FX Mega Trade Review – The Things to Worry About

FX Mega Trade Review

You have probably heard the stories about people making it big in the financial markets. Online trading has opened up doors for people and given them a chance to explore the opportunities available and some have managed to achieve quite a lot of success.

This has drawn many towards this space because they want to do the same. Opening an account with an online broker is the first step you have to take here and you will eventually come to this FX Mega Trade review in your quest.

It is because when you start looking at brokers, it quickly becomes apparent that it is not a decision you can take in five minutes. This is because the list of companies offering their services in the market is endless and they are promising different features and tools that you have to explore to be able to find the best fit.

The brokerage you choose can have a big impact on your success, so this decision is not one you can make without doing some research.

When you begin doing so, you will discover that the scams you have heard about are often conducted through fraudulent brokerages. This should put you on guard immediately because no company would ever come with warning signs.

You are the one who has to make the effort to find them and then make your decision. In fact, scammers are going to do their level best to hide what they truly are, so effort will be needed on your part. What does this entail?

It is not something complex; you just need to check some important aspects of the broker to ensure there is nothing to worry about. When you start doing the same in the case of FX Mega Trade, you will realize that there is plenty to worry about in this case.

To start with, it is a binary options broker and this business model is already very risky and known to be a favorite of scammers. There are plenty of other issues that you will find in FX Mega Trade, some of which include.

The licensing

Always start with the licensing of an online broker when you want to know everything about it. This can immediately help you decide if the company you are dealing with is reliable or a shady one. If it falls in the latter category, then it is just one step away from scam, so you can quit the option altogether and look for a better one.

The key is to remember that you do not just believe what you are being told, but do the homework yourself to ensure it is the truth.

The same approach applies in the case of FX Mega Trade that claims to be a licensed brokerage. It is easy to make whatever claims you want over the internet and this brokerage has just confirmed it.

According to the certificate that it has provided on its website, FX Mega Trade has been incorporated in New South Wales and is registered in Australia. It has provided a company number on the certificate you find on the website.

The problem is that the regulatory authority of Australia is the Australian Securities and Investment Commission (ASIC). If you check their online register, you will not find FX Mega Trade listed. Most importantly, the ASIC has banned binary options trading, so it is not possible for the company to be based in the country at all.

Secondly, the certificate given on the website is obviously fake because it has random seals, hastily deleted text under the seals, weird signatures and a watermark in the background.

The trading platform

The most vital feature that any online broker offers to its clients is the trading platform that determines what kind of experience you will have. This is primarily because it is the software you use for doing the actual trading activities, so the interface, features and tools that the platform has can make a big difference.

This is another aspect that you need to worry about in the case of FX Mega Trade because it does not have anything special to offer to you.

A basic and rudimentary web based platform can be found on the FX Mega Trade website, which is lacking in a lot of features and tools. Moreover, there is a strong possibility that the platform could be manipulated by FX Mega Trade because it is one they have developed on their own.

The trading conditions

When it comes to CFD brokerages, they offer you trading conditions like leverage and spreads, but you cannot expect them at FX Mega Trade because this claims to be a binary options broker.

This business model means that the brokerage will offer you payouts. This would be the proportion of the bet you would win if you are able to guess the price movement correctly.

The problem with FX Mega Trade is that it does not clearly mention the payouts you can expect, which makes it immensely shady.

A genuine brokerage would be open and transparent about their payouts, so you can make the right decision for achieving your goals. Why would you choose a company that does not even mention how much returns you can get?

The payment methods

One of the most worrisome thing about FX Mega Trade is the payment methods it supports because it shuts the door on the possibility of a refund.

Payment methods like credit cards allow you to file for a chargeback and get your money back in case there is a problem. But, the payment methods supported at FX Mega Trade are bitcoins, Ethereum, Litecoin and USDT, which means they are all cryptocurrencies.

These payments are final and cannot be reversed, which means that once you pay FX Mega Trade, your funds are in their control and you cannot get them back.

Wrapping

These are some prominent things that you need to worry about when it comes to FX Mega Trade and it shows that you should not opt for such a brokerage.