Megaoptimum Review – What Makes it a Scam?

Megaoptimum Review

Not all brokerages that are operating in the market are legitimate and professional. Sure, you will find nearly all of them claiming to be so and making some very big promises, but you will learn soon enough that there are only a limited number of them that can actually deliver what they boast. Many of the companies that have popped up in the market are actually established for nefarious purposes because there are cybercriminals behind them. This Megaoptimum review can give you a look into how these brokerages can be uncovered.

If you believe you will be able to spot a scam and fraudulent broker in one glance, you are in for a surprise. Gone are the days when these companies had shoddy websites that made it easy for people to make up their minds about them. Nowadays, they come up with well-designed and appealing websites that many find hard to resist and this is the reason why the number of these scams continues to increase instead of going down. It is a given that no one wants to go through the disastrous experience of losing their money to these impostors.

But, how do you make sure it does not happen? The important thing to remember is that you always need to be on your guard and never just accept a company’s claims. Secondly, you need to understand exactly what makes a brokerage a scam in order to know how to identify their real nature. This minimizes the chances of you getting entrapped. One of the forex and CFD brokerages you will find is Megaoptimum and the first glance does not tell you the entire story.

On the outside, it appears to be a good brokerage that ticks the right boxes and you would want to choose Megaoptimum for opening your account. But, it is certainly not what it appears and you can soon learn that it is a scam. What makes it so? You can check out the details below:

Based in an offshore zone

The first warning sign that Megaoptimum is a scam is that it is based in an offshore zone. According to the details given on its website, the company is based in the Marshall Islands, which means that it is definitely not licensed and regulated. One of the first tips for keeping yourself safe from scams is to opt for a broker with proper authorization and license. This makes them accountable and ensures that they can meet high standards of service, while providing protections to their clients.

However, this depends on the jurisdiction where the brokerage is based and as mentioned above, Megaoptimum is operating from the Marshall Islands. This jurisdiction is well-known for not regulating its forex markets, which means anyone can set up a company there and not have to worry about following any rules. Therefore, it is not surprising that these offshore jurisdictions are considered a favorite of scammers because they can enjoy free rein.

Since it offers no credibility to the brokerage, you will find that Megaoptimum has made an effort to conceal its location. You have to go through its Terms and Conditions carefully to find out where it is operating from. The information is not provided on the homepage, as authentic brokers are known to do.

Malicious bonus policy

Another problem that you will come across at Megaoptimum is that of their bonus policy. First off, you should note that the brokerage offers trading bonuses, which itself is a problem. This is due to the fact that these bonuses have been banned in most regulated jurisdictions by the authorities because they came with strings attached. These conditions were exploitative, which prompted regulatory bodies to ban the practice completely.

Thus, the fact that Megaoptimum is offering these bonuses to its clients is already a problem. To top it off, it also makes it apparent why they were banned in the first place via its malicious bonus policy. It states that brokers have to meet a certain minimum turnover requirement before they are allowed to make withdrawals of the profit generated via their bonus. However, the problem is that there is no physical way that traders can separate the profits made via bonuses and via their deposits.

In a nutshell, it means that Megaoptimum will have the power to decline your withdrawal requests until you meet their turnover requirements. This is deliberately kept high, which makes it difficult for people to get their money. Bear in mind that a genuine brokerage would never prevent you from accessing your money.

No trading platform

Things continue to get worse as you take a closer look at Megaoptimum because you eventually find that it lacks one of the most important offerings of an online broker. This is the trading platform, which is the primary tool used for executing trades in the financial markets. But, you will not find any such platform available here and this is a big problem.

What you will discover is that there are investment plans available at Megaoptimum and these require you to make a deposit. The brokerage promises you returns of 5% and 7% weekly, depending on the plan you choose and the amount you invest. This is another sign of a scam because there is no way for anyone operating in the financial markets to guarantee returns. These markets are known for their volatility and risky nature and nothing can be guaranteed.

Only crypto payments supported

The fact that only crypto payments are supported at Megaoptimum is also an indication of a scam because it is a favorite method of cybercriminals. Thanks to this option, they do not have to worry about people filing for a chargeback because it does not provide this option. The payments are final and irreversible and also make it easier to disappear because they offer anonymity. Legitimate brokerages usually give their clients other payment options as well, while scams prefer to stick to crypto payments only.

Closing Thoughts

These gaping holes in Megaoptimum’s story are signs of a scam and indicate that you should not choose it for your trading journey.