Opinions about Magnum Options

IMPORTANT: For security reasons we cannot recommend this broker. However, in our domain you will find an entry with the best online brokers of 2021 to help you choose a portal that suits your needs while ensuring secure transactions and operations.

Looking for information about the security of Magnum Options? In Estafa.info we have analyzed this binary options broker and have come to the opinion that it is not a scam. Trading with it you can get up to 81% profitability.

Doubts about this broker are fundamentally due to the fact that it does not have a license. There is no reason to hide that the desirable thing is that he had it and, moreover, from a country belonging to the Dollarpea Union. However, we have not found any real evidence that this company is acting fraudulently. In the following sections we offer you our opinion on the security, the offer, the investment possibilities and even your welcome bonus.

Our experience with Magnum Options

This is the typical unlicensed broker. That is to say a company in a country east of Dollarpa, in this case Bulgaria, which offers the possibility of trading binary options and an attractive welcome bonus, but with demanding conditions. Trading is very simple and intuitive and, in this sense, you will not notice a difference with other brokers. One of the typical differences between licensed and unlicensed brokers is the amount of underlying assets available for trading. However, in this case, the offer is quite good and allows you to diversify with solvency. So overall the investment experience is positive. It is simply necessary to take into account the fact that not having a license, the broker does not offer us so many guarantees for our money, and that the website is not available in New Zealand, so we will have to familiarize ourselves with English. We will delve into the following sections about the repercussions that the issue of security has on your experience as an investor.

But before focusing on security, we want to comment that this investment platform deserves a good opinion regarding the online webinars and the educational section with ebooks and videos, which like the web, are in English. Unfortunately, they do not offer a demo account.

Is Magnum Options a scam?

Magnum Options is the online trademark of the company Solaris Vision Ltd based at Mladost 4, Bl 428, Entrance 1, Floor 1/3, Bulgaria. Now, is this a scam?

We have no evidence that this company is a scam. However, it is true that there are many users who complain that they had problems withdrawing money. We have to say that it is true that the company employs aggressive marketing strategies with which they always pressure customers to make income of $ 5000 or more. When it comes time to withdraw the money, the identity verification process can be complicated. That is why it is very important to send good and clear copies of the documents and arm yourself with patience.

While it is true that it is not a scam, it is also true that withdrawing the money should be a simple and uncomplicated process beyond the legal requirements. This broker takes advantage of any circumstances, especially the conditions of welcome bonuses, to withhold withdrawals.

Investment offer

Depending on the money you want to deposit, you will open one type of account or another. The most basic account, is the Mini from $500. Below are the Starter, Silver and Gold accounts with $1000, $5000 and $10,000. The $5,000 Silver account is the one they promote the most heavily and if you sign up, you will surely receive phone calls for you to reach that amount. Finally, the account with the most privileges is the Platinum, which is obtained from $ 25,000. The benefits of large accounts are having access to an account manager and extra educational content. In view of the opinions that other consumers from other countries have about account managers, it's better to stay out of it. From the looks of it, they tend to lose money quite quickly. Simply clarify that the account manager cannot invest for you, but advises you. That is to say that if you do not do the operation that he tells you, you will not lose money. They also offer you the possibility to follow other traders and copy the trades they make, in what would be a version of the so-called social trading. However, there is not enough information to understand how such traders operate, so it does not seem sensible to follow them, since it would be a somewhat random decision.

For this reason, we recommend that you consider opening an account in one of the best online investment brokers .

Binary options trading

The investment instrument that this broker gives you access to is binary options. The truth is that the offer available is quite complete, and in this sense we do not have many complaints.

Thanks to this website, you can invest in more than 80 shares of large global companies such as Apple, Nike, Google, Siemens, Rio Tinto, or Vodafone. In New Zealand, you will only find Telefónica and Banco Santander. You can also invest in currency pairs, where you will find 24 different combinations. For the dollar, pairs with the dollar, Japanese yen, British pound and Swedish krona are available. On the other hand, if you like to trade commodities, this broker is a good option since it goes beyond the typical gold, silver and oil, reaching 9 underlying: The three that we have just mentioned plus coffee, corn, platinum, sugar, wheat and the gold /silver pair. In the indices section you will find indices themselves, normal and futures, in a number that exceeds 50 and including the IBEX 35, and stock pairs such as Facebook / Twitter or BMW /Renault, for a total of 10.

