Magna FX, or whatever their legal name is, is a company allegedly registered in the United Kingdom. Generally, this makes anyone’s research way easier. The best way is to look at the FCA database and find out if you can trust them or not.
Still, many brokers claim to be regulated and offer ingenuine services. We suggest you read this Magna FX review thoroughly to find out how to diversify those.
| Regulated By: | No Regulations |
| Is This Company Safe? | No |
| Known Websites: | magna-fx.com |
| Have Warnings From: | N/A |
| Registered In: | UK (allegedly) |
| Operating Since: | 2023 |
| Trading Platforms: | Web trader |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptos, Forex, CFDs |
| Free Demo Account: | Not Available |
| How To Withdraw From This Company? | Considering fresh registration in the UK without regulatory oversight, withdrawals are less likely possible. In case you experience any trouble with it, contact our refund experts for consultation. |
Legal Info: Is Magna FX Legit Or A Scam?
As mentioned, we were checking the FCA register first. Yet, results were not found about this investment firm. We could not find the license in other registers like ASIC, CFTC, IIROC, or BaFin.
Another problem is that this firm’s domain was registered in October 2023. Therefore, it’s not surprising there are no Magna FX reviews available. Yet, they claim to help thousands of traders enter the trading world.
Who Are Magna FX’s Victims?
Analytical tools are absolutely the most reliable feature nowadays. These can’t lie. With these, you can easily discover where the Magna FX broker mostly places its advertisements. In their case, those countries are:
- Canada
- Spain
- United Kingdom
- United States
- Greece
Surprisingly, all the countries have quite strict regulations. So, if you stay patient, you will get rewarded with insight into the company’s warnings from trusted institutions. Just wait and see.
Yet, if you have already been scammed, contact us for refund assistance. But also, to see how to protect your funds from swindlers, you can take some advice from our XTB Empire review.
Leverage, Commissions, Spreads, Fees and Taxes
Even though the company offers reasonable leverage of up to 1:100 for forex trading, it’s still questionable. Any time, they can change their offer and leverage, and traders won’t even realize it.
On top of that, the company is charging insanely high spreads and commissions. Spreads are starting at 2.4 pips while the industry average is 1.5 pips. Moreover, the mentioned commissions for basic accounts are 5%. Thus, with some licensed firms, these are way lower than that.
Bonuses
On the positive side, Magna FX trading company offers no welcome bonus. At least they don’t mention it in the website presentation.
Yet, bonus offers can be quite tricky with unregulated companies. But to find out how to avoid those traps, read our NovaTechFx review.
Magna FX Trading Features
With quite a mysterious offer, it’s hard to determine what the company’s advantages are. Apparently, there are advanced charting options, market research options, and technical analysis features. Yet, these are basic features offered with any top-tier trading software. For example, Meta Trader or cTrader.
Trading Platforms Available
The company only offers a basic web trader instead of the aforementioned software solutions. For any experienced trader, this is a clear sign that Magna FX Forex broker is manipulating traders. Such platforms without regulations are the minefield. Any move can cost you heavily. Therefore, you better avoid it.
Available Trading Assets
Generally speaking, the company’s asset pool is not quite transparent. But if we trust them on their word, we can trade:
- Forex – GBP/EUR, EUR/CHF
- Commodities – natural gas, crude oil
- Shares – Walt Disney, General Motors Company
- Indices – Dow Jones, FTSE 100
- Cryptos – ETH, BNB
Account Types
The Magna FX account types offer customers fairly better commissions and spreads. But only if they deposit more money. Thus, that brings another risk.
A higher deposit brings you a senior account manager. Most likely, it is an unlicensed one whose goal is to dig up information about your savings and get everything out of you. In any case, the options available are:
- Basic – $250
- Silver – $2.500
- Gold – $10.000
- Platinum – $75.000
- VIP – $150.000
Mobile Trading App
Mobile trading apps can easily define a broker as legitimate or a scam. Primarily, we can trust the ones offering software solutions available for iOS and Android devices. Yet, with Magna FX scam broker, such options are not available.
Demo Account
To make sure this broker is not scamming you, it would be suitable if they offered a demo account. But that’s exactly the point. They don’t. Therefore, if you want to test them out you have to either deposit money or back away from the offer. Hopefully, you will choose the second option.
Education
Important to realize is that this scam investment firm doesn’t offer any educational programs. Even though their account types reveal technical analysis, market analysis, and analysis insight features. After all, these are presented by fake market specialists whose goal is to extort your money. Be aware of that.
Magna FX Withdrawal
Without a transparent withdrawal policy and fees, nobody can believe that will get the funds out regularly. In the end, the whole company is designed to rob traders. If they wanted to do it legitimately, they would be licensed.
Anyway, some general tips may save you from throwing more money away. Firstly, don’t bite the bait with non-existent fees or taxes. All fees could be deducted from the amount you want to be withdrawn. Secondly, taxes are paid to the government and not the company. Whatever they say, just don’t.
Customer Support
In addition to all the speculative features, we have the company’s customer service. Without transparent working hours, it’s hard to predict when the company will respond to your requests. If they will do that at all. On top of that, they provide a US phone line. Most likely a fake one operated by VOIP servers. Thus, you shouldn’t forget they present themselves as a UK-based firm.
Key Information To Consider About Magna FX
The first thing you should consider about this firm is to avoid it, primarily due to a lack of regulations and transparency. Secondly, they are using mysterious trading platforms and offer very expensive trading conditions. Not to mention non-transparent withdrawal policy and fees.
All in all, there are zero reasons to trust this firm. But if you did for some reason, don’t bother. Our refund experts are there to advise you about the refund steps accordingly. Most importantly, the first meeting with our team doesn’t cost anything. Therefore, book yours today!
FAQ Section
What is Magna FX?
Magna FX is an FX and CFD brokerage presenting itself as a UK-based firm that was registered in October 2023.
Is Magna FX Regulated?
No. The company is primarily missing a “domestic” FCA license. But also other ones like ASIC, BaFin, CFTC, and IIROC.
What is a Chargeback?
A chargeback is a process in which a customer disputes a credit or debit card transaction. To get started with yours, contact our refund experts.
