Amega Review 2023: Trading Hours, Customer Support, Pros & Cons

Amega Finance, established in 2018, stands as an offshore broker-dealer providing extensive trading options encompassing stocks, forex, and commodities. As an STP broker, it operates as an intermediary linking investors with liquidity providers, fostering online trading devoid of constraints. The company's primary aim lies in empowering investors with unrestricted trading capabilities, allowing them to wield their chosen strategies and tools efficiently.

Company Credentials and Geographic Presence

Operating under the umbrella of Amega Global Ltd, a licensed investment firm regulated by the Mauritius Financial Services Commission (FSC), Amega Finance showcases a robust foundation in the financial realm. Additionally, its technological arm, Findeavour Ltd, operates under UK registration. The incorporation of Amega Markets LLC in St Vincent and the Grenadines further solidifies its global presence and commitment to diverse markets.

Trading Platform:

MetaTrader 5 (MT5)

Amega Finance exclusively operates through the MetaTrader 5 (MT5) platform, accessible across various devices including desktops (compatible with Windows and macOS) and mobile devices (Android and iOS). This multi-asset platform caters to both novice and seasoned traders, boasting advanced features and user-friendly tools. Day traders can efficiently monitor up to 100 charts simultaneously, spanning 21 diverse time-frames from one minute to a month.

Robust Features of MT5:

Advanced Trading Capabilities:

• Depth of Market: Provides comprehensive market insight
• Full Trading History: Enables a thorough review of trading activities
• One-Click Order Execution: Streamlines trade execution for efficiency
• Netting and Hedging Options: Offers diverse trading strategies
• 80+ Built-in Technical Indicators: Empowers traders with analytical tools
• Two-Factor Authentication: Enhances platform security

Limitations

Despite its extensive features, it's noteworthy that Amega Finance lacks support for MetaTrader 4 or proprietary trading technology, presenting a comparative drawback against other brokers in the market.

Step-by-Step Guide: Placing a Pending Order on MT5

To place a pending order seamlessly on the MT5 platform, follow these steps:

1. Launch the platform, app, or web trader.
2. Navigate to the 'Tools' icon.
3. Opt for 'New Order.'
4. Double-click the instrument symbol from the dropdown menu.
5. Under 'Order Type,' select from 'Pending Order' options.
6. Choose between 'Buy Limit,' 'Buy Stop,' 'Sell Limit,' or 'Sell Stop Limit.'
7. Input the order volume.
8. Define the price to trigger the pending order.
9. Enter the expiration date for the order.
10. Click on 'Place Order' to execute.

Diverse Markets & Extensive Asset Range at Amega

Amega presents an extensive array of instruments for trading through contracts for difference (CFDs), encompassing various sectors:

• Soft Commodities: Delve into 9 soft commodities, including sugar, soybean, and coffee.
• Global Company Stocks: Access over 25 global company stocks, featuring names like Amazon, Netflix, and Tesla.
• Global Indices: Engage with 10 global indices such as ASX200, S&P500, FTSE100, and DAX30.
• Forex Pairs: Choose from a staggering selection of 70+ major, minor, and exotic forex pairs, including EUR/USD, GBP/CAD, and USD/JPY.
• Precious Metals and Fiat Currency Pairs: Trade across 7 precious metal and fiat currency pairs like Gold vs US Dollar and Silver vs Euro.
• Energy Futures: Benefit from 2 energy futures contracts and 3 spot energies, including Brent Oil and Natural Gas.
• Cryptocurrency Investment Opportunities: The platform extends its reach to cryptocurrency investments, available through the unregulated entity Amega Markets LLC.

Insights into Amega Fees

Amega Finance operates as a zero-commission broker, integrating trading fees into spreads. The brand boasts spreads starting from 0.8 pips. While not exceptionally low compared to alternatives, it maintains competitive pricing.

Specifically, we encountered spreads of 0.8 pips on GBP/USD and 1 pip on EUR/USD. Furthermore, spreads of 1.5 were observed on the S&P 500, and 2.1 on the FTSE 100.

Be mindful of additional charges, including a $5 monthly inactivity fee following 30 days of zero account activity. Although the broker waives deposit and withdrawal fees, third-party charges may apply.

Clients who don’t maintain an Islamic trading account should anticipate swap fees.

Leverage at Amega

Amega offers substantial leverage, surpassing that of many regulated firms. With leverage up to 1:1000, traders can amplify their positions significantly. This means for every $1 deposited, trading with up to $1000 is feasible.

Maximum leverage across various instruments:

• Shares: Up to 1:20
• Forex: Up to 1:1000
• Indices: Up to 1:20
• Energies: Up to 1:20
• Commodities: Up to 1:10
• Precious Metals: Up to 1:200

This diverse leverage structure at Amega empowers traders with a broad spectrum of options to manage and amplify their trading positions across different asset classes.

Mobile App

Amega offers the MetaTrader 5 platform as a mobile-compatible app, ensuring traders can engage in transactions while on the move. Though currently inaccessible for iOS users due to restrictions on the Apple App Store, this application stands as a reliable solution for seamless trading experiences.

Our experts found the mobile app user-friendly, providing all functionalities and features akin to the desktop terminal. Users can execute trades, deposit funds into a live account, and manage personal details effortlessly. A significant advantage lies in the seamless transition between platforms and apps, enabling continuity in trading activities whether on a computer or mobile device.

