Is Magnum Options a Scam

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Is Magnum Options a Scam?

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MAGNUM OPTIONS SUMMARY

With respect to the bonus offered by Magnum Options, we rated it at a modest 70/100 as the bonuses offered were quite generous. As for their trading software, it earned a high score of 85/100 because of all the advanced tools and features which the platform has. For support customer, this scored a modest 65/100 due to the lack of telephone and multilingual support. Finally for the options choices, Magnum Options scored 90/100 due to the wide selection of option types that are available for trading.

Intro

Operational since 2020, Magnum Options is a relatively well known binary options broker within the online binary trading community. Since its inception 4 years, this broker has grown by leaps and bounds ever since. Over the years it has built up a loyal following of loyal clients by providing them with personalized attention as well as servicing all their trading needs. With live news feeds, traders at Magnum Options will always be kept updated about current developments in the market. Regardless of one’s trading ability, every traders will no doubt enjoy a fulfilling trading experience with this broker though its intuitive trading platform and dedicated customer support team.

Company information

The Magnum Options trademark is owned by a Bulgarian based holding company called Solaris Vision limited. The binary options trading platform was founded in 2020 but only became operational in 2020. The broker’s head office is located in Sofia, Mladost 4, BI. 428, Entrance 1, Floor 1/3, Bulgaria.

Trading Platform

The trading platform adopted by Magnum Options is the SpotOption 2 nd generation platform. Because of its wide adoption by the majority of the binary brokers in the industry, some traders may prefer to deal with a broker that has a more refreshing platform rather than trade on a generic white labelled trading platform. Nevertheless, it cannot be denied that the SpotOption 2 nd generation platform is one of the most popular binary options trading platform in the industry for the simple fact that it is packed with numerous advanced trading tools and features. The bulk of these features and tools are not even available on competing trading platforms.

For example, Magnum Options’ trading platform comes with the special trading tool called the “Strategy Advisor”. With this tool, you can use popular technical indicators such as the Moving Average, Bollinger Band and RSI to help you analyze which direction prices will more within the near foreseeable future. Another unique feature of the Magnum Options’ trading platform is the ability to implement a “Ladder” trading strategy using the ladder option trading mode.

All in all, there are 8 different ways which you can trade the markets using Magnum Options’ platform. These different options types include:

  • Classic Binary (Call/Put)
  • Long Term options
  • 60 Seconds options
  • Pairs
  • Ladder
  • Fx/CFD
  • One Touch
  • Spot Follow

Mobile

Although mobile trading apps are supported by SpotOption, Magnum Options currently does not have any separate mobile trading apps to cater to smartphones users. Nevertheless, the main web based trading is still easily accessible on the web browsers of any mobile devices regardless of their operating system.

Assets available

In terms of underlying assets that are available for trading at Magnum Options, they are classified into 5 different categories, forex, commodities, stocks, indices and pairs. Currently there are a total of 174 different types of assets, 9 types of commodities, 24 forex Pairs 24, 48 different Indices, 82 types of stocks and 11 paired assets. The following table below shows the full complement of underlying assets which you can trade with.

Commodities: COFFEE, CORN, GOLD/EUR, GOLD, OIL, PLATINUM, SILVER, SUGAR, WHEAT.

Forex Pairs: AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, BitCOIN/USD, CAD/JPY, EUR/GBP, EUR/JPY, EUR/SEK, EUR/USD, GBP/CHF, GBP/JPY, GBP/USD, NZD/JPY, NZD/USD, USD/BRLC, USD/CAD, USD/CHF, USD/JPY. USD/RUB, USD/SEK, USD/SGD, USD/TRY, USD/ZAR.

