Is MegaTradeFX Scam or Legit Broker?
No, it is not safe to trade with MegaTradeFX. MegaTradeFX is owned by Macro Projects Ltd. which is an offshore company registered in St. Vincent and the Grenadines.
- St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CapitalXP, TraderUR, and more.
About MegaTradeFX
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is MegaTradeFX safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets – licensed by ASIC in Australia |
What is MegaTradeFx?
According to the website, MegaTrade Fx is a leading provider of online foreign exchange trading, CFD trading, and other financial services. However, we have a few valid concerns about it. The broker mentions two addresses on the website, they are both offshore (as the second one is on the Marshall Islands). They also mention contact numbers with British phone codes, however, the broker is not regulated in the UK.
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Moreover, the UK’s Financial Conduct Authority has recently issued a warning against the broker:
“MegatradeFX (a trading style of Guide Universal LP) is not authorized by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorization.”
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Also, the company has been banned by Spain’s CNMV:
“MACRO PROJECTS LTD is not authorized to provide the investment services, which include investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions; or to perform the activities reserved for collective investment institutions, on Collective Investment Institutions.”
MegaTradeFX Review Conclusion
We advise all investors and traders to avoid MegaTradeFX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and BlackBull Markets.
MegaTradeFX Update
Recently MegaTradeFX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals.