Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
6/10 · HighThree authorisations verified in the group's own name on the issuers' registers, but only the offshore Mauritius Investment Dealer licence covers retail dealing; the FSCA licence is advice and intermediary only and the ASIC licence is wholesale clients only.
Identity & transparency
4/10 · ModerateNamed entities with matching registry and register addresses, separate client agreements per entity and no borrowed credentials, offset by undisclosed ownership, no published telephone number and a claimed Saint Lucia jurisdiction with no entity behind it.
Withdrawals & conduct
7/10 · HighFour fund-integrity reports across two platforms between April and August 2026 describing one mechanism, profits cancelled or withdrawals refused after a win, with amounts and dates, and no evidence of resolution; volume is small and positive reviews exist.
Reputation
6/10 · HighThirteen Trustpilot reviews at 3.4 stars with a bimodal split and no middle, unresolved fund claims on a complaint portal, no forum or community footprint at all, but a clean record across every warning list checked.
Website claims
8/10 · CriticalAdvertises 10+ years of experience and a 2011 founding against a 2024 operation, claims regulation in Saint Lucia with nothing behind it, presents a wholesale-only AFSL in a retail licence set, and displays four 2025 awards with three awarding bodies unnamed.
Operational history
7/10 · HighVerified track record of about two years on a domain registered in September 2024 whose only earlier archived content is an unrelated Istanbul firm, against an advertised history some thirteen years longer and no predecessor domain carrying this brand.
Who they are
A quick desk file on the company behind the brand.
Mega Fusion is a retail forex and CFD brand operated by a three-company group assembled during 2024.
- Brand: MEGA FUSION
- Legal entity that holds client money: Mega Fusion Group Limited, a Mauritius global business company, registry file C204371, incorporated 19 January 2024
- Other group entities: Mega Fusion Group (Pty) Ltd, South Africa, registration 2024/073707/07; Mega Fusion Group Pty Ltd, Australia, ACN 149 074 037
- Registered: 12th Floor, Standard Chartered Tower, Bank Street, Cybercity, Ebene, Mauritius; and 29 First Avenue East, Parktown North, Johannesburg, South Africa
- Website: mega-fusion.com, registered 12 September 2024, with the broker's own pages first appearing in January 2025
- Only dealing licence: FSC Mauritius Investment Dealer (Full Service Dealer excluding Underwriting), granted 19 January 2024, quoted by the broker as GB23201920
- Other licences: FSCA South Africa FSP 54221, an advice and intermediary authorisation; ASIC Australia AFSL 398693, wholesale clients only
- Offers: MetaTrader 4 and 5, 60+ currency pairs and 90+ instruments, CFDs on stocks, indices, metals, energies and commodities, leverage up to 1:1000 from a 100 dollar minimum deposit, deposit and transfer bonuses, USDT deposits
- Not accepted: residents of the USA, Japan, Ukraine, New Zealand, Australia, Russia, Iran, Myanmar and North Korea
- Age claim: 10+ years' experience on the homepage and founded 2011 in group press material. The verifiable operating history is about two years.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (FSC) of Mauritius
Financial Sector Conduct Authority (FSCA) of South Africa
Australian Securities and Investments Commission (ASIC)
Saint Lucia (no authority named)
Why we reached this verdict
How the evidence adds up.
The licences are genuine, the advertised history is not, and a small but consistent group of clients report that money they had earned was taken back.
- The regulation is real, and that matters. The Mauritius Financial Services Commission's own public register shows Mega Fusion Group Limited holding an Investment Dealer (Full Service Dealer excluding Underwriting) licence from 19 January 2024. That is a genuine authorisation to deal and to hold client money. The FSCA register shows Mega Fusion Group (Pty) Ltd authorised under FSP 54221 since 3 September 2024, with two named compliance officers and an address that matches the one on the website. ASIC's published licensee record shows AFSL 398693 held by a company genuinely named Mega Fusion Group Pty Ltd. None of these details is borrowed from another firm, and every identity detail that could be tested matches.
- But two of the three licences do not cover what the site sells. ASIC's own licence conditions for 398693 end with the words to wholesale clients, and that restriction applies to every authorisation on it. The FSCA licence is a Category I authorisation for advice and intermediary services in derivative instruments, which is not permission to act as the dealing counterparty to a client. So of the three authorisations the group advertises, exactly one, the offshore Mauritius licence, actually stands behind a retail client's deposit. Mauritius has no investor compensation fund.
