Aspect Information Registered Country/Area Indonesia Founded Year 1-2 years ago Company Name MagnetFX Regulation Licensed and regulated by Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan and the Indonesia Commodity and Derivatives Exchange Minimum Deposit Not specified Maximum Leverage 1:400 Spreads Floating spreads with minimum spreads for currency pairs: EURUSD from 0.5 pips, GBPUSD from 0.5 pips, USDJPY from 0.5 pips, AUDUSD from 0.5 pips, USDCAD from 0.5 pips Trading Platforms Metatrader 5 Tradable Assets Forex, gold, silver, crude oil, US Index Account Types Demo account, live account Demo Account Available Islamic Account Not specified Customer Support Phone: (021) 250 6336, Email: info@magnetfx.co.id Payment Methods Deposits, top-ups, and withdrawals through all local banks in Indonesia Educational Tools Magnet Learning Corner (blog) Overview of MagnetFX MagnetFX is a regulated retail forex trading institution based in Indonesia. It operates under the supervision of two regulatory agencies, ensuring compliance with legal requirements. The company offers global market access to various trading instruments, including forex, gold, silver, and crude oil. Traders can take advantage of specifications and easy withdrawals. The platform provides the popular Metatrader 5 trading platform, known for its capability and ease of use. It supports multiple devices and offers comprehensive analysis features, empowering traders with a range of trading indicators and chart analysis tools. Traders can implement different trading strategies and execute orders according to their preferences. MagnetFX also provides an educational resource called the Magnet Learning Corner, offering informative content on trading topics. The blog covers a range of trading strategies, fundamental and technical analysis, robot trading, and more. It aims to assist traders in building their trading skills and making better trading decisions. However, it's important to note that there are some limitations. The range of topics covered in the educational resource is limited, and the explanations may lack depth. The update schedule for the blog can be irregular, and there are no interactive or multimedia elements to enhance the learning experience. In summary, MagnetFX is a regulated forex trading institution in Indonesia, offering global market access and specifications. It provides the Metatrader 5 platform and an educational resource to assist traders in improving their skills and knowledge. However, there are limitations in terms of topic coverage and the interactive elements of the educational resource. Pros and Cons MagnetFX, a regulated forex trading institution in Indonesia, offers global market access to various trading instruments and easy withdrawals. The platform supports various trading techniques and provides informative content to enhance traders' knowledge and skills. However, there are limitations in the range of topics covered, depth of explanations, and irregular update schedule. The platform lacks interactive or multimedia elements and has potential restrictions on customer support options and certain forex pairs. Here is a table summarizing the pros and cons of MagnetFX: Pros Cons Global market access to various trading instruments Limited information on trading platforms Easy withdrawals Lack of specific details on regulatory compliance Without additional fees Potential limitations on trading techniques/strategies Support for various trading techniques Limited customer support options Hassle-free deposits and withdrawals through local banks Possible restrictions on certain forex pairs Assistance and information for investors Limited educational resources for traders Accessible trading with affordable capital requirements Potential language barriers for non-Indonesian speakers Is MagnetFX Legit？ MagnetFX is a regulated retail forex trading institution in Indonesia. It is licensed and regulated by two regulatory agencies: the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan and the Indonesia Commodity and Derivatives Exchange. The company holds the necessary licenses and operates within the legal framework. Market Instruments MagnetFX offers global market access to various trading instruments, including forex, gold, silver, crude oil, and the US Index. These instruments have specifications equivalent to those offered by foreign brokers. Gold Trading (XAUUSD): MagnetFX provides the opportunity to trade gold (XAUUSD) with easy withdrawals. Trading gold becomes more accessible, with transactions starting from 0.1 lot and a minimum capital requirement of $200. Forex Trading: MagnetFX offers forex trading through local regulated brokers. Traders can take advantage of the forex market with the freedom to use various trading techniques. Deposits and withdrawals are hassle-free through local banks. The forex trading platform provides specifications without additional fees. Trading Silver: Traders can also engage in silver trading with MagnetFX, benefiting from easy withdrawals. The platform allows for transactions starting from 0.1 lot, making silver trading more accessible with a minimum capital requirement of $200. Trading Crude Oil: MagnetFX offers the opportunity to trade crude oil with guaranteed easy withdrawals. With a minimum capital requirement of $200 and transactions starting at 0.1 lot, trading crude oil becomes more affordable. Pros Cons Global market access to various trading instruments Limited information on trading platforms Easy withdrawals Lack of specific details on regulatory compliance Without additional fees Potential limitations on trading techniques or strategies Support for various trading techniques Limited customer support options Hassle-free deposits and withdrawals through local banks Possible restrictions on certain forex pairs Assistance and information for investors Limited educational resources for traders Accessible trading with affordable capital requirements Potential language barriers for non-Indonesian speakers Account Types MagnetFX offers two types of accounts: demo accounts and live accounts. Demo accounts allow users to practice trading without using real money, while live accounts provide access to real markets for actual trading with real funds. Demo accounts are for practice and education, while live accounts enable traders to engage in real-time trading activities. How to Open an Account To open an account with MagnetFX, follow these steps: Visit the MagnetFX homepage at magnetfx.co.id. On the homepage, you will find a form labeled “MagnetFX List.” Fill in the required information in the form: Full name: Enter your full name as per your identification documents. E-mail: Provide a valid email address that you have access to. Phone number: Enter your phone number including the country code. Passwords: Create a strong password for your account. Confirm Password: Re-enter the password to confirm accuracy. AE-Code (Optional): If you have an AE-Code, you can enter it here. Once you have filled in the required information, double-check the accuracy of the details you provided. Click on the “Create My Account” button to proceed. 6.You may receive a confirmation email to verify your account. 7. Follow the instructions in the email, if applicable, to complete the verification process. Leverage MagnetFX offers a leverage of 1:400 for all currency pairs and other instruments. Leverage is a mechanism that allows traders to control larger positions in the market with a smaller amount of capital. A leverage of 1:400 means that for every dollar of available capital, traders can control positions worth up to 400 dollars. Spreads MagnetFX offers floating spreads that are subject to market volatility. The minimum spreads for currency pairs are as follows: EURUSD from 0.5 pips, GBPUSD from 0.5 pips, USDJPY from 0.5 pips, AUDUSD from 0.5 pips, and USDCAD starting from 0.5 pips. It's important to note that spreads may vary based on market conditions. For the most accurate and up-to-date information, it is recommended to refer to the MagnetFX platform. Order Volume MagnetFX offers a minimum order volume of 0.1 lot and a maximum order volume of 20 lots. Traders have the options to execute trades with smaller or larger position sizes based on their trading preferences and risk tolerance. Deposit & Withdrawal To make a deposit or top-up with MagnetFX, you can access your investor panel and follow the instructions provided. If you are a Bank BCA customer, the top-up process is faster and free of charge as the segregated account utilizes a Bank BCA account. When making a deposit, ensure to enter your account number correctly in the transfer information. There are no restrictions on deposits and withdrawals with MagnetFX. You can trade with any capital amount and withdraw any profits without limitations. MagnetFX does not charge any additional fees for deposits or withdrawals. The time it takes for a deposit or top-up to process depends on the transfer method and the bank used. Withdrawal requests made after 11 pm will be processed on the following business day during normal business hours. MagnetFX supports deposits, top-ups, and withdrawals through all local banks in Indonesia. Bank BCA customers enjoy faster and fee-free top-up processes due to the segregated account setup. The minimum amount required to top-up an account is IDR 10,000, in accordance with the minimum bank transfer requirements. Withdrawals can be made by accessing the investor panel and filling out the withdrawal form. It is essential to provide the correct account number that matches your name to ensure prompt fund transfers. Pros Cons No restrictions on deposits and withdrawals The time taken for processing depends on transfer method and bank used No additional fees for deposits or withdrawals Withdrawal requests made after 11 pm processed on the following business day Supports deposits, top-ups, and withdrawals through all local banks in Indonesia Minimum amount required to top-up an account is IDR 10,000 Bank BCA customers enjoy faster and fee-free top-up processes Trading Platforms MagnetFX offers the popular Metatrader 5 platform, known for its capability and ease of trading. This platform supports multiple devices, including desktop (Windows and Mac), mobile applications (Android and iOS), and web-based access. The