Some brokers out there are nothing more than scams. FX Magnus is a broker that claims to offer professional, simple, and secure trading. However, after conducting our research and analyzing multiple reviews, we are not entirely convinced. We will reveal what we have found.
- FX Magnus General Information
- Registration and Client Portal Review
- FX Magnus Trading Conditions
- Account Types
- Trading Platform
- FX Magnus — Deposit and Withdrawal of Funds
- Additional Options
- Is FX Magnus a Scam?
- Legal Information and License
- Fxmagnus.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
FX Magnus General Information
|Address||Harju maakond, Tallinn, Mustamäe linnaosa, Mäealuse tn 3, 12618, Estonia.|
|Leverage||Up to 1:1000|
Registration and Client Portal Review
The official website of FX Magnus greets clients with an animated intro. On the video, you can observe the work of the support team, charts, and endless graphs. However, there’s nothing particularly interesting on this platform. It has a standard description of accounts, listing the broker’s advantages, a live chat, and other basic features. In addition, the legal information is indicated in the footer. Interestingly, the broker seems to be Estonian, but only English, Japanese, and Korean languages are presented on the platform.
Creating an account with FX Magnus is quite simple. You will need to fill out a form with your personal information and create a password. Interestingly, FX Magnus does not verify your contacts. You can enter anything you like, and the broker will not verify it. This is problematic because it can allow fraudulent activities to take place.
The Client Portal looks minimalist. All the main features are collected in a small menu on the left. Here you can top up your account, withdraw funds, access the web terminal, or download the desktop version. In addition, in the client portal, you can contact support, upload documents, or view trading history.
FX Magnus Trading Conditions
FX Magnus is a classic CFD broker. It is unlikely to find any exceptional trading conditions here.
FX Magnus adheres to a classic division into several accounts. The Classic starter account only needs to be deposited with $250. At the same time, you will immediately receive the services of a personal manager and even leverage up to 1:100. In addition to this, you will have access to other additional conditions, such as daily recommendations. The next account is called Golden. The minimum deposit for it is already $25,000. Here, there is an increased leverage of up to 1:200, a personal trainer, and VIP support.
Other accounts differ only in leverage and the presence of personal assistants, managers, and other features. However, FX Magnus does not indicate other important things, such as the size of spreads, swaps, or other fees. We should also note that there is no demo account here, only a real trading account.
The FX Magnus trading platform is quite mediocre. It offers both a web trader and a desktop version, but neither of them stand out in any particular way. The web trader is functional but lacks advanced features and customization options. As for the desktop version, it is clunky and outdated. In addition, it’s worth mentioning that this particular trading platform is often used by scammers to lure traders into fraudulent schemes.
FX Magnus — Deposit and Withdrawal of Funds
FX Magnus offers several methods to deposit funds, including credit cards, bank transfers, and electronic payment systems. However, specific payment systems are not mentioned. Withdrawal options are limited to cards and bank transfers.
FX Magnus requires all traders to go through a verification process. The verification process involves providing the broker with personal identification documents, such as a passport or ID card, as well as proof of address, such as a utility bill or bank statement. Once the documents are submitted, the verification process typically takes a few business days. Upon successful completion of the verification process, clients can start trading on the platform. It is important to note that failure to complete the verification process may result in restrictions on trading activities or account closure.
Among the additional services provided by FX Magnus are market analysis, personal support from managers, and training. Unfortunately, the entire broker team remains anonymous, so we cannot judge the quality of the analysis and education they provide.
Is FX Magnus a Scam?
FX Magnus has not yet impressed us as being straightforward and safe. Some of its problems are visible to the bare eye.
Legal Information and License
Judging by the languages FX Magnus has added to its website, it appears to be targeting traders from Korea and Japan. However, it is surprising that the company is registered in Estonia. In the Estonian register, there is CLOUDVIEW OÜ, which was incorporated four years ago. However, this company has a specific type of activity, which is not brokerage services but “Other business support service activities.” Additionally, this company has no license for brokerage activities and has a capital of only 2,500 euros, one hired employee, and zero income for the past three years.
We are leading to the conclusion that CLOUDVIEW OÜ is not a broker at all. FX Magnus is simply using another company’s data. Furthermore, licenses from local regulators are also required to operate in Korea and Japan. Therefore, this broker is providing services illegally.
Fxmagnus.com Domain Info
The company that FX Magnus calls its manager was registered four years ago. However, this broker operates much less. You will not find dozens of articles about it on the internet or hundreds of reviews. A domain check revealed that it was registered on October 20, 2022.
FX Magnus provides a phone number and email address for contact, as well as an office address. However, the office address does not match the company’s legal address, which further confirms our suspicion that the broker is impersonating another legal entity.
Pros and Cons
- Low minimum deposit.
- Fake legal data
- No license
- High leverage
- Short operation period
- Dubious additional services.
Frequently Asked Questions (FAQ)
FX Magnus offers CFD trading on different types of assets.
According to the Terms and Conditions, you should deposit at least $250.
No, it is not. FX Magnus is another pseudo-broker who didn’t bother to get a license for its work. Instead, it uses the legal details of another company in an attempt to deceive traders.