Megkoin Trade X (megkointradex.com) has been flagged by ASIC (Australia) for "Unlicensed". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: megkointradex.com.
Do not use Megkoin Trade X (megkointradex.com) for anything serious. I used them for a few weeks now 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: Multiple order types|Real-time alerts
Cons: Search feature is basic|Limited ETF selection
I gave Megkoin Trade X (megkointradex.com) a fair chance. After since the beginning of the year of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Clean UI|Low minimum deposit|Comprehensive tools
Cons: Limited demo account features|Website design could be more modern
I wanted to transfer my portfolio from another broker to Megkoin Trade X (megkointradex.com). 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: Dividend tracking|Dedicated account manager|Regular updates|Low minimum deposit
Cons: Alert system is basic
My card was charged twice by Megkoin Trade X (megkointradex.com) on the same day. I had to dispute it with my bank. Megkoin Trade X (megkointradex.com) then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Dividend tracking|High security standards|Copy trading available|Comprehensive tools
Cons: Nothing significant
The so-called education at Megkoin Trade X (megkointradex.com) is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for roughly four months thinking they would help me learn.
Pros: Professional team|Segregated accounts|Clear documentation
Cons: Limited social trading features|No fractional shares
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Megkoin Trade X (megkointradex.com) recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: High security standards|Detailed reporting|Tax reports included|Multiple order types
Cons: Slow to add new assets