Magni Markets (magnimarkets.com) promises traders razor-thin spreads and lightning execution speeds. The platform has a decent outlook and features, including 0 commissions and a wide range of instruments. MagniMarkets is also furnishing members with a world-class trading terminal, MT5. Our magnimarkets.com review will help expose some of the red flags found. These include high leverage of 1:500, which is unacceptable, and withdrawal issues. Here’s our candid MAGNI MARKETS REVIEW.
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In the about us section, we find a different outlook of what this platform is all about. First, it seems that Magni Markets is an electronics store. Second, we don’t understand how the two even partner up.
There’s no background and history of the platform. Members sign up not knowing who is responsible for funds on the platform. And that’s why we must expose the store for deliberately putting traders at risk.
What happens when a trader wants a refund? That’s exactly the problem each member is about to face. Over the past couple of weeks, withdrawing funds from the platform has been a problem. Unfortunately, MagniMarkets is nowhere near responding to these issues.
We find a platform that is gladly happy to accept your deposit. However, you won't enjoy your winnings even if you make reasonable profit margins. Chances are, the platform will block your withdrawal.
Once you land on the homepage, you find an appealing website. All information needed is surprisingly found on the homepage. Navigating the platform is superfast as all data is right before you.
Our main concern is the regulation and safety issues members face. Unfortunately, the platform won’t respond to our queries regarding a response. From what we can see, soon, the platform will be another exit scam.
Before you invest in any platform, experts recommend doing due diligence. Try and find out if the platform is a safe option. Go for platforms that offer realistic profit margins and allow withdrawals. Avoid any platforms flagged by independent reviewers as scams.
Yes, your funds are far from safe with the unregulated and offshore platform. The platform fails to segregate accounts as dictated by trading regulations. Those who have invested with the platform find it hard to withdraw funds.
The platform fails to deposit the minimum required deposit with the regulator to start such a service. Regulators use these funds to guarantee safety for the public. In the event of bankruptcy or insolvency, members should expect compensation.
Not with magnimarkets.com; that won’t happen as regulators haven’t received a penny from the platform. The funds are insurance cover for deposits made by the members. Without it, the platform leaves members on the verge of risking funds.
And this is especially so as no one can help members recover funds. It’s likely the platform deposits all funds in an offshore account. That’s why regulators can’t help recover funds for members.
A high-risk trading platform has no advantages. You risk your funds knowing too well the platform can introduce harsh trading conditions. We can see these conditions right from the word go.
Another red flag concerning security is that the website doesn’t have DDoS protection. It also lacks SSL encryption making it an easy target for third parties. We also don’t have an agreement from the platform to keep your information private.
For all we know, the platform could be selling your information to other third parties. Once you sign up, you might find an influx of spam emails from marketing campaigns. How did they get your email? You guessed it!
We give credit where it’s due, and having an MT5 trading platform is a plus. It’s an intuitive trading terminal that offers traders advanced tools. These include technical indicators and robots. You also get a platform that’s quick at executing trades.
The only downside is that members won’t get the chance to enjoy the fruits of their labor. At the end of the trading session, the platform blocks withdrawals. We recommend using MT4, MT5, and SIRIX trading terminals.
These are the best terminals, and newbies can use them to learn how to trade. Each of the platforms comes with an educational program. First, you learn the basics of analyzing and chars which is imperative when trading.
Magni Markets is furnishing members with two account types. Each of these accounts guarantees members a safe investing period. But, first, get to trade using a classic VIP account. Here are the features available on each account.
Classic
There’s a minimum acceptable deposit of $100 with the classic account. Spreads start from 1.0 pips with maximum leverage of 1:500. No commissions are available, but the platform promises a personal account manager.
VIP
As the name suggests, this is the top-tier account for expert and skilled traders. There’s a minimum acceptable deposit of $500. Spreads start from 0.5 pips, and availability of a personal account manager.
One of the biggest flaws with the platform is the high leverage. You get a platform putting leverage way above industry-recommended 1:100. High leverage puts your trading position at risk. Only the platform brings profit from such through commissions.
Experts and skilled traders can take advantage of high leverage on rare occasions. High leverage is also acceptable in volatile markets such as crypto trading. However, the platform contravenes trading regulations by putting leverage at 1:500 for all instruments.
These are all agents who pose as account managers. Their work is to call you claiming to have a lucrative open position. With them insisting the position is available for a limited time, members get the urge to get in.
After depositing more funds, the account manager disappears from the scene. The platform is quick to replace them with a new manager. However, attempts to reach the previous manager are futile as the platform also hampers this.
Don’t join their affiliate program; you will direct members to a scam. The platform is currently blocking withdrawals. As a professional affiliate, you will likely lose your credibility and reputation.
There are five classes of trading instruments available on the platform. These include commodities such as crude oil and natural gas. In addition, you also have cryptocurrencies that pair leading cryptos against each other and major currencies.
Forex trading has major and minor currency pairs for trading. Some of the indices available include DAX and Dow Jones. Stock trading avails shares from leading companies from all sectors.
Magni Markets is a platform with no legal framework in place. Avoid such platforms as regulators don’t have your back as a trader. These platforms risk it all and will likely exit once complaints reach regulators.
There are several methods of funding accounts. These include bank and wire transfers. Please don’t fund any account on the platform. It’s likely the platform won’t compensate you once it goes dark.
Please stay away from Magni Markets.
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