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MagnumFX Review - is it scam or safe?

MagnumFX Review - is magnumfx.eu scam or good forex broker?

RATING: 2.5 / 1 REVIEWS ForexBrokerz MagnumFX
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Trading Accounts and Conditions

 

MagnumFX is a newly-established forex broker registering with which is not possible yet. Therefore, further information on tradable products, trading accounts and conditions will be added in the future.

 

 

MagnumFX Advantages

 

Solid Regulation

The broker is owned and operated by MAGNUM FX (CYPRUS) LTD., a company that got licensed by the Cyprus Securities and Exchange Commission (CySEC) in July 2018.

 

Cyprus Investment Firm (CIF) are required to meet a set of requirements. They must hold at least €730,000, keep customer funds in segregated accounts (separated from the company’s operating funds), to report all transactions, as well as the percentage of percentage of clients making and losing money, among other things.

 

More importantly, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000 in the event of broker insolvency. 

 

Due to its quality business environment and regulatory framework that is MiFID-compliant and therefore allowing cross-border business activity in all EU member states, Cyprus has become one of the most popular destinations for forex and CFD brokers.

 

MT4 supported

According to the information on its website, MagnumFX will offer its services on the most widely used forex trading platform – the MetaTrader 4 (MT4).

 

Although initially launched more than 10 years ago, this piece of trading software is still preferred by most traders, beginners and professional ones alike. The reason for this is that the platform is easy to use and yet equipped with a full set of advanced tools and features. The latter include Expert Advisors for automated trading, superior charting with wide range of technical analysis indicators, back-testing and customization options and more.

 

 

>> Find the top MT4 brokers here <<

 

 

MagnumFX Disadvantages

 

Service still unavailable

As we already mentioned, one cannot sign up with MagnumFX and start trading yet.

 

Leverage up to 1:30

Leverage is a controversial issue. It allows traders to open larger positions, which can result in quick big profits or just as quick negative account balance. That is why it is capped in many jurisdictions. As of 1 August 2018, the European Securities and Markets Authority (ESMA) introduced a leverage cap of 1:30 for retail clients in the European Union and the EEA. 

 

As a CySEC-regulated broker, MagnumFX has to abide by the above rule and offer leverage up to 1:30 for forex majors.

 

 

Conclusion

 

MagnumFX is a newly-licensed Cypriot broker who does not accept clients yet. Nonetheless, it promises trading on the MT4 and reliable service.

 

 

>> Top-tier Cypriot brokers <<

 

 

To sum up the above:

 

Pros Cons
CySEC license Service still unavailable
MT4 available Leverage capped at 1:30
   

 

Latest news about MagnumFX
No news about MagnumFX . Check back later.
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Traders` reviews for MagnumFX

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