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No Regulation
Score
1.23 /10
Danger
MagnumTrade
1-2 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
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Comparison
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Exposure
Open Account
Website
Score
Regulatory Index0.00
Business Index4.85
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
No valid regulatory information, please be aware of the risk
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
Previous Detection :
2025-01-11
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
| MagnumTrade Review Summary | |
| Founded | 2023 |
| Registered Country/Region | Luxembourg |
| Regulation | No regulation |
| Market Instruments | Forex, CFDs on stock indices, commodities, stocks, metals and energies |
| Demo Account | ❌ |
| Leverage | Up to 1:200 |
| Spread | Fixed |
| Trading Platform | Web |
| Min Deposit | $250 |
| Customer Support | 24/5 support |
| Contact form | |
| Email: support@magnumtrade.io | |
| Address: 32-36 Bd d'Avranches, 1160 Luxembourg | |
MagnumTrade Information
MagnumTrade is an unregulated broker, offering trading on Forex and CFDs on stock indices, commodities, stocks, metals and energies with leverage up to 1:200 and fixed spreads via a web-based trading platform. Demo accounts are not available and the minimum deposit requirement to open a live account is as high as $250.
Pros and Cons
| Pros | Cons |
| Various trading products | No regulation |
| Multiple account types | No demo accounts |
| Flexible leverage ratios | No MT4/MT5 platform |
| No commissions | High minimum deposit requirement |
| No deposit fee | Unknown payment options |
| Withdrawal fee charged | |
| No direct contact channels |
Is MagnumTrade Legit?
No. MagnumTrade currently has no valid regulations. Please be aware of the risk!
What Can I Trade on MagnumTrade?
| Tradable Instruments | Supported |
| Forex | ✔ |
| CFDs | ✔ |
| Stock indices | ✔ |
| Commodities | ✔ |
| Stocks | ✔ |
| Metals | ✔ |
| Energies | ✔ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Here are six account types MagnumTrade offers:
| Account Type | Min Deposit |
| Trial | $250 |
| Classic | $3,000 |
| Gold | $25,000 |
| Platinum | $100,000 |
| VIP | $500,000 |
| Prestige | $1,000,000 |
Leverage
| Account Type | Max Leverage |
| Trial | 1:3 |
| Classic | 1:10 |
| Gold | 1:25 |
| Platinum | 1:50 |
| VIP | 1:100 |
| Prestige | 1:200 |
Since leverage, can amplify both profits as well as losses, choosing the right amount is a key risk determination for traders.
MagnumTrade Fees
Trading Fees
| Account Type | Spread | Commission |
| Trial | Fixed | ❌ |
| Classic | ||
| Gold | ||
| Platinum | -25% | |
| VIP | -50% | |
| Prestige | -75% |
Non-Trading Fees
| Account Type | Withdrawal Fees |
| Trial | 10% |
| Classic | 5% |
| Gold | 3% |
| Platinum | 0.5% |
| VIP | 0.3% |
| Prestige | ❌ |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| Web platform | ✔ | Web | / |
| MT4 | ❌ | Beginners | |
| MT5 | ❌ | Experienced traders |
Deposit and Withdrawal
| Account Type | Exchange Fees | Deposit Fee | Withdrawal Fee | Withdrawal Limit | Withdrawal Execution Time |
| Trial | Fixed | ❌ | 10% | Unlimitted | Up to 48 hours |
| Classic | 5% | ||||
| Gold | 3% | 5,000 EUR/24 hours | Up to 24 hours | ||
| Platinum | 0.5% | 0.5% | 20,000 EUR/24 hours | Up to 3 hours | |
| VIP | 0.3% | 0.3% | 100,000 EUR/24 hours | Instant | |
| Prestige | ❌ | ❌ | 200,000 EUR/24 hours |
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