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Whith this AMEGA FX Review we wanted to find our if AMEGA FX is a trusted brokers or not. We conducted an in-depth review in November 2020 to find out the answer and bring it to you!
AMEGA was found in the year 2017 and is a Forex only broker from Russia. The registered headquarter of Amega Ltd is based in the Republic of the Marshall Islands.
Further offices are located in Russia and the Netherland Antilles.
AMEGA does not render electronic trading services to EU (Austria, Belgium, Bulgaria, UK, Hungary, Germany, Greece, Denmark, Ireland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, France, Finland, Croatia, Czech Republic, Sweden, Estonia) Australia, Canada, Japan, USA residents, and may not render services to residents of some other countries.
|OUR RATING: 4.7|
|The overall raiting is based on review by our experts
|👌 Reliability: 1 / 10||📈 Spread: 7 / 10|
|🞧 Offers: 4 / 10||🚅 Speed of Execution: 6 / 10|
|📧 Customer Service: 4 / 10||👍 Uptime: 6 / 10|
|Spread:||From 0.0 Pips|
|Cuts out Dealing Desk:||Partial|
|Methods of deposit and offers|
|Deposit / Withdraw:|
|Rebates Engine Forex:||-|
SECURITY, MARGINS AND TECHNOLOGY
SECURITY AT AMEGA FX
- No funds protection
As a Forex broker that is based in the Marshall Island, AMEGA FX doesn’t offer much security to investors’ funds. We couldn’t even verify if clients’ and investors’ funds were held separately in segregated trust accounts or not.
This broker is not licensed and regulated by any major watchdog such as the Financial Conduct Authority of the UK (FCA), the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) to name a few and is therefore one that needs to be dealt with cautiously.
As a matter of fact, any type of broker that doesn’t hold any of the major regulators’ licenses is one that needs to be dealt with cautiously.
In our experience, this Forex broker cannot be trusted, and we will get into more detail why.
We couldn’t verify if clients’ and investors’ funds were held separately in segregated trust accounts or not.
CHARGES AND MARGINS AT AMEGA FX
- MT4 & MT5 platforms
- Up to 1000:1 leverage
- No minimum deposit requirement
- Commission from $1/lot
AMEGA offers five different account options that come with various settings and options. Two of the most popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), are available depending on the account option selected.
There is no minimum deposit requirement for any type of trading account. Forex spreads are floating and start from 0.0 pips with AMEGA’s ECN, Scalper and Mini account types and from 0.5 pips with the Premium account option. The Swap Free account comes commission-free and offers fixed spreads from 2 pips.
Fees (commissions) are charged from 0.001% ($1 per lot) on the ECN account and from 0.002% ($2 per lot) on the Scalper account options.
Margin calls are set to 50% on all account options except the ECN account, where margin calls are set to 110%.
- MT4 trading platform
- MT5 trading platform
- Web- and mobile trading
- PAMM available
Overall, AMEGA’s trading environment is solid but not outstanding. Having tested their ECN, Premium and Mini accounts, we came across a lot of highly unwanted slippage and execution speeds cannot compete with many competitor Forex brokers.
Clients have the choice of various account options but not all of them offer both available trading platforms, MT4 and MT5. Only the Premium and Scalper accounts can utilize both MetaTrader 4 and 5. All other account types can only be used with MT5.
A PAMM (percent allocation management module) is further available for portfolio or money managers that wish to invest and manage their clients’ funds under one master trading account.
Execution of Speed Comparison
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
CUSTOMER SERVICE AND CLIENTS SUPPORT
- 24/5 customer support
- Over 200 funding options
AMEGA offers customer support between 7:00 - 14:00 GMT, Monday to Friday, via live chat, Viber, Telegram, Skype, Facebook, VK and email. Support is available in 30 languages, however, the proficiency of these languages spoken is questionable at the very least.
Over 200 funding options are available depending on the client’s location, such as debit and credit cards (VISA and Mastercard), China Union Pay, bank wire transfers, Bitcoin and Przelwy24.
A small FAQ section helps answering the most common queries about account opening, funding, or general trading account questions.
FOREX AND OTHER TRADING OPTIONS AT AMEGA FX
- Leverage up to 1000:1
- ECN accounts available
- Limited selection of tradable instruments
AMEGA Forex broker offers a rather small selection of financial instruments that can be traded on the available trading platforms MT4 and MT5 (depending on account type).
Traders can choose from Major, Minor and Exotic Forex pairs, four stock indices (UK 100, Nikkei 225, Nasdaq 100 and Dow Jones 30), four metals (gold, silver, Platinum and palladium) and a few futures and energies. At the point of writing no other financial instruments or assets are available which is especially disappointing thinking of the newly emerging asset class of digital assets / cryptocurrencies such as Bitcoin, Ripple’s XRP, Ethereum, etc.
Forex traders have the choice between five different account options that all offer different settings and features.
Maximum leverage can be set to up to 100:1 on the Mini and ECN account options and up to 1000:1 on all other available account types.
SPECIAL FEATURES OF AMEGA FX
- MT4 and MT5
- ECN type accounts available
- Up to 1000:1 leverage
- Many deposit options
There were not many special or outstanding features that we can highlight for AMEGA FX apart from their very high maximum leverage of up to 1000:1 which can be very risky to use.
We therefore recommend our audience to choose a different Forex broker from one of our comparison tables or in-depth reviews.
ForexTime Limited (FXTM), for example, is a leading Forex and CFD broker that is regulated by multiple authorities such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Board (FSB) of South Africa aas well as the Financial Conduct Authority (FCA) of the UK. They are a true ECN broker that. like AMEGA FX, allow trading Forex and CFDs on the popular trading platforms MT4 and MT5 and also offer leverage of up to 1000:1. The overall trading conditions are very decent with ForexTime, but Forex traders should always be cautious when dealing with high risk products such as CFDs, binary options, etc.
AMEGA FX offers high leverage up to 1000:1.
Max Leverage Comparison
AMEGA is a Russian unregulated Forex broker that is headquartered in the Marshall Islands. There are a few elements of this broker’s offering that seem attractive at first sight, such as the multiple account options, maximum leverage levels, ease of deposits with multiple payment options, low (no) minimum deposit requirements and exclusive bonus offers, promotions and trading competitions. However, the spreads on all their account types are not as tight as advertised but actually very wide and it seems as if the broker is acting as a Market Maker operating a dealing desk. Besides, the product portfolio of AMEGA is not very diversified and their services are not available in many major countries, including the US, Canada, Australia, the UK and all EU member states!
However, what we find suspicious and alarming with regards to this broker is that AMEGA is not regulated by any financial authority and has not mentioned any information on the company that operates the brand on its website https://www.amegafx.com/en/home. Going in trade mode we found that AMEGA is owned by a company named 1XCorp N.V., which is registered in the Dutch Caribbean island Curaçao. These offshore zones generally don’t have any regulation for Forex brokers or any type of investor protection and we need to highlight that one should always tread lightly with brokers operating from one of these jurisdictions.
We therefore recommend to our audience and any type of trader to choose a broker which is licensed and regulated by a reputable governmental agency or financial commission such as ASIC, FCA, NFA or CySEC.