Mega Funded prop firm review – Is it a good choice?

Numerous prop trading firms offer simulated funded accounts to their clients and Mega Funded is among this list, with the largest funded account granting $200,000 in gross funding.

However, due to a lack of relevant reviews from the likes of the Forex Peace Army, as well as lackluster security features, prospective clients will be wondering whether the firm is worth it.

The lack of a real live funded account is a major downside for Mega Funded and an important point to consider when choosing a proprietary trading firm to partner with in the long run.

In our in-depth review of Mega Funded, we will look at the features, fees, instruments and platforms offered by this prop firm to determine whether it is a decent choice for beginner prop traders.

Pros and cons of Funds for Traders prop firm

Pros

• Availability of a $5,000 account
• No ongoing monthly account fees
• Copy trading and weekend trading allowed
• Access to MT4 via Eightcap
• Scaling up to $2 million

Cons

• No real funded accounts and live trading
• Limited selection of tradable instruments
• Not rated by the FPA
• Limited language options (English, Russian, Mongolian)
• Support section of the website is missing the hotline, email support and live chat functions

Safety of Mega Funded – 1.5

Security is a major concern for prop trading clients, as the industry is mostly unregulated and clients have very few tools with which to assess the legitimacy and overall security of a particular firm.

For this reason, Mega Funded is also subject to security concerns, especially due to the lack of customer support features on the official website.

Furthermore, the Forex Peace Army, which is the most popular destination for FX prop and broker reviews, does not have a review page dedicated to Mega Funded, while Trustpilot reviews give the firm a 4.2 out of 5, based on only 6 reviews. This means that the firm severely lacks reputable reviews and ratings to give prospective clients accurate information regarding its features, fees, security and legitimacy.

Mega Funded capital allocation and maximum funding – 3

Traders that are interested in obtaining funding from Mega Funded can look through the evaluation challenges presented on the official website, which states that the minimum funding is $5,000, while the maximum is $200,000.

The $200,000 account can be scaled up to $2 million in gross funding. This means that the capital allocation terms offered by Mega Funded.

However, it is also worth noting that the firm does not offer a $1,000 funding level and its maximum funding of $200,000 without scaling is considerably lower than some competing firms, who offer $500,000 and $1 million accounts as well.

Overall, the funding levels available to Mega Funded clients are decent, but the maximum funding level could be higher.

Mega Funded assets – 3

Gathering detailed information regarding the specific asset classes and instruments offered by Mega Funded can be tricky, as the official website does not list everything.

However, upon closer inspection and a look through the instruments offered by Eightcap, the partner broker of Mega Funded, reveals the following asset classes:

• Currency pairs – including majors, such as EUR/USD
• Metals and energies – Gold, Silver, Crude oil, Brent oil, etc
• CFD-s – on assets like stocks and bonds
• Indices – CFDs on major equity indices

This amounts to over 100 different instruments that are freely tradable using the simulated accounts offered by Mega Funded, which is a decent selection and gives traders plenty of choices to try out and incorporate into their strategies.

Mega Funded trading rules and limitations – 3

Every prop trading firm requires its clients to comply with certain rules and limitations that are set up by the firm, such as a monthly profit target, maximum drawdown limit and daily loss allowance.

Such firms, including Mega Funded, are looking for traders that can fit into their rules and trade in accordance with the requirements without blowing up their accounts.

The 1-Phase and 2-Phase evaluations offer different terms and requirements for traders to follow, which we will discuss in more detail below.

1-Phase evaluation

The following terms and limits apply to the 1-phase evaluation program provided by Mega Funded:

• 5 minimum trading days
• 4% daily loss limit
• 8% maximum total loss limit
• 10% profit target
• 1:50 leverage
• No profit target on funded accounts
• No minimum trading days on funded accounts

2-Phase evaluation

Traders who choose the 2-phase evaluation are subject to the following rules and limitations:

• 5 minimum trading days
• 5% daily loss limit
• 10% maximum loss limit
• 10% profit target for Phase 1
• 5% profit target for Phase 2
• 1:100 leverage
• No profit target for funded accounts
• No minimum trading days for funded accounts

The 2-phase evaluation offers superior terms to Mega Funded traders, which is to be expected, as the challenge is longer and traders have a higher risk of failure.