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Indices: ASX (AUSTRALIA), ASX FUTURE, BOMBAY SE, BOVESPA-F, CAC, CAC FUTURE, DAX (GERMANY), DAX FUTURE, DOW (US — DOW JONES INDUSTRIAL AVERAGE), DOW FUTURE, DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), EGX 30 (EGYPT), FAZ-SHORT, FTSE 100 (U.K), FTSE FUTURE, HANG SENG (HONG KONG), HANG SENG FUTURE, IBEX, IBEX FUTURE, ISE 30 (ISTANBUL STOCK EXCHANGE), JAKARTA SE, KL FUTURE, KOSPI, KUWAIT (KUWAIT GENERAL INDEX), MICEX 10 (MOSCOW INTERBANK EXCHANGE), MSM 30 (OMAN), MSM 30 (OMAN), NASDAQ (US), NASDAQ FUTURE (US — NASDAQ 100 FUTURE), NIFTY, NIKKEI FUTURE, OMXC20, PSI20, QATAR (DSM20), RTS FUTURE, S&P 500 (US), S&P FUTURE, S&P FUTURE (US S&P 500 FUTURE), SHENZHEN300, SMI FUTURE, SSE180 (SHANGHAI STOCK EXCHANGE), STRAITS TIMES, TADWUL (SAUDI STOCK EXCHANGE), TEL AVIV 25, TNA-LONGX3, TSK60, TZA-SHORTX3, VIX.

Stocks: (US THOMSON ), 3M, AIG, ALLIANZ SE, AMAZON, ANZ BANK, APPLE (US), AXIS BANK, BAE SYSTEMS (LONDON), BANCO SANTANDER, BARCLAYS, BHP BILLITON, BIDU, BLACKBERRY, BMW, BNP PARIBAS, BOEING, BP (BRITISH PETROLEUM), BRITISH TELECOM, CATERPILLAR, CITI (US — CITIGROUP), COCA COLA (US), DAIMLER AG, DANONE SA, DELL, DEUTSCHE BANK, DEUTSCHE TELCOM, DISNEY, EBAY, EXXON MOBIL, F5 NETWORKS, FACEBOOK, FIAT, FREEPORT McMoran, GAZPROM (RUSSIA), GENERAL MOTORS, GOLDMAN SACHS, GOOGLE (US), GROUPON, HSBC HOLDINGS (LONDON), IBM, JP MORGAN CHASE, LAS VEGAS SANDS, LINKEDIN, LOUIS VUITTON, LUKOIL (RUSSIA), MASTERCARD, MCDONALDS, MICROSOFT, NETFLIX, NIKE (US), NISSAN MOTORS, ORANGE S.A., PARIS TELECOM, PETROBRAS, PFIZER, PUBLICIS GROUPE, RENAULT, RIO T. VS. BHP B., RIO TINTO, RIO-AU, ROLLS ROYCE (LONDON), S BANK INDIA, SAB MILLER, SALESFORCE.COM, SBERBANK (RUSSIA).

Pairs: AMAZON VS EBAY, AMAZON VS NETFLIX, BMW VS DAIMLER, BMW VS RENAULT, FACEBOOK VS TWITTER, FTSE F VS CAC F, GOLD VS OIL, GOOGLE VS BAIDU, LINKEDIN VS TWITTER, McDONALD’S VS STARBUCKSVODAFONE VS ORANGE.

Trading Accounts, Bonuses & VIP Programs

To cater to the demographic diversity of its client base, Magnum Options has provided 5 different types of trading accounts. The accounts are categorized according to their status as Beginner account, Semi Educational account, Full Educational account, Semi Advanced account and Full Advanced account.

Beginner Account

  • $200 minimum deposit
  • Account Manager (1 Month)
  • Free eBooks
  • Free educational videos
  • Starter Webinar
  • Weekly Market reviews

Semi Educational Account

  • $5000 minimum deposit
  • 2x Academy Sessions
  • Account Manager (3 Months)
  • Daily Market reviews
  • Free eBooks
  • Free educational videos
  • Starter Webinar
  • Strategy Webinar

Full Educational Account

  • $25000 minimum deposit
  • 5x Academy Sessions
  • Account Manager (6 Months)
  • Daily Market reviews
  • Free eBooks
  • Free educational videos
  • Starter Webinar
  • Strategy Webinar
  • VIP Webinar

Semi Advanced Account

  • $50000 minimum deposit
  • 10x Academy Sessions
  • 3% Additional Payouts
  • Account Manager (12 Months)
  • Daily Market reviews
  • Free eBooks
  • Free educational videos
  • Interest on Account balance
  • Starter Webinar
  • Strategy Webinar
  • VIP Webinar

