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Magnum Options Review
Magnum Options has to address some of the concerns faced by its existing clients and should make it a priority to offer a regulated service. Magnum Options has all the features and products to offer a highly respectable binary options trading environment and has the potential to become a world-class brokerage.
Magnum Options Review Introduction
It is the primary responsibility of every trader to be aware of the risks associated with the financial markets and to keep their capital protected from financial scams and malpractices. We routinely encounter a considerable number of trader complaints due to their inability to understand the implications of broker scams and fraudulent practices that are prominent in the industry. The risky nature of the financial products and the high leverage offered to traders can have an adverse effect on the community as a whole, which is compounded by the fact that companies purposefully indulge in illegal activities to improve their profits and revenue.
Magnum Options is a pretty established financial brokerage that has been having an ongoing relationship of ups and downs with its existing client-base. The company has a standard binary options service, but there are some aspects of the company that needs improvements in order to operate at the highest level. Most of the genuine binary options brokers in the market have worked hard on creating a safe trading environment for its investors, which is the reason why binary options trading has continued to soar in popularity over the recent years. We provide an intricate opportunity for all investors to get the best information about Magnum Options and their binary options services through this professional binary options broker review.
Magnum Options Broker Location & Company Information
Magnum Options is a European binary options broker that does not appear to be regulated by any regulatory authority. Magnum Options started its binary options brokerage in 2020 and is owned by Solaris Vision Ltd., a company located in Sofia, Bulgaria. Bulgaria is a part of the European Union, and the company has its own regulatory agency known as the Financial Supervision Commission (FSC). FSC is authorised by the European Markets in Financial Instruments Derivatives (MiFID) to regulate binary options brokers and financial companies that are operating out of the country, and the FSC also has the freedom to license and supervise all businesses operating across the EU.
The company itself does not provide any reassurances to its clients about the potential for a regulatory license, neither is the company committed to enhancing investor protection through proactive measures. We spent a considerable amount of time to learn more about the company’s market presence and were surprised to learn about the broker’s other binary options brand names that were also operating in the markets without a valid regulatory license. Hence, we have come to the conclusion that the parent company has developed different binary options brands and their associated websites in an attempt to penetrate the highly lucrative retail trading market. We would like to advise our readers to exercise a good amount of caution while dealing with the broker’s products and services.
Magnum Options Financial Assets
Magnum Options wouldn’t want to be left behind in the highly competitive binary options marketplace, which is why the broker has offered an array of more than 150 tradable instruments through its binary options trading platform. The market coverage varies from Forex, Stocks, Commodities, and Indices, while there is also the option of trading Pairs along with the traditional financial products. Here is the full list of instruments that are made available to traders:
Stocks: 3M, AXIS BANK, BHP BILLITON, BLACKBERRY, BMW, DEUTSCHE TELCOM, MICROSOFT, RIO T. VS. BHP B., FACEBOOK, F5 NETWORKS, TATA STEEL, TOTAL, TWITTER, PARIS TELECOM, TELEFONICA, TESCO, BNP PARIBAS, BOEING, BRITISH TELECOM, VIVENDI SA, VODAFONE, VOLVO, UNILEVER, GENERAL MOTORS, LAS VEGAS SANDS, DISNEY, EBAY, JP MORGAN CHASE, GROUPON, EXXON MOBIL, GOLDMAN SACHS, CATERPILLAR, DAIMLER AG, DANONE SA, FREEPORT McMoran, MCDONALDS, FIAT, PETROBRAS, NISSAN MOTORS, ORANGE S.A., PFIZER, PUBLICIS GROUPE, RENAULT, RIO TINTO, RIO-AU, S BANK INDIA, SAB MILLER, SALESFORCE.COM, SEARS HOLDING, SIEMENS AG, STARBUCKS, NETFLIX, MASTERCARD, BIDU, BANCO SANTANDER, DELL, IBM, ALLIANZ SE, ANZ BANK, AIG, LINKEDIN, LOUIS VUITTON, BARCLAYS, DEUTSCHE BANK, DEUTSCHE TELECOM, AMAZON, STRAITS TIMES, TURKCELL (TURKEY), TATA MOTORS (INDIA), (US THOMSON ), BAE SYSTEMS (LONDON), ROLLS ROYCE (LONDON), HSBC HOLDINGS (LONDON), COCA COLA (US), SBERBANK (RUSSIA), LUKOIL (RUSSIA), GOOGLE (US), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (US), APPLE (US), CITI (US — CITIGROUP)
Currencies: AUD/CHF, USD/SEK, NZD/JPY, EUR/SEK, BitCOIN/USD, AUD/NZD, NZD/USD, GBP/CHF, CAD/JPY, AUD/JPY, GBP/JPY, USD/ZAR, USD/SGD, AUD/USD, USD/CHF, USD/RUB, USD/BRLC, USD/TRY, EUR/GBP, EUR/JPY, USD/CAD, USD/JPY, GBP/USD, EUR/USD
Commodities: COFFEE, CORN, GOLD/EUR, GOLD, OIL, PLATINUM, SILVER, SUGAR, WHEAT
Indices: DOW FUTURE, TZA-SHORTX3, BOVESPA-F, FTSE 100 (U.K), FTSE FUTURE, STRAITS TIMES, KL FUTURE, ASX FUTURE, ASX (AUSTRALIA), SSE180 (SHANGHAI STOCK EXCHANGE), BOMBAY SE, KUWAIT (KUWAIT GENERAL INDEX), QATAR (DSM20), EGX 30 (EGYPT), TADWUL (SAUDI STOCK EXCHANGE), MSM 30 (OMAN), DAX (GERMANY), DAX FUTURE, NIFTY, OMXC20, PSI20, RTS FUTURE, S&P FUTURE, NASDAQ FUTURE (US — NASDAQ 100 FUTURE), S&P FUTURE (US S&P 500 FUTURE), CAC, CAC FUTURE, SHENZHEN300, SMI FUTURE, TNA-LONGX3, TSK60, NIKKEI FUTURE, VIX, SSE180 (SHANGHAI STOCK EXCHANGE), HANG SENG (HONG KONG), HANG SENG FUTURE, IBEX, IBEX FUTURE, JAKARTA SE, KOSPI, BOMBAY SE, DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), FAZ-SHORT, TEL AVIV 25, EGX 30 (EGYPT), MSM 30 (OMAN), MICEX 10 (MOSCOW INTERBANK EXCHANGE), ISE 30 (ISTANBUL STOCK EXCHANGE), NASDAQ (US), S&P 500 (US), DOW (US — DOW JONES INDUSTRIAL AVERAGE)
Pairs: FTSE F VS CAC F, GOLD VS OIL, BMW VS DAIMLER, BMW VS RENAULT, VODAFONE VS ORANGE, AMAZON VS EBAY, GOOGLE VS BAIDU, FACEBOOK VS TWITTER, LINKEDIN VS TWITTER, McDONALD’S VS STARBUCKS, AMAZON VS NETFLIX
Magnum Options Binary Payouts
Traders should not expect Magnum Options to provide a high return on binary options trades, especially for the traditional high/low options, as the maximum payouts for regular options are pegged at 81%. 81% is slightly lower than what one would expect from a binary options broker, as several competing companies may be able to offer an average of 85% payouts across their products portfolio. In some extreme cases, binary options brokers may also provide returns as high as 95%, all the while offering a refund of up to 25% for out-of-the-money trades. Magnum Options does not offer any kind of refunds for losing trades, and the average payouts are in the range of 60% to 81%.
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The investments required per position are also higher than the traditional binary options available at other leading companies, as Magnum Options has set a minimum investment amount of $25, and a maximum limit of $3000. We don’t really mind the investment ceiling enforced on traders to control the risk exposure, particularly for smaller investors, but the minimum investment amount should be lowered to the more manageable $1 figure. Regardless, the maximum limit may be unsuitable for larger investors, mainly due to the higher account categories that are reserved for larger depositors and account holders.
Magnum Options Trading Platform
The Magnum Options platform is a tried and tested trading interface, which is a customised version of the SpotOption trading platform. The SpotOption interface is a third-party binary options platform, which is developed to provide trading support for companies that do not have the resources or the technical prowess to develop a branded or proprietary trading software. The SpotOption is a part of the highly popular and feature-rich binary options platforms in the market that have excellent reliability, performance, and trading features.
SpotOption was developed by its creators to function as a standalone web trading terminal, where all account and trading activities are facilitated through a web browser. SpotOption is highly advantageous in that sense, as traders need not download or install any platform on a dedicated trading device. The web trader is also a great option for traders who don’t have access to a dedicated trading terminal, or for traders that wish to trade binary options on the move.
