Regulation
When we have read the terms of mediation we have found that the site is actually kept by a Bulgarian company. We remind our readers that Bulgaria is a member of the European Union and Forex Online Trading is integrated into the regulatory framework modeled according to the ESMA rules.
However, we we did not find the licenses of Bulgarian authorities. We can conclude that MegaCoinFX is not subject to regulatory audit. We have seen many “crypto” brokerage operations from Bulgaria unlicensed and we have reason to believe they are the same company.
Another warning sign that this brokerage house is not legitimate and reliable is that there is not much information on the broker’s website. In fact – the lack of regulatory and relevant information makes us suspect that potential mediation customers will be exposed to significant risks.
Deposit / withdrawal methods and fees
In addition, no information has been found on existing payment methods for customers. This information is very important for forex trading.
It seems that this company is making money with amalgam of fees. Perhaps that is why the minimum deposit of $ 2500 is quite high. We can read that the management fee is 3.25 percent in six months, which is quite unusual in forex trading. In addition, there is a commission of 3.5 percent of the quarter’s transaction volume and a “pre-withdraw” collection fee of 25 percent. Above all, the non-trading service charge for all non-trading withdrawals is 17.5 percent.
