Mega Trader FX Review 2024
United States not accepted.Mega Trader FX Review
Mega Trader FX is a CySEC-regulated online broker. The well-established provider offers MT4 trading in forex, CFDs and precious metals. Our review covers payments, leverage, trading costs and complaints. Understand the pros and cons of opening an account with Mega Trader FX.
Mega Trader FX History
Mega Trader FX Ltd is a Cypriot investment firm owned by Trading Point of Financial Instruments Ltd and established in 2012. The brokerage is licensed by the Cyprus Securities and Exchange Commission (CySEC).
Mega Trader FX offers a mix of trading instruments, 24/5 customer support and free training courses for beginners. The company also offers trading bonuses to entice new clients and reward loyal users.
MetaTrader 4 Platform
MetaTrader 4 (MT4) is the platform of choice at Mega Trader FX. An industry favourite, MT4 is an easy-to-use, customisable platform that offers a multitude of features and tools. After you login, you’ll be presented with 9 timeframes, 30 charting options, dozens of indicators and real-time pricing.
The platform also supports automated trading through custom-built algorithmic strategies, as well as the option to employ the techniques of other successful traders.
To download MT4, complete the account registration process and hit the install link on the broker’s website.
Assets
Mega Trader FX offers a reasonable list of tradable products. 71 forex pairs are available, including 7 majors, 21 minors and 26 exotics. Clients can also trade futures on energies, precious metals and major stock indices.
Note cryptocurrency trading and binary options are not available.
Spreads & Commission
Mega Trader FX follows a commission-free fee structure. Instead, the broker makes its money through spreads, which start at 1 pip on major currency pairs. Average spreads, however, are 2.5 pips on the EUR/GBP, 1.9 pips for the EUR/USD and 2.6 pips for the GBP/USD. These aren’t the best spreads around and as a result, Mega Trader FX is a relatively expensive online broker.
Users should also be aware holding positions overnight will incur a fee.
Leverage
This review was impressed with the 1:500 leverage available. These are high rates and allow beginners to bolster their potential profit. On the downside, leveraged trading also increases the size of losses. In fact, ESMA regulations now prevent brokers from offering leverage above 1:30 to clients from Europe.
MT4 Mobile App
Mega Trader FX offers the MT4 mobile app to clients looking to trade on the go. Packed with much of the functionality of the desktop platform, mobile traders can choose from built-in and custom indicators, instant execution and pending orders, plus 9 timeframes. Deposit bonuses are also available and so too are risk management tools and push notifications.
The MT4 mobile platform is available to download from the Apple App Store and Google Play. You’ll need your Mega Trader FX login details to access your account through the app.
Payment Methods
Multiple payment options are available from the Mega Trader FX client area.
Deposits
Users can fund live accounts with:
- Payment cards (Visa, Visa Electron, Mastercard, Maestro, Switch, Solo) – up to 24 hours and free to use
- Skrill – up to 24 hours with a fee of 1.9% + €0.29
- Bank transfer – 1-3 working days and free to use
- Neteller – up to 24 hours and free to use
Withdrawals
Profits can be withdrawn via:
- Bank transfer – up to 3 working days
- Payment cards – up to 1 day
- Neteller – up to 1 day
This review was impressed with the relatively fast withdrawal times and the zero fees charged on the part of the broker.
Demo Account
Mega Trader FX offers a fully-featured demo account with $100,000 in virtual cash and no expiry. If you’re undecided about opening an account, the market simulator is an excellent way to explore the MT4 platform, test a strategy and discover new markets. You can also use the demo account to build and test expert advisors for automated trading.
Mega Trader FX Bonuses
Mega Trader FX offers multiple bonuses and promos. A 20% welcome deposit bonus up to $2,000 is available. To claim the full $2,000, users need to deposit $10,000. The bonus is recieved 24 hours after the payment is made. Unfortunately, the free trading capital cannot be withdrawn.
A 10% loyalty bonus is then available on each subsequent deposit bonus up to a maximum of $1,000. The loyalty bonus is also subject to the same terms and conditions as the sign-up offer.
Regulator
Mega Trader FX is regulated by the Cyprus Securities and Exchange Commission (CySEC). This is a highly-respected financial agency and a good indication that the broker is safe to trade with. The company’s trading operations also fall under the remit of the EU Markets in Financial Instruments Directive (MiFID).
Additional Features
Multiple useful extras are offered to Mega Trader FX clients. Firstly, personal account managers are available to provide one-to-one training, a particularly useful service for new traders. Also useful for beginners is the small collection of articles explaining trading basics, plus the glossary and FAQ portal.
