention to risk management, then it will surely burn your account.

Unless you have a few years experience and are comfortable with aggressive trades, do not get started with 1:1000 leverage. The weird thing about this broker is that, they have some of the unusual fees which might be troublesome for you depending upon your personal trading style.

For example, they charge 3.25% management fees every 6 month once and are known to have many other hidden costs like that.

Charting Solutions and Educational Outlet

The default web based interface may be sufficient for the vast amount of retail trades. However, for professionals, lack of MetaTrader platform might be a big concern. There is no support for algorithm trades and we couldn’t find any signs of Copy Trading or Social Trading on their platform either.

In short, if you rely on delegating your trading process, then this might not be the broker you want to indulge with. Though, the default charts provided on the web based application contains all the common must have indicators, you do not have any options of customizing them.

So, use a third party charting solutions just to be on the safer side. Educational outlet on this platform is very detailed and is suitable for traders of any level.

Moreover, the education material can be accessed just by signing up with them for no extra cost which is a huge plus point. It is nice to see the brokers putting so much efforts to educate their clients.

Customer Testimonials

There were a lot of complaints about this broker on various forums. Here is a comment from one of the clients on TrustPilot.

Megacoinfx Scam…

I was approached by Megacoinfx…A friendly “Ben/jamin Adam/s” promised my that I could make big profits with Megacoinfx. I was ask to install Anydesc, and I invested my first €5000. Then I had to sign an “ Agency Agreement”. I saw my account grow, and asked for a refund. I didn’t get this because “Ben/jamin” had put €4000 in my account and this money was from the “Company”…I had to pay it back first. And than I could get a refund. So I deposited my last €4000, and had to sign the “Agency Agreement” again. Then I ask for a refund but without result. (My money went to banks in Hongary and Poland). When I ask “Benjamin” to do traders for my ( which I didn’t do myself) he was anonoyed and made my lose a lot of money. Hè told my…I had to leave it to him, because he knew about it, not me! The contact became less and less, and “Ben Adam” wasn’t so friendly either. He became friendly again when he introduced me to take out a loan. Megacoinfx perform forextrading without valid llicense data. They are not willing to allow withdrawals. They ask you to deposit more and more money with the promise that you will get money back. Don’t fall for the Beautiful words of “Ben/jamin Adam/s”…. every word is a lie….the are big scammers. The have the same platform as BestXtrade….

MegaCoinFx Review Conclusion

MegaCoinFx is a broker who offers some of the highest leverage in the forex sector. The wide range of assets available is certainly an interesting aspect.

However, given the drawbacks discussed above, it certainly is not for all investors. Proceed with them very cautiously and remember, security of the funds is still under question. So, do not invest more than what you can afford to lose.

Have you used MegaCoinFx as your primary Broker? Share your opinion by leaving a comment below.