The increased leverage to 1:100 is also a welcome addition to the terms offered by the 2-phase evaluation challenge.

Mega Funded fees – 4

Account fees are an integral part of the prop trading business. However, in many cases, these fees are fully refunded if the client passes the evaluation and actually obtains funding.

Mega Funded also offers similar terms to its traders.

Below we can look at the fees charged for each of the funded accounts available at Mega Funded. It is also worth noting that the accounts frequently go on sale and prospective clients can benefit from a 20% discount on all funding levels.

1-Phase evaluation fees

The fees charged by Mega Funded for the 1-phase evaluation program are the following:

• $100 for the $15,000 account
• $125 for the $25,000 account
• $250 for the $50,000 account
• $450 for the $100,000 account
• $900 for the $200,000 account

While the fees are generally competitive, the funding levels start at $15,000, which means that the minimum entry fee for the 1-phase evaluation is $100, which is a bit higher than competitors.

2-Phase evaluation fees

As for the 2-phase evaluation program, the following account fees apply:

• $50 for the $5,000 account
• $100 for the $15,000 account
• $150 for the $25,000 account
• $280 for the $50,000 account
• $475 for the $100,000 account
• 820 for the $200,000 account

Overall, the fees for the 2-phase evaluation program are quite competitive and the inclusion of the $5,000 account is a welcome addition to the selection of funded accounts available for Mega Funded clients.

Mega Funded platforms – 5

Having access to a high quality trading platform is key for any prop traders. For this reason, Mega Funded partners with Eightcap, which allows users to access MetaTrader 4, which is the most popular platform among FX and CFD traders.

Access to MetaTrader is a major advantage, as most competing prop firms also give their clients the ability to download the platform. Unfortunately, mobile and web-based platforms are lacking and only the desktop app is available, which is a disadvantage for traders that would like to access the markets on the go, using their mobile devices.

It is also worth noting that additional software features, such as performance analysis tools, are not available, which could have been a welcome addition to Mega Funded.

Mega Funded profit sharing – 3

Numerous prop trading firms give 80 to 90% of the generated profits to their traders, while keeping the rest for themselves.

This is a standard feature among proprietary firms and Mega Funded also falls within the same range – keeping 20% of the profits and allowing clients to keep the remaining 80%. The 2-phase evaluation allows traders to keep 90% of their profits, which incentivizes them to choose the longer evaluation route.

Typically, competing prop firms will offer the same profit splits regardless of the number of evaluation steps, which does set Mega Funded apart from some of its competitors and gives traders more choices. However, the overall difference in profit splits between Mega Funded and other prop firms is still negligible.

Education and trading tools at Mega Funded – 3.3

Educational content is an important part of a prop trading challenge, as beginner traders may not have the required knowhow to navigate a funding challenge.

For this reason, many proprietary firms provide their clients with educational tools, such as webinars, blogs, articles, trading academies, etc.

When it comes to Mega Funded, the firm does not have any educational courses of its own. However, Eightcap, the partner broker of Mega Funded, provides some free educational articles and webinars for users to take advantage of.

Despite this, the educational content is not organized as a trading course, which is a disadvantage for complete beginners.

Customer support at Mega Funded – 1.4

Mega Funded offers 24/7 customer support for those with inquiries or questions regarding the evaluation challenges or other aspects of the prop trading process.

However, while email support and an inquiry form are available, the official website lacks a live chat function and a hotline is also not mentioned, which is a major downside for clients that would like to speak to a real representative of the firm.

Overall, the customer service provided by Mega Funded leaves a lot to be desired and does not score highly in our review.

FAQ on Mega Funded prop firm