AmegaFX is an unregulated trading broker with a limited amount of trading instruments, no educational materials to assist traders, no social trading platforms integrated and no standalone trading tools to compliment those built into the provided trading platforms. They also do not cater to traders in many countries including the UK and USA. They do however offer PAMM accounts for investors and money managers as well as the popular MetaTrader 4 and MetaTrader 5 platforms.
AmegaFX Review, Pros & Cons
- PAMM accounts
- Large choice of account funding options
- Unregulated broker
- Limited trading instruments
- No educational materials
- No standalone trading tools
- Do not cater to clients in the UK, USA & many other countries
In this detailed AmegaFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
AmegaFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including AmegaFX.
AmegaFX Review: Summary
AmegaFX is a true non dealing desk (NDD) and straight through processing (STP) broker. Traders can get direct access to the global financial markets including Forex, CFDs, Indices, Metals, Energies, Commodities and more. The broker aggregates quotes from Tier-1 liquidity providers for competitively low spreads starting from 0 pips. They allow all trading strategies and offer a choice of user-friendly trading platforms, including the highly popular MetaTrader platform.
Founded in 2017 in the Marshall Islands, the broker has won a few industry awards including Global Brands Best New Forex Brand 2018. Despite this, we would avoid this brokerage at all costs due to the fact that they are not regulated. We would prefer to use one of our best trading brokers who have strict regulations from the FCA, ASIC and CySEC.
AmegaFX Review: Regulation
AmegaFX is an offshore trading broker that is not regulated which is a huge red flag for us. We would avoid using an unregulated broker.
AmegaFX Review: Countries
AmegaFX does not render electronic trading services to the residents of the Republic of Seychelles, the 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, the USA and several other countries.
Some AmegaFX broker features and products mentioned within this AmegaFX review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
AmegaFX Review: Trading Platforms
AmegaFX offer a choice between the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These are both user friendly with an abundance of built in trading tools for market analysis. MetaTrader can be used directly in most modern web browsers without requiring any downloads or software installations. It is also available as a desktop platform (Windows/MAC) and for mobile devices (iOS/Android).
MT4 is perhaps the most popular trading platform today, used by millions of traders around the globe and provided by most online brokerages as an option for trading online. It gives AmegaFX traders the opportunity to use a wide variety of expert advisors (EAs) for automated trading and a large number of indicators, as well as thousands of signals and strategies used by online traders.
MT4 key features include:
- Real time price quotes in market watch window
- Fully customisable user interface
- Trading strategy templates
- Multiple chart timeframes
- Multiple order types
- Technical indicators & graphical objects for chart analysis
- Automated trading with expert advisors (EAs)
- MQL programming interface to create custom indicators, scripts & EAs
- Strategy tester to back test EAs on historical data
MT5 is considered by some to be one of the most powerful trading platforms for all financial markets. It is similar to the well established MT4 although it has increased functionality and capabilities to add to the overall trading experience. The latest version of the trading platform gives AmegaFX clients the opportunity to trade several financial markets simultaneously. The all-in-one MT5 platform can be used to trade forex currencies, CFDs, metals, commodities, etc, through a single trading account.
MT5 has the same key features as MT4 and also includes:
- Level 2 depth of market (DOM) pricing
- Additional timeframes
- Additional order types
- Additional technical indicators
- Built in economic calendar
- Multi-currency strategy tester
AMEGA Invest PAMM System
The AmegaFX invest PAMM system is useful for investors and strategy managers looking to increase their potential earnings. Investors can choose to follow managers accounts for a fee based on the performance. You can see historical performance but it should be strongly emphasised that past performance is by no means any guarantee of future results.
AmegaFX Review: Trading Tools
Unfortunately, AmegaFX do not offer any standalone trading tools. Clients have to make do with the trading tools built into the MetaTrader platforms which are available from any broker who offers MetaTrader.
AmegaFX Review: Education
Disappointingly, AmegaFX do not offer any educational materials to teach new traders about the different markets, trading platforms, strategies, trading psychology, money management, etc. It would have been useful if they had some tutorial videos, trading guides and webinars to help traders. Despite that, they do offer some market news and analysis for traders to stay informed with the latest market happenings.
The broker offers daily technical analysis on a limited selection of forex currency pairs. Each of the analysis contains an easy to understand detailed description and annotated screenshot to explain what the anticipated market movement is.
Economic Events Calendar
The broker provides an economic calendar that you can use to keep up to date with the latest market events. You can get the latest economic news covering all relevant indicators, along with detailed explanations, data on upcoming publications from the US, UK, Japan, and other major economies, projected volatility ratings, and much more.
Economic News Feed
The economic news feed combines market news articles from leading news agencies. The news can be used to inspire possible trading ideas as part of a fundamental market analysis.
AmegaFX Review: Trading Instruments
AmegaFX have over 100+ trading instruments including:
- Forex currency pairs, including major, minor and exotic FX currency crosses
AmegaFX Review: Trading Accounts & Fees
AmegaFX offer a variety of account types for differing trader requirements, mainly the platform they wish to use and trading conditions required. Leverage of up to 1:1000 is available. You should have a clear understanding of leverage and the risks involved before trading online with a leveraged account. The minimum deposit is $0 on all account types except for the PAMM which requires a $10 deposit.
- Premium MT4
- Premium MT5
- Scalper MT4
- Scalper MT5
- Swap Free MT5
- Mini MT5
- PAMM Premium MT5
As broker fees can vary and change, there may be additional fees that are not listed in this AmegaFX review. It is imperative to ensure that you check and understand all of the latest information before you open an AmegaFX broker account for online trading.
AmegaFX Review: Customer Service
AmegaFX customer service is available via email, phone and live chat. They can be reached Weekdays 7am – 2pm UTC. The team typically replies in under 10 minutes via the live chat option on the AmegaFX website.
AmegaFX Review: Deposit & Withdrawal
AmegaFX have a choice of over 200 payment options including bank transfer, debit/credit cards and online payment processors. No fees are charged for deposits or withdrawals but you should check any third-party fees that you may be charged from payment processors.
You can make deposits into your MyAMEGA wallet using any available method. For your convenience, you can choose available currencies and the most convenient methods in your region. For your MyAMEGA wallet the broker offers over 100 currencies to choose from. When registering on the AmegaFX website, choose your MyAMEGA wallet currency which suits you the best. This can help to minimise currency conversion and transaction fees.
AmegaFX Review: Account Opening
Opening a trading account with AmegaFX is simple and all done online using the forms on the brokers website. You just need to complete the short sign-up form to gain access to all AmegaFX products and services. You will need to verify your account with a proof of identification and address in order to perform certain actions.
AmegaFX Review: Conclusion
AmegaFX is a very limited broker in our opinion. The main thing they have going for them would be that they offer the MetaTrader platforms, PAMM accounts and a large selection of account funding options.
Other than that, the range of trading instruments are very limited, they offer no educational materials or standalone trading tools. There are no social trading platforms integrated. Most concerning is the lack of regulation. Many professionals would not trade with an unregulated broker. For alternative online brokerages, please see our best trading brokers.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.