- The track record is advertised as roughly thirteen years longer than it is. The homepage counter claims 10+ years' experience and the group's licence boilerplate in its August 2025 press material dates the brand to 2011. The 2011 date belongs to an Australian company that was called Hills Investment Management, then Hunter Field Capital Partners, then Hills Asset Management, and only took the Mega Fusion name on 16 August 2024. The domain was registered a month after that. The only archived content for the address before 2025 is a 2010 page for an unrelated leather-industry supplier in Istanbul. There is no predecessor broker carrying this brand's history.
- Saint Lucia is claimed and does not exist. The homepage states the group is authorized and regulated in Saint Lucia, Mauritius and South Africa. There is no Saint Lucia entity, no licence number, no legal document set and no register entry. Saint Lucia does not license retail forex brokers; it registers international business companies.
- Four clients describe the same loss, in the same way, inside five months. On Trustpilot in June, July and August 2026, and on a broker complaint portal in April 2026, separate traders report profits cancelled or withdrawals refused after a winning period. One names roughly 543 dollars, another 1,100 dollars out of 3,300 claimed with a stated reason of too many violations within three minutes, and that complaint refers to a further 2,200 dollars taken from another trader. The same reports describe an account manager turning hostile after a profit and then cutting off contact. Four reports across two platforms, describing one mechanism, clustered in time, with amounts and dates attached, is a pattern rather than noise. No regulator or chargeback record corroborates it yet, which is why we treat it as serious but unproven.
- The broker's own paperwork points the same way. The 10% deposit bonus terms state that withdrawals are not permitted during the promotional period, and the Mauritius client agreement allows a platform processing fee of up to 6% in certain refund or withdrawal cases. Those are the written levers that the complaints describe being pulled.
- Several smaller things sit on the same side. Four 2025 awards are displayed and three name no awarding body. No telephone number is published anywhere; support is email and a web form. None of the licence numbers on the site link to the issuing register, and the only external verification link on the site goes to a third-party badge service instead. The site runs in twelve languages across Asia, the Middle East and Latin America and offers 1:1000 leverage, which is retail marketing at a scale the Mauritius licence was not designed to supervise.
- Why the figure is 65. On the evidence alone, the score is 61. Because the operation's verified track record is about two years, our method raises the published figure to 65 and holds confidence at medium. That adjustment reflects how little can be established about a two-year-old brokerage, not any misconduct beyond what is listed here.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Mauritius regulator's own public register lists Mega Fusion Group Limited holding an Investment Dealer (Full Service Dealer excluding Underwriting) licence dated 19 January 2024. This is a genuine authorisation to deal and to hold client money, in the name of the company that contracts with clients.
E2The FSCA register shows FSP 54221 as MEGA FUSION GROUP (PTY) LTD, trading as MEGA FUSION GROUP, status Authorized, company registration 2024/073707/07, authorised 3 September 2024, at 29 First Avenue East, Parktown North, Johannesburg, with two named compliance officers and a working telephone number.
E3IOSCO's cross-regulator alert network, which aggregates warning lists from more than 150 authorities, returns no warnings for either the brand name or the domain. We also found no FCA, ASIC, CFTC, FSCA, CONSOB or Mauritius FSC alert, no enforcement action and no fraud-related court record naming this operation.
E4ASIC's current published licensee data records AFSL 398693 as held by MEGA FUSION GROUP PTY LTD, ABN 56 149 074 037, of Northbridge, New South Wales, with a start date of 10 March 2011. The licence conditions authorise advice, dealing in foreign exchange contracts and derivatives, and custodial services, and they end with the words to wholesale clients, which limits every authorisation on the licence.
E5The FSCA record shows the South African licence is a Category I authorisation covering derivative instruments, long-term deposits and short-term deposits, marked for non-automated advice and other intermediary services. It does not authorise the company to act as the dealing counterparty to clients, which in South Africa needs a separate over-the-counter derivative provider licence.
E6The domain mega-fusion.com was registered on 12 September 2024 through NameSilo, and the Mauritius company that contracts with clients was incorporated on 19 January 2024. The homepage counter advertises 10+ years of experience and the group's own licence boilerplate dates the brand to 2011. The advertised history exceeds the verifiable history by roughly thirteen years.
E7The Australian licensee was registered on 4 February 2011 and traded as Hills Investment Management Pty Limited until April 2014, Hunter Field Capital Partners Pty Ltd until August 2020 and Hills Asset Management Pty Ltd until 16 August 2024, when it took the name Mega Fusion Group Pty Ltd. The 2011 licence date therefore belongs to an acquired company and not to this brand. We found no regulatory action against any of the earlier names.
