Amega Review 2024


3.2 / 5
Amega is #102 in our CFD broker rankings.

Amega is a good option for traders seeking commission-free CFDs with tight spreads on the MT5 platform. We also rate the fast execution speeds of 0.1s which will appeal to active day traders.

- Daytrading Review Team

Amega is an offshore STP broker offering CFD trading on forex, stocks, indices and commodities with very high leverage up to 1:1000 and a zero-commission pricing structure. Traders access markets through the MT5 platform and can test the broker's services through a demo account.

$20
MT5
CFDs, Forex, Shares, Indices, Commodities, Cryptos
-
USD
Sticpay, Perfect Money, Wire Transfer, Bitcoin Payments

Forex Trading

Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

Stock Trading

Trade 25+ global stocks with CFDs commission-free with fast execution and STP pricing. This is a narrow selection vs competitors, focussed on US markets. Eight indices are also available to speculate on the movements of US, European, UK and Australian markets.

CFD Trading

Trade CFDs on 100+ instruments from popular asset classes. Leverage up to 1:200 is available on precious metals, while stocks, indices and energies can access 1:20 max leverage and 1:10 for commodities. On the negative side, the depth of assets is limited vs other CFD brokers.

Crypto Trading

Trade popular digital tokens against fiat currencies. Go long or short on Bitcoin and get 24/7 instant cashback when you trade in high volumes. However, traders looking for low-cap tokens should look at alternative brokers.

✓ Pros

  • Flexible payment options include crypto and international banking options
  • Competitive commission-free trading with spreads from 0.8
  • Full range of investments including cryptocurrencies
  • Low minimum deposit for beginners at $20
  • Swap-free Islamic trading profiles available
  • Free demo account

✗ Cons

  • The broker is not regulated by a trusted financial authority
  • Only one platform is available with limited educational materials
  • No MetaTrader 4 integration
  • Copy trading not available
  • Costly withdrawal fees

Amega Finance is an offshore broker-dealer. The brand offers trading on stocks, forex and commodities via the MetaTrader 5 (MT5) platform and app. This Amega review will unpack the firm’s online trading products and financial solutions, from deposits and withdrawals to fees, leverage, and customer support.

Company Details & Overview

Amega Finance was founded in 2018. The firm is an STP broker acting as an intermediary between investors and liquidity providers. The company aims to offer online trading without restrictions, meaning full flexibility to invest with the strategies and tools desired.

Amega Global Ltd is a licensed investment company with the Mauritius Financial Services Commission (FSC). The broker’s technology service provider, Findeavour Ltd, is registered in the UK. Amega Markets LLC is incorporated in St Vincent and the Grenadines.

Trading Platform

Clients can trade through MetaTrader 5. MT5 is available for download to desktop and mobile devices, including Android, iOS, Windows, and macOS. Alternatively, it is can be used as a web terminal.

Amega MT5 platform
MetaTrader 5

The multi-asset platform offers advanced functions for experienced traders, as well as easy-to-use tools for beginners. Day traders can view up to 100 charts at the same time, with 21 time-frames ranging from one minute to one month. The terminal also comes with automated trading functions, including signals and bots.

Other functionality includes:

On the downside, Amega does not offer MetaTrader 4 or its own bespoke trading technology, which is a negative vs alternative brokers.

How To Place A Pending Order On MT5

  1. Open the platform, app or web trader
  2. Select the ‘Tools’ icon
  3. Choose ‘New Order’
  4. Double-click on the instrument symbol you wish to trade from the dropdown list
  5. Under ‘Order Type’, choose ‘Pending Order’
  6. Select ‘Buy Limit’, ‘Buy Stop’, ‘Sell Limit’, or ‘Sell Stop Limit’
  7. Input the order volume
  8. Insert the price to trigger the pending order
  9. Enter the expiration date
  10. Click on ‘Place Order’

How to trade on Amega

Markets & Assets

Amega offers a good range of instruments to trade via contracts for difference (CFDs):

Cryptocurrency investments are also available under the unregulated Amega Markets LLC entity.

Amega Fees

Amega Finance is a zero-commission broker, meaning that trading fees are integrated into spreads. The brand offers spreads from 0.8 pips, which is not particularly low vs alternative brokers.

We were offered spreads of 0.8 pips on GBP/USD and 1 pip on EUR/USD. Additionally, we received spreads of 1.5 on the S&P 500 and 2.1 on the FTSE 100.

Other charges to be aware of include a $5 monthly inactivity fee after 30 days of zero account activity.

The broker does not charge any deposit or withdrawal fees, though third-party charges may apply.

Swap fees also apply for clients that do not hold an Islamic trading account.

Leverage

While using Amega, our traders found that substantial leverage up to 1:1000 is available, much higher than regulated firms. This means for every $1 deposited, you can trade with $1000.

