FX MAGNUS foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.fxmagnus.com/real, about the company's legal and temporary regulatory information, the company's address Harju maakond, Tallinn, Mustamäe linnaosa, Mäealuse tn 3, 12618 , Estonia..
FX MAGNUS Forex Broker
Basic Information
Estonia
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
VIP
Black
FX Magnus Forex Broker - Comprehensive Information Guide
1. Overview of the Broker
FX Magnus, established in 2022, is a global brokerage firm based in Tallinn, Estonia. The company operates under the ownership of Cloudview OÜ, which is a private entity. FX Magnus primarily targets retail traders, offering access to various financial instruments, including forex, CFDs, and cryptocurrencies. The firm aims to cater to a diverse clientele, including novice and experienced traders, by providing a range of trading services.
The development of FX Magnus has been marked by its rapid establishment and the launch of its trading platform within a short timeframe. However, the company has faced scrutiny regarding its regulatory status and operational practices. Despite these challenges, FX Magnus positions itself as a provider of professional trading services, emphasizing user-friendly platforms and competitive trading conditions.
The business model of FX Magnus focuses on retail forex trading and CFDs, offering clients the opportunity to engage in speculative trading across multiple asset classes. This model allows traders to access a wide range of markets while leveraging their investments through the broker's services. Overall, FX Magnus aims to establish itself as a key player in the online trading sector.
2. Regulatory and Compliance Information
FX Magnus operates without regulation from any major financial authorities, which raises significant concerns for potential clients. The broker is not authorized by any recognized regulatory body, and there are no valid licenses associated with its operations. This lack of oversight means that FX Magnus does not provide the investor protections typically available through regulated brokers.
The absence of regulatory oversight is compounded by the fact that FX Magnus has been flagged by the UK Financial Conduct Authority (FCA), which issued warnings regarding the broker's unauthorized provision of financial services. The regulatory index for FX Magnus stands at 0.00, indicating a complete lack of oversight.
FX Magnus claims to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures; however, the effectiveness of these measures is questionable given the absence of regulatory scrutiny. The firm does not participate in any investor compensation schemes, leaving clients without recourse should the broker face insolvency.
Moreover, the company's client fund segregation policy is unclear, and there is no public information available regarding the security measures in place to protect client funds. This lack of transparency further amplifies the risks associated with trading with FX Magnus.
3. Trading Products and Services
FX Magnus offers a diverse range of trading products, catering to various trading preferences and styles. The broker provides access to numerous forex currency pairs, including major, minor, and exotic pairs. However, the exact number of available pairs is not specified in the available sources.
In addition to forex, FX Magnus offers Contract for Difference (CFD) trading on various asset classes, including:
- Indices: Traders can speculate on the performance of major stock indices.
- Commodities: The broker provides access to popular commodities like gold, silver, and crude oil.
- Cryptocurrencies: FX Magnus allows trading in major cryptocurrencies, including Bitcoin and Ethereum.
- Stocks: Clients can trade CFDs on shares of major companies.
The broker does not offer a demo account, which limits the ability for potential clients to test the trading platform before committing real funds. FX Magnus claims to update its product offerings regularly; however, specific details regarding the frequency of these updates are not disclosed.
FX Magnus primarily serves retail clients, but the firms offerings may appeal to institutional clients seeking access to a variety of financial instruments. The absence of white-label solutions or asset management services is noted, which may limit the broker's appeal to larger institutional players.
4. Trading Platforms and Technology
FX Magnus provides a proprietary web-based trading platform for its clients, which is accessible via desktop and mobile devices. However, the platform does not support the widely-used MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are favored by many traders for their advanced features.
The web trader is designed to be user-friendly but lacks some of the advanced capabilities and customization options found in more established platforms like MT4/MT5. While the platform allows for basic trading functionalities, it may not meet the expectations of traders seeking advanced analytical tools or automated trading capabilities.
FX Magnus does not currently offer a mobile application, which may limit trading flexibility for users who prefer to trade on the go. The execution model utilized by the broker is not explicitly mentioned; hence, it is unclear whether the broker operates on an ECN, STP, or Market Making model.
The broker's server locations and technological infrastructure details are also not available, which raises concerns regarding the reliability and speed of trade execution. Additionally, FX Magnus does not provide information on API access or support for automated trading strategies.