E8The only archived page for mega-fusion.com before 2025 is a single May 2010 capture showing an under-construction site for an unrelated leather-industry supplier at Tuzla Organised Industrial Zone in Istanbul. Captures then resume in January 2025 with the broker's own content. The address was recycled, and it carries no earlier history for this brand.
E9The group's own licence boilerplate, published 1 August 2025, states that it is licensed by ASIC (AFSL No. 398693), FSCA (No. 54221) and FSC Mauritius (License No. GB23201920). Presenting a licence restricted to wholesale clients inside a retail broker's licence set overstates the protection available to an ordinary client. The broker's own website does not advertise the ASIC licence.
E10Four separate clients across two platforms report the same failure between April and August 2026: profits cancelled or withdrawals refused after a winning period. Trustpilot carries reports of funds locked after deposit with withdrawal refused (August 2026), a profit withdrawal of about 543 dollars rejected (June 2026), and an account manager turning hostile after a profit and then blocking contact (July 2026).
E11A complaint dated 9 April 2026 states that after clearance from an account manager and a risk control department, a withdrawal request was met with a claim of too many violations within three minutes, and more than 1,100 dollars of profit out of 3,300 dollars claimed was deducted. The same complaint refers to a further 2,200 dollars deducted from another trader's account. The claim is recorded as unresolved.
E12The homepage states that Mega Fusion Group is a multi-jurisdictional forex broker, authorized and regulated in Saint Lucia, Mauritius, and South Africa. No Saint Lucia entity, licence number, register entry or client agreement exists anywhere for the group, and the regulation page and legal document library name only the FSCA and the Mauritius FSC. Saint Lucia does not license retail forex brokers.
E13The 10% deposit bonus terms require a 1,000 dollar minimum deposit, impose a lot-volume condition before the bonus can be withdrawn, require positions to be held more than ten minutes, reserve final interpretation of the terms to the company, and state that withdrawals are not permitted during the promotional period. The Mauritius client agreement also allows a platform processing fee of up to 6 per cent in certain refund or withdrawal cases.
E14The awards page displays four 2025 awards: Most Promising Platform of the Year, Best Price Execution Speed, Most Transparent Broker in Asia and The Best Forex Broker in Asia. Only the execution-speed award is traceable to a named issuer. The other three name no awarding body.
E15The regulation page and the legal documents library print the FSCA and Mauritius licence numbers but publish no link from either number to the issuing register. The only external verification link in the site footer goes to a third-party licence badge service rather than to a regulator. A genuinely regulated broker normally links its licence number straight to the register.
E16The contact page publishes two office addresses and the email support@mega-fusion.com, with a web form, and no telephone number at all. Support channels are email, a form, a live chat widget and a Telegram channel.
E17The site runs in twelve languages including Arabic, both written forms of Chinese, Thai, Vietnamese, Hindi, Spanish, Malay, Farsi, Indonesian and French, and offers leverage up to 1:1000 from a 100 dollar minimum deposit. Deposit rails reported include UnionPay, Alipay, e-wallets and USDT. This is broad retail solicitation across Asia, the Middle East and Latin America on the strength of a single offshore dealing licence.
E18The Mauritius registry lists Mega Fusion Group Limited, file number C204371, as a global business company incorporated on 19 January 2024, status LIVE, which matches the date of its FSC Investment Dealer licence. The website quotes the number as C24204371.
E19The group operates its own MetaTrader 4 and MetaTrader 5 servers under the name MegaFusionGroup, and its mobile download links point to the official MetaQuotes distribution rather than a self-hosted installer. Independent monitoring of the server records tens of thousands of orders. A real trading operation exists behind the brand.
E20An alias domain, crm-mega-fusion.com, was registered on 17 June 2026 through the same registrar and on the same nameserver provider as the main site, and carries the client portal. It confirms the same operator but adds no operating history.
The other side
The strongest case in this broker’s favour.
The case for Mega Fusion is stronger than for most brokers rated at this level.
- It is a real, licensed company, not a front. Three regulators, three registers, three companies genuinely named Mega Fusion. The common pattern of a suspect operation quoting somebody else's licence number is not present here. Every number resolves to the group itself.
- The Mauritius licence is a trading licence, not a registration presented as one. A Full Service Dealer authorisation permits dealing and market making. Many offshore brokers hold far less and claim far more.
- Buying a licensed company is lawful. Acquiring an Australian licensee and renaming it is a normal, legal route to an AFSL. The licence genuinely belongs to the group, and the site actively excludes Australian residents, so it is not soliciting retail clients under a licence that would not cover them.
