MagnaSale Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Software Index
Risk Control
Magnasale has been my broker for over two years, competitive rates, great customer service. I never met any problems on this platform, and I would recommend this broker to your guys. Yes, five stars, it deserves!
Summary: The overall evaluation of MagnaSale is predominantly negative, with significant concerns regarding its regulatory status and user experiences. Many sources highlight the lack of proper regulation, high fees, and potential withdrawal issues, making it a risky choice for traders.
Note: It's important to recognize the discrepancies in regulatory claims across different regions, as well as the methodologies employed in various reviews to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 2 |
| User Experience | 3 |
How We Rate Brokers: Ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding services offered.
Established in 2015, MagnaSale is an online trading platform claiming to operate under the jurisdiction of Cyprus, with a regulatory license from the Cyprus Securities and Exchange Commission (CySEC). However, scrutiny reveals that the broker operates through the website magna sale.org, which raises concerns about its legitimacy. The platform does not support widely used trading software like MT4 or MT5, instead offering a proprietary web-based trading environment. Users can trade various asset classes, including forex, CFDs, commodities, and cryptocurrencies, although the specifics are often vague or misleading.
MagnaSale claims to be regulated by CySEC, which is generally considered a reputable regulatory body. However, multiple sources indicate that the broker's actual operations are unregulated, leading to significant red flags regarding user safety and fund protection. The lack of clarity surrounding its regulatory status is concerning, particularly for potential investors.
The platform allows deposits and withdrawals through various methods, including credit cards, bank transfers, and e-wallets. However, users have reported that withdrawal requests are often delayed, with many experiencing difficulties in retrieving their funds. This aligns with warnings from multiple reviews about the risks associated with unregulated brokers.
The minimum deposit requirement for opening an account with MagnaSale varies by account type, starting at $250 for a basic account. However, the high fees associated with withdrawals and inactivity raise concerns about the overall cost-effectiveness of trading on this platform.
While MagnaSale does not prominently advertise any bonuses or promotions, the lack of clear information about their terms and conditions can lead to misunderstandings and potential disputes.
MagnaSale offers a range of trading instruments, including forex pairs, CFDs on stocks, commodities, and cryptocurrencies. However, the specifics regarding the available assets and their associated costs are often poorly detailed, making it challenging for traders to make informed decisions.
The costs associated with trading on MagnaSale are considered high. Users have reported a service fee of 3.5% on withdrawals, with a minimum charge of $30. Additionally, a dormant account fee of $200 is levied if the account remains inactive for 60 days, and monthly maintenance fees of $20 apply. Such fees are significantly higher than those of many regulated brokers, raising concerns about the platform's overall value.
MagnaSale advertises leverage ratios of up to 1:200, which is particularly concerning given the regulatory restrictions in many regions, including the EU and the US. Such high leverage is typically associated with increased risk, and legitimate brokers regulated by CySEC would not be permitted to offer such terms.
The lack of support for popular trading platforms like MT4 or MT5 is a notable drawback for traders accustomed to these tools. Instead, MagnaSale offers a proprietary trading platform that has been criticized for its inaccessibility and lack of functionality.
While specific information about restricted regions is scarce, the general consensus is that MagnaSale operates as an offshore broker, which may limit its availability in certain jurisdictions. This further complicates the regulatory landscape and raises questions about its legitimacy.
MagnaSale offers customer support primarily in English, which may limit accessibility for non-English speaking users. The support options include email and phone contact, but user reviews indicate that response times can be slow, particularly when addressing withdrawal issues.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 3 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 2 |
| Trustworthiness | 2 |
| User Experience | 3 |
Account Conditions: The minimum deposit is relatively low, but the high fees associated with withdrawals and inactivity significantly detract from the attractiveness of opening an account.
Tools and Resources: The absence of established trading platforms like MT4 or MT5 limits the tools available to traders, which is a significant disadvantage.
Customer Service and Support: While some users report satisfactory experiences with customer support, the general consensus is that response times can be slow, particularly regarding withdrawal issues.
Trading Setup (Experience): The proprietary trading platform has been criticized for being inaccessible, leading to a frustrating user experience.
Trustworthiness: The lack of clear regulatory oversight and the presence of numerous red flags raise serious concerns about the trustworthiness of MagnaSale.
User Experience: Overall user experiences are mixed, with many users expressing frustration over withdrawal issues and high fees.
In conclusion, the MagnaSale review highlights significant concerns regarding its regulatory status, user experiences, and overall value as a trading platform. Potential investors should exercise caution and consider seeking alternatives with better regulatory oversight and user feedback.
FX Broker Capital Trading Markets Review
