Thinking of getting into business with MAGmarkets? Here is what you must know about this broker. Carefully read this review to find out if magmarkets.com is the trading platform you will want to trade with.
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About MAGmarkets Broker
MAGmarkets is an offshore brokerage company with a lot of promises for traders. The broker is located in St Vincent and the Grenadines.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments MAGmarkets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning by Financial Service Authority. See below.
magmarkets.com: Reasons to Avoid This Broker
Firstly, magmarkets.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed magmarkets.com has no demo account for traders. Since traders can’t test the broker 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, MAGmarkets discusses 3 business days as the timeframe for withdrawal request to be processed. The broker mentions withdrawal fee on any withdrawal option.
Minimum Deposit
MAGmarkets minimum deposit is $100.
As for the payment methods, the broker accepts Credit/Debit, Crypto currency and more. In fact, you should not consider making any payment with this broker because it is a risk. So beware!
MAGmarkets Platform
MAGmarkets offers MT4 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it is pegged 1:400. 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.
MAGmarkets 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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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is magmarkets.com a Reliable Broker?
No, magmarkets.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.