On-line since: About the company: Mega Equity (also known as MegaFX) is a European public joint stock company established back in 1999 that offers various financial investments and intermediary services. Company. Security of funds It is a 100% DMA/STP broker offering a wide range of trading instruments: more than 50 currency pairs, precious metals, different CFDs, Exchange Traded Funds (ETFs), equities, futures and options. The Mega Equity brand is owned by Securities and Financial Services Public Ltd. The firm is registered in Cyprus and was licensed by Cyprus Securities and Exchange Commission (CySEC) in 2003. CySEC requires Cyprus investment firms to hold at least EUR 730,000 in order to prove their good financial standing. Besides, Cypriot forex brokers must keep client funds in the segregated accounts. All CySEC-regulated companies are members of the Investor Compensation Fund which is able to pay compensation up to EUR 20,000 if a regulated company fails to fulfill its obligations to customers, for example, goes bankrupt. Additionally, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU. Mega Equity is a member of the Cyprus Stock Exchange and the Athens Stock Exchange. Trading Conditions Mega Equity offers its clients a single STP/DMA account with tight interbank variable spreads, leverage up to 1:400, and an opportunity to trade micro lots. Minimum initial deposit In order to open an account with Mega Equity, traders have to invest a minimum deposit of $500. Spreads and commissions Mega Equity provides tight interbank floating spreads averaged 0.1 pip on EUR/USD. However, it charges a commission of $14 per lot per side. So, average trading costs with this broker amount to around 1.5 pips per lot. Leverage The maximum leverage offered by Mega Equity is 1:400 which is considered high. Nevertheless, there are brokers with leverage up to 1:1,000. You can find them in our rating. Trading platforms Mega Equity offers Multiclient, their own platform specially designed for global equities trading, and Periskope, an application for estimating, real-time market watch, and investment portfolio management. Mega Equity clients also get access to 35 foreign stock markets through XNET Network, an electronic trading platform of the Athens Stock Exchange. Support service The company is headquartered in Nicosia. The support service works via phone and feedback form. Unfortunately, the broker does not have a live chat which allows you to quickly contact experts. The support service also does not operate via email. Payment options Mega Equity supports credit/debit cards, wire transfer, and Skrill. Advantages:
Disadvantages:
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In last year, I was scammed $560 at Mega Equity, when I traded with this broker. At that time, this broker made my withdrawal more complicated when I made request with them. At first I thought it was just on volatility times, but was also on normal market conditions. I deposited $600 and I lost it all. I don't recommend the broker, because the platform is not working properly and the support team is always busy or they never call back. They don't pay you your money. When you phone they don't answer there phone and when they do they have no information regarding you funds or have many different excuses.
I must say, Mega Equity is the most honest broker I have been with. Outstanding spreads and solid platform. I can close my position without problems even on news times. I have never had any major problems. I am very satisfied having this broker and I can't find any reason to leave Mega Equity .
From the start, they did not seem transparent about their own rules. Explanations are very complicated, often late in responding to e-mails / telephones. You are going to lose all your money. They charge you a lot of ridiculous fees if you trade indices you see what i mean and also they manipulate stoploss to make sure you lose. Not good for news trading, spreads widen as never seen before. I have no time to argue with their supports that's why I decided to take all my profits away from them.
I've traded on the MT4 platform with Mega Equity broker, all of my orders executed in a moment at the live price quote and their graphical chart is so clear, besides I've found a news notification on their platform. I say their service and payment service is reliable. So I can earn some money in the market.
My only problem with Mega Equity is their trading fees. I am satisfied with their platform as it is really stable and easy to use. But when it comes to open a trade, the spread is sometimes unreasonably high. This happens often which is frustrating.
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