For some reason, almost every broker considers its duty to name its platform award-winning. Mega Markets, the hero of our review today, does the same. The problem is that there are not enough awards for everyone. As you guessed, we suspect this broker of a scam. Let’s check together whether it legally provides services and whether there are any complaints from traders in the reviews.
- Mega Markets General Information
- Registration and Client Portal Review
- Mega Markets Trading Conditions
- Account Types Review
- Trading Platform
- Mega Markets — Deposit and Withdrawal of Funds
- Additional Options
- Is Mega Markets a Scam?
- Legal Information and License
- Megamarkets.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Mega Markets General Information
|Address||First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown Street, Saint Vincent, and the Grenadines|
Registration and Client Portal Review
Sometimes it seems to us that absolutely all broker sites are similar. That’s because we often deal with scammers. They don’t need to spend money on the services of developers and coders. Therefore, their platforms often look shabby and unassuming. The situation is the same with Mega Markets. The broker’s website barely reaches the average ratings. It is absolutely unremarkable. It is unlikely that you will even remember in a week what it looked like. The content here is meaningless. We are already pretty tired of self-praise from third-rate brokers. However, they persistently list all their imaginary advantages right on the main page.
It seems that you can create an account by clicking on the “start trading” button on the main page. However, these impressions are deceptive. Mega Markets does not give you a chance to register at all. You can only log in to an already-created account. How, then, to open an account on this site? Contact support, of course. Why do brokers make registration closed? We don’t have an exact answer to this question yet. Perhaps they are trying to hide the contents of their personal accounts from such investigators as us. Or maybe they just want to talk to you beforehand to mislead you and find out how much you are willing to invest.
Mega Markets Trading Conditions
If you think that because of the closed registration this broker is some kind of exclusive, then we are ready to disappoint you. In fact, only CFDs can be traded here. No access to the interbank market for you. Mega Markets is a typical dealing desk. Now let’s take a closer look at what it has to offer traders.
Account Types Review
In total, the broker has 7 types of accounts. Two of them are premium VIP and VIP+. The first one needs to be deposited 500 thousand dollars, and the second one by 500 thousand and one dollars. Detailed conditions for each are not described. The difference of just one dollar certainly made us laugh. The rest of the Mega Markets accounts are just ridiculous.
For example, the Bronze account needs to be deposited with at least 10 thousand dollars. Pretty high mark, isn’t it? How can an ordinary novice trader risk such money? Don’t worry. In the FAQ section, Mega Markets has changed its mind. It states that it is enough for a trader to top up an account with $300. However, your account in this case will not be considered healthy. And healthy, according to Mega Markets, is a trade balance of 10 thousand. Brokers who cannot decide on the conditions for clients immediately seem like a scam to us. What is going on in the heads of their managers? Do they even think about what it looks like? “Please top up your account with 10 thousand dollars. What, you don’t have that amount? Well, let’s at least $300”. Laughter and that’s all.
And of course, by tradition, there is no really important information in the description of accounts. Clients will not be given information about leverage, spreads, swaps, and so on.
Finally, it was the turn of the “award-winning” platform. Apart from jokes, not a single award or even a link to a publication about this trading terminal is presented. It’s literally a platform-anonymous. Besides, in the age of smartphones, Mega Markets did not bother to fork out an app. The platform is only available as a web terminal.
Mega Markets — Deposit and Withdrawal of Funds
Actually, Mega Markets is a very secretive broker. Instead of really important and necessary things, it publishes some nonsense. So, the site does not indicate which deposit methods exist at all. The broker recommends you contact the managers to choose the most suitable payment system. We saw the same thing on the withdrawal tab. No payment system is specified. Clients are offered to apply for withdrawal in their personal account and that’s it. What to do more and for what details to create this request at all is a big question.
Despite all the innovations, Mega Markets adheres to the usual postulates regarding verification. You need to confirm your identity and residential address without fail. As for AML policy, it’s difficult here. We don’t even know what payment methods Mega Markets supports and what documents it will require to confirm the legality of funds.
Among the additional services, Mega Markets has a lot of useless options. For example, a broker conducts trading alerts and education. However, it is very difficult to say what quality it is. The entire broker team is anonymous. We don’t know if there are real professionals there or if all these services were created just to help traders say goodbye to the deposit.
Mega Markets also offers you a 100% deposit bonus. To get it, you need to contact the managers. Of course, you can’t get this money just like that. They are issued with a condition and they will need to be worked out in any case.
Is Mega Markets a Scam?
Of course, after searching for the broker’s trading conditions, we had doubts that it was worth cooperating with it. Everything looks too suspicious. So, we continue to check further.
Legal Information and License
Looking at the bonuses on the account, which are actually prohibited by most regulators, we conclude that Mega Markets has problems with the license. The Terms and Conditions indicate that the management company is registered offshore. This is Saint Vincent and the Grenadines, a small island state with a very interesting approach to brokers. The FSA regulator, which operates in this jurisdiction, does not issue licenses to online brokers and dealers. The only document that such firms can receive is a certificate of incorporation. In the future, after the opening of the company, supervision of its activities is also not conducted.
However, the lack of a license is not the only one sign of fraud. This project is not even registered as a law firm. The user agreement specifies the number 3432 LTD 2022. So, there are no coincidences in the registry of Saint Vincent and the Grenadines, either by this number or by the name of Mega Markets.
Megamarkets.com Domain Info
Judging by the registration number that the broker invented, it hints that it was founded in 2022. It’s even plausible. There are no reviews about such a broker on the network until the fall of 2022. Mega Markets rented an old domain. It was registered back in 2004. However, according to the web archive, the site was empty. And only in September, it was filled with content.
Mega Markets does not have an office. The address listed here is only nominal. It is usually assigned to brokers who open companies in Saint Vincent and the Grenadines. We know that in fact, this firm does not even exist. The client can only use the phone to communicate with the broker. You can also fill out a feedback form. Mega Markets promises to respond quickly. In practice, it does not answer calls. Especially if traders call to clarify when they will finally wait for the withdrawal of money.
Pros and Cons
- There is a deposit bonus.
- Strange trading conditions.
- Contradictory minimum deposit.
- Fake legal data.
- No license for brokerage services.
- A short period of work.
Frequently Asked Questions (FAQ)
Mega Markets offers to start CFD trading. You can also get a deposit bonus if you become a client of this company.
You have to deposit $300 or 10 thousand to the account. Mega Markets has not decided what the minimum deposit on the platform is. We can definitely say that they will try to persuade you to invest as much as possible.
No, this broker is very far from the concept of reliability. Mega Markets is not regulated by any supervisory authority.