Beware! Reliable Mega Options Trade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Reliable Mega Options Trade is a broker that is all but reliable – even though they are more than eager to convince you otherwise. Read our review to discover the full extent of this broker’s scheme – and to learn how to protect yourself from such obvious scams.
Reliable Mega Options Trade REGULATION AND SAFETY OF FUNDS
Reliable Mega Options Trade claims to be a US-based broker and has even provided some sort of license number – CH-ID HHD82050016. However, this license number is not of the same kind as those provided by the NFA and the CFTC – the two financial regulators responsible for licensing US brokers. When we checked the NFA register, we quickly found out that Reliable Mega Options Trade is not regulated in the US – which is hardly surprising considering how few brokers operate in the US. Such companies are subject to probably the strictest laws in the world – for example, they have to prove their financial stability by maintaining a minimum capital of at least $20 million, more than anywhere else.
What is even more bothersome is that the financial regulator of the UK, the FCA, has recently warned investors that trading with this broker is dangerous and would not come with any sort of protection.
Such a warning more or less proves for a fact that we are dealing with a scam.
Brokers regulated in the UK, the EU, and Australia are a good, reliable choice if you are wondering where to invest your money. Such brokers are never anonymous and will always provide you with tons of company information to promote transparency. They answer to some of the strictest financial authorities in the world which means that they have to conduct business in a fair and transparent manner and meet many requirements if they want to remain in business. Minimum capital requirements exist in all of these jurisdictions – €730 000 in the UK and the EU, and A$1 million in Australia. This money serves as proof that the broker is financially stable and here to stay. Client money must be kept in separate bank accounts which ensures that client funds and broker funds would not mix. This proves that your broker would not be able to reinvest your deposits, and keeps your money safe in cases of broker insolvency. In the EU and the UK compensation funds also protect clients in case their broker goes bankrupt – in such cases, your capital would be ensured up to €20 000 in the EU and £85 000 in the UK.
Reliable Mega Options Trade TRADING SOFTWARE
Reliable Mega Options Trade offers something that barely resembles a web-based trading platform:
This mostly looks like a binary options trading platform. Binary options let you bet on the short-term price of an asset without putting too much effort into charting, analysis, and careful calculation. And if this sounds like gambling to you, you would be completely right – many people have lost tons of money by not being careful while trading binary options. As a result, this trading instrument has been banned almost everywhere around the world. These days, if a broker is offering binary options trading, they are most probably running a scam
Why not trade on a user-friendly, highly functional platform like MetaTrader 4? This software has turned into a true staple and is still widely popular almost two decades after it was first introduced. Not only is MT4 intuitive and well-suited for beginners but it is also packed with all the tools you might need while trading – a decent number of indicators, timeframes, graphical objects, and chart types as well as multiple order execution and pending order types, Expert Advisors, VPSs, a Strategy Tester, the chance to set signals for prices going up or down, or to subscribe to those set by successful traders for a small monthly fee, a market for additional extensions, etc. Many legitimate brokers offer MT4 – do not hesitate to check out their offers.
Reliable Mega Options Trade TRADING CONDITIONS
Reliable Mega Options Trade does not seem to offer a platform that supports leveraged trading – and as a result, we cannot speak about vital trading conditions like spreads or leverage. However, the broker has specified that it requires a minimum deposit of at least $500 in order to open a trading account. This is actually a lot – few brokers would ask for more than $250 these days but some of the best players in the industry offer much more affordable basic accounts. You could easily start trading by investing as little as $10 or even less – so depositing a lot more money with scammers is simply not worth it.
Reliable Mega Options Trade DEPOSIT/WITHDRAWAL METHODS AND FEES
Reliable Mega Options Trade seems to offer a variety of deposit and withdrawal methods – but we could not establish what those were.
It quickly became clear that the broker accepts Bitcoin deposits – to use any of the other payment methods, whatever those were, you would have to contact the broker directly and ask for additional information. We have a strong feeling that at the end of the day it would turn out that you would only be able to deposit in crypto – scammers adore cryptocurrencies and often urge their clients to use this payment method for multiple reasons. First of all, each crypto transaction can easily be traced to a wallet – but that wallet is not necessarily associated with a certain person or organization. This makes such payments quite anonymous. Second of all, crypto transactions are irreversible by default – getting a chargeback once you have deposited would be impossible. The scammers would most probably not send you back your money voluntarily – which means you would not be able to retrieve your money or trace it. All in all, this is the perfect scam setup – so only deposit in crypto if you are completely sure you can trust whoever you are transferring money to.
HOW DOES THE SCAM WORK?
Such scams are not only becoming more frequent but they are also surprisingly effective – which is why the first and most important step if you want to protect yourself from them, is to understand how they work.
You stumble upon a broker on the Internet – that broker promises to make you a rich, successful trader in no time. You are curious to see what forex brokers are all about – after all, you have heard stories of people becoming rich by trading – and provide the scammers with your phone number and email. After that, you would not be left alone before you have deposited – these people are seasoned scammers and will convince you to transfer money in no time.
This will not be enough though – the broker will keep asking for more and more money, and since scammers often manipulate profits and platforms, you might even be happy to invest because you would be thinking that you are turning a profit.
Once you try to withdraw, however, the problems will start – the broker will start denying withdrawals because of certain clauses in the Terms and Conditions, because of previously unmentioned fees and taxes, etc. At this point, you will find out that there is something wrong going on – but the scammers will be long-gone with your money before you can do anything.
WHAT TO DO WHEN SCAMMED?
Do not get desperate and do not employ any so-called “recovery agencies” that promise to track down the scammers and retrieve your money for a fee – this is just another type of scam.
What you should do is notify the responsible authorities in your country and contact your bank to let them know that you have been scammed. Change all your banking passwords and remove all remote access software the scammers had you install under false pretenses – they only wanted access to your computer and your banking systems.
If you have deposited with a Visa or MasterCard card, you might be able to retrieve your money – both card providers allow chargebacks within 540 days of the transaction so contact your card issuer as soon as possible.
Finally, make sure to share your story with as many people as possible to let them know that such scams exist and how they work. This way, others can avoid losing their money in the future.