The Magnum Options platform and trading layout can be customised according to a trader’s preferences. Aside from the regular binary options products, traders also have the opportunity to follow the strategies of other successful traders by using the Spot Follow feature. The Spot Follow is a unique tool that is developed to aid amateur traders in their quest to improve their trading performance, but this tool can also be used by professional traders to enjoy added gains or to support their trading strategies.
Trading With Magnum Options Mobile App
Most brokers that have adopted the SpotOption trading platform rarely provide any dedicated mobile apps for their traders, but there are exceptions to this case. As far as Magnum Options is concerned, the broker does not have any dedicated mobile apps for any smartphone or tablet OS. In fact, the non-availability of Magnum Options apps for mobile trading may not be favoured by existing clients, but the broker counts on the responsive layout of its SpotOption platform to facilitate mobile trading for all traders through the web browser.
Magnum Options Payment Methods
There are three different account packages, which are further classified into additional categories to take the total to five different types of trading accounts. The minimum deposit required for trading at Magnum Options is $200, which grants traders access to the Beginner account. The Beginner account is available for all traders who make a deposit of up to $5,000, for which the broker does not offer any prominent account features or benefits. For the same amount of deposit, other mainstream companies may be able to offer VIP accounts, and may even qualify for trading signals and advanced training courses.
The Magnum Options minimum deposit amount may not be as small as some of the other minimum investment requirements provided by leading binary options brokers, but the $200 figure is lower than the average minimum deposit requirement of $250 that is charged by a majority of online brokers. The real issue with Magnum Options payments is that the broker only supports credit/debit card payments or wire transfers, and there is no option for making a payment through e-wallets or online payment processors. There are also some known issues with the company’s withdrawal policies, which may make it risky for traders to invest large sums of money with the broker.
Magnum Options Bonus & Trading Insurance
Beginner account holders or deposits up to $5000 do not qualify for any bonus. The broker only provides a bonus for Educational and Advanced account holders, which offers a bonus from 50% to 100% of the entire deposit amount. The broker also offers trading insurance for these account holders, which can provide up to 100% protection against losing trades. The trading insurance may seem like a novel concept, but traders must understand the risks and trading conditions that are associated with these insurance programs and the bonuses offered by the company. If you do not feel comfortable with any of the bonus terms and conditions, you have the freedom to deny the bonus at any time before redeeming it or using it for trading.
Magnum Options Demo Accounts
A demo trading option is only offered for clients that have a live account and is activated only after making a deposit. Under normal circumstances, the demo account should be provided free of cost, but Magnum Options does not offer a free demo, regardless of the availability of free demo accounts at competing binary options brokers. We are also worried about making a deposit for demo trading, as we are not sure whether the broker will honour its clients’ withdrawal requests if the trader does not wish to continue with the broker’s services.
Magnum Options Customer Service
The broker has the usual customer service channels such as live chat, phone number, web contact form, email address, and an official physical correspondence address, which should be sufficient for most traders. We are glad that the company has chosen to be transparent about its contact information, and has not followed the dubious practice of remaining anonymous to its clients. Regardless, we have seen some traders complaint about the overall efficiency of the customer support departments, and some clients have even experienced complete blackouts. You should keep evidence of all correspondence with the broker so that you can have ample evidence if things do go sour.
Magnum Options Training
As we previously mentioned, training materials and webinars are only available for larger account holders. Beginner traders should be content with a few beginner courses such as educational videos, an online eBook, weekly market reviews, and an account manager access for one week. However, if you do make a higher deposit, you can enjoy strategy webinars, personal account manager access, Academy sessions, and even daily market reviews by email.
Magnum Options Verdict
- The minimum deposit requirement is lower than the average deposit prevalent in the market.
- The broker offers an excellent bonus program for larger account holders.
- Trading insurance provided to higher account categories.
- Offers a good collection of training resources.
- Not a regulated binary options company.
- There are some issues with withdrawals.
- Higher account categories are expensive.
- No demo account.
Is Magnum Options Regulated?
Magnum Options is not a regulated broker, even though the company has its official headquarters in Bulgaria, which is a European member nation.
How Do I Open An Account?
Users can open an account by registering with an email address.
What Are The Account Funding Options?
Account funding options for both deposits and withdrawals are limited to credit/debit card payments and wire transfers.
