Independent rating of Forex broker Mega Equity

About company

Mega Equity (MegaFX) is a joint stock company established in 1999. The company offers various financial investments and acts as an agent.  The broker is controlled by Mega Equity Securities and Financial Services Public Ltd., holder of a CySEC license since 2003. All companies regulated by the CySEC are financially stable and have at least €730,000 in their accounts. Quite importantly for the clients, regulated Cyprus brokers have to keep funds of their clients in special segregated accounts. The CySEC make the companies that hold its license participate in the Investor Compensation Fund, i. e. if a broker goes bankrupt or insolvent, its clients receive monetary compensation that amounts up to €20,000.

Trading conditions

Mega Equity’s trading account is a single STP/DMA account with narrow interbank variable spreads and leverage of up to 1:400. This account is used by Mega Equity’s clients to trade micro lots. The broker offers a range of trading instruments: over 50 currency pairs, precious metals, various CFDs, ETFs, shares, futures and options. The minimum deposit is USD 500. The company has narrow interbank variable spreads, an average of 0.1 pip (for the USD/EUR pair). Mega Equity also charges a transaction fee of $14 per transaction. In other words, the trading costs with Mega Equity average approximately 1.5 pips per lot. Mega Equity’s leverage is quite high, up to 1:400. Deposit and withdrawal of funds: credit or debit cards, bank transfers and Skrill e-wallets.

Trading platform

The broker offers its clients a chance to trade via its own trading platform called Multiclient. The platform is designed for global trading in shares. Mega Equity also offers use of the Periscope app designed to control investment portfolios, as well as for real-time assessment and observation of the market. The broker offers its clients an opportunity to use the Athens Exchange trading platform, namely XNET Network, via which traders can access 35 foreign stock markets.

Support service

The company’s headquarters are in Nicosia. The means of communication with the company’s representatives are the phone number indicated on the website and the feedback form. The broker does not keep a live chat or an e-mail to communicate with clients.

Traders’ reviews

There is quite a lot of negative feedback. Traders complain about trading terms being far from best, the large initial fee and problems with withdrawing funds. Some positive feedback comes from many clients being quite happy with the company’s trade platforms and leverage.

Pros and cons

The advantage that stands out is the fact that the broker is controlled by a reputable supervisory Authority. There turned out to be significantly more drawbacks, though. The first of them is that it is impossible to trade via the popular MT4 platform. The second is that the clients do not have a live chat or e-mail to reach the company’s manager. The third is that there is no choice of trading accounts. The obvious drawbacks, of course, are the rather high initial deposit and problems with withdrawing funds.