Maximum leverage by instrument:

Mobile App

Amega mobile app
MT5 App

MetaTrader 5 is available as a mobile-compatible app. Though currently unavailable for iOS users due to Apple App Store restrictions, the application is a good solution for trading on the go.

Our experts found it easy to use and were pleased to see that it offers all the functions and features found on the desktop terminal. Users can open and close trades, deposit to a live account and manage personal details such as passwords. Another major advantage is the seamless transition between platforms and apps. You can pick up exactly where you left off, whether that be on a computer or a mobile.

So whilst not as modern as some third-party tools, such as TradingView, there is plenty of market information and straightforward trading functions.

Payment Methods

Deposits

There is a $20 minimum deposit requirement to open an account with Amega. This is competitive and ideal for those starting out.

The broker accepts a range of international and local payment methods at no charge.

On the downside, our experts were disappointed with the lack of international credit/debit card payment options. Traders must also verify their accounts before deposits and withdrawals can be made.

Withdrawals

Withdrawals must be made back to the same method used for deposits. The broker processes all withdrawal requests within a few minutes during business hours. However, our experts were disappointed to see that withdrawal charges apply:

How To Make A Deposit & Withdrawal

Adding and removing funds is fast and easy:

  1. Log in to the Amega Finance client dashboard
  2. Select ‘Funds’ from the menu on the left and then ‘Deposit Funds’ or ‘Withdraw Funds’
  3. Select the account you wish to add or remove money from via the dropdown menu
  4. Choose the payment method
  5. Click ‘Continue’
  6. Enter the amount to deposit or withdraw
  7. Select ‘Continue’ to submit the request

Amega Demo Account

The paper trading profile offers flexible leverage and virtual funds up to $1,000,000 on the MT5 platform. The demo account also provides the same price quotes, swap fees, and spreads as the live profile.

Users will achieve the same results as trading in live mode, though there is no risk to your personal capital or real-money gains.

How To Open A Demo Account

You must register for an Amega account before you can access the demo service. Select the ‘Sign Up’ logo in the top right of the broker’s webpage. To activate your account you will also need to verify your email address.

Following that:

  1. Sign in to the client area and select ‘Accounts’ from the side menu
  2. Click on ‘Open Demo Account’ from the dropdown menu
  3. Choose ‘Demo Hedging’ or ‘Demo Netting’ from the dropdown
  4. Choose the leverage (1:10 to 1:888)
  5. Select the virtual fund value ($10,000, $100,000, or $1,000,000)
  6. Click ‘Continue’
  7. Login credentials will be displayed on the next screen and sent to the registered email address

Bonuses & Promotions

While Amega does not offer any standard bonuses, there is a loyalty reward program.

The cashback incentive provides a $1 return for each lot traded. The promotion is available to all forex and precious metal traders, with an unlimited maximum reward and no time restraint. For example, if you have traded 5 lots of silver, you could get a $5 return in cash, irrespective of whether your position produced a profit or not.

Note, withdrawals are only permitted once you have accrued $100. After this, you can withdraw the money or use it as additional trading funds. Also, eligible trades must remain open for more than one minute to qualify.

Regulation & Licensing

Amega operates through two entities:

Importantly, unregulated firms may not provide the levels of protection offered by those with financial watchdog backing. The Financial Services Commission of Mauritius is also not particularly well-regarded vs bodies like the FCA or SEC.

With that said, all customers benefit from negative balance protection. Amega also complies with anti-money laundering and know-your-customer guidelines.

Amega Account Types

Amega offers just one live account to retail traders depending on the entity. The Live account is available to traders under the Amega Global Ltd umbrella, whereas the Live MAX profile is for customers of Amega Markets LLC.

Both offer the same spreads, minimum deposit requirements, and platform access. You can trade all instruments on both accounts, however, cryptocurrency is also available with the Live MAX account. The majority of traders can sign up with either entity.

A swap-free Islamic account is also available. This can be requested via the client dashboard.

How To Open An Account

  1. Head to the ‘Visit’ button at the top of this Amega review
  2. Complete the simple online registration form
  3. Verify your email address
  4. Log in to the client area
  5. Select ‘Verification’ and provide phone, identity, and proof of residency details
  6. Select ‘Accounts’ from the menu on the left and then ‘Open Live Account’ from the dropdown
  7. Choose a ‘Netting’ or ‘Hedging’ profile and select a ‘Live’ or ‘Live MAX’ account
  8. Choose the leverage amount
  9. Select ‘Continue’

Clients must upload relevant documents to verify the details below before they can access all trading facilities.

Additional Features

The broker offers a blog-style analysis page, with daily market news and trends. These posts are up to date.

