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MAGNAFG -

Score

1.19 /10
Danger

MAGNAFG

United Kingdom

1-2 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

https://magnafg.com

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Regulatory Index0.00

Business Index4.54

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Software Index4.00

License Index0.00

Time Machine
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

open now

Regulatory disclosure

Danger

UK FCA
2024-04-15
MagnaFG
MAGNAFG

Danger

UK FCA
2024-04-15
MagnaFG
MAGNAFG

Broker Information

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Company Name

Magna Financial Group LTD

Company Abbreviation

MAGNAFG

Platform registered country and region

United Kingdom

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-09-21
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

MAGNAFG · Company summary

Note:MAGNAFG's official website:https://magnafg.com is currently inaccessible normally.

AspectInformation
Company NameMAGNAFG
Registered Country/AreaUnited Kingdom
Founded Year2023
RegulationUnregulated
Minimum Deposit$100,000 - $499,999
Customer SupportPhone:+44 7893915366Address:5, 8050 Zürich, Switzerland UK Address: 52 Lime St, London EC3M 7AF

MAGNAFG Information

Operating from the UK, Magnaforge is an unregulated platform with minimum deposits ranging from $100,000 to $499, 999. For customer service, users may phone +44 7893915. The firm has offices in London, UK and Zurich, Switzerland.

MAGNAFG Information

Is MAGNAFG Legit or a Scam？

Magnafg runs free from any kind of control, hence clients should be aware of the hazards. We think it would be wiser to select a transparent, well regulated broker.

MAGNAFG Information

Downsides of MAGNAFG

  1. Unregulated:MAGNAFG is unregulated, hence it puts clients' funds under danger.
  2. High deposit: Many possible clients cannot afford a high minimum deposit.(Minimal is $100,000)
  3. Lack of openness: The company is not well-known in particular.It could have unfair agreement and hidden costs.

Conclusion

Trading MAGNAGs entails a lot of risk. The large minimum deposit of the company tests many traders' capacity.

Searching for another broker can enable you to have greater dependability and safety in trading.

User Reviews

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User comment

3

Comments

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Kurt4741
3-6months
Trading from January last year with satisfactory results. I have been trading with the Magnafg.com broker from Januar 2023. Before coming to this broker it was bit scary start since the verification process took a week after submitting my required documents. However, the customer support guided me about the processes and once my account approved. First month was below expectation since i was learning from other friends. I reached my breakeven in February 2023 since then my account is growing although small but i am happy with the services.
Trading from January last year with satisfactory results. I have been trading with the Magnafg.com broker from Januar 2023. Before coming to this broker it was bit scary start since the verification process took a week after submitting my required documents. However, the customer support guided me about the processes and once my account approved. First month was below expectation since i was learning from other friends. I reached my breakeven in February 2023 since then my account is growing although small but i am happy with the services.
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2024-04-15 17:12
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Omaru
3-6months
I moved all of our family's investment accounts to Magnafg in 2023 for one simple reason - It's the only brokerage that offers every single account type we have, allowing me to house all our investments under same roof. And when I need customer support MagnaFGs advisors are available at any time, even on weekends or during Holidays. Omari Girona #157942511
I moved all of our family's investment accounts to Magnafg in 2023 for one simple reason - It's the only brokerage that offers every single account type we have, allowing me to house all our investments under same roof. And when I need customer support MagnaFGs advisors are available at any time, even on weekends or during Holidays. Omari Girona #157942511
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2024-04-09 14:39
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