Amega is a Russian forex broker offering the above account types, plus an Islamic swap-free one. All of them are commission-free and offer micro tradeable lots and leverage up to 1:1000. The Mini & Standard accounts have no minimum initial deposit requirement and provide fixed spreads, while the premium is accessible to traders who deposit at least $100 and offers tighter floating spreads.
MetaTrader 5 supported
This broker offers its services on MetaQuotes latest trading platform, the MetaTrader 5 (MT5). This is a solid multi-asset platform equipped with advanced trading features. Its charting is basically as good as those of its predecessor, the MT4, it also offers automated strategies (EAs), hedging, numerous technical analysis indicators, customization options, etc.
1:1000 in leverage
Leverage levels that high are a nice option, yet one must be careful and be sure to understand all the risks of margin trading. A slight market move with high leverage levels might result in huge profits, as well as heavy losses.
No initial investment required
The fact that Amega has set no initial investment amount is quite attractive, yet we find the broker’s decision reasonable, given the fact that it is not regulated.
Amega charges no commission fees, as it gets remuneration for its services through the spread (which is very wide on most account types).
Many payment methods available
Amega supports more than 200 payment methods, including bank wire, credit/debit cards, electronic systems like Skrill, Neteller, Qiwi, Payeer, China UnionPay and many more. In addition, the broker also accepts 16 cryptocurrencies (Bitcoin, Ethereum, Monero, Bytecoin, etc.).
Not regulated, no info about the company
All decent brokerages include some information about the company that owns them, its headquarters, regulation, background, contact information, etc. Amega, however, mentions nothing of the above on its website, which immediately raises a red flag. When we downloaded its MT5 platform, we saw that the broker is operated by 1XCorp N.V., an offshore company. For most people this will be enough to avoid dealing with this company (and rightfully so).
A fixed spread of 3 pips on EUR/USD is two times higher than what most brokers are currently offering. For example, you can trade with a spread fixed at 1 pips with CySEC-regulated broker easyMarkets.
Limited CFD offering
AMEGA offers its clients 40 currency pairs for trade, along with CFDs on gold and silver. We find such product portfolio rather limited, as popular financial instruments such as CFDs on indices, stocks and cryptocurrencies (such as Bitcoin and Ripple) are missing. If you are keen on trading in Bitcoin and other altcoins, check out a list of brokers who offer trading in these assets that have become so popular lately.
Available in limited number of countries
According to the information on its website, AMEGA does not provide its services to traders from European Union countries, USA, Australia, Canada, Japan, and more.
MetaTrader 4 not available
Although MT5 is the most recent MetaQuotes software, the previous version, MT4 remains the favorite platform of most traders. This is partly due to the fact that some MT4 EAs and indicators don’t work on the MT5.
Amega is a Russian unregulated broker that uses the MetaTrader 4 platform. There are a few elements of this broker’s offering that seem attractive, such as the platform, the high leverage levels and multiple payment options offered; also, the fact that there is no initial deposit required, nor commission fees. However, the spreads on these account types (with no initial investment required) are actually very wide and fixed, the broker acting as a Market Maker. Besides, Amega’s product portfolio is not very diversified and its services are not available in many countries, including US, Australia and all EU member states.
However, what bothers us most with regards to this broker is tha fact that it is not regulated by any financial authority and has not mentioned any information on the company that operates the brand on its website. Our check revealed that Amega is owned by 1XCorp N.V., a company registered in Curaçao, a Dutch Caribbean island. These offshore zones generally don’t have any regulation for forex brokers and if you choose to invest in such a company, it might simply disappear with your money.
That is why we advise traders to choose a broker licensed by a reputable governmental agency, such as the United Kingdom’s Financial Conduct Authority (FCA).
These brokers must abide by strict rules on client fund segregation, transaction reporting and much more. Furthermore, all brokers licensed in the UK are a part of the Financial Services Compensation Scheme (FSCS) – a mechanism, which functions similarly to an insurance policy. All members pay a relatively small “premium” to the fund, which is then used as a guarantee, if one of them becomes insolvent. The FSCS offers clients protection up to £50,000 per person
Amega Review Conclusion
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