You can hardly expect anything legitimate when a company hides legal information, contacts, and addresses. On top of that, experienced traders know how to recognize suspicious trading firms based on the trading conditions offered.
That’s why we have every possible aspect covered in this MagmaCore review so you, fellow traders, don’t have to worry. Make sure to read it carefully because it can help you avoid getting trapped in the future as well.
| Regulated By: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings From: | FMA Austria, IOSCO |
| Registered In: | N/A |
| Operating Since: | 2023 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:200 |
| Minimum Deposit: | $2.500 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptos, forex, indices, shares, commodities |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Working with such an anonymous broker like MagmaCore can hardly result in anything positive. Especially not in a clean withdrawal. Since all kinds of withdrawal issues are expected, reach out to our refund experts to get prepared for the refund process. |
Legal Info: Is MagmaCore Legit Or A Scam?
As mentioned, legal transparency plays a big role with brokers. However, there’s one thing that could overcome such a problem. Its top-tier regulations from authorities such as FCA, BaFin, ASIC, CFTC, and others. But to be fair, one step leads to another. In any case, we checked a few top-tier databases for you, and none of them hold any records of this brokerage being licensed.
Instead, you could find the company on a warning list of the Austrian FMA. This warning was later published by IOSCO as well. With this in mind, you can only expect manipulation from the company. Whether with trading conditions, platform, or withdrawal conditions. But don’t be surprised if you face all these issues in the same cycle.
Who Are MagmaCore’s Victims?
Since the company has only been around since 2023, there are not many samples on which to draw a conclusion. With very few MagmaCore reviews available, relying on them wouldn’t be realistic.
Instead, we have looked at the website traffic and found that the company mainly targets:
- United States
- Brazil
- United Kingdom
- Canada
Luckily or not, these countries have mostly top-tier regulations, which means this broker operates without them. Therefore, they are scamming those citizens. If you are one of those as well, don’t hesitate to contact us for refund assistance. Also, don’t miss some useful tips in our JM Trade review.
Traders Reviews
In general, there are not many reviews about this brokerage. In fact, only two on the Sitejabber platform can be found, and both are positive. However, with targeted countries like the US and the UK, we highly doubt those are legitimate comments.
If you are patient enough, you might see negative comments piling up in the future. After all, with warnings published by trusted regulators, that’s the only thing you can be sure about. We invite you to start here and share your experience in our comments section. If any issue occurs with the MagmaCore platform, contact us for advice on chargeback.
Leverage, Commissions, Spreads, Fees and Taxes
Another sign of not trusting the platform is suspicious trading conditions. The platform offers leverage of up to 1:200, while top-tier regulated firms can offer a maximum of up to 1:30 or 1:50. The company doesn’t reveal any fees, commissions, or spreads.
Bonuses
One thing that can surely affect your MagmaCore withdrawal potential is a welcome bonus. However, with non-transparent T&Cs, we can’t get any details about whether such an offer is on the table. But if you get any, make sure to check all the conditions first. Otherwise, your funds might get stuck forever.
MagmaCore Trading Features
If you check the company’s offer, you will quickly find that no advanced features are presented. Instead, you can only expect basic trading functionalities, limited support, and, worst of all, no education at all.
But if you check our ETF Corp review, you’ll find out why such options are crucial in trading.
Trading Platforms Available
A huge disadvantage of this brokerage is its web-based platform. If you were expecting top-tier apps like MetaTrader or cTrader, start looking elsewhere. With MagmaCore, you can only get a few basic functionalities and zero security features. Not to mention, this platform can be easily manipulated.
Available Trading Assets
Even though registering a MagmaCore account gives you access to a wide range of assets, that doesn’t make any difference. After all, if you can’t withdraw your money, their whole offer is useless. In any case, it consists of:
- Forex – GBP/SGD, EUR/JPY
- Indices – DAX30, FTSE100
- Commodities – gold, natural gas
- Shares – IBM, AMD
- Cryptos – LTC, DOT
Account Types
Pretty much all account types with this firm offer the same features except for the leverage and number of instruments. Sadly, you won’t know what conditions to expect before you register and complete the MagmaCore login process. But be sure they will ask you quickly to upgrade your account to one of the following:
- Basic – $2.500
- Bronze – $10.000
- Silver – $50.000
- Gold – $250.000
- Platinum – $1.000.000
Mobile Trading App
If you prefer trading on the go, we would recommend you pick another broker on time. With this brokerage, you can only use web-based and possibly unoptimized platform. Surely not something you want to experience.
Demo Account
Testing all the company’s features is impossible unless you are a registered user. Sadly, there are no demo or micro accounts for those who want to explore all the options.
Education
Another huge problem is a lack of proper education for traders. This tells you enough of how much they want you to succeed. But on the positive side, it’s a sign to stay away from them.
MagmaCore Withdrawal
Besides problems with the MagmaCore app, traders can also expect problems with withdrawals. Primarily because the company doesn’t share any details about it. Starting with procedure, processing time, and, worst of all, fees.
But even if they did, without a license, all that would be meaningless. So, watch out for possible tricks.
Customer Support
When it comes to support options, this broker offers a phone number with a UK extension and e-mail. Yet, they don’t reveal working hours or addresses to be contacted directly. Consequently, you shouldn’t rely much on their support.
Key Information To Consider About MagmaCore?
First, you must remember that the MagmaCore scam broker has been found on a warning list. Even without it, you could see too many scam signs, such as missing regulations, suspicious platforms, zero transparency, and hidden trading conditions. Therefore, it’s time to take everything in your hands.
Get in touch with our refund experts and learn about your refund options. Most importantly, our first consultation is completely free, and the purpose is to find possible solutions. Book your meeting today.
FAQ Section
What is MagmaCore?
MagmaCore is an anonymous FX and CFD trading firm that most likely presents itself as a UK-based investment firm.
Is MagmaCore Legit?
Not at all. MagmaCore broker is an absolute scam. Firstly, they are not transparent as many other brokers and secondly, they are not regulated anywhere.
How to Request a Withdrawal From MagmaCore Broker?
You can request a withdrawal through the client area or customer support. But if any delay or problem occurs, contact our refund team immediately for advice.
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