Magnum Options Review

Magnum Options review: The unequaled rise of the binary options services offered by Magnum Options and a request from one of our reader has prompted us to review the trading site. Our rigorous review process has resulted in the following text, which describes the various facets of the trading service, in great detail.

 

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Magnum Options Review

The platform of the Magnum Options is powered by SpotOption, a known name in the binary options trading fraternity. The site also utilizes Leverate services to provide the market feed. The site claims to provide state of the art technology to ensure security, accessibility and trader’s satisfaction.

The website follows black, white and antique gold palette to give you the feel of a soothing site. It displays the account opening form at the start of the homepage along with a couple of asset (hot assets or most traded assets) graphs and a contact information at the center. The current asset prices are also available through a scrolling feed at the top of the homepage. The website offers   transactions in currencies, commodities, select indices and stocks for the traders. The site also has tabs for binary, pairs, long-term trading options, one touch options, 60 sec expiry options, ladder options, FX/CFD and spot follow options to give immediate access to chosen type of assets. It also has a small icon on the asset graph which provides advisory based on technical indicators like RSI, Moving Average, and Bollinger Bands to deliver an advice on whether to buy a call option or put option to their clients.

The strategy adviser is just a click away and takes about 10 seconds to scan through the market data and give a recommendation to their clients. The spot follows tab pairs you with the top traders on the site, and allows you to allocate funds in order to follow and execute the trades of the top traders. It also offers you an option for how long do you want to follow a particular trader and for what value. It’s one touch tab allows you to trade an asset whether it will reach a target price or not. In such trades, the investor makes money if his/her prediction turns out to be true.

magnum options mainpage

Magnum Options mainpage

The site has a menu button on the top left corner to give access to opening an account, trading, FAQ, support information along with information regarding various learning tools offered by the broker. Under the academy tab, it offers a sea of knowledge for the customer through various courses; beginner’s course, advanced course, binary options, in-depth course and trading e-book. The guides are very well written with many examples to give you ample information regarding the binary options. The knowledge option has one of the most comprehensive and in-depth information regarding options to satiate all categories of the trader. I would definitely suggest utilizing this service to update or gain the knowledge and improve learnings regarding the binary options.

The account opening (demo or real) requires a standard form filling, which seems too much for a demo account, as there are several brokers who provide one click demo services even without registering. The company provides bonuses up to 100 percent with about 81 percent payout ratio to their registered clients. It requires a minimum deposit of $200 while one can invest as low as $10 per trade. It accepts payments in USD, CAD, AUD, GBP, and EURO. Although the Magnum Options accepts customers from across the globe, it restricts the residents of the United States from registering.

Deposits and Withdrawals

The broker offers most popular payment choices through credit card and wire transfers. It supports various credit/debit card including Visa, MasterCard, Maestro, Neteller and bank wire. The company requires a photo ID, address proof along with front and back of credit card (without CVV and card number) from each and every client. If you are doing a wire transfer, it requires a copy of the transfer to be sent to accounting@Magnum Options.eu to authenticate the transfer. Though the broker accepts unlimited money through wire transfer, it has capped the limit to $20,000 for credit card deposits. The minimum amount of deposit is restricted to either $ 200, € 200, £ 200, AU$ 280 or CA$ 250 depending on the chosen currency and deposit method at the time of enrollment.

The withdrawal through wire transfer takes longer than other service providers, as it requires 4 days to initiate the transfer and additional 5-7 days to get credit into your account depending on the location of your bank. The credit card withdrawals are capped at the invested amount, and the additional fund can only be withdrawn through wire transfer. The Magnum Options provide one free wire transfer each month while additional transfer attracts fees of $30. The minimum withdrawal amount has also been restricted to $10 for credit card withdrawal and $100 for the wire transfers.

magnumoptions trading

Magnum Options trading platform

Signup and Bonuses

The Magnum Options website offers convenient signup which requires generic fields to be filled to complete the registration like name, e-mail, resident country, contact information, currency options (which can be changed later) and ID proof details.

The broking house offers up to 100 percent bonus to their clients but the bonuses are linked to the type of account one opens. It offers exclusive rewards for different types of accounts including risk-free trade and guaranteed bonus trades to their registered customers. The broking house also offers to refer a friend bonus of $50 for each valid referral to the site. The current offerings from the brokerage house is enlisted hereunder:

magnum options

Magnum Options accounts

 

Bonus Restrictions: The T&C of the site suggests that the traders need to fulfill trading volume of 30, 40, or 50 times the bonus or in the event of a refund bonus 20 times the bonus amount, between receiving the bonus and withdrawal of bonus. Please refer T&C of the website for further clarification on the bonus restrictions.

