Thinking of getting into business with FXMagna? Here is what you must know about this broker. Carefully read this review to find out if fxmagna.com is the trading platform you will want to trade with.
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About FXMagna Broker
FXMagna is an offshore brokerage company with a lot of promises for traders. The broker address shows London and an operation under MAGNA EMPORIUM GROUP LTD.
The broker claims regulation from Lebrn.com of which we know such regulation does not regulate brokers in the United Kingdom. It is the duty of the Financial Conduct Authority to give license to broker operating in the UK.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments FXMagna claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
fxmagna.com: Reasons to Avoid This Broker
Firstly, fxmagna.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize this broker among its licensed brokers.
Secondly, we noticed fxmagna.com has no demo account for traders. Since traders can’t test FXMagna on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, FXMagna withdrawal process takes 2 to 5 days and as for withdrawal fees, the broker does not specific its charges.
More so, an inactive account of 3 months is subject to 10% deduction on each month.
Minimum Deposit
FXMagna minimum deposit is pegged at $1000.
As for the payment methods, FXMagna accepts Debit/Credit, Bank Transfer and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
FXMagna Platform
FXMagna offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker mentions nothing on its leverage. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FXMagna Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is fxmagna.com a Reliable Broker?
No, fxmagna.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.