- The warning lists are clean. IOSCO's cross-regulator alert network returns nothing for either the brand or the domain. We found no FCA, ASIC, CFTC, FSCA, CONSOB or Mauritius FSC alert, no enforcement action and no fraud-related court record naming this entity.
- The trading operation is real. There are MetaTrader 4 and 5 servers in the group's own name, independently measured execution data showing tens of thousands of orders, and mobile apps delivered through the official MetaQuotes store links rather than a self-hosted installer. Fake brokerages usually fail this test.
- The paperwork is properly separated. The site publishes distinct client agreements for the Mauritius and the South African entity, and the addresses it prints match the addresses on both registers. That is more disclosure discipline than most offshore brands manage.
- The complaint volume is small and there are satisfied clients. Thirteen Trustpilot reviews with roughly eight at five stars sit against the four fund complaints. Competitors do plant scam accusations, and we cannot rule that out on a sample this size.
- An innocent reading exists for the age claim. The group does now own a company incorporated in 2011, so 10+ years is arguable as corporate lineage. We rejected it because that company was an unrelated Sydney funds manager until August 2024, and presenting its age as this brand's trading record is not something a client can act on.
What would change this
What we would need to see to revise the verdict.
These events would move the verdict up or down.
- Towards a lower risk score: the homepage dropping the 10+ years claim and the Saint Lucia line, and the group's licence boilerplate stating that AFSL 398693 covers wholesale clients only. Those three edits would remove the misrepresentation findings outright.
- Towards a lower risk score: documented resolution of the April to August 2026 complaints, with the traders confirming the funds were released. A broker that answers fund complaints publicly and pays is a different proposition.
- Towards a lower risk score: the operation reaching three years with a continuing clean warning record and a broader review footprint. Much of the current figure reflects how young it is.
- Towards a lower risk score: the group adding a licence in a jurisdiction that protects retail deposits, or a South African OTC derivative provider licence covering it as counterparty.
- Towards a scam verdict: any regulator warning or alert naming mega-fusion.com or one of the three entities. That alone would be decisive.
- Towards a scam verdict: a credible, specific report that a client was asked to pay a tax, fee or verification charge before funds would be released. That demand has no legitimate counterpart and would change the verdict immediately.
- Towards a scam verdict: the complaint cluster continuing or widening past August 2026, or the Mauritius Investment Dealer licence being suspended, surrendered or cancelled.
- Towards a scam verdict: evidence that the entity named in the client agreement is not the entity actually receiving deposits.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Mauritius Online Public Register
Search the name Mega Fusion to see the Investment Dealer licence dated 19 January 2024.
FSCA register entry for FSP 54221
Shows Mega Fusion Group (Pty) Ltd as Authorized; open Details for the product categories.
ASIC published licensee record for AFSL 398693
ASIC's own current licensee data, including the condition limiting the licence to wholesale clients.
ABN Lookup name history for the Australian licensee
Shows the company took the Mega Fusion name only on 16 August 2024.
Mauritius company registry search
Search Mega Fusion for the incorporation date of 19 January 2024 and file number C204371.
IOSCO cross-regulator alert search
Returns no warnings from any member regulator for this brand.
Trustpilot reviews for mega-fusion.com
Client reviews, including the 2026 withdrawal complaints.
Frequently asked questions
Quick answers about this broker’s safety.
Is Mega Fusion a scam?
Not on the evidence we have. Mega Fusion holds three genuine licences, listed on the regulators' own registers, and no regulator has issued a warning about it. We still rate it high risk at 65 out of 100, because it advertises a track record it does not have, two of its three licences do not cover retail dealing, and four clients report profits being cancelled or withdrawals refused during 2026.
Is Mega Fusion a fraud?
We found no evidence of fraud. There is no regulator warning, no enforcement action and no fraud-related court record naming Mega Fusion Group Limited, Mega Fusion Group (Pty) Ltd or Mega Fusion Group Pty Ltd. What we did find is misrepresentation of the company's age and licence scope, plus an unresolved set of complaints about money not coming back. Those are serious, but they are not a finding of a crime.
Is Mega Fusion regulated?
Yes, but only one of its licences really protects a retail deposit. Mega Fusion Group Limited holds a Mauritius FSC Investment Dealer licence granted on 19 January 2024, which permits dealing and holding client money. The South African FSCA licence (FSP 54221) covers advice and intermediary services only. The Australian ASIC licence (AFSL 398693) is restricted to wholesale clients.
Is my money safe with Mega Fusion?
Your protection is offshore Mauritius protection, which is weak. Mauritius has no investor compensation fund, so if the company failed there is no scheme to repay you. Neither the Australian nor the South African licence covers the entity holding your deposit. Treat any amount you send as capital you could lose entirely.
