Here are the 10 pros and cons:

Amega Fact sheet

Safety and security of funds is a top priority for every professional trader and the best indicator of safety is the regulatory bodies that are providing oversight for the broker. Amega is regulated by two regulators, namely:

• Financial Services Commission of Mauritius
• Financial Services Authority of St. Vincent & the Grenadines

The fact that Amega is regulated means that it’s safe to open live trading accounts with this broker, but it is worth mentioning that the regulators are not very strict. This is not necessarily a bad thing, as it allows Amega to offer larger leverage amounts than strictly regulated brokers are able to. Available leverage is up to 1000:1. 

Amega offers more than 124 instruments for trading and the available leverage depends on the asset class:

• Forex pairs – up to 1000:1
• Shares as CFDs – up to 20:1
• Indices – up to 20:1
• Energies – up to 20:1
• Commodities – up to 10:1
• Precious Metals – up to 200:1

Do note that there are only 104 available instruments on their Demo account and in order to trade shares you will need to open a live trading account.

With Amega Markets LLC you’ll be able to open a Live MAX account type, while on Amega Global Ltd, clients only have the Live account type as an option. Both Live and Live MAX accounts are very similar. They offer the same spreads and have the same minimum deposit requirements. The only difference is that cryptocurrency trading is only available with a Live MAX account. 

In addition, traders can open swap-free also known as Islamic accounts with Amega. Swap-free accounts do not charge interest and therefore do not go against the teachings of the Quran, thus allowing Islamic traders to get in on the action. 

Getting started on Amega – Main steps

If you have already made up your mind to open a live trading account, we’ll now guide you through the entire process. It takes only 3 steps: registration and verification, deposit funds, and start trading.

Step 1: Open an account and verify

Go ahead and open the broker’s main website. You will see a button stating ''Sign up'' in green located at the top-right side of the page. This will take you to a registration page where you will be required to provide some personal information before clicking on ”CONTINUE” to complete the form. Once your account is open, you will be able to login and verify the account by uploading proof of identity in the form of a copy of a valid government-issued identity document (passport, ID card, etc.) and proof of residence document in the form of a utility bill or bank statement. Verification will give you full access to your account, and you’ll be able to withdraw funds freely.

Step 2: Make your deposit

The next step is to make a deposit. There are a number of funding options available: Bank transfer, Perfect Money, African local cards, African Mobile Money, STICPAY, and PromptPay. Unfortunately, there are no credit/debit card transactions available. 

Note that there are no fees on deposits, however, traders are charged withdrawal fees starting from 1%.

Step 3: Start trading

Finally, you can start trading using MetaTrader 5 (MT5), the web trading terminal, and/or the mobile app. Do not forget to use your leverage properly and avoid opening oversized positions. Live trading done properly takes more mental energy and emotional control than trading on a demo account and it’s always wise to plan all your trades and only trade based on your plan.

Trading fees with Amega are low. Spreads on Forex majors such as EUR/USD, USD/JPY, etc. start as low as 0.8 pips and there are no commissions. On the downside, there’s a 5 USD monthly inactivity fee that kicks in after 180 days of inactivity and fees on withdrawals. 

Comparing Amega fees with other brokers

Amega fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Amega fees compared to CM Trading fees

Amega fees compared to plus500 fees

Amega fees compared to XM fees

Amega fees compared to AvaTrade fees

Amega fees compared to Capital.com fees

Amega offers MetaTrader 5 (MT5) for desktop users, there’s also a web terminal available and a mobile trading app. MetaTrader 5 is a very popular platform among Forex and CFD traders. The platform enables users to trade not only Forex pairs, but also shares, and indices, as well as soft and hard commodities. 

The MT5 web trading terminal is easy to access as it does not require download and installation. However, the terminal is not as reliable as the MT5 desktop software. The broker also offers a mobile version of MT5 for iOS and Android devices.

Educational material and research tools are critical when it comes to novice traders learning how to trade properly. Available tools are:

• Economic calendar
• Technical Analysis
• Market Forecast
• Beginner Strategies

The broker provides beginner traders with short articles explaining market developments and provides analysis backed by research. Traders get access to both technical and fundamental-based forecasts.

The customer support of Amega is available Monday to Friday from 7AM to 2PM UTC via live chat, over the phone, or via email. The customer support agents are very friendly and helpful, and the chat option has the cutest emojis. Overall, the customer service at Amega is good. 

To sum everything up, Amega is a regulated broker operating globally. Amega Markets LLC is registered and incorporated in St. Vincent and the Grenadines. Amega Global Ltd is authorized and regulated by the Financial Services Commission of Mauritius. The broker provides access to MetaTrader 5 and there are over 124 instruments for trading. There is only one live account type available with low trading fees, no commissions, and spreads starting from 0.8 pips. One downside is that there are withdrawal fees and inactivity fees. Leverage goes up to 1000:1 and the minimum initial deposit required to open a live trading account is 20 USD.