On-line since:
Country of origin:
Regulation:
Payment options:
Minimum account size:
Minimum lot size:
Leverage:
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Mega Trader FX is one of the leading brokers with competitive trading conditions in the financial services market. On its official website, the company claims "Mega Trader FX customers enjoy the financial services of a respectable and regulated broker. We insist on the highest standards so that our customers can be sure that they are trading through reliable and professional liquidity providers under strict official regulations." Mega Trader FX offers its clients to trade more than 70 currency pairs, metals, stock indexes, commodities, etc. Nevertheless, on the Internet, you can easily find information that Mega Trade FX has been blacklisted by the UK’s Financial Conduct Authority.
Trading conditions
The broker offers the following account types:
- micro
- standart
- Executive
| Account type | Micro | Standart | Executivе |
|---|---|---|---|
| Minimum initial deposit | $1 | $3 000 | $100 000 |
| Maximum initial deposit | $3 000 | $100 000 | - |
| Minimum trade size | 0,01 lot | 1 lot | 1 lot |
| Spreads | Variable | Variable | Variable |
| Average spreads on EUR/USD, pips | 1,9 | 1,9 | 1,9 |
| Minimum spreads on EUR/USD, pips | 1 | 1 | 1 |
| Scalping | Allowed | Allowed | Allowed |
| Trading advisors | Allowed | Allowed | Allowed |
| Trading instruments | Currency pairs – 1:500 Gold, silver – 1:500 CFD – 1:10 Oil – 1:10 Futures – 1:10 Indexes – 1:10 |
Currency pairs – 1:200 Gold, silver – 1:200 CFD – 1:10 Oil– 1:10 Futures – 1:10 Indexes – 1:10 |
Currency pairs – 1:100 Gold, silver – 1:100 CFD – 1:10 Oil – 1:10 Futures – 1:10 Indexes – 1:10 |
| Trading platforms | MetaTrader 4 | MetaTrader 4 | MetaTrader 4 |
The company provides several ways to withdraw money from the account. Notably, in order to withdraw money, the broker will request the identity documents and proof of residence.
Payment methods:
- wire transfer
- credit cards
- Neteller
There is also a Managed Forex account that is a portfolio of securities owned directly by you and managed at the discretion of a professional Fund Manager. The Fund Manager is given a limited power of attorney to trade the account. Managed Forex accounts can be a great tool for clients who do not have time to monitor the market 24 hours. It enables them to save time. Their funds are managed by an experienced trading professional. However, it does not mean that clients do nothing. On the contrary, they can trade Forex with leverage. Moreover, Forex Managed Accounts can provide portfolio diversification.
The company warns clients that if they trade with fixed spreads, they actually pay an insurance premium since fixed spreads are usually higher than variable ones. Thus, if investors do not trade relying on the news or market-driving events (when markets are more volatile), then transaction fees will be higher. Many companies that offer fixed spreads may impose restrictions on trading when market volatility is high. The representatives of Mega Trader FX assure its clients that they do not impose restrictions on trading around news announcements.
On its website, the broker states "Mega Trader FX offers its customers fractional pip pricing in all tradable currency pairs. This means that instead of quoting prices with four(4) digits, Mega Trader FX allows you to benefit from the smallest price movements by adding a fifth digit (fraction)". Fractional pip pricing ensures narrow spreads and the most accurate quoting possible.
Training
On the official website of the company, you can find the Education section where there is a wide range of training materials, including theoretical materials on forex basics, reviews of the Forex market, currency movements, the current supply and demand in the market, as well as the definition of PIP and lot, explanations of how profits and losses from trading are calculated. The company provides its customers with training materials on analysis and a Forex Glossary. Traders can find answers to their questions by visiting the "Frequently Asked Questions" section.
Support service
The company offers its customers a personal Account Service Manager if needed. They will guide the novice traders at the first stages of trading and help them understand the essentials of work with the trading platforms. On the website, there is also the "Frequently Asked Questions" section and a feedback form" Question–Answer" where traders can get the necessary information. The company offers round-the-clock support service via online chat, phone, and email.
Feedback
Traders mainly complain about the blocking of their account with a large amount of funds, the disrespectful attitude of the company's support team to customers, as well as delays or refusal to withdraw funds.
Advantages and disadvantages
Pros:
- narrow spreads from 1 pips on all major pairs
- more than 70 currency pairs and precious metals
- no commissions or extra charges
- hedging
- flexible range of leverage
- news feed and market analysis
- safety of funds
- fractional pip pricing
Cons:
- blacklisted by the UK’s Financial Conduct Authority.
- plenty of negative reviews
