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Magic Option-Overview of Minimum Deposit, Spreads & Leverage

WikiFX | 2021-11-22 18:25

Abstract：Magic Option is an online broker registered in Vietnam, with its founding time, real address, and the company behind it unknown to all. Magic Option is not subject to any regulation at this stage, so it is unsafe to trade with this broker.

General Information & Regulation

Magic Option is an online broker registered in Vietnam, with its founding time, real address, and the company behind it unknown to all. Magic Option is not subject to any regulation at this stage, so it is unsafe to trade with this broker.

Markets Instruments

Tradable financial instrument available with Magic Option include forex currency pairs, commodities, and metals. Overall, trading assets offered by this broker are not that rich. Some popular instruments like stocks, indices, crypto currency are not available.

Minimum Deposit

When it comes to minimum initial deposit, Magic Option does not make this part clear. Since Magic Option is an unregulated broker, it is unsafe for traders to open an account no matter its initial deposit is high or low.

Leverage

In terms of trading leverage, the maximum trading leverage offered by this broker is super high, reaching up to 1:1000, which sounds like gambling. Margin trading is full of risks, so high leverage level is not necessarily a good thing.

Spreads & Commissions

As most unregulated brokers do, Magic Option does not announce its spreads on particular instruments, trying to scam traders.

Trading Platform Available

Trading platform supported by Magic Options is not widely used MetaTrader platform, maybe some web-based platform. There is no such information displayed on Magic Optionswebsite.

Deposit& Withdrawal

Magic Option does not tell us what payment methods it support for traders to fund their trading accounts. Most brokers would support some popular funding options such as wire transfer, Visa, MasterCard, Skrill and Neteller.

Leverage Commission Currency Pair Dealer Future

Related broker

No Regulation

magic option

Company name：Magic option

Score

1.55

Website：https://magicoption.info

5-10 years | Suspicious Regulatory License | Suspicious biz area | High potential risk

Score

1.55

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