Note: FXMAGNA's official site - https://fxmagna.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is FXMAGNA？
FXMAGNA, also known as MAGNA EMPORIUM GROUP LTD, is a broker based in the United Kingdom. It currently holds no regulations. Its official website has already shut down.
Pros & Cons
Pros:
MT5 Supported: FXMAGNA supports the MetaTrader 5 (MT5) platform, a leading trading platform known for its advanced trading capabilities, technical analysis tools, and automated trading functions.
High Leverage: FXMAGNA offers leverage up to 1:1000, providing traders the opportunity to maximize their trading positions with a relatively small amount of capital.
Competitive Spreads: The broker provides competitive spreads, such as 0.0 pips to 0.1 pips for the EUR/USD currency pair.
Cons:
No Regulation: FXMAGNA is not a regulated broker, which significantly increases the risk for traders.
Dead Official Website: The official website of FXMAGNA is non-functional. This makes access to important trading information and news challenging for customers or potential investors.
High Minimum Deposit: FXMAGNA requires a relatively high minimum deposit to start trading, which could be a barrier for new or small-scale traders who prefer to start with lower capital investments.
High Commission: The broker charges high commissions on withdrawals, which can significantly cut into traders' profits. It can be 10% on the withdrawal amount if it hasn't reached 20 times of the initial deposit.
Is FXMAGNA Legit？
Regulatory Sight: FXMAGNA is currently without regulatory oversight and any licenses that would enable it to conduct its operational standards in the financial market. This lack of regulation poses numerous risks to investors, such as a lack of transparency, security concerns, and no guarantee of adherence to industry standards and practices.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Bonus
FXMAGNA offers two types of promotional bonuses to its clients, which include a 40% welcome bonus and a 25% bring-a-friend bonus.
The 40% bonus is available to new clients who open a basic account with a minimum deposit of $1,000. Clients receive a 40% bonus on their initial deposit. For a $1,000 deposit, the bonus would be $400, making the total trading capital $1,400. The 25% bonus is offered to existing clients who refer a new client to FXMAGNA. The referrer receives a bonus of 25% of the friend's initial deposit.
Leverage
FXMAGNA provides leverage between 1:100 - 1:1000, which is extremely high. It can be both profitable and risky. A leverage of 1:100 is suitable for traders who prefer more conservative risk management while still enjoying the benefits of increased market exposure. A leverage of 1:1000 provides significantly higher market exposure, allowing traders to control larger positions with a relatively small capital investment.
Spread
FXMAGNA provides a fixed spread of 0.2 pips for the majority of instruments. Fixed spreads remain constant regardless of market conditions, which are suitable for users looking for stability. It provides a variable spread, too, which is specifically for EUR/USD trading between 0.0 pips - 0.1 pips. The spreads provided by FXMAGNA are very competitive, since the average spread rates provided in the industry are at around1.5 pips. The tight spreads can save users a lot of money.
Fees
FXMAGNA charges an inactivity fee, which is 10% of the account balance. It will be charged per month when the user's account has been inactive for six months. While inactivity fees are common in the industry to encourage active trading, a 10% monthly fee is exceptionally high. This can quickly deplete an inactive account, making it a costly penalty for traders who are not able to trade regularly.
FXMAGNA charges fees for withdrawals as well. Clients must execute a trading turnover of at least 200 times their starting deposit to avoid this fee. If the turnover requirement is not met, a 10% fee is charged on the withdrawn amount. This fee structure can delay withdrawals, making it harder for clients to retrieve their funds promptly. Such a high trading turnover requirement can be very challenging for clients to meet, especially for those with smaller deposits or those who prefer less frequent trading. The 10% fee on withdrawals can be a significant financial burden, particularly if clients need to access their funds quickly.
Trading Platform
FXMAGNA provides the MetaTrader 5 (MT5) trading platform with the following features.
Advanced charting tools: Analyze price movements with a variety of technical indicators, chart types, and drawing tools.
Market analysis: Access real-time market news, economic calendars, and analysis tools to make informed trading decisions.
Order execution: Execute trades quickly and efficiently with one-click trading and multiple order types, including market orders, limit orders, and stop orders.
Algorithmic trading: Develop, test, and deploy automated trading strategies using the built-in Expert Advisors (EAs) and MQL5 scripting language.
Multi-asset trading: Trade a diverse range of financial instruments, including forex, stocks, commodities, and cryptocurrencies, all from a single platform.
Mobile trading: Stay connected to the markets and manage your trades on the go with the MT5 mobile app, available for both iOS and Android devices.
Deposits & Withdrawals
FXMAGNA supports several payment methods. These include:
Credit Card: Credit cards are a widely used and convenient method for online transactions. Most traders have access to a credit card, making this a universally accessible option.
Debit Card: Debit cards allow traders to use funds directly from their bank accounts. This method helps traders manage their spending, as they can only use available funds in their account.
Bank Wire Transfers: Bank wire transfers often have higher deposit and withdrawal limits compared to card transactions. This method is considered highly secure, as it involves direct bank-to-bank transactions. Wire transfers can be used for international transactions, making them suitable for traders from different countries.
Customer Support
FXMAGNA provides a certain range of customer support channels. These include:
Telephone Support: It provides support via phone line at +441632960903, so clients can contact FXMAGNA directly via phone for immediate assistance.
Email Support: Its email address is at info@fxmagna.comwhich allows clients to send detailed queries or documents. It is suitable for non-urgent issues or when a record of the communication is needed.
Company Address: Its physical office is located at 20-22, Wenlock Road, London, England. This address can be used for official correspondence or for in-person inquiries.
Conclusion
As a broker, FXMAGNA provides competitive spreads and high leverage. It also supports MT5. However, it is currently without regulation and an accessible official website. In this case, we do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Question: What is the maximum leverage provided by FXMAGNA？
Answer: 1:1000.
Question: Is FXMAGNA regulated？
Answer: No, FXMAGNA is not regulated.
Question: Does it support MT4/5？
Answer: Yes, it supports MT5.
Question: What is the lowest spread provided by FXMAGNA？
Answer: The lowest spread provided is 0.0 pips, which is for EUR/USD trading.
Question: Is there an inactivity fee charged？
Answer: Yes. If a user's account has been inactive for six months, then an inactivity fee will be charged, which is 10% of the user's account balance.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-03-03 18:25