Can I withdraw my money from Mega Fusion?
Some clients do and some say they cannot. Between April and August 2026, four separate traders on two platforms reported that profits were cancelled or withdrawals refused after a winning period, naming amounts of roughly 543, 1,100, 2,200 and 3,300 US dollars. The company's own bonus terms also state that withdrawals are not permitted during a promotional period. Test a small withdrawal before committing real money.
Who owns Mega Fusion?
The operation runs through three companies: Mega Fusion Group Limited in Mauritius, which contracts with clients, Mega Fusion Group (Pty) Ltd in South Africa, and Mega Fusion Group Pty Ltd in Australia. The site does not disclose directors or beneficial owners, and it is not clear who controls the group.
How old is Mega Fusion?
About two years. The website was registered on 12 September 2024 and its pages first appear in January 2025. The Mauritius company was incorporated on 19 January 2024. The homepage advertises 10+ years of experience and group press material says 2011, but that date belongs to an Australian company that only took the Mega Fusion name on 16 August 2024.
Is the ASIC licence genuine?
Yes, but with an important limit. AFSL 398693 is genuinely held by a company called Mega Fusion Group Pty Ltd in New South Wales. However, ASIC's own licence conditions limit every authorisation on it to wholesale clients, so it gives an ordinary retail trader no protection at all, and the Australian company is not the one holding client deposits.
Is Mega Fusion regulated in Saint Lucia?
No. The homepage says the group is authorized and regulated in Saint Lucia, but there is no Saint Lucia entity, no licence number, no client agreement and no register entry anywhere. Saint Lucia does not license retail forex brokers; it only registers international business companies. Treat that claim as unsupported.
Is Mega Fusion a clone of another broker?
No. On the issuing registers, each licence number resolves to a company genuinely named Mega Fusion with addresses that match the website. No other firm's licence is being used, and no regulator has published a clone alert for this brand.
What is a Mauritius Investment Dealer licence worth?
It is a real trading licence, which puts it well above a plain offshore company registration, but Mauritius is a low-tier jurisdiction. Supervision is lighter than in the UK, Australia or the EU, there is no investor compensation scheme, and enforcement against a failing broker is slow and rarely returns client funds.
What should I check before depositing with Mega Fusion?
Read the client agreement and confirm which company you are contracting with, since only the Mauritius entity is licensed to hold your money. Check the licence yourself on the Mauritius FSC register. Skip the deposit bonuses, because their terms bar withdrawals during the promotional period. Then deposit the minimum, trade briefly, and withdraw it before you send anything you cannot afford to lose.
What do I do if Mega Fusion will not pay me?
Ask in writing for the exact contractual clause being relied on, and keep every ticket number, date and amount. Complain to the Financial Services Commission of Mauritius about the Mauritius entity and to the FSCA about anything the South African entity did. Raise a chargeback with your card issuer inside its time limit. Never pay a fee to anyone who offers to recover the funds for you.
What we recommend
The practical takeaway from everything above.
If you are considering Mega Fusion, or already have money there, treat the following as the practical minimum.
- Know which company you are contracting with. Read the client agreement before you deposit and check whether it names the Mauritius entity or the South African one. Only the Mauritius company holds a licence that permits it to hold your money, and only Mauritius law would govern a dispute with it.
- Do not rely on the ASIC licence. It is real, but it covers wholesale clients only and the Australian company is not the one holding your deposit. Treat your protection as offshore Mauritius protection, which means no compensation fund.
- Ignore the age claim. This is a two-year-old operation. Size your exposure to that, not to a decade.
- Avoid the bonuses. The 10% deposit bonus terms state that withdrawals are not permitted during the promotional period. Accepting a bonus is accepting a lock on your own funds, and that is the exact mechanism the complaints describe.
- Test a withdrawal early and small. Deposit the minimum, trade briefly, and take the money out before you commit anything meaningful. Keep the ticket numbers and timestamps.
- If a withdrawal is refused or a profit is cancelled: ask in writing for the specific clause relied on, then complain to the Financial Services Commission of Mauritius for the Mauritius entity, and to the FSCA for anything the South African entity did. Also raise a chargeback with your card issuer within its time limit.
- Never pay a fee to release your own funds. No legitimate broker requires a tax, unlock charge or insurance payment before paying you, and nobody who contacts you offering to recover lost funds for an upfront fee is genuine.
- Verify it yourself. The register links here go to the regulators' own records. The site publishes no verification links of its own, so checking takes one minute and is worth it.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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