Payouts and Trading

The broking services offer numerous choices to the entire gamut of traders including long-term traders, short-term traders, high-risk traders and low-risk traders. The service offers up to 81 percent payouts, which is very disheartening as it falls in the lower bands of the current offerings. Currently, the market has a number of brokers offering payouts anywhere between 85 percent to 91 percent and in some cases even 100 percent.

The extensive trading platform offers more than 150 assets to their clients to trade, which includes currency (30), various stocks (100+), indices (50), commodities (8) and pairs (15). The assets offered includes most traded currencies, stocks of large global conglomerates and global indices. The pairs including very interesting combinations of assets such as gold vs silver, apple vs amazon amongst others for the trading.

As discussed earlier, the platform is powered by well-known software, the SpotOption and offers various types of trading options; regular binary options, one-touch options, 60-sec, pairs, long-term, ladder trade. If you are a high-risk and fast-paced traders than you will be happy to know that the website offers quick 60-second expiry options along with ladder trade and one-touch options, specifically designed for traders like you. Also, it offers options expiring in 2 days, 3 days, 4 days, 5 days, 6 days and 7 days for the long-term traders. The website offers one-touch operations and ladder trade for the seasoned traders. The ladder type offers the highest payouts on winning streak, and the earnings can go up to 1000 percent in some cases, while one-touch option offers an opportunity to make gains if the prediction of preset limits is reached within a specified duration. This clearly means that the website targets the entire community of the traders.

To support the clients who are always on the move, the broking house offers its trading platform on mobile platforms. It provides ease of access and seamless trading experience even while traveling. The customer needs to sign up before using the mobile application on their phone or tablets.

The Organization

The company was established in April 2010 and services were launched in 2013. The Magnum Options is owned and operated by Hampshire Capital Ventures Ltd., which is located at Cavell House, Stannard Place at United Kingdom.

The organization aims to serve their customer through a most user-friendly trading environment. The organization provides 100 percent web-based platform which provides user-friendly experience on more than 150 assets and gives payout up to 81 percent along with dynamic customer service support.

Sadly, our endeavor to find the registration details with any regulatory authority has failed as the official site does not mention anything about the regulatory registration.

magnum options features

Magnum Options features

Support

The Magnum Options supports its client through web-forms, live chat, and phone. The website and the support service is available in only English language, which may act as a barrier for non-English speaking customers. It also supports live web chat service for the customers. Although the support system looks robust and solid, it would be difficult for us to comment on the responsiveness as we haven’t used their support service.

The online research about customer’s review suggests that the most of the customers have given positive feedback to the site, there are many users who have complained about the support & banking services of the site.

Conclusion

The review has highlighted key aspects of the Magnum Options platform and its offerings. The website is neatly made and offers various advantages to customers. The site offers a seamless experience to traders with its costing, a number of assets to trade, robust customer support system, ease of navigation on the site and most importantly it has an exhaustive learning material on the site. The major disadvantage about the broking house is that it is not a licensed broker. Also, the services are restricted to the citizens of the United States and the site offers services only in the English language. Due to the above limitations, we are prompted to provide comparative information regarding IQOptions and OptionRobot so that readers take a well informed decision.

The IQOptions offers comprehensive tradeoff services to their clients with an intuitive and user-friendly website. The payout offered by IQOptions is up to 91 percent compared to 81 percent of Magnum Options. The IQOptions also allows investors to invest as low as $1 along with minimum deposit value of $10 making it the true retail counter. It also has a comprehensive knowledge database for user’s consumption alongside a pool of offerings to suit the entire spectrum of traders. Most importantly, it is registered with the respected regulator, the Cyprus Security & Exchange Commission (CySEC) and follows the guidelines of the commission to provide their services.

Another recommended signal service is the OptionRobot. It is associated with well-regulated service providers like Banc De Binary, 24Options amongst others. The services provided by the OptionRobot utilizes technical indicators to give signals. Also, it offers customer support in various languages and provides interesting account choices to their clients.  The OptionRobot scores highly in website design, its affiliations, customer support and does not claim exaggerated profits.

Overall, the Magnum Options is a good broker but we are not sure about the trustworthiness of the site due to lack of license from any regulatory bodies. Hence, we would request our readers to try either the IQOptions or the OptionRobot to start trading binary options.

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