ANSWER MegaTraderFX is not a regulated or licensed broker for traders even though it states offers that look good to be true.MegaTraderFX claims its brokerage services are provided by Trading Point of Financial Instruments Limited, an investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC) under License Number 120/10. We indeed found a match result to Trading Point of Financial Instruments Limited in CySEC. But as per the regulatory details shown on CySEC, the approved domains of the firm includes "www.trading-point.com; www.xm.com; and www.pipaffiliates.com." That means MegaTraderFX actually has no connection with the licensed firm since the domain used by MegaTraderFX does not include in the approved domains. The truth is, MegaTraderFX is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like MegaTraderFX and trade with licensed brokers.
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