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Magna Dana Review - Is it scam or safe?

Magna Dana Review - is magnadana.com (madafx.com) scam or good forex broker?

RATING: 2.7 / 0 REVIEWS Magna Dana
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Trading Accounts

 

Account type

Minimum deposit

Min/Max trade size

Maximum leverage 

Spreads  

Standard

$1

0.01/20

1:100

3.0 pips, fixed

 

Magna Dana offers its clients a single account type, which we call “Standard” for convenience. It offers fixed spreads, commission-free trading and leverage up to 1:100 on the MetaQuotes’ MT4 platform.

 

The Company. Security of Funds

 

Company

Country

Regulation

PT. Magna Dana Investama Berjangka

Indonesia

Commodity Futures Trading Regulatory (BAPPEBTI)

 

Java Global Futures (Magna Dana) is a Jakarta-based broker that offers trading in 10 Currency Pairs, precious metals, commodities, as well as futures on MetaTrader 4. The broker is operating since 2005.

 

The company behind the brand, PT. Java Global Futures is authorised and operates under the supervision of Indonesia’s Commodity Futures Trading Regulatory (BAPPEBTI). It is also a member of the Jakarta Futures Exchange (JFX), the Indonesian Derivatives Clearing House (KBI).

 

Trading Conditions

 

Minimum Initial Deposit

There is no minimum amount required in order to open an account with Magna Dana, so you may start with as much as you want.

 

Spreads & Commissions

Magna Dana offers commission-free forex trading with fixed spreads amounting to 3 pips on EUR/USD, which is comparatively high. Most fixed-spread brokers offer 2 pips spread. By comparison, JavaGM (or JavaFX) also offers a spread of 3 pips for this pair, but its clients may benefit from a variable spread of 0.8 pips (involving commission).

 

Leverage

The maximum leverage level offered by Magna Dana is 1:100, which is average, although many forex brokers offer higher ratios. JavaGM, for example, offers leverage up to 1:400.

 

We generaly advise traders to exercise caution when trading on margin, as higher leverage involves greater risks. 

 

Trading Platforms

 

Magna Dana supports the most popular trading platform, MetaTrader 4 (MT4), which is available only as a PC downloadable version.

 

MT4 offers a full spectrum of trading tools and resources: advanced charting tools, wide range of built-in indicators, and also, there are thousands of free custom indicators and many paid downloadable ones, allowing you to analyze the market of any level of complexity. 

 

What is more, MT4 is equipped with a wide range of Expert Advisors (EAs) and extensive back-testing environment, so Traders can download ready-made or create their own EAs and let the program do all the work.

 

Methods of Payment

 

Magna Dana offers only bank wire transfer as a payment method.

 

Conclusion

 

Magna Dana is a regulated Indonesian broker, which offers trading in forex, futures and commodities on the MT4 platform. Besides, Magna Dana’s spreads are not among the tightest in the industry and its offerings are somewhat limited – only 10 currency pairs, no mobile trading app, no e-wallet options as payment methods. To sum up the above:

 

Pros  Cons
Well-regulated High fixed spreads
No minimum initial deposit required Limited range of forex pairs
MT4 available No mobile trading apps

 

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Traders` reviews for Magna Dana

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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