Magnum Options Review
Magnum Options strives to stand apart from other brokers and succeeds in operating differently when compared to most other brokers. Generally, the functional differences between brokers are so trivial that when the bird’s-eye view is considered, the differences have no significant impact on the trader or in the trading experience with binary options . Magnum Options mainly triumphs because of their transparency and standards of integrity that they maintain with their customers. They are doing their best in every aspect that can be measured. Even though Magnum Options does not have the official endorsement of CySEC or any other regulatory body like Malta Gaming Authority ,Magnum Option cannot be written off as a non-trustworthy site as they have been delivering excellent results.We will prove this statement with our review below.
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1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
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As Magnum options no longer accepts US traders, in case you are from US we recommend you to check other brokers such as CTOption, GOptions,Porter Finance and Bloombex. The best way to get everything out of this article, is to first open a free account to Magnum Options by clicking the button below. After that you are able to test the features alongside while are reading this review.
Magnum Options in a Nutshell:
- Broker: Magnum Options
- Platform: SpotOption
- Founded: 2020
- Bonus: Up to 100%
- Return/Refund: 70-85%/1-10%
- Number of Assets: Around 200
- Minimun Deposit: $200
- US Traders: Not Accepted
- Expiry times: 60 sec, 5 min, 15 min, hour, daily, weekly, end of the month, end of the year
- Deposit: Multiple Credit cards, Visa, Mastercard, Bank Wire, Skrill, Moneybookers
Magnum Options Slogan
Trading with Magnum Options as new traders has added benefits in the form of bonuses that they offer. Magnum options offer new traders bonuses ranging from 10% all the way upto a whopping 100%. Maximum bonus will be $10,000. It should be noted that larger the deposit amount, higher is the bonus percentage.
Magnum Options unfortunately has no demo account option at this point. Nevertheless, the minimum trading amount in a single trade is a measly amount of$5 and therefore the money involved in a single trade is not that significant. This is a good way to learn the nuances of trade by investing in several small trades and see how those go. Such a method can be termed as dividing the risk which is an important aspect of trading. Like they say, never put all your eggs in the same basket! We recommend you to adopt these small steps in the beginning and carrying out the minimum-amount trades until you gain a better know-how of trading and eventually, with practice trading will come much more naturally to you.
Features of the Broker site
The list of assets available to trade while using the Magnum Options platform is extensive. There are around 100 different stocks, 30 currencies, 8 commodities, 50 indices and 15 pairs. Naturally, stocks are picked from the biggest global companies.
Currency pairs encompass the most used currencies of world capital markets such as USD, EUR, JPY, CAD, GBP. AUD etc.There is an additional feature of a possibility to trade with Bitcoin crypto currency as well.
On the other hand, the commodities list is typical of the industry standards with offers of 8 commodities to trade. They are coffee, corn, gold, oil, platinum, silver, sugar and wheat.
The list of indices includes the most important stock markets around the world and comprises of most liquid indices as well. The indices represent several markets and industries which makes it easier for traders to find their favorite ones quite effortlessly.
Magnum Options Ifollow where you can follow your favorite traders and copy them
The list of pair options includes some extraordinary pairs whose success is compared with each other. Some examples of such pairs are Apple vs Amazon, Apple vs Google, gold vs silver, gold vs EUR.
To shed light on the payout and profits offered by the Magnum Options,their average return falls around 80% with a maximum of about 85% which is overall a good number. What makes it more attractive is the refund they offer which can be up to 10% from the traded amount. This refund is offered to a trader after losing a trade. Such an offer increases the total amount of profits in the long run because some of the lost trades are refunded back to traders.
How to trade with Magnum Options
Magnum Options operative-platform SpotOption provides a wide range of trading possibilities that includes expiry timings apart from the options for assets as mentioned above.
Expiry times vary between 30-300 second in the “sixty second” category. In the long-term category, expiry times range from a week to more than 15 months. These are vastly different type of investments and both have their own special advantages.
A significant feature of Magnum Option is the Ifollow where traders can see, follow and imitate other successful traders and their individual trades. The Ifollow gathers the top traders and ranks them in order. This definitely aids to lift up your own success rate.
One Touch Options are high payout options.
The actual trading procedure is quite straightforward. Trader needs to choose the asset, the duration, and whether it will tend to go up or down in the chosen time frame. SpotOptions platform is clear and well designed for that.