In addition to the classic binary options, as in almost all brokers today, you will have the possibility of investing through other modalities such as one-touch, ladder, long-term and sixty-second options.

Welcome bonus

Indeed, this company promotes its product with a welcome bonus that will depend on your initial deposit. The bonus proportion of your deposit will range from 25% for the $500 Mini account, to 100% for the Platinum account ($25,000), going through the 30% – 1000 $; 50% – 5.000 $ and 75% – $10,000.

To be able to withdraw the money, you must trade a volume of 50 times the bonus. This means that for a $300 bonus that would be given to you for a deposit of $1000, you will have to trade a volume of $1500. So far nothing out of the ordinary and of course we have seen brokers with much more Leonine conditions. The problem is that the bonus also holds your own money, something that would not be legal in the Dollarpea Union and that regulated brokers cannot do. That is, until you meet the conditions, you will not be able to make absolutely any withdrawals. In addition, extra restrictions may apply to the particular conditions of your bonus, so as always, we ask that you carefully read the specific conditions offered to you.

Magnum Options payment methods

As for the methods of deposit of money, this broker has not complicated life much. It offers us the basics: bank transfer, which can be delayed between 3 and 5 days, CashU, JCB, Neteller and VISA or MasterCard credit or debit card. For withdrawals, it mainly offers us bank transfers and credit cards, since they are the two easiest means to verify. If you decide to withdraw by credit card, you will only be able to withdraw an amount equal to or less than the amount you have deposited. For larger amounts, you must use the bank transfer, but it has the problem that it is associated with a commission of $ 25. The minimum amounts are $200 for income and $100 for withdrawals by bank transfer and $10 for those made by card.

The ways to verify your identity are the usual ones. A copy of your identity card or passport, a copy of the card showing only the latest numbers and hiding the CVV and a copy of some recent invoice in which your name and address appear. It is important that you send these copies in color.

Magnum Options Security and Regulations

We have already commented that it seems that the broker is a little reluctant to cash withdrawals. However, we also know that when the bonus conditions are met and the security requirements of the Know your Customer process are met, withdrawals end up becoming effective. In general, the vast majority of complaints are due to users who have not been able to satisfy the conditions of the promotional bonus. But if we had to complain, who should we go to?

Since it is a company registered in Bulgaria, the claims would have to be made before the courts of that country, with the ignorance of its regulations that this implies. As we are not a regulated broker, there is no type of financial authority that can intercede for us or force the company to take any type of action.

In summary, when money is entered on this website, it is done under the premise that the company is not a fraud and is confident in the need for it to continue generating credibility in its customers. However, if you want to invest seriously, this should not be enough. We once again recommend that you look at our brokers page and choose one of the safest.

As for economic transactions with the web, there is no problem. The website is encrypted with SSL technology and in this sense any transfer will be as secure as the one we can make in any other electronic establishment in which we usually buy.

Customer service

Faced with a broker in which delays in payments can occur, customer service is important. With this company you must communicate in English, but you can do it seven days a week, 24 hours a day through a contact form, two international phones (Canada and the United Kingdom) or email, whose address you can see in the table with the company's data, above in this same review. In this section, our experience was positive and it took less than a minute to attend us through the live chat.

Functionality of the website

We have no complaints here. As we have already explained in the security section, the information on this website is secure thanks to SSL encryption. The organization of the website is classic with navigation menus in the upper central part and in the footer. It is easy to find any section that is needed, including the terms and conditions. The live chat is also easily accessible at the top right of any website page. The only but, is the language, because as we have already said, everything is in English.

Mobile application

For many, the possibility of making money from anywhere is one of the most attractive features of binary options and online investing. For this, brokers usually develop mobile apps, but this broker has not done so. If you want to invest from your mobile, you will have to do it from your normal internet browser. It's not optimal, but for a special occasion it can save the day.

Finding

Magnum Options is an online investment platform with a good offer of underlying assets. Among the stocks, there are Santander and Telefónica and for the dollar in the currency pairs there is a good variety. The problem is that it is not a regulated broker. We don't think it's a scam, but we do think it's more advisable to try one of our list of regulated binary options brokers , where companies must have segregated accounts, belong to an investment compensation fund and carry many other security measures.