Apparently, this trading brand has been operating from the US under the ownership of Digital Trade Magnet Inc. LLC. However, none of the US business registers actually hold records of this company being registered there.
That’s already a first sign you should avoid them. However, there will be many more, especially once you realize the primary language of the website is Russian. Keep reading this Digital Trade Magnet review if you don’t want to get ripped off.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | digitaltrademagnet.com |
| Have Warnings from: | N/A |
| Registered in: | US |
| Operating since: | 2023 |
| Trading Platforms: | Web Trader |
| Maximum Leverage: | 1:50 |
| Minimum Deposit: | $500 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrencies, CFDs, Forex |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Since the company is not regulated either in the US or Russia, traders can simply forget about clean withdrawals. At first glance of an issue, reach our chargeback specialists for detailed advice. |
Legal info: Is Digital Trade Magnet Legit Or a Scam?
In the first place, offering trading services in the US requires strict regulatory oversight there, primarily by institutions like the CFTC or SEC. Thus, checking those registers didn’t bring any promising results.
In addition, the company appears to offer services in Russia as well, since the main website language is Russian. Yet, the Russian Central Bank never authorized them to do that. Instead, they have issued a warning against them.
But once you realize the company’s main offer, you won’t need to check the license. You will immediately realize why not to trust them.
Who are Digital Trade Magnet’s Victims?
Since 2023, when the company started, it has mainly operated in two countries. Sadly, there are no Digital Trade Magnet reviews available to tell us more about the experience. Anyway, the most targeted areas are:
Thus, without authorization for any of these, we strongly recommend all traders withdraw their funds immediately. In case of any trouble, our refund specialists are available to consult.
Leverage, Commissions, Spreads, Fees and Taxes
Another big problem with the Digital Trade Magnet platform is a lack of trading conditions transparency. Primarily with trading costs like spreads, commissions, and other fees. Practically, they can make up any costs they want and it would be up to traders to find out if that’s legit or not.
Moreover, the company is hiding the leverage it offers. However, keep in mind that all US-based companies can offer a maximum of 1:50 for retail customers. That will easily tell you if they are legit or not.
Bonuses
On the positive side, Digital Trade Magnet broker doesn’t offer any welcome bonuses. At least they don’t mention it transparently.
However, once you register with them, be prepared for anything. After all, they are not regulated; their only goal is getting money from you. Keep that in mind.
Digital Trade Magnet Trading Features
All the company’s features are designed around the company’s trading bots. Obviously, fake ones. Apparently, there are more than 9.000 available ones. Thus, without any reviews and credibility, it’s most likely all those are complete trash. Especially when you recognize what platform the company offers.
Trading Platforms Available
Scam brokers often advertise auto-trading systems. But in reality, what you get is a web-based platform, and manipulation from the backend makes it look automated. That’s exactly the case with this company.
All that is only possible due to regulatory oversight absence. That’s why we mainly recommend traders use Tier 1 licensed firms and trusted platforms. For example, cTrader or Meta Trader.
Available Trading Assets
Tradeable assets are generally traders’ last concern. The key is in security. Anyway, having a wide range of tradeable options can make a difference when you choose a broker. Anyway, with this broker, you have a lot, like:
- Forex – EUR/SEK, AUD/NZD
- Commodities – gold, silver
- Shares – Walt Disney, Boeing
- Cryptos – ETH, DOT
- Indices – NASDAQ, FTSE100
Account Types
The first thing you realize is that the company’s minimum deposit is quite high, at $500. For that, you practically don’t get anything advanced. Only after you deposit more than $5k can you expect slight improvements, such as risk-free trades, trading plans, higher leverage, and more trading bots.
Anyway, you’ll have the option to choose between:
- Bronze – $500
- Silver – $5.000
- Gold – $25.000
- Platinum – $100.000
- VIP – $1.000.000
Mobile Trading App
As can be seen, the company’s WebTrader is available across all platforms. But can we count that as a benefit? Absolutely not. Primarily because such platforms are rarely optimized for all mobile devices.
Secondly, because of the manipulation issue mentioned. To avoid such shady apps, check our MinosFutures review for more tips.
Demo Account
Usually, when brokerages offer some advanced technology, they should bring some proof to the table. Yet, that’s not the case with this firm. They do not offer any demo accounts or trial options for testing. That’s another sign to avoid the company, and you’ll find out more in our BBProfit review.
Education
Generally speaking, the company offers highly suspicious educational programs, such as training materials and personal trading plans. But if the bot is fully automated, why do you need it? Think about that more often, and you will quickly find out how scam brokers scam their victims.
Digital Trade Magnet Withdrawal
According to the company’s presentation, traders can use a wide range of deposit and withdrawal methods. However, without a transparent Digital Trader Manget withdrawal policy, all this is just empty talking.
Firstly, the processing time and fees are not disclosed. Secondly, because the company mainly promotes crypto transfers, we doubt there’s any payout. Once you complete the Digital Trade Magnet login procedure, make sure to read all the conditions first. Otherwise, you might get trapped.
Customer Support
As can be seen, Digital Trade Magnet trading company doesn’t have a support center. But on the positive side, they provide e-mail and a phone line as contact options.
If these will work when you are looking for a withdrawal, we highly doubt it. Especially since working hours are not disclosed. So, they can always make it up if they are not working.
Key Information To Consider About Digital Trade Magnet
After the warning from CBR against the Digital Trade Magnet scam broker, everything is collapsing slowly. You can also impact that by sharing your experience with us in the comments below. You can also reach out to your local regulators and tell them more about this firm.
In the end, most of our readers only look for one thing – a refund. If that’s your goal as well, book a free first consultation with our experts. Once you know what your options are and the steps required, everything becomes easier. And don’t worry if you were sending cryptos; the CipherTrace tool covered you there as well. Get in touch today to find out more.
FAQ Section
What is a Digital Trade Magnet?
Digital Trade Magnet is allegedly a US-based trading company that has been active since 2023, mainly in Finland and the United States.
Is Digital Trade Magnet Legit?
No. The company operates without authorization from the US authorities. On top of that, the Russian Central Bank issued a warning against them.
How to Recover Money From a Financial Fraud?
You’ll be lucky if the chargeback is available. But if not, there will be other refund methods. In all cases, you can talk to our experts for detailed guidance.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Fdigital-trade-magnet-review%2F
