Mega FX Singals review
General information
Today we will review the forex signals provider Mega FX signals. The provider promises signals with 85% accuracy. Weekly profitability of 700+ pips. Monthly profitability in the range of 2500-4000 pips.
Is it really so?
Website
The main page of the company's website says "You Don’t Only Get Forex Trading Signals You Get a Complete Solution". Let's look into what services are available.
The company provides education services in forex trading. The company also has its own system for copying signals and a platform for robotic trading.
The provider promises, no matter what, a stable portfolio income equal to 150%.
At the same time, it immediately disclaims any responsibility, in the disclaimer at the bottom of the page. "We take no responsibility for money made or lost as a result of our signals".
The site also has its own list of scammers, fraudsters who sell various services under the guise of the company. Thus, the company shows its care about clients.
https://megafxsignals.com/scammer-list
Social network
The provider has its own YouTube channel with only 1150 subscribers. Basically, the channel publishes the analysis of already closed profitable deals, while the preview of the video emphasizes the high profitability of these signals. Views on the video are not more than 100. The audience involvement is about 10%, which is quite low.
https://www.youtube.com/c/MegaFXSignals
The provider also has an Instagram account. Here successful trades are published, as well as posts educational trading posts. The channel is quite actively maintained, stories are published, daily livestreams are held. But with 12,000 subscribers there are only 20-30 likes on posts. The low activity indicates that the audience is inflated.
https://www.instagram.com/megafxsignals/
Telegram
The main Telegram channel with forex signals has 60 thousand subscribers. At the same time, the average number of views per post is only 1243. Audience engagement is extremely low and equals only 2%. Apparently, the majority of subscribers of the group are faked. This is confirmed by the statistics on subscribers. Since November 2021, the number of group members has decreased from 67,000 to 60,000 people.
In general, the channel content is quite typical for such groups. Free signals with charts are published. There is an impressive statistic of 133,431 pips profitability for 3 years in the attached posts.
Posts from the VIP group are also actively posted, and the author does not hide the number of VIP subscribers, it is equal to 1267. But at the same time the average number of views on the open channel is 1243. This makes us think about the real number of VIP subscribers in the group.
In addition to Forex signals, the provider provides signals on major stock indices and commodity futures. A separate telegram channel was created for signals on these instruments. It should be noted that it has 6 times less subscribers than the main channel with Forex signals.
Signals
Let's analyze one of the signals for gold given on 31.03.2022 at 15:49. The ratio of risk to profit is 0.16.
The signal would have been given with one take, to which the quotes did not reach. After the signal there was growth in the pair, and just an hour later the signal was given to close half of the position. The profit amounted to 110+ pips.
The signal to close the second half of the position was on the same day at 20:48, at the local maximum. The profit amounted to 170 pips.
Let's analyze the next signal for the pair NZD/CAD given on 28.04.2022 at 11:26. The risk/return ratio is 0.03.
The signal was given with one takeout at 0.9185, to which the quote has not even reached until today.The entry was made at the price of the local maximum. After the purchase the price fell almost immediately and closed on the stop just an hour after the opening. There was a post about it in the channel. Thus, the loss amounted to -16pips.
Also this provider has a profile on myfxbook. There are several accounts in the profile, all the accounts selected for analysis are real. The provider promised profitability of 150%. But the average profitability of all accounts is only 14.3%. The total profit on the accounts is quite good, but it is less than the drawdown from the highs.
https://www.myfxbook.com/members/MegaFxSignal
Reviews
Let's move on to reviewing the reviews of this provider on Trustpilot.
https://www.trustpilot.com/review/www.megafxsignals.com
The company has only 150 reviews, the average score accordingly is 4.0%. This is not surprising, 71% of reviews give the provider the highest score. Most of the positive reviews are very short and generally express gratitude for successful signals without any specifics. It is worth noting that the authors of the posts have no photos and only one review written on this site. This casts doubt on their authenticity.
Negative reviews account for 12% of the total number. This is a bit alarming. But for that, they describe in great detail how this provider works. So one of the users calls this provider a scam and says that he lost about 1000 pips in 2 days.
In another review the client calls this provider the king of stop losses. The user emphasizes that no losing trades are published in the telegram channel. In the confirmation in the next review, it is also said about a client who received 11 stop losses in a row.
Let's look at the reviews about this provider on Reviews.io.
https://www.reviews.io/company-reviews/store/megafxsignals-com
On reviews.io, the company's rating is 4.8 with only 18 reviews. One client wrote "They are fraud, dont work with them". Having said that, all the reviews are very short and emphasize the incredible successes.
Conclusion
Provider megafx has a large number of subscribers in different social networks, but at the same time the degree of involvement of the audience is quite low.This indicates a high probability of fake subscribers. The provider also actively advertises its reviews on different websites. It is worth noting the strong predominance of positive reviews over the negative. Most of the reviews are boring, monotonous and written from new accounts. All this casts doubt on their authenticity. The company gives points to enter a position, but at the same time distant take-outs that are not reached. As a rule, positions are closed manually, in a small profit or leave at the stop.
We did not see the promised accuracy of signals in 87% and profit of 150% of the deposit. The actual accuracy of forecasts is only 32% with a profitability of 2.77 pips per trade, which is extremely low. In the description of the telegram channel megafx promised profitability of +2500 pips per month, but in fact only the total profitability for 2 years is equal to +2584 pips. The provider is active on social networks, telling about its profitable trades, but the quality of forecasts, to put it mildly, leaves much to be desired. Do you need a provider that is "fair without, foul within"?