In addition, news articles and trend charts are published that cover market sentiment, as well as an economic calendar and several pip, pivot point and other calculators.
Our review was initially impressed with the extra tools offered to clients, but we were disappointed to see these features are not kept up to date, limiting their value.
Account Types
Three live trading accounts are available. All provide MT4 access, qualify for deposit bonuses and come with 24/5 customer support. The differences lie in their minimum capital requirements and the favourable spreads offered in return. Accounts can be opened in USD, EUR, GBP, AUD, CHF and JPY.
Micro Account
- No minimum deposit
- Leverage up to 1:500
- Spreads from 1 pip
Standard Account
- $3,000 minimum deposit
- Leverage up to 1:200
- Spreads from 1 pip
Executive Account
- $100,000 minimum deposit
- Leverage up to 1:100
- Spreads from 1 pip
Islamic friendly requirements can also be met by contacting customer support using the details listed further below.
Benefits
Reasons to open a Mega Trader FX account and start trading include:
- Sign-up and loyalty deposit bonuses
- MT4 trading platform
- No minimum deposit
- 1:500 leverage
Drawbacks
This review found several disadvantages to Mega Trader FX’s offering:
- Resources are not kept up to date
- No cryptocurrency trading
- Limited customer support
- Wide spreads
Trading Hours
Mega Trader FX is open for forex trading 24/5, from 22:05 GMT on Sundays through to 22:00 GMT on Fridays. Other markets follow respective opening and closing times, details of which are available on the broker’s website. Whilst trading is limited over the weekend, account management and market analysis can still be undertaken.
Customer Support
Mega Trader FX has a support team open 24/5. You can contact customer service representatives via:
- Live chat – Live Support tab at the top of the homepage
- Email – support@megatraderfx.com
Despite claiming to offer telephone support and a callback form, we weren’t able to get through to anyone upon testing. This review was disappointed to find help isn’t readily available which may discourage new traders and frustrate existing account owners. It also means if you want to delete your account or run into technical issues, getting assistance may be challenging.
Security
The safety protocols followed by Mega Trader FX are not clear. We weren’t able to very the website uses secure encryption measures and we did encounter some popups. This is an area we’d like to see the broker address.
Mega Trader FX Verdict
Mega Trader FX is a long-standing forex and CFD broker. Offering the MT4 platform and multiple deposit bonuses, it can appear a solid option for traders shopping around. However, the customer support is lacking while trading tools and educational resources are not kept up to date. As a result, we’d recommend considering alternative providers.
Top 3 Alternatives to Mega Trader FX
Compare Mega Trader FX with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering 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.
Mega Trader FX Comparison Table
| Mega Trader FX | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 2.5 | 4.4 | 4.3 | 4 |
| Markets | Forex, CFDs, indices, precious metals, energies | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $0 | $0 | $0 | $1 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | CySEC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM | SVGFSA |
| Bonus | 20% deposit bonus up to $2,000 | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT4 | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:500 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 4 | 6 | 6 | 10 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex Review |
Compare Trading Instruments
Compare the markets and instruments offered by Mega Trader FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Mega Trader FX | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | No | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
Mega Trader FX vs Other Brokers
Compare Mega Trader FX with any other broker by selecting the other broker below.
FAQ
Can you trade Bitcoin at Mega Trader FX?
No, cryptocurrencies aren’t available at Mega Trader FX. Instead, clients can trade on forex, commodities and stock indices.
Is Mega Trader FX licensed?
Yes, Mega Trader FX holds a license with the CySEC, a widely-respected regulator. This should reassure prospective traders that the broker can be trusted.
Does Mega Trader FX offer a welcome bonus?
Yes, new clients can bag a 20% deposit bonus up to $2,000. Once you’ve registered for an account and made a deposit, you’ll receive the bonus funds within 24 hours. Note, the bonus cannot be withdrawn.
Does Mega Trader FX offer a demo account?
Yes, an unlimited demo account is available at Mega Trader FX. Users can explore the MT4 platform, available markets and the broker’s trading services.
Is Mega Trader FX a good broker?
Mega Trader FX has pros and cons. The broker provides access to the popular MT4 platform and offers generous deposit bonuses and high leverage. However, customer support is unreliable and the market analysis and educational tools aren’t kept up to date.
Customer Reviews
There are no customer reviews of Mega Trader FX yet, will you be the first to help fellow traders decide if they should trade with Mega Trader FX or not?