Despite not rivaling the modernity of some third-party tools like TradingView, the app offers substantial market information and simple trading functions.

Payment Methods at Amega

Deposits:

• A competitive minimum deposit requirement of $20 is mandatory to open an account with Amega.
• The broker accommodates a range of international and local payment methods at no additional charge, including:
• SticPay
• PromptPay
• Online Naira
• Perfect Money
• African Mobile Money
• Local Bank Wire Transfers
• African Local Bank Cards/Bank Wire Transfers
• Cryptocurrency (exclusive to Amega Markets LLC customers)

However, the absence of international credit/debit card payment options disappointed our experts. Additionally, account verification is mandatory before initiating deposits and withdrawals.

Withdrawals:

• Withdrawals must be made through the same method used for deposits.
• The broker processes withdrawal requests within minutes during business hours, but withdrawal charges apply, varying based on the method:
• Online Naira: 1%
• PromptPay: 1.5%
• Perfect Money: 1%
• SticPay: 2.5% plus $0.30
• African Mobile Money: 2.5%
• Local Bank Wire Transfers: 1.5%
• African Local Bank Cards/Bank Wire Transfers: 2.5%

Navigating Deposits & Withdrawals

Managing funds on the Amega Finance platform is quick and straightforward:

1. Log in to the Amega Finance client dashboard.
2. Choose 'Funds' from the left-side menu and select 'Deposit Funds' or 'Withdraw Funds.'
3. From the dropdown menu, select the relevant account.
4. Opt for the desired payment method.
5. Click 'Continue.'
6. Enter the amount for deposit or withdrawal.
7. Confirm the request by selecting 'Continue.'

Amega Demo Account

The platform offers a demo account on the MT5 platform, providing users with flexible leverage and virtual funds of up to $1,000,000. The demo account replicates live trading conditions, allowing users to experience real market scenarios without risking personal capital or gains.

Steps to Open a Demo Account

Register for an Amega account to access the demo service. Follow these steps:

1. Sign in to the client area and select 'Accounts' from the side menu.
2. Choose 'Open Demo Account.'
3. Select between 'Demo Hedging' or 'Demo Netting.'
4. Choose leverage (ranging from 1:10 to 1:888) and virtual fund value ($10,000, $100,000, or $1,000,000).
5. Proceed by clicking 'Continue.' Login credentials will be displayed on the screen and sent to the registered email address.

Bonuses, Promotions & Regulation

Amega does not offer standard bonuses but features a loyalty reward program, providing a $1 return for each lot traded. Withdrawals are permissible after accruing $100. The broker operates through two entities, providing varied levels of regulation and protection.

Account Types & Registration Process

Amega offers a single live account type depending on the entity, ensuring similar spreads, minimum deposit requirements, and platform access. The broker also offers a swap-free Islamic account.

To register:

1. Visit the Amega website and complete the online registration.
2. Verify your email address.
3. Log in to the client area and complete verification by providing identity, phone, and residency details.

Clients must verify relevant documents before accessing all trading facilities, including proof of address, identity, and phone number.

Additional Offerings

The broker provides daily market news and trends through a blog-style analysis page. However, educational materials lack user-friendliness and multimedia integration, primarily featuring text-based content without regular updates or categorization based on experience levels. Additionally, the platform hosts an economic calendar within the client area and MetaTrader 5 platform, but the spectrum of additional services and analysis tools remains limited.

Trading Hours and Customer Support at Amega

Market Trading Sessions:

• US Stocks: Available from 1:30 PM to 8 PM (UTC) every Monday to Friday.
• Commodities: Accessible between 8:45 AM to 5:25 PM (UTC) from Monday to Friday.
• Forex: Operates 24 hours a day, starting from 9 PM on Sunday to 9 PM on Friday (UTC).

Customer Support Availability:

Amega's customer support operates from Monday to Friday, offering assistance from 7 AM to 2 PM (UTC). However, the available contact methods are somewhat limited, lacking a telephone support option.

• Email: Reach out to support@amegafx.com for inquiries.
• Live Chat: Access the live chat feature via the icon positioned at the bottom right of each webpage.

Additionally, the official website hosts a FAQ section, providing valuable guides and responses to common queries.

Security Measures and Trading Safety

Amega prioritizes trading safety, leveraging its partnership with MetaTrader to ensure fundamental security measures. The MT5 platform itself is secure, employing full encryption and Secure Sockets Layer (SSL) for all transactions. Moreover, the availability of two-factor authentication enhances account security, requiring a randomly generated code for each login.

Verdict on Amega Finance

While Amega offers some advantages, such as the MT5 trading tools and a loyalty reward program, it falls short of being the premier broker in the market. Key shortcomings include the lack of robust regulatory oversight, an average asset selection, and fee structures that do not differentiate it significantly from other brokers. Additionally, the platform lacks diverse trading tools and educational resources, which might hinder beginners' experiences.

Pros and Cons

Pros:

• Flexible payment options encompassing crypto and international banking methods.
• Competitive commission-free trading with spreads starting from 0.8.
• Comprehensive investment portfolio covering cryptocurrencies.
• Low entry point for beginners with a minimum deposit of $20.
• Availability of swap-free Islamic trading profiles.
• Access to a free demo account.

Cons:

• Lack of regulation by a trusted financial authority.
• Limited platform availability with insufficient educational materials.
• Absence of MetaTrader 4 integration.
• Unavailability of copy trading features.
• High withdrawal fees could be a drawback for users.

Amega Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.