MagnumTrade

WikiFX | 2025-01-03 16:11

Abstract：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.

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%	Unlimitted	Up to 48 hours
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	Instant