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MEGA MARKETS
United Kingdom|2-5 years| https://megamarkets.com/
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No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
Contact number
+44 2034554963
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DUO RANGE LIMITED
MEGA MARKETS
United Kingdom
Pyramid scheme complaint
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- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
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Capital
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MEGA MARKETS · Company Summary
| Aspect | Information |
| Registered Country/Area | United Kingdom |
| Founded Year | Within 1 year |
| Company Name | DUO RANGE LIMITED |
| Regulation | No valid regulatory information |
| Minimum Deposit | $100 |
| Maximum Leverage | Up to 1:500 |
| Spreads | Not specified |
| Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5) |
| Tradable Assets | Forex pairs, stocks, commodities |
| Account Types | Standard |
| Customer Support | Telephone: +44 2034554963, Email: support@megamarkets.com |
| Deposit Methods | Not specified |
Overview of Mega Markets
Mega Markets is a forex trading company based in the United Kingdom. However, it is important to note that Mega Markets is an unauthorized firm and does not have valid regulatory information. The company has been flagged as suspicious, with a high potential risk associated with its operations.
Several reviews and reports have surfaced regarding Mega Markets engaging in questionable business practices. Customers have raised concerns about aggressive sales tactics, deceptive promises of easy money, and false advertising. Some customers have reported being taken advantage of without fully understanding the risks involved in foreign currency investments. As a result, numerous customers have fallen victim to Mega Markets' scams and lost significant amounts of money due to their lack of experience and knowledge.
Dealing with an unauthorized firm like Mega Markets carries significant risks. If you choose to engage with such a firm, you won't have access to the Financial Ombudsman Service for complaint resolution, and you won't be protected by the Financial Services Compensation Scheme (FSCS) if the firm goes out of business. This means that there is little chance of recovering your money if things go wrong.
To protect yourself, it is crucial to only deal with financial firms that are authorized by the appropriate regulatory authorities. You can check the Financial Services Register to ensure a firm is authorized and has the necessary permissions for the services they offer. The register provides information on how you are protected and contact details for authorized firms.
If you suspect that you have been approached by an unauthorised firm like Mega Markets, it is recommended to report it to the relevant authorities. You can contact the Financial Conduct Authority (FCA) through their helpline or online contact form. It is also advisable to contact local law enforcement for further assistance.
In summary, Mega Markets is an unauthorized firm that has been involved in suspicious activities and scams. Engaging with such a firm poses significant risks, and it is crucial to only deal with authorized financial firms to ensure your protection.
Pros and Cons
Presenting the pros and cons of MegaMarkets: On the positive side, MegaMarkets offers a wide range of financial services, multiple trading platforms, various investment opportunities, a user-friendly interface with tools, promotional offers, and the potential for high returns. However, it is important to note that MegaMarkets is an unauthorized firm without regulation, has incorrect and changing contact details, exhibits suspicious regulatory license and practices, receives negative customer reviews and scam reports, has been removed from reputable trading platforms, lacks transparency and credibility, and employs aggressive sales tactics with false promises.
| Pros | Cons |
| Wide range of financial services offered | Unauthorised firm, not regulated |
| Availability of multiple trading platforms | Incorrect and changing contact details |
| Access to various investment opportunities | Suspicious regulatory license and practices |
| User-friendly interface and tools | Negative customer reviews and scam reports |
| Promotional offers and bonuses | Removal from reputable trading platforms |
| Potential for high returns on investments | Lack of transparency and credibility |
| Aggressive sales tactics and false promises |
Is Mega Markets Legit？
Based on the information provided, Mega Markets does not appear to be a legitimate and trustworthy financial firm. There are several red flags that indicate potential fraudulent activities:
1. Unauthorised firm: Mega Markets is listed as an unauthorised firm, meaning it is not authorized or regulated by a recognized financial authority. Dealing with unauthorised firms can be risky, as you may not have access to consumer protections and financial compensation schemes.
2. Incorrect and changing contact details: The firm has provided multiple contact details, including telephone numbers and email addresses, which can change over time. This inconsistency raises concerns about the firm's transparency and legitimacy.
