Magnatetrade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Magnatetrade - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://magnatetrade.com
Founded: 2021
Regulations: None
Languages: English, All Google Translate Languages
Deposit Methods: Cryptocurrencies
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Crude Oil, Forex, Cryptocurrencies, Commodities
Trading Accounts and Conditions
Magnatetrade does not offer their clients trading accounts. Instead, you are offered weekly or monthly investment plans:
- Weekly
- Bronze Package: the minimum investment for this package is $1,000.
- Silver Package: the minimum investment for this package is $5,000.
- Gold Package: the minimum investment for this package is $10,000.
- Diamond Package: the minimum investment for this package is $20,000.
- VIP Trading Plan: the minimum investment for this package is $50,000.
- Monthly
- Bronze Package: the minimum investment here is $100,000.
- Silver Package: the minimum investment here is $500,000.
- Gold Package: the minimum investment here is $1,000,000.
- Diamond Package: the minimum investment here is $2,000,000.
- VIP Trading Plan: the minimum investment here is $5,000,000.
The spread for all these packages is 1.9 (but the broker does not say pips). There are no other trading conditions mentioned anywhere on this broker’s website.
Magnatetrade – Advantages
There are no advantages to trading with Magnatetrade.
Magnatetrade – Disadvantages
Listed below are all the reasons why we have branded this broker a scammer:
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Lack of Regulation
This broker claims that they are based in the United States. The broker also claims to have global operations that are headquartered in Malta and that they service the English, German, French, Spanish, Italian and Arabic markets. On their Regulation page, the broker claims to be regulated by numerous financial authorities: the UFSA (US Financial Services Authority), the MIFID (Markets in Financial Instruments Directive), FCA (UK’s Financial Conduct Authority), BaFin (Germany’s Federal Financial Supervisory Authority), ACP (the French Prudential Supervisory Authority), CNMV (the Spanish National Securities Market Commission), Finanstilsynet (the Danish Financial Services Authority) and CONSOB (Italy’s Commissione Nazionale per le Societa e la Borsa).
The broker doesn’t stop there! Magnatetrade also claims to be regulated by the CySEC (Cyprus Securities and Exchange Commission), the FSCA (South Africa’s Financial Sector Conduct Authority) and the Mauritius FSC (Financial Services Commission).
All these claims are – unfortunately – lies. We checked the online registers of many of these regulators. And we found that there was no broker – or company – by this name listed there.
We would also like to point out that some of the names of regulators given by Magnatetrade are actually incorrect. In the US, the forex market is regulated by the CFTC (Commodity Futures Trading Commission) and the NFA (National Futures Association). The UFSA has nothing to do with the market’s regulation. And the French forex market is regulated by the AMF (Autorite des Marches Financiers), not the ACP!
Thus, just by checking on this broker’s regulation status, we have found out that they have lied about being licensed and are actually completely unregulated. All these lies tell us clearly that we are dealing with a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Serial Scam Operation
Magnatetrade is a serial scam operation. How do we know this? Because the content of their website has been used multiple times by other brokers that we have reviewed and exposed as scams. Just as recently as a few days ago, we revealed that 24Tradestation was a scammer – and this broker’s content structure, verbiage and even website design was more or less the same as Magnatetrade’s. We found exactly the same claims of being regulated by the same authorities. In fact, the broker didn’t even bother changing the so-called license numbers!
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No Trading Software
Magnatetrade claims in their Terms and Conditions section, that they offer their clients the use of the MetaTrader 4 trading software. Had this been the case, it would have been an advantage for this broker. This is because the MT4 software is one of the best trading platforms in the world. It is user friendly enough that even novice traders will be able to easily use it, and it has such a wide range of functions and tools that pro traders love it.
Unfortunately, even this claim of Magnatetrade’s is a lie. This broker does not even have a functional trading software in place! When we registered for an account in a bid to access their trading platform and assess it, we found out that the platform was actually a poorly designed dashboard. There was a buy-sell menu, but it didn’t work.
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No Trading Accounts
Magnatetrade does not have any trading accounts. What we get instead are investment plans; you can invest on a weekly or a monthly basis. Added to that, when you do register for an account, you are also asked to choose from one of the following in the Account Type section of the registration form: Stock Trading, Binary Options Trading, Forex Trading, Crypto Trading. This is definitely now how legitimate brokers operate.
We would like to point out that Binary Options trading has been either completely banned or heavily limited in all the countries that Magnatetrade is targeting.
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No Trading Conditions
There are only two things this broker has mentioned – the minimum deposit and the possible spreads they offer. The minimum deposit is $1,000, which is about 10 times what many other legitimate brokers offer.
And the spread they say is 1.9. But they don’t mention the measure (pips). Which is why we are not sure if they are talking about real spreads. There is no other mention of trading conditions – leverages, execution order methods, fees, commissions and so on.
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Cryptos Only Deposit Method
The only way that you can carry out transactions with this broker is via cryptocurrencies. This is the preferred method of payments used by scammers since crypto transactions are all anonymous, untraceable and permanent.
Conclusion
Magnatetrade is a serial scammer and is best avoided completely.
Magnatetrade
Pros
- None
Cons
- Lies About Regulation Status
- Serial Scam Operation
- No Trading Software
- No Trading Accounts
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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