Full Advanced Account

  • $100,000+ minimum deposit
  • Unlimited Academy Sessions
  • 5% Additional Payouts
  • Account Manager (Lifetime)
  • Daily Market reviews
  • Free eBooks
  • Free educational videos
  • Interest on Account balance
  • Starter Webinar
  • Strategy Webinar
  • VIP Webinar

In terms of bonuses, new account holders (except beginner accounts) are entitled to an additional trading capital bonus. The bonus amounts are as follows:

  • 50% for semi educational account
  • 75% for full educational accounts
  • 100% for semi advanced accounts
  • 100% for full advanced accounts

Deposits and Withdrawals

As for the funding of trading accounts, Magnum Options supports deposits by credit/debit cards, Neteller and Bank wire transfer. For withdrawals, traders may use their credit cards or go through a bank wire transfer. However, traders are only entitled to one free withdrawal per month and up to a maximum amount of $2000 per week. Subsequent withdrawals within the same calendar month are charged a $30 withdrawal fee. Withdrawal requests are processed once a week on every Thursday and takes up to 7 business days to be processed.

Customer support

The customer support service at Magnum Options is from 5am to 8pm (GMT) from Monday to Friday. Traders can contact the support team through email, live chat or by filling up the web contact form and requesting a call-back.

Extra features and resources

In terms of educational resources, Magnum Options does provide their clients with a fairly comprehensive resource centre. Traders have access to various webinars and academy sessions and ebooks to help them enhance their trading knowledge.

Verdict

Although Magnum Options is not regulated by any binary options regulatory bodies, its existence since it began its operations in 2020, proves that they are a legitimate broker. With their return on investment as high as 81% and deposit bonus of up to 100%, it is of little wonder why this broker is able to draw a loyal following of clients. If you are looking for a binary broker that can offer you above average returns, then Magnum Options might just be the right broker for you.

Pros

  • Generous trading Bonuses
  • High returns
  • Intuitive Platform
  • Multiple choices of trading accounts

Cons

  • No Telephone support
  • Unregulated
  • What Bonuses are available at Magnum Options?

Magnum options currently a bonus called “Extra Trading Capital” for educational and advanced account holders. The bonus amount ranges from 50% to 100%.

  • What are the payment methods supported by Magnum Options?

For deposits, credit/debit cards, Neteller and bank wire transfer are supported. For withdrawals, traders can either withdraw through their credit cards or through bank wire transfer.

  • What is the minimum deposit requirement at Magnum Options?

The minimum deposit requirement at Magnum Options is $200 for the Beginner account.

  • How long will it take to process a withdrawal request?

Withdrawal requests at Magnum Options are processed once every Thursday. Each request takes up to 7 days to be fully processed.

  • Is Magnum Options a safe broker to use?

Yes, Magnum Options is a safe broker. Its 4 years operational history proves that it is not a scam broker.

a Complete Guide for Binary Options Trading

There are many questions which linger in the minds of binary options traders when they are about to open a new account. Some of this questions are whether Magnum Options is a Scam and whether it is a fair binary broker.

However, trader registering with MagnumOptions should not be worried since this broker is a fair broker. It is a time tested binary options broker that has gained a lot of praise from binary options traders across the world for its trading services.

Their trading platform is user friendly and all its terms and conditions are very well laid out for the traders to read and understand. Even the terms and conditions for its bonuses are clearly outlined contrary to most of other binary options brokers who try to hide them.

Magnum Options Scam Alert

To be honest, there is no Magnum Options Scam yet that have been reported to date. There are no traders who have complained about any aspect of the MagnumOptions broker. Most of the issues raised are well catered for and would not qualify to be called scams.

Actually, binary options traders who have registered with this broker have appreciated the fact that the broker offers higher pay-outs, larger bonuses bonuses, commodities to trade, as well as the fact that they accepts traders from all the countries around the world including those from the United States contrary to most other binary options brokers. Sometimes back, Magnum Options was includes in the Fair Binary Options’ list of trusted binary options brokers and to date, Fair Binary Options have not come across any complaints against broker. This truly indicates that this broker is a genuine and beneficial to the binary options traders.

