Rating Index
Pros
Access to popular trading platforms like MetaTrader 5, which offers a wide range of features.
Competitive spreads advertised at 0.2 pips, which may attract some traders.
The broker supports multiple deposit and withdrawal methods, including credit/debit cards and bank transfers.
Cons
Unregulated status raises significant concerns about the safety of funds and the legitimacy of the broker.
High minimum deposit requirement of $1,000, which is considerably more than many legitimate brokers.
Numerous reports of withdrawal issues and poor customer service, indicating potential fraudulent practices.
Magna FX broker Accounts
Magna FX Account Type
Magna FX offers five different account types to cater to traders with varying levels of experience and investment capacities. The account types are as follows:
- Basic Account
- Deposit Range: Up to $2,499
- Commissions: 5%
- Swap (24hrs): 1.5%
- Leverage (Crypto): 1:1 - 1:2
- Minimum Spread: 2.4 pips
- Leverage (Forex): 1:20
- Features: MQL access, economic calendar, technical analysis, market analysis, platform manager.
- Silver Account
- Deposit Range: $2,500 to $9,999
- Commissions: 4%
- Swap (24hrs): 1%
- Leverage (Crypto): 1:3 - 1:5
- Minimum Spread: 2.1 pips
- Leverage (Forex): 1:30
- Features: MQL access, economic calendar, technical analysis, market analysis, analysis insights, 1-on-1 support, platform manager.
- Gold Account
- Deposit Range: $10,000 to $74,999
- Commissions: 3%
- Swap (24hrs): 1%
- Leverage (Crypto): 1:5 - 1:10
- Minimum Spread: 1.8 pips
- Leverage (Forex): 1:50
- Features: MQL access, economic calendar, technical analysis, market analysis, analysis insights, 1-on-1 support, dealing room, senior platform manager.
- Platinum Account
- Deposit Range: $75,000 to $149,999
- Commissions: 2.5%
- Swap (24hrs): 0.85%
- Leverage (Crypto): 1:10 - 1:20
- Minimum Spread: 0.6 pips
- Leverage (Forex): 1:50
- Features: MQL access, robots, economic calendar, technical analysis, market analysis, analysis insights, 1-on-1 support, dealing room, senior platform manager.
- VIP Account
- Deposit Range: $150,000 and above
- Commissions: 1.5%
- Swap (24hrs): 0.65%
- Leverage (Crypto): 1:10 - 1:20
- Minimum Spread: 0.4 pips
- Leverage (Forex): 1:100
- Features: MQL access, robots, economic calendar, technical analysis, market analysis, analysis insights, 1-on-1 support, dealing room, senior platform manager.
- Enter Your Details and Create an Account:
- Visit the Magna FX website and fill in the required information, including your name, email address, and phone number.
- Complete the Account Verification Procedure:
- After creating your account, you will need to complete the verification process, which typically involves providing identification documents such as a passport or driver's license.
- Create a Deposit Using Your Preferred Currency Type:
- Once your account has been verified, you can fund it by depositing money using your preferred currency type. Magna FX offers various deposit methods, including bank transfer, credit/debit card, and electronic wallets.
- Start Trading Easily and Efficiently:
- With your account funded, you can begin trading on the Magna FX platform, utilizing the various trading tools and resources available to make informed trading decisions.
Magna FX Broker Account Opening Process
To open an account with Magna FX, follow these four simple steps:
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Magna FX accounts can be viewed for products that can be traded accounts with a minimum deposit of by (2+) .