SpotOption is one of the most reliable platform providers in the binary options industry. Their platform is clear and easy to trade with. Magnum Options offers following option types:
Among the aforementioned types, Ladder options have the highest available profits. By reaching certain limits in the valuet, profits can rise over 1000%. One Touch option is an additional high payout option that will be profitable if certain lower or higher pre-set limitsare reached within the duration of the trade. These are definitely worth trying if you are comfortable taking such high risks in order to gain profits.
Ladder options offer even over 1000% payouts.
It is highly important to possess risk adjusted portfolio in trading and therefore,it is important to select all the features of short and long term options. Magnum Options offers wide range of products and tradable assets that traders can list in their portfolio which they feel comfortable with.
These features allow traders to build risk adjusted portfolio and divide total risk to multiple assets, markets and time frames. Such adjustments lead to best possible outcomes instead of putting all the eggs in one basket.
Minimum trade is $5 and maximum is $5,500 for regular options which is quite a desirable option.
Educational material and tools
Magnum Options provides many trading video courses in their trading academy. They offer 5 courses for beginners, 8 for advanced trading, 5 for binary options and 3 in- depth courses.
Beginner courses are about importance of learning the nuances of global trading, understanding the advantages of binary options, carrying out the trade and eventually becoming successful at it, knowing the options of change and risk, emotions in trading and distribution of risk.
Course selections is wide and there is a lot of useful information available.
Advanced courses handledeeper issues such as passive trading, aggressive trading, market analysis, trend, support and resistance, shooting star and Harami patterns, pattern identification, and breakaway for pattern features and characteristics.In-depth courses deal with winning tactics, basic and advanced technical analysis.
In addition to the various training options, Magnum Options provides an eBook to its traders that covers all the aforementioned issues and many other insights and details.
If deluge of the learning and reading materials seem too weighty to handle, there is a solution which might be just for you: a fully automated binary option robot which can help you trade better. The Real Robot will perform automatic trading according to pre-determined parameters. This helps in profitable trade even when you do not have any access to a computer or do not have the time conduct manual trade. According to us, it is the best binary option robot available that can help you to trade successfully by placing actual trades on your behalf utilizing highly sophisticated signals system. The Real Robot is fully automated options trading software that aids you to earn more money with less work. Now you can get this auto trader completely free by clicking the button below.
The SpotOption software makes it possible to trade through a mobile application when you’re on the go and not even near a computer. The mobile version of the platform allows to make the very trades and actions that the full version does.
With mobile version you have access to your trades and thus you can place new trades from anywhere. Mobile version is accessible through the App Store and Google Play, and you must furnish your login before being able to start using the app.
You can trade on the go with Magnum Options mobile app.
Is Magnum Options a scam or a proper broker?
Magnum Options has been around for over 2 years and their excellence is apparent. Their trading platform is properly build and designed to make the best trading experience in the industry. Is it the best available option? That, we cannot determine but we can say that comes extremely close to being the better options available at least. Trading with Magnum Options is straightforward and intensive. We have not found any indication of scams at this point of time and firmly believe that there are no fraudulent activities associated with this site.
Magnum Options offers toll-free international phone line number. Live chat option is available on the site in real time and the support staff can also be contacted via email and a contact form. Chat replies are quite fast and in the test conduct by us, they were able to quickly help us with the problem that we simulated. Advices meted out by the staff were relevant and was of significant help. From our experience we could gather that Magnum Option is really keen on assisting their customers with the best of their abilities.
There are several deposit and withdrawal options that include multiple credit cards (Credit / Debit Card: Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo) and wire transfer. Wire transfers have some additional fees and therefore, we recommend using the credit card as primary method. Notice that the bonus money has to be circulated according to the terms before the withdrawal.
There are numerous banking options available.
As this review comes to an end, we will conclude that Magnum Options is not a scam broker. Their range of assets is comprehensive and everything related to actual trading is exceptionally clear and straightforward. Educational material is extensive and even amateurs can trade successfully when they understand the messages of the video courses. Magnum Options customer service is fast and accurately straight in case of any concerns. We recommend their broker services to traders belonging to any level be it beginners or professionals.
In our overall verdict, we award Magnum options a rating of 4.7 points out of 5 as a binary options broker site.
Open an account and start trading with Magnum Options by clicking the button below!
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Best Binary Options Broker 2020!
Free Trading Education!
Free Demo Account!
Perfect for Beginners!
2 place in the ranking!