If you go through the website looking for negative reviews about MagnumOptions binary options broker, you will hardly come across any. The few negative reviews are understandable given the fact that every client has the freedom to freely express how they feel about the broker’s services. However, the positive reviews far more outdo the negative reviews. In every review, it usually important that the clients writes about what they don’t like about the site because this helps the management to reconfigure and offere better services.

But all said, there is no information on the website as per now indicating that the broker is a scam. Traders should feel very secure when trading with the broker.

Actually, not many brokers succeed in meeting all the requirements so as to conduct their business in the USA; but MagnumOptions broker is among those broker who have met all the requirements to be allowed to trade in USA. This shows that is a broker that can be trusted.

Magnum Options Scam News

Traders who are looking forward or who are already registered with the broker needs not worry about the broker being a scam. There are no scam news so far related to MagnumOptions broker.

In actual fact, this broker offers great bonuses to its eligible binary options traders. The amount of bonus actually acts as a motivating factor to traders with small amount of money to invest in binary options trading. With the bonus, the small amount of deposit is increased to become enough for trading and making more profits. So the initial investment capital is not much of an issue.

The other thing that is of paramount importance is the withdrawal of funds from the trading account to the bank account. In most cases, this is where a lot of scams happen. But for MagnumOptions, it offers a number of withdrawing methods to its customers. These methods include: credit cards and bank wire transfer. With this options traders securely withdraw their funds without any difficulty and they are assured that the money will reach their bank accounts.

If you are after a great binary options trading platform, Magnum Options is the best platform.

Are There Any Magnum Options Complaints?

The Magnum Options complaints that have been reported are usually as a result of misunderstanding which happens between some of the traders and the trading platform. For example, some traders complain about the duration of time it takes to withdraw funds from the trading account to the bank account. However, these traders fail to recognise that the withdrawal time depends on a number of factors and all these factors are not under the control of Magnum Options. Some of the factors that determine the withdrawal duration are the currency of the withdrawal, method of withdrawal as well as the day of requesting the withdrawal – if a withdrawal request is made during the weekends or during holidays, the withdrawal process will take longer. Therefore, if traders are careful about the above named factors, they will not complain much about the duration of the withdrawal process since they will now when to withdraw and how long to wait for their money in their bank accounts.

Also, other traders have misconceptions about the bonus offered by the MagnumOptions broker; they think that they are entitled to the bonus even when they have not met all the requirements for a bonus.

The amount of bonus is not offered to the traders automatically. The bonus is however only offered when the traders request for it from the MagnumOptions’ support team. And this also is not a guarantee since after the request is submitted, the support team have to verify if the trader is eligible for getting the bonus. If the trader is eligible, he or she receives a bonus amount depending on the amount of money in their trading account with Magnum Options. The amount of bonus offered is not the same for all the traders. But depending on the amount of deposit, the bonus can go to as high as $10,000.

Magnum Options complaints are usually not very common, although the broker has been in operation since early 2020. There are traders who complain about the security measures that Magnum Options has put in place since they think that these measures are not necessary. Among the many things that traders seem to dislike is the fact that they have to submit a lot of documents so as to verify their identity before they allowed to start trading on the broker’s website. But all these security measures are very important for the security of the trader’s funds. That is why every trader with a registered account has to go through the verification process.

Is Magnum Options Regulated?

The Magnum Options broker is not a regulated binary options broker. But this should not worry the binary options traders who use the broker to trade. With the years that the broker has been offering trading services, it has proven to be a genuine broker. Its trading services are top quality making it a popular choice among binary options traders in the world.

With its bonuses and promotions, trading becomes more interesting. All the bonuses are genuine and real and they are not a scam.

Actually, the fact that this broker is non-regulated allows it to accept traders from around the world including the binary options traders from United States. The Regulated brokers cannot allow binary options traders from the United States as well as from a group of many other countries where rules and regulations are very strict. That is why the fact that Magnum Options is not regulated acts as a great benefit to the binary options traders from such countries since they get an opportunity to trade a number of securities online and make some money and it would not be possible if the broker was regulated.

