MegaFX Signals is a service that provides free and paid Telegram trade alerts.
Their free Telegram channel delivers up to 3 free signals per day while their premium service provides up to 8 signals per day.
MegaFX Signals claims that their signals have an 87% win rate and are currently used by thousands of traders out there.
MegaFX Signals has not provided data to support these bold statements.
However, they believe that traders can be successful with their trade alerts because their team of veteran traders use statistical trading methods in addition to technical and fundamental analysis.
The service is currently providing 1000+ pips per week and up to 2500+ pips per month with their premium subscription.
There are 4 packages under which traders can subscribe and one lifetime package where traders pay a one-time fee of $349.
You shouldn’t go for the one-time payment plan if you have not experienced the quality of their signals for at least 6 months.
The other MegaFX Signals packages costs $54/monthly, $119/quarterly, $199/bi-annually or $249/year.
With either of the premium signal packages, subscribers will receive trade alerts with small take profit and stop loss, low draw-down signals, risk management and 24/7 support.
Is MegaFX Signals legit?
There’s nothing that is separating this signal service from the competition out there.
When it comes to introducing their team of traders, the website uses generalized statements such as “We are a team of veteran traders with decade of experience in Forex and Fintech.”
These statements are meaningless as we can’t find the names of the traders or even verify their backgrounds in this marketplace.
The service is very new as the domain megafxsignals.com where they run their signal business from was registered in June 2020.
We cannot say they have any significant track record in the Forex signals market place.
The service is also using a very common pattern of deception in the signals selling business.
They’re using falsified customer testimonials and unverified Telegram profits.
Those videos were mostly outsourced from a freelance marketplace called Fiverr.
With no track record of successful trading or consistently achieving the alleged 87% win rate, we can conclude that MegaFX Signals is not legit.
Conclusion
MegaFXSignals does not meet the threshold for inclusion into our list of the most recommended Forex trading services.
We’re definitely going to watch them out to see how they’ll perform in the next couple of months.
For now we can’t recommend them yet.