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MagnetFX Forex Broker provides real users with 1 positive reviews, 1 neutral reviews and * exposure review!

MagnetFX Broker Review

6.95

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Global public opinion

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ICDX Regulated

MagnetFX Review 2

Latest All(2) Positive(1) Neutral(1)

Positive

MagnetFX seems to be a very reliable company, but when I opened their website, I found that the website showed Access denied. I don't know why this is. I don't think I'll have the chance to trade here, which is a pity. I will go and find other alternative forex companies. There is plenty of fish in the sea.

FX1378302353

2023-03-20

Neutral

I traded with this broker last year. It is a legit broker, but the only problem was its high trading fees. Due to this, I did not make much profits. So, I’ve switched to another low- spread platform.

breav

2023-03-07

MagnetFX 2025 Review: Everything You Need to Know

　　Summary: MagnetFX is an Indonesian forex broker that claims to be regulated by local authorities. However, the consensus among various reviews suggests significant concerns regarding its reliability, customer service, and trading conditions. Key features include the use of the MetaTrader 5 platform and a high leverage option of 1:400, but users have reported issues with withdrawals and high spreads.

　　Note: Its important to recognize that the regulatory landscape can vary significantly across regions, and the claims of regulation by MagnetFX have been met with skepticism. This review synthesizes multiple sources to provide a fair and accurate assessment.

Ratings Overview

Category	Rating (out of 10)
Account Conditions	5
Tools and Resources	6
Customer Service and Support	4
Trading Setup (Experience)	5
Trustworthiness	3
User Experience	4

　　How We Rate Brokers: Ratings are based on a combination of user reviews, expert opinions, and factual data regarding the broker's offerings and regulatory status.

Broker Overview

　　Established in 2021, MagnetFX, also known as PT Indonesian Futures Magnet, operates out of Jakarta, Indonesia. The broker primarily offers the MetaTrader 5 (MT5) trading platform, which is popular among traders for its comprehensive analytical tools. MagnetFX provides access to various asset classes, including over 25 forex currency pairs, indices, commodities like gold and silver, and oil. The broker claims to be regulated by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), although the rigor of this regulation is often questioned.

Detailed Breakdown

　　Regulatory Regions: MagnetFX operates under the supervision of Bappebti in Indonesia. However, the regulatory framework in Indonesia is not as stringent as in regions like the UK or EU, leading to concerns about client protection and fund security.
　　Deposit/Withdrawal Currencies: The broker mainly supports local bank transfers for deposits and withdrawals, which may limit options for international traders. There are reports of withdrawal issues, with clients expressing frustration over their inability to access funds.
　　Minimum Deposit: The minimum deposit requirement is reported to be around $200, which is relatively high compared to other brokers that offer accounts with much lower minimums.
　　Bonuses/Promotions: There is limited information regarding bonuses or promotional offers, which are common in the industry to attract new clients.
　　Tradable Asset Classes: MagnetFX offers a selection of forex pairs, commodities (gold, silver, oil), and indices, but lacks access to stocks and cryptocurrencies, which many traders find limiting.
　　Costs (Spreads, Fees, Commissions): Reviews indicate that the spreads are relatively high, with reports of 2 pips for major pairs like EUR/USD, which can significantly impact trading costs. Additionally, there are mentions of a transaction fee starting from $3 per lot, adding to the overall trading expenses.
　　Leverage: MagnetFX offers a maximum leverage of 1:400. While this can amplify potential profits, it also increases the risk of significant losses, especially for inexperienced traders.
　　Allowed Trading Platforms: The broker provides access to MetaTrader 5, which includes various features for automated trading, technical analysis, and mobile trading capabilities.
　　Restricted Regions: There is no comprehensive list of restricted countries, but the lack of clarity regarding regulatory compliance raises concerns for potential clients in various jurisdictions.
　　Available Customer Service Languages: Customer support is primarily available in Indonesian, which may pose challenges for non-Indonesian speakers. The support options include phone and email, but users have reported slow response times.

Repeated Ratings Overview

Category	Rating (out of 10)
Account Conditions	5
Tools and Resources	6
Customer Service and Support	4
Trading Setup (Experience)	5
Trustworthiness	3
User Experience	4

Detailed Ratings Breakdown

　　Account Conditions (5/10): The minimum deposit is relatively high, and the lack of account types limits flexibility.
　　Tools and Resources (6/10): The MT5 platform is a strong point, offering advanced trading tools. However, educational resources are limited, which may hinder novice traders.
　　Customer Service and Support (4/10): Users report long response times and difficulty in resolving issues, particularly regarding withdrawals.
　　Trading Setup (5/10): While the platform is user-friendly, the high spreads and additional fees can deter potential traders.
　　Trustworthiness (3/10): The lack of strong regulatory oversight and numerous complaints regarding withdrawal issues contribute to a low trust rating.
　　User Experience (4/10): Overall user experience is mixed, with some traders reporting satisfaction with the platform but significant concerns about customer service and withdrawal processes.

　　In summary, while MagnetFX offers a range of trading options and utilizes a popular platform, potential clients should approach with caution due to regulatory concerns and reported issues with customer service and withdrawals.