In spite of the fact that Magnum Options is not regulated, the broker is not a scam. In addition, there are hardly any negative reviews or complaints about this broker. It does not have any fake terms or conditions that could fool the traders. Actually, the rules of the broker are very elaborate and they give a clear idea of how the traders should trade and use all the features and services offered by the broker’s binary options platform. Among the advantages of trading with this broker are: Higher pay-outs than its competitors, a variety of options for deposits and withdrawals, bonuses for eligible traders, minimum deposit amount of $200, and a minimum investment amount of $5. All these features are genuine.

Magnum Options Withdrawal

For every trader, the withdrawal process is of much importance. This is the means by which the trader is able to get his or her hard earned money so that he or she can use it for his or her upkeep. The Magnum Options withdrawal process is secure and fast. This makes it very convenient for the binary options traders to withdraw their profits from their trading accounts whenever they feel like doing so.

Magnum Options withdrawal is a very easy process due to the fact that the broker offers a number of options for the traders to withdraw their profits. The minimum withdrawal limit for this binary options broker is $100 or £100, depending on the base currency of the trading account. That is to say that if a trader deposits and operate their account in with US Dollars, they can only be able to withdraw their profits from the trading account in the same currency which is the US Dollar. They can not be able to make a withdrawal request in Euros. This rule about currencies are found in almost all the binary options brokers and it helps in trying to avoid exchange rate fluctuations.

The most common methods of withdrawing that are used are the wire transfer and credit card. For credit cards withdrawals, the amount of money withdrawn cannot exceed the amount of money initially deposited into the trading account.

So as to withdraw more than deposited, the trader can only use the bank wire transfers. More so, if a trader uses a given credit card to deposit funds, the trader can only withdraw fund using that same credit card. The money cannot be withdrawn to any other credit card.

Withdrawing money from the Magnum Options trading account is quite easy and the traders can choose to make a withdrawal request through the “My Account’ tab on the brokers website, or they can choose to send a withdrawal request by sending an email to the broker’s customer support team.

Another thing that is great with this broker is that the withdrawal can be cancelled by the trader within the processing of the request. This is a very great feature and it is not common among binary options brokers. It offers some degree of flexibility to traders using this platform to trade binary options since if a trader makes a withdrawal and realizes that he or she needs the money to support his trades, they can cancel the withdrawal.

After a request for a cancellation has been made the funds are returned to the account of the trader. But it is worth noting that the withdrawal request cannot be cancelled if it has already been processed. If a trader needs to cancel a withdrawal request, the traders will have to contact the customer support team of Magnum Options through phone or through email.

Magnum Options Customer Support

Magnum Options is surely one of the binary options brokers who have been able to get a lot of popularity within a short duration of time seeing that it was founded in 2020. Within a span of 2 years, this broker has been able get quite some attention from binary options traders around the world.

In addition to the lucrative bonuses and a number of other features, Magnum Options also offers excellent customer service making it the ideal choice for a number of binary options traders. The broker has a very nice team of support staff who offer superb customer services. The customer support team can easily be reached through phone, through email as well as through live chat. With the customer Support team, traders can have all their grievances attended to.

The Magnum Options’ customer support team has been active since the time the company was founded back in 2020. For the last 2 years, the customer support team have interacted with a number of different customers and have helped in getting their queries resolved. In doing so, the team of customer service have not only helped their customers but they have also obtained a lot of knowledge and experience.

The email address that the customer support team of Magnum Options can be contacted by is [email protected] However, traders can also request for answers to their questions and queries using the live chat support. The live chat support is a great feature and it enables the traders to get instant help and on a real time basis. For instance, if a trader is trying to withdraw his or her profits from his or her trading account and is not sure of the procedure, they are advised to take advantage of the live chat support and get in touch with a customer support team at Magnum Options for them to explain clearly how the process of withdrawal is. With the live chat feature, there is no need to waste your time trying to wait on the phone so as to talk to a customer support member or even wait for the staff to reply to your email; live chat is instant.

Another additional service of the customer services which is provided by Magnum Options is that the broker provides dedicated account managers to all of its registered traders. Once a trader opens and verifies an account with the broker, an account manager is assigned to the trader so as to offer assistance and give advice where necessary so as to enable the trader to make even more profits. The account manager will also provide great tips about how the trader can maximize profits while minimizing risks.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

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