3. Suspicious regulatory license and business practices: Mega Markets has been flagged for having a suspicious regulatory license and scope of business. This indicates that the firm may not adhere to proper regulatory standards or engage in questionable practices.
4. Negative customer reviews and scam reports: Several reviews and reports have highlighted Mega Markets' aggressive sales tactics, deceptive promises, false advertising, and scam activities. Customers have reported losing significant amounts of money due to their lack of experience and knowledge, further indicating the firm's dubious practices.
5. Removal from reputable trading platforms: Mega Markets has been removed from reputable trading platforms, which is often a result of their questionable activities. This removal raises concerns about the firm's credibility and trustworthiness.
Given these factors, it is highly recommended to avoid dealing with Mega Markets. It is crucial to only engage with authorized and regulated financial firms that provide transparent and legitimate services to ensure your financial safety and protection.
Market Instruments
Mega Markets is a trading platform that provides a range of market instruments for traders to choose from. Some of the popular instruments offered by Mega Markets include:
1. Forex pairs: Mega Markets offers a range of popular Forex pairs, such as EUR USD, GBP USD, USD JPY, and more. Forex trading involves buying and selling different currencies to profit from changes in exchange rates.
2. Stocks: Traders on Mega Markets can trade stocks of popular companies like Tesla and Google. Stock trading involves buying and selling shares of publicly listed companies, with the aim of profiting from price movements.
3. Commodities: Mega Markets also provides the option to trade in commodities like gold, silver, oil, and others. Commodities trading involves buying and selling physical goods, such as agricultural products, energy resources, and metals.
Pros and Cons
| Pros | Cons |
| Wide range of forex pairs available | Unauthorized firm, lacks regulatory oversight |
| Access to popular stocks like Tesla and Google | Potential risk of engaging in questionable practices |
| Option to trade in gold and other commodities | Lack of protection from Financial Ombudsman Service and Financial Services Compensation Scheme |
| Potential for diversification of trading portfolio | Reports of aggressive sales tactics and false advertising |
| Opportunity to participate in the forex market | Lack of transparency and customer trust |
| Advanced charting tools and technical analysis | Potential loss of funds due to lack of experience or knowledge |
Leverage
Traders can access leverage up to 1:500, which means that for every unit of capital they have, they can trade with 500 times that amount. This high leverage ratio enables traders to control larger positions in the market with a relatively smaller amount of capital.
The availability of high leverage can be considered a major benefit for traders who are looking to amplify their potential gains. It allows them to trade larger volumes and potentially generate higher returns on their investments. However, it's important to note that leverage is a double-edged sword and can also magnify losses if trades move against the trader's position. High leverage involves significant risk, and traders should exercise caution and have a thorough understanding of its implications before utilizing it.
Trading Platforms
Mega Markets provides a variety of trading platforms to suit the needs of traders. They offer the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are recognized and trusted in the financial industry. These platforms come with intuitive interfaces, advanced charting tools, and a range of technical indicators for analysis. Traders can execute trades, access real-time market data, and employ automated trading strategies using Expert Advisors (EAs) on both MT4 and MT5.
Pros and Cons
| Pros | Cons |
| 1. Widely used and trusted platforms in the financial industry. | 1. Limited platform options beyond MT4 and MT5. |
| 2. Intuitive interfaces for easy navigation and usability. | 2. Steeper learning curve for beginners due to advanced features. |
Deposit and Withdrawal
Deposit: To open an account and start trading with Mega Markets, a minimum deposit of $100 is required for their standard account. This minimum deposit requirement is relatively low compared to some other brokers in the industry, making it accessible for traders with different levels of experience and varying investment budgets. Traders can deposit funds into their trading account through various payment methods provided by Mega Markets, such as bank transfer, credit/debit cards, and electronic payment systems.
Withdrawal: wishes to withdraw funds, they can contact a Mega Markets Expert, and their withdrawal request will be processed promptly. The specific details and procedures for withdrawals, including any applicable fees or requirements, would typically be provided by Mega Markets directly to their clients. It is advisable for traders to carefully review and understand the withdrawal policies and processes before initiating any withdrawal requests.