There is a separate education area for traders, though this is not particularly user-friendly. When we reviewed Amega’s materials, the content was mainly large blocks of text, with no integrated videos, diagrams, or charts. Information is also not posted regularly or categorized by experience level.

An integrated economic calendar is also available in the client area, as well as in the MetaTrader 5 platform. Aside from this, the additional services and analysis tools offered by Amega Finance are limited.

Amega trading calendar
Economic Calendar

Opening Hours

Each market has different trading sessions:

Customer Support

Amega’s customer support is available Monday to Friday 7 AM to 2 PM (UTC) though contact methods are pretty limited. There is no telephone number available, for instance.

There is also a FAQ section available on the official website which has some useful guides and responses to common queries.

Security & Safety

Amega has the basics covered when it comes to trading safety, though much of this comes from its partnership with MetaTrader.

The MT5 platform is secure. All transactions are fully encrypted and transmitted via Secure Sockets Layer (SSL). Two-factor authentication is also available. The randomly generated code will be required each time you log in.

Amega Finance Verdict

Although it does have some advantages, such as MT5 trading tools and a loyalty reward program, Amega Finance is not the best broker in the market. The lack of robust regulatory oversight and an average selection of assets and fees do not separate it from most brokers. There is also little in terms of additional trading tools and educational materials to support beginners.

FAQs

Is Amega A Trustworthy Broker?

Despite there not being concerns the company is a scam, clients will receive limited legal protections. The brand operates through two entities: Amega Markets LLC is not currently regulated by a trusted financial authority while Amega Global Ltd is authorized by the Financial Services Commission of Mauritius (FSC).

Is It Easy To Fund An Amega Trading Account?

Yes, it is quick and easy to deposit funds into an Amega account. All payment requests are made within the client area and there are no commission fees. On the downside, it is a shame that international credit/debit card payments are not accepted.

Note, account verification must be completed before money can be transferred.

Is Amega A Good Or Bad Broker?

Amega Finance offers the basics of a good broker, including a demo account, a reliable trading platform and mobile app, plus a low minimum deposit. However, its weak regulatory oversight and limited trading tools won’t be enough to convince many traders to open an account. The broker’s suite of assets and trading fees are also fairly average, though commission-free trading is offered.

Can I Practise Trading With Amega Before Opening A Live Account?

Yes, Amega offers a demo account on the MT5 platform. The paper trading profile mirrors the conditions of the live account and provides up to $1,000,000 in virtual funds.

New traders can sign up for a demo account on the broker’s official website.

Does Amega Finance Offer High Leverage?

Yes, clients can trade with leverage up to 1:000 on major currency pairs and up to 1:200 on precious metals. This is significantly higher than most brokers, especially regulated trading firms.

However, higher leverage increases both the size of losses as well as profits.

Top 3 Alternatives to Amega

Compare Amega with the top 3 similar brokers that accept traders from your location.

  1. FXPrimus – FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.
    Go to FXPrimus
  2. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
    Go to AvaTrade
  3. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
    Go to Swissquote

Amega Comparison Table

Compare Amega With Similar Brokers
Amega FXPrimus AvaTrade Swissquote
Rating 3.2 4 4.9 4
Markets CFDs, Forex, Shares, Indices, Commodities, Cryptos CFDs, Forex, Stocks, Cryptos, Futures, Options, Commodities, Bonds CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent)
Demo Account Yes Yes Yes Yes
Minimum Deposit $20 $15 $1000
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators CYSEC, MIFID, ICF, FCA, BaFin, VFSC ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM FCA, FINMA, DFSA, SFC
Bonus Monthly Promos
Education No No Yes No
Platforms MT5 MT4, MT5, cTrader WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade MT4, MT5, AutoChartist, TradingCentral
Leverage 1:1000 1:1000 1:30 (Retail) 1:400 (Pro) 1:30
Payment Methods 4 12 13 5
Visit Visit Visit Visit Visit
Review FXPrimus
Review
AvaTrade
Review
Swissquote
Review

Compare Trading Instruments

Compare the markets and instruments offered by Amega and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Amega Trading Instruments
Amega FXPrimus AvaTrade Swissquote
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No No Yes No
Silver Yes Yes Yes Yes
Corn Yes No Yes No
Crypto Yes Yes Yes Yes
Futures Yes Yes Yes Yes
Options No Yes Yes Yes
ETFs No No Yes Yes
Bonds No Yes Yes Yes
Warrants No No No No
Spreadbetting No No Yes No
Volatility Index No No Yes No

Amega vs Other Brokers

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Amega is an offshore STP broker offering CFD trading on forex, stocks, indices and commodities with very high leverage up to 1:1000 and a zero-commission pricing structure. Traders access markets through the MT5 platform and can test the broker's services through a demo account.