MagnumTrade Forex Broker

MagnumTrade Review SummaryFounded2023Registered Country/RegionLuxembourgRegulationNo regulationMarket InstrumentsForex, CFDs on stock indices, commodities, stocks, metals and energiesDemo Account❌LeverageUp to 1:200SpreadFixedTrading PlatformWebMin Deposit$250Customer Support24/5 supportContact formEmail: support@magnumtrade.ioAddress: 32-36 Bd d'Avranches, 1160 LuxembourgMagnumTrade 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 ConsPros Cons Various trading productsNo regulationMultiple account typesNo demo accountsFlexible leverage ratiosNo MT4/MT5 platformNo commissionsHigh minimum deposit requirementNo deposit feeUnknown payment optionsWithdrawal fee chargedNo direct contact channelsIs 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 TypeMin DepositTrial $250Classic $3,000Gold$25,000Platinum$100,000VIP$500,000Prestige $1,000,000LeverageAccount TypeMax Leverage Trial 1:3Classic 1:10Gold1:25Platinum1:50VIP1:100Prestige 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 FeesAccount TypeSpreadCommission Trial Fixed❌Classic GoldPlatinum-25%VIP-50%Prestige -75% Non-Trading FeesAccount TypeWithdrawal Fees Trial 10%Classic 5%Gold3%Platinum0.5%VIP0.3%Prestige ❌Trading PlatformTrading PlatformSupported Available Devices Suitable for Web platform✔Web/MT4❌BeginnersMT5❌Experienced tradersDeposit and WithdrawalAccount TypeExchange FeesDeposit FeeWithdrawal FeeWithdrawal LimitWithdrawal Execution Time Trial Fixed❌10%UnlimittedUp to 48 hoursClassic 5%Gold3%5,000 EUR/24 hoursUp to 24 hoursPlatinum0.5%0.5%20,000 EUR/24 hoursUp to 3 hoursVIP0.3%0.3%100,000 EUR/24 hoursInstantPrestige ❌❌200,000 EUR/24 hours