Magnum Option Review Scam or Legit broker

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Magnum Option Review: Scam or Legit broker?

In 2020, Britain’s Financial Conduct Authority FCA (FCA) issued a warning against MagnumOptions for “selling” services it could not actually provide as described on its website.

An investigation ensued and in October 2020, Britain’s High Court shut down both MagnumOptions and a mirror site, MagnumOptions EU, for having adopted aggressive and persistent sales practices, making unsolicited calls to victims claiming that their binary options trading could yield up an 81% return per trade.

The Insolvency Service reported that 41 complaints were made to the police regarding the fraudulent scheme, and the claims were estimated to reach £750,000. The investors specifically complained that they were told that they would receive guaranteed returns, but based on terms and conditions that were deemed to be onerous and unfair, requiring trades of 30 or 40 times account balances as a precondition for withdrawing their funds.

MagnumOptions was also the subject of investor warnings by the British Columbia Securities Commission, the Manitoba Securities Commission, the Nova Scotia Securities Commission, and the Securities Division of the Financial and Consumer Affairs Authority of Saskatchewan in Canada, as well as the Australia Securities & Investments Commission (ASIC) and Austria’s Financial Market Authority (FMA).

Background

Launched in 2020 or 2020, depending on the source, MagnumOptions was founded by Hampshire Capital before ownership was passed to its successor, Solaris Vision Ltd. In its heyday, it claimed to be “ one of the leading binary options platforms in the industry.” It also offered stocks, commodities, currency pairs, and indices. Solaris Vision Ltd. Was located in Sofia, Bulgaria.

Hampshire also founded Redwood Options, another binary site. The Hampshire director named on Britain’s corporate incorporation database was a Mr. Manford Martin Mponda, whose name also appears as the founder of yet another binary options site, Boss Capital.

The MagnumOptions site was only available in English.

Platform

MagnumOptions employed easy-to-use SpotOption 2.0 software. Its trading software was entirely web-based, so no complicated downloads were required. Their homepage prominently displayed the trading platform, market charts and asset prices without even logging in, which was very tempting to new traders.

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A demo account was available but restricted to clients who had already signed up. There was no mobile app.

Trading Conditions

MagnumOptions offered six types of accounts:

  • Starter , with a minimum deposit of $1,000 and a 30% bonus
  • Mini-Gold , with a minimum deposit of $5,000 and a 50% bonus or one risk-free trade
  • Gold , with a minimum deposit of $10,000 and a 75% bonus or three risk-free trades
  • Platinum , with a minimum deposit of $25,000 and a 100% bonus or five risk-free trades
  • Diamond , with a minimum deposit of $50,00 and a 100%, bonus or eight risk-free trades
  • Presidential , with a minimum deposit of $100,000 and a 100% bonus or 12 risk-free trades

Seven different stocks, 24 currency pairs, nine commodities, 55 indices, and a further 11 specific pairs were available on the MagnumOptions site. The total number of trading instruments offered reached 189. This extensive offering was considered very impressive.

MagnumOptions required a minimum deposit of $200, which was below the industry average of $250. The standard minimum investment, however, was $5 – additional temptations for new traders.

Payments were made by c redit or debit card, wire transfer, CashU, or WebMoney. The currencies accepted were the euro, U.S., Canadian and Australian dollars, the pound sterling, Japanese yen, and Russian ruble.

Education

MagnumOptions had a