Metatrader 5 platform provides a range of qualified features for analysis. It offers 38+ trading indicators, 44+ chart analysis tools, and 21 time frames, empowering traders with comprehensive analysis capabilities. Additionally, it includes an integrated economic calendar, allowing traders to stay updated on important events that may impact their trading decisions. One of the strengths of the Metatrader 5 platform is its supporting in various trading strategies. Traders have access to different types of orders, enabling them to implement their preferred trading techniques. Pros Cons Capability and ease of trading No interactive or multimedia elements Supports multiple devices Irregular update schedule Comprehensive analysis features Limited range of topics covered Integrated economic calendar Lack of depth in the explanations Diverse order types Educational Resources MagnetFX offers an educational resource called the Magnet Learning Corner, which provides information and builds trading skills. The blog covers various topics related to trading, including trading strategies, fundamental and technical analysis, robot trading, reading forex economic calendars, scalping techniques, and leveraging NFP data for trading. The blog aims to assist traders in improving their knowledge and skills in the trading world. It offers insights, tips, and explanations on different trading concepts and techniques. Traders can access the blog to enhance their understanding and make better trading decisions. Pros Cons Provides informative content on trading topics Limited range of topics covered Helps in building trading skills Lack of depth in the explanations Offers insights and tips for traders Irregular update schedule Covers various trading strategies and techniques No interactive or multimedia elements Accessible resource for traders No user engagement or interaction features Customer Support MagnetFX offers customer support to assist clients with their inquiries and concerns. The customer support team can be reached through various channels: Contact Information: Address: Sona Topas Tower Lt. 18 Suite 1804, Jl. General Sudirman Kav. 26, DKI. Jakarta 12920 Phone Number: (021) 250 6336 Email: info@magnetfx.co.id Operational Hours: The customer support team is available during the operational hours of 09.00 - 18.00 WIB. Clients can use the provided contact information to get in touch with the customer support team for assistance with any questions or concerns regarding MagnetFX's products and services. It is important to provide valid information, such as name, email, and phone number, to ensure a prompt response to the messages or questions submitted. In case of a complaint, there is a contact number and email address: Complaint Hotline: (021) 3000 2818 Complaint Email: complaint@magnetfx.co.id Conclusion In conclusion, MagnetFX is a regulated retail forex trading institution in Indonesia that offers access to various trading instruments, including forex, gold, silver, and crude oil. The company provides easy withdrawals, and leverage options. Traders can benefit from the educational resources available on the Magnet Learning Corner blog, which covers a range of trading topics and provides insights and tips. However, the blog's coverage of topics is limited, and the explanations may lack depth. Additionally, the update schedule for the blog can be irregular, and there are no interactive or multimedia elements. The customer support offered by MagnetFX is available during specific hours and can be reached through various channels. Overall, MagnetFX provides accessible trading opportunities but has some limitations in terms of educational resources and customer support options. FAQs Q: Is MagnetFX a regulated institution？ A: Yes, MagnetFX is regulated by the Badan Pengawas Perdagangan Berjangka Komoditi Kementerian Perdagangan and the Indonesia Commodity and Derivatives Exchange. Q: What trading instruments are available on MagnetFX？ A: MagnetFX offers access to forex, gold, silver, crude oil, and the US Index. Q: What types of accounts does MagnetFX offer？ A: MagnetFX offers demo accounts for practice and education, as well as live accounts for real-time trading. Q: What leverage does MagnetFX offer？ A: MagnetFX offers a leverage of 1:400 for all currency pairs and other instruments. Q: What are the deposit and withdrawal options with MagnetFX？ A: MagnetFX supports deposits, top-ups, and withdrawals through all local banks in Indonesia. Bank BCA customers enjoy faster and fee-free top-up processes. Q: What trading platform does MagnetFX provide？ A: MagnetFX offers the popular Metatrader 5 platform for trading, which is available on desktop, mobile (Android and iOS), and web-based versions. Q: Does MagnetFX provide educational resources for traders？ A: Yes, MagnetFX offers an educational resource called the Magnet Learning Corner, which covers various trading topics and provides insights and tips for traders. Q: How can I contact MagnetFX's customer support？ A: You can contact MagnetFX's customer support team by phone at (021) 250 6336, by email at info@magnetfx.co.id, or through the provided address during operational hours.