5. Account Types and Trading Conditions
FX Magnus offers several account types tailored to different trading needs. The account types include:
- Classic Account: Requires a minimum deposit of $250. This account provides access to basic trading features and services.
- Gold Account: Requires a minimum deposit of $25,000 and offers enhanced customer support and additional features.
- Platinum Account: Requires a minimum deposit of $100,000 and provides exclusive trading analysis and services.
- Black Account: Requires a minimum deposit of $250,000 and is designed for seasoned traders looking for advanced tools.
- VIP Account: Available for deposits over $500,000, offering top-tier benefits, including dedicated account management.
The leverage offered by FX Magnus varies by account type, with the Classic Account providing leverage up to 1:100, while the VIP Account can offer leverage as high as 1:1000. However, this high leverage comes with increased risk, and traders are encouraged to use it prudently.
The broker does not provide clear information regarding spreads, commissions, or overnight fees, which can significantly impact trading costs. Additionally, the absence of a demo account policy limits traders' ability to familiarize themselves with the trading conditions before committing funds.
6. Fund Management
FX Magnus supports various deposit methods, including credit cards, bank transfers, and electronic wallets. The minimum deposit requirement for different account types starts at $250. The processing time for deposits is generally prompt, but specific timelines for each method are not provided.
Withdrawal options are limited, with clients able to withdraw funds via bank transfers and credit cards. However, FX Magnus imposes a minimum trading volume requirement before withdrawals can be processed, which can be as high as $500,000 in trading volume for certain account types. This requirement may pose challenges for traders looking to access their funds quickly.
The withdrawal processing times vary depending on the chosen method, with cryptocurrency withdrawals typically taking 30-45 minutes, while bank transfers may take 3-5 business days. A withdrawal fee structure is also in place, with a 0.5% fee applied to all withdrawals, and a minimum fee of $30 for smaller amounts.
Despite the availability of multiple funding methods, the overall withdrawal process appears cumbersome and may lead to delays, particularly for clients who do not meet the trading volume requirements.
7. Customer Support and Educational Resources
FX Magnus offers multiple customer support channels, including:
- Phone: +44 7418352237
- Email: support@fxmagnus.com
- Contact Form: Available on the website
The support team reportedly operates during standard business hours, but specific details regarding service hours and time zone coverage are not provided. FX Magnus supports multiple languages, including English, Japanese, and Korean, catering to its diverse client base.
In terms of educational resources, FX Magnus provides limited offerings. While they may have some market analysis services, such as daily updates and reports, comprehensive educational materials like webinars, tutorials, or eBooks are not prominently featured. This lack of educational resources may hinder novice traders who require guidance to navigate the complexities of financial markets.
8. Geographic Coverage and Restrictions
FX Magnus primarily serves clients in Estonia and targets traders from regions such as South Korea, Japan, the United Kingdom, Turkey, and Cyprus. However, the broker does not accept clients from certain jurisdictions, particularly those with strict regulatory frameworks.
The absence of clear information regarding specific countries or regions that are restricted from opening accounts with FX Magnus is a notable gap. Additionally, the broker's operational practices may vary by region, and potential clients are advised to conduct due diligence to ensure compliance with local regulations.
In summary, while FX Magnus offers a range of trading products and services, the lack of regulation, transparency, and comprehensive customer support raises significant concerns for potential traders. As such, prospective clients should exercise caution and conduct thorough research before engaging with this broker.
RinoYoo
South Korea
I am reporting fxmagnus as a scam company. This company charged an excessive fee of 20% in the name of increasing profits and attempted money laundering by transferring the proceeds to bitbank. They also forced me to pay a fee for transferring money to Bitbank and threatened me that I would not be able to receive the proceeds if I did not pay the fee. I know this situation is unfair, but to receive my profits, I had to pay an excessive fee of 31% in total. They said they had remitted the proceeds, but my profits, which were supposed to be deposited the next day, have not been deposited even after 3 weeks. Due to this fact, I suffered from insomnia at night due to extreme stress. My hair was falling out, and I lost 10 kg in weight. Please severely punish this unfair and vicious company. I want my principal and profits back. I also want to receive compensation for the psychological damage I have suffered. My compensation for mental damage is $1,000,000. This amount is by no means excessive, and it covers the extreme stress, insomnia, hair loss, and weight loss caused by the mental damage I suffered. All of this is worsening my health. Please solve this problem and restore my health. I want to escape this extreme stress.
Exposure
2023-12-19