Megacap has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Megacap found at https://megacap.io is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Megacap seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Clear documentation|Segregated accounts
Cons: Cannot customize dashboard fully|No fractional shares
I had high hopes for Megacap after my brother mentioned them, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Real-time alerts|Risk management tools
Cons: Mobile app could be improved|Limited ETF selection
The platform at Megacap is riddled with bugs. Charts display incorrect data, order confirmations sometimes fail silently, and the portfolio tracker disagrees with actual positions. After for about three months of dealing with this, I have had enough.
Pros: Economic calendar|Dedicated account manager
Cons: Help articles are sometimes vague
I had a dispute with Megacap 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: Good analytical tools|Automated trading options
Cons: No fractional shares
I was about to invest with Megacap but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Ontario Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database
I signed up with Megacap based on a colleague's recommendation and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Excellent charting|Detailed reporting
Cons: Would like more payment methods|Website design could be more modern
The mobile app from Megacap is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Two-factor authentication|Fast deposits|Demo account available
Cons: Currency conversion fee exists
For anyone considering Megacap, please be aware that this company has been flagged by Ontario Securities Commission. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
The reporting at Megacap is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Comprehensive tools|Smooth onboarding
Cons: No integrated tax optimization|Currency conversion fee exists
My withdrawal from Megacap was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for just over a year of being strung along.
Pros: Dedicated account manager|Market news feed
Cons: Withdrawal takes 1-2 business days|Wish they had more educational resources