Pros and Cons
| Pros | Cons |
| Relatively low minimum deposit requirement | Limited initial capital for trading |
| Accessible for traders with varying budgets | Potential limitations on account features |
| Low entry barrier for new and small-scale traders | Higher risk exposure with limited capital |
| Opportunity to start trading quickly | Potential for smaller potential profits |
| Suitable for traders with low-risk tolerance | Limited room for error in initial trades |
Customer Support
Mega Markets claims to offer customer support through multiple channels. According to the provided information, their customer support can be reached via telephone at 07354010811 and 02034554947. They also provide email support through two addresses: support@megamarkets.com and rickn@megamarkets.com. Additionally, they mention a website for their help center at https://megamarkets.com/help-centre.
However, it's important to note that Mega Markets is listed as an unauthorised firm in the information provided. The Financial Conduct Authority (FCA) warns that some unauthorised firms may provide incorrect contact details, change their contact information over time, or even use details that belong to other businesses or individuals to appear legitimate. Dealing with an unauthorized firm like Mega Markets can have potential risks and drawbacks.
Conclusion:
In conclusion, Mega Markets raises significant concerns and red flags that make it an unreliable and risky choice for traders. As an unauthorized firm, it lacks regulatory oversight and consumer protections, leaving customers vulnerable to potential scams and financial losses. Negative customer reviews, aggressive sales tactics, and false promises further contribute to its lack of credibility. Additionally, being removed from reputable trading platforms adds to the doubts surrounding its legitimacy.
While Mega Markets offers a wide range of financial services, multiple trading platforms, and the potential for high returns on investments, these advantages are overshadowed by the lack of transparency, regulatory compliance, and customer trust. The availability of leverage can be enticing, but it also amplifies the risk for traders who may not fully understand its implications.
It is crucial to prioritize the security and protection of your investments. Dealing with authorized and regulated financial firms is strongly recommended to ensure your financial safety. Conducting thorough research, checking the Financial Services Register, and reporting any suspicious activities to the relevant authorities are essential steps to safeguard yourself from unauthorized firms like Mega Markets.
FAQs
Q: Is Mega Markets an authorized financial firm？
A: No, Mega Markets is an unauthorized firm. It is not authorized by any financial regulatory body.
Q: What are the risks of dealing with an unauthorized firm like Mega Markets？
A: Dealing with an unauthorized firm like Mega Markets can pose several risks. Firstly, you won't have access to the Financial Ombudsman Service if you have a complaint. Secondly, you won't be protected by the Financial Services Compensation Scheme (FSCS) if the firm goes out of business, meaning it's unlikely you'd get your money back.
Q: How can I protect myself from unauthorized firms like Mega Markets？
A: To protect yourself, you should only deal with financial firms that are authorized by regulatory bodies. You can check the Financial Services Register to verify if a firm is authorized and has the necessary permissions for the services it offers. It's important to do thorough research, read customer reviews, and understand the risks associated with any financial venture before engaging with a firm.
Q: What are some signs of a potential scam by Mega Markets？
A: There have been reports of Mega Markets engaging in questionable business practices, such as aggressive sales tactics, deceptive promises of easy money, false advertising, and taking advantage of customers without providing proper risk information. Customers have reported losing money due to their lack of experience and knowledge. Deleting accounts without warning is also a red flag.
Q: How can I report an unauthorised firm like Mega Markets？
A: If you believe you've been approached by an unauthorised firm like Mega Markets, you can call the appropriate consumer protection agency or use their contact form to report the issue. It's important to provide detailed information and any evidence you may have to support your claim. You can also contact local law enforcement for further assistance.
Q: What steps should I take if I have been scammed by Mega Markets？
A: If you have been scammed by Mega Markets or any other firm, it's important to take action to protect yourself. File a complaint with the relevant consumer protection agency, providing detailed information and evidence. Contact local law enforcement for further assistance. Additionally, if you have any invested money with Mega Markets, try to withdraw it as soon as possible to avoid further losses.
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