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FXMagna Review: An Unregulated Trading Platform

FXMagna Review: An Unregulated Trading Platform

FXMagna (fxmagna.com) is one of the few unregulated platforms that could potentially be great. However, the lack of compliance also makes FX Magna a high-risk investment platform. Nevertheless, it has everything going in its favor. From an enticing website to tight spreads, the platform was poised to be great. Unfortunately, investors started noticing withdrawal delays along the way, and this is when the problems started. Learn more in our clear FXMAGNA REVIEW.

About FXMagna

Is FXMagna Legit or a Scam?

On the about us page, FX Magna claims they are committed to their customers. The platform boasts of creating a long relationship with clients. But, unfortunately, it’s all a fallacy as most members are unhappy with the services provided by fxmagna.com.

And this is why we must expose the platform to avoid such cases in the future. Naïve investors quickly sign up with the platform, not knowing the results. And this is what makes the platform take advantage of naïve investors.

FXMagna is not your average investment platform. Instead, the platform tries to show a crypto and forex brokerage firm. Unfortunately, those who have invested with the platform know too well the problems that come with it.

You should avoid any unregulated platform. We have a few red flags to expose that most investors will overlook. These are the mistakes the owners made without expecting us to find out. That’s why we must expose the truth to investors.

When looking for the best investment platform, you need to open your mind. It would be best if you considered investing in groundbreaking investment solutions. These include coin staking, DeFi, and Masternoding.

From offering high bonuses to claiming instant withdrawals, these are the false promises we found. The platform offers high bonuses to entice more investors to sign up. Here’s more about fxmagna.com.

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Accounts FXMagna

FXMagna offers four distinct accounts that come with different features. The four accounts include Galileo, Newton, Einstein, and Michelangelo. These are names of innovators who are well known all over.

Here’s a closer look at each of the four accounts;

Galileo

With the Galileo account, investors must make a minimum deposit of $1,000. The account comes with o. two fixed spreads with an instant execution model. In addition, there’s a welcome bonus of 40 percent and a 25 percent referral bonus.

Newton

For the Newton account holder, investors must deposit $10,000 to get started. The account is similar to Galileo to the spot. These two accounts share the same spreads with no indication of available leverage.

Einstein

Those who sign up with the Einstein account must deposit $25,000 to get started. The bonus and fixed spreads are the same as the other two accounts. So it’s only the deposit amount that separates these three accounts.

Michelangelo

It’s the most exclusive account and mainly targets institutional investors. You have to deposit $100,000 with the account. There’s a 50 percent welcome bonus and a 25 percent friend referral bonus.

Account Features

Accounts FXMagna

You should note that the platform makes no mention of available leverage. We also have to point out that the platform has an unacceptable minimum deposit amount. Industry regulators have set $250 as the acceptable minimum deposit.

The maximum leverage for retail investors has been set at 1:50 by regulators. In Europe, the maximum leverage is set at 1:100. Without leverage information, we suspect the platform’s leverage is higher.

With high leverage, you risk losing a lot more than your average losses. But, on the other hand, the platform benefits greatly from your losses. And this is why regulators had to step in and protect investors from high leverage.

Assets and Trading Instruments

You get a promise of trading with 2020 trending commodities. We saw that the platform offers commodities, crypto, forex, indices, and stocks. In addition, you get to trade CFDs on leading commodities such as sugar and wheat.

With crypto being a volatile market, traders love investing with it. The platform pairs leading cryptos with major currency pairs. You get to trade cryptos such as Bitcoin Dogecoin, Ethereum, Litecoin, and Ripple.

As far as forex trading goes, this is the core of the platform. You get to trade major and minor currency pairs. Investors are signing up blindly, not knowing what to expect with the platform. You should know the available leverage for forex assets before signing up.

Investors also get to trade with international markets. The platform offers DAX, Dow Jones, FTSE, Nikkei, NYSE, and more. You get to spread your risk with these markets hence gaining more skills.

One of the most traded assets is the stock market. You get to trade stocks of leading brands such as Amazon and Tesla. The platform also avails the FAANG group stocks that are seen as favorable to many traders.

Bonuses on offer

We should warn investors on signing up with platforms that offer bonuses or commissions. Regulators are also against it as these platforms will use the bonus to hold your funds. No member will get to withdraw funds unless they pay back in full the bonus amount.

Imagine an institution getting a bonus of $50,000 as the minimum investment is $100,000. With the platform promising you half your deposit, you get excited and start trading. But, when the time comes to make withdrawals, that’s when all hell breaks loose.

Even if your account has enough funds to offset the balance, you still won’t withdraw funds. And this is the reason why we must expose the platform. If you make the mistake of paying, the platform moves to block access to your account.

Are Funds Safe with FX Magna?

Business Holder

Magna Emporium Group Ltd is the company we are told owns and runs the platform. There’s no information on the CEO or CFO of the company. We couldn’t find information on staff members working for the parent company or the trading platform.

And this makes FXMagna an anonymous trading platform. It would be best if you avoided anonymity at all costs. There’s no way of recovering funds from an anonymous platform. We fear the address provided is false.

Contact and support

When looking for a suitable investment platform, make sure to check out the support structure. Test how fast a platform responds to emails or picks calls. In this case, we have a platform that rarely responds to emails or takes calls.

We believe the platform will take your contact information and sell it to affiliate marketers. That’s why you get to see spam emails immediately after you sign up with the platform. Making a call won’t help as the line is ever busy.

Deposit and Withdrawal

The platform has made depositing funds fast, thanks to the many depository options. Investors fund their accounts using bank and wire transfers. We don’t recommend investing with the platform as withdrawal is a problem.

Fund Safety FXMagna

Your funds are far from safe with an anonymous investment platform. The platform holds no license. And this makes it a high-risk investment platform. Without safety, your deposits don’t enjoy any insurance cover.

Is fxmagna.com licensed or registered?

FXMagna License and Registration

FXMagna is not a licensed or registered platform. The FCA does not recognize it as a duly registered platform. We also checked the company’s records with the Company House UK. There are no records of such a company owning such a trading platform.

Our Verdict

The best way to stay safe is to avoid fxmagna.com. There’s no compliance, and funds are far from safe.

You should invest in safe investment platforms that guarantee the safety of funds. Then, go for proven platforms that generate real ROI.

Feel free to leave a comment or email us with any queries.

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