Mega FX / MegaFX.org has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". Firm states on website they are registered with The FCA when not - Breach of s24 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.megaFX.org.
Mega FX / MegaFX.org offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Market news feed|Detailed reporting|Two-factor authentication
Cons: Research section could be deeper|Limited cryptocurrency options
I wanted to transfer my portfolio from another broker to Mega FX / MegaFX.org. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Good mobile app|Competitive fees
Cons: Withdrawal takes 1-2 business days
I was contacted by Mega FX / MegaFX.org through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
I had a dispute with Mega FX / MegaFX.org and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Economic calendar|Helpful community forum|Full transparency|Two-factor authentication
Cons: No integrated tax optimization|Charting tools need more indicators
Several red flags with Mega FX / MegaFX.org: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Mega FX / MegaFX.org recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Transparent fees|Copy trading available|Easy to use platform|No hidden fees
Cons: Minimum deposit could be lower|Nothing significant