Amega Review 2023

2.3
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Amega offers leveraged trading on popular financial markers with zero commissions and spreads from 0.8 pips.

Pros

  • Demo account
  • Low minimum deposit
  • Full range of investments

Cons

  • No copy trading
  • No MT4 integration
  • Weak regulatory oversight
InstrumentsCFDs, Forex, Shares, Indices, Commodities, Cryptos
Demo AccountYes
Min. Deposit$20
Payment Methods
Min. Trade0.01 Lots
MetaTrader 4No
MetaTrader 5Yes
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralNo
AutochartistNo
eSignalNo
STP AccountYes
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexNo
Spot TradingYes
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingNo
TournamentsNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingEAs
Social TradingNo
Copy TradingNo
Trade SignalsMT5
Islamic AccountYes
Account Currencies
  • USD
Inactivity Fee$5
Guaranteed Stop LossNo
Stock Exchanges
  • Australian Securities Exchange
  • DAX GER 40 Index
  • FTSE UK Index
  • S&P 500
Commodities
  • Cocoa
  • Coffee
  • Corn
  • Gasoline
  • Gold
  • Natural Gas
  • Oil
  • Palladium
  • Platinum
  • Silver
  • Soybeans
  • Sugar
  • Wheat
CFD TradingUse highly leveraged CFDs to speculate on the price of popular financial assets.
CFD FTSE SpreadFrom 0.8 pips
CFD GBPUSD SpreadFrom 0.8 pips
CFD Oil SpreadFrom 0.8 pips
CFD Stocks SpreadFrom 0.8 pips
CFD Leverage1:1000
Forex TradingTrade on a wide range of currency pairs with zero commissions.
Forex GBPUSD SpreadFrom 0.8 pips
Forex EURUSD SpreadFrom 0.8 pips
Forex EURGBP SpreadFrom 0.8 pips
Forex Assets70+
Crypto TradingTrade popular digital tokens against fiat currencies.
Crypto SpreadFrom 0.8 pips
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BTC
  • ETH
  • LTC
  • XRP
Risk Warning – Your capital is at risk

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.

Key Takeaways

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.

Accepted Countries

Amega accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Amega from United States, Korea, Iran.

Compare Amega

Compare Amega with similar brokers that accept traders from your location. Among available brokers these are the most similar to Amega:

  1. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
  2. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
  3. World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
  4. ForexChief – ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.

Amega Comparison Table

Compare Amega With Similar Brokers
Amega Kwakol Markets InstaForex World Forex ForexChief
Rating 2.3 2.4 4.1 4 3.3
Markets CFDs, Forex, Shares, Indices, Commodities, Cryptos CFDs, Stocks, Indices, Commodities, Forex, Cryptos Forex, shares, indices, metals, oil and gas, futures, cryptos, binary options Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $20 $1 $/€1 $1 $10
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots 0.01 lots
Regulators ASIC, FINTRAC BVI FSC SVGFSA VFSC
Bonus 30% – 100% Welcome Bonus 100% Deposit Bonus $100 no deposit
Education No No No No No
Platforms MT5 MT4, MT5 MT4, MT5 MT4, MT5 MT4, MT5
Leverage 1:1000 1:1000 1:1000 1:1000 1:1,000
Payment Methods 4 4 9 10 9
Visit
Review Amega
Review
Kwakol Markets
Review
InstaForex
Review
World Forex
Review
ForexChief
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 Kwakol Markets InstaForex World Forex ForexChief
CFD Yes Yes Yes Yes Yes
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes Yes Yes
Oil Yes Yes Yes Yes No
Gold Yes Yes Yes Yes Yes
Copper No Yes Yes No No
Silver Yes Yes Yes Yes Yes
Corn Yes No No No No
Crypto Yes Yes Yes Yes Yes
Futures Yes No Yes No No
Options No No No No No
ETFs No No Yes No No
Bonds No No No No No
Warrants No No No No No
Spreadbetting No No No No No
Volatility Index No No No No No

Amega vs Other Brokers

Compare Amega with any other broker by selecting the other broker below.

Amega vs

FAQ

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.

Amega offers leveraged trading on popular financial markers with zero commissions and spreads from 0.8 pips.