CryptoMega247 is a broker pretending to be an advanced investment platform based in Britain. However, the inferior website they present to the public doesnít suggest this is a highly-developed business. The first impression was bad, but as we carried on and delved deeper it became even worse. Find out why in the full CryptoMega247 review.
CryptoMega247 REGULATION AND SAFETY OF FUNDS
CryptoMega247 claims to be a UK company, while at the same time they list an address in San Diego, California. Thatís quite a discrepancy, but we researched the British financial authority register to find nothing about this entity. The UK businesses offering FX products and services need to hold a valid FCA license, which CryptoMega247 doesn’t have, so it’s an illegal broker. Your funds are not safe if you deposit with CryptoMega247 because itís an unlicensed and unregulated shady entity, which may as well be a scam. Avoid this broker!
Instead, have a look at the EU brokers and British brokers weíve selected. Europe is a safe trading environment where the financial authorities strictly control the FX market. There are various rules imposed on the brokers, but most importantly, the European deposit insurance funds protect the clientsí money. If you trade with CySEC broker, you can claim up to 20 000 EUR in compensation, while in Britain the guarantees are of even up to 85 000 GBP per client. Each EU member is bound by the law to operate similar insurance funds, seen as the last resort for traders if a broker goes bankrupt and fail to meet its financial obligations.
CryptoMega247 TRADING SOFTWARE
Warning! CryptoMega247 brings forth a fraudulent platform! What they call a trading software is merely a chart and itís impossible to execute a trade. This is a major red flag and the ultimate scam sign!†
Actually, CryptoMega247 offers fixed-income investment plans as well, but these also appear to be fraudulent. 1500% is the minimum rate of return and that sounds too good to be true. They are creating unrealistic expectations, a warning sign indicating CryptoMega247 is a scam enterprise. Such a lucrative deal is out of reach when we are talking about fixed-income investments. You can see what their plans look like at the bottom of the next section. Beware!
Youíd better see our selection of MetaTrader4 brokers and MetaTrader5 brokers. We recommend these companies because MT is the most popular Forex trading software the seasoned traders prefer. Itís stable and reliable, including sophisticated trading tools such as Expert Advisors (EA), Algorithmic trading, Complex indicators and even a marketplace offering various third-party-developed solutions.
So, spreads and leverage levels do not apply here. Even though, we are going to say a few words about the leverage because itís a fundamental trading feature, which traders are apt to misuse. That’s a financial tool increasing the size of the trades, but it boosts the risks dramatically. Precisely the hazards involved caused the financial authorities to launch a product intervention on the markets. So, EU, UK and Australia (still to come in effect) forced a leverage cap of 1:30 as a customer protection measure, while Canadian brokers and US brokers are not allowed to offer more than 1:50. Companies offering higher ratios are not recommended due to the lack of competent regulation, the tremendous risks aside. The Swiss brokers are not leverage restricted, but a license in Switzerland costs more than 22 million USD, so itís highly unlikely to find scammers there.
CryptoMega247 DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with CryptoMega247 is $300, which is much higher than most of the regulated brokersí requirements- $100 on average to let traders begin. The funding methods are Credit/Debit cards, Wire Transfers, Bitcoin, Ethereum, Litecoin and PayPal. Regardless of the broker, itís best to fund trading accounts via bank cards because you are allowed to chargeback within 540 days from the transfer date. Wires and Cryptocurrency payments are final and non-refundable, i.e unsafe deposit methods.†
The minimum withdrawal amount possible is $100, an unfair requirement whatsoever. The bank card withdrawals are free of charge, but the Wire Transfer costs $30. CryptoMega247 process the withdrawal requests within 5 days, which is more than twice longer compared to the regulated brokersí standards- 48 hours on average.†
CryptoMega247 does not introduce inactivity fees and doesnít care to provide with dormant account policy. Thatís a warning sign for the latter is an important set of rules prescribing how brokers manage accounts that have become inactive- no login, no trading, no deposits/withdrawals. The absence of dormant account policy means that broker either doesnít collect inactivity fees or reserve the right to invent charges on the run. Beware!
There are bonuses offered, but the additional provisions introduced worsen the trading conditions. Traders need to execute at least 30 times the amount of the bonus plus the deposit to become eligible for withdrawal. The bonus ties up with the deposit, so itís impossible to make any withdrawal whatsoever unless you meet the minimum volume requirements. Traders should be cautious when accepting trading incentives because the bonus is not free money, but a leverage tool further increasing the risks. EU and UK even prohibited the trading incentives due to their hazardous nature and the misunderstandings in general.
Overall, CryptoMega247 is a shady entity falsely claiming to be a UK company. They create unrealistic expectations and thatís a weighty reason to stay away from this broker.
HOW DOES THE SCAM WORK
You can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes designed to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number theyíd ring you immediately and would promise you anything to entice you into depositing as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they would ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a scam signal! The scammers are impatient to make you start investing with them.†
But the first deposit is only the beginning. Gradually the scammers would ask for more money no matter the results. If you lost on the market, theyíd persuade you to put more money and recover the losses. If you traded well, theyíd convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to pay them if you want to withdraw.†
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Itís crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; itís important to protect others, as well. Be responsible!
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