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.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Megacap is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Initially responsive customer service
Cons: Blocked my account|No legitimate license|Fake returns
Do not use Megacap for anything serious. I used them for about five months for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Wide product range|Good mobile app
Cons: Limited ETF selection|Currency conversion fee exists
Do not be fooled by the professional-looking website. Behind the scenes, Megacap is disorganized and incompetent. I found them after a trusted YouTuber reviewed them and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Multiple order types|Multi-device support
Cons: Live chat only during business hours