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MAGNUM FX

Cyprus|5-10 years|
Suspicious Scope of Business|Cyprus Straight Through Processing(STP) Revoked|High potential risk|

http://magnumfx.eu/

Website

Rating Index

Contact

+357 25 053547
info@magnumfx.eu
http://magnumfx.eu/
KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor Office 1, 3025 Limassol, Cyprus.

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Sanction

CY CYSEC
2022-08-02
CYSEC Board Decision
MAGNUM FX
ETFinance

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Warning: Low score, please stay away! 3
Previous Detection : 2024-07-14
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • CyprusCYSEC (license number: 359/18) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

MAGNUM FX · WikiFX Survey

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MAGNUM FX · Company Summary

Since MAGNUM FXs official website cannot be opened for now, we could only piece together the rough picture of this forex broker by gathering relevant information from other websites.

basic-info

General Information

Established in 2018, MAGNUM FX is an online forex broker registered in Cyprus, offering its clients access to various financial instruments through the advanced MT4 trading instruments.

Concerning regulation, MAGNUM FX is owned and operated by MAGNUM FX (Cyprus) LTD, a company authorized and regulated by CYSEC, with regulatory license number: 359/18.

WikiFX Field Survey

WikiFX field survey team visited MAGNUM FXs registered company address at KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor Office 1, 3025 Limassol, Cyprus to check out if its actual office address is consistent with its registered company address.

After investigation, it is confirmed that this brokers office indeed is located at the regulatory address.

Please note the content is for informational purpose only and shall not be taken as final order for making choice.

WikiFX-field-survey

Market Instruments

MAGNUM FX hypes that it offers more than 200 trading instruments, which include forex, commodities, indices, stocks, and more. Therefore, investors have the great flexibility to diversify their investment portfolios.

Leverage

Leverage information cannot be found anywhere. As a beginner, it's wise to keep your leverage at no more than 10:1.

One of the most typical mistakes made by novice forex traders is using a leverage ratio that is too high. Our advice is that you trade with a smaller ratio until you get more experience.

Trading Platform

MAGNUM FX offers its clients access to the industry-leading MT4 trading platform, which both has a web-based and a downloadable version. The platform is light and intuitive, with users-friendly interface, excellent charting package and the option to run automated trading sessions.

Payment Methods

The minimum deposit required by MAGNUM FX is not disclosed. And with most brokers you can start trading with about 250 USD or so, while payment methods usually include major credit and debit cards, MasterCard, Bank Wire and e-wallets like Neteller, Skrill and PayPal.

Customer Support

For any questions or concerns they may have about their accounts or their trading can reach out to MAGNUM FX through the following methods:

Telephone: + 357 25 053547

Email:info@magnumfx.eu

Registered Company Address: KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor Office 1, 3025 Limassol, Cyprus.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.

Broker Information

Company Name

MAGNUM FX (CYPRUS) LTD

Abbreviation

MAGNUM FX

Regulatory Status

No Regulation

Platform registered country and region

Cyprus

Company website
Phone of the company
  • +357 25 053547

Twitter

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Facebook

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Instagram

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YouTube

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Company address
  • KPMG Center, 1 Agias Fylaxeos Street, 2nd Floor Office 1, 3025 Limassol, Cyprus.

Linkedin

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WhatsApp

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QQ

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WeChat

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Customer Service Email Address
  • info@magnumfx.eu

Company Summary

User Reviews

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5

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NetSphere
more than one year
This trader offers over 200 market instruments, giving people a wide range of choices. But currently, there's no official regulatory body overseeing them, and despite the abundance of market tools, I'm still really concerned about the security of transactions.
2024-07-04 11:08
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0
0
FX1460730832
more than one year
One of the things I appreciate about this broker is the variety of trading products available, including forex, stocks, and commodities. This allows me to diversify my portfolio and explore different investment opportunities. While there are some areas for improvement, such as the higher trading fees and commissions that may not be as friendly for small traders.
2023-04-04 09:35
Reply
0
0
FX1244383336
more than one year
I was very puzzled to see that the company's website was no longer open. I don't know whether it was closed down or a new website was replaced. But my friends told me that sometimes CYSEC is not very reliable. There are companies that have scammed a lot of people and are still regulated by it.
2023-02-17 15:47
Reply
0
0
Lizzie
more than one year
They seem to be well regulated. However, “404 Not Found”...I can't even get to their website. I don't want to say anything anymore...
2022-11-23 15:46
Reply
0
0
FX1028366411
more than one year
Geez! What the hell? I CANNOT EVEN OPEN ITS WEBSITE… Everything so unclear, I wonder are there someone so foolish to trade with platform?
2022-11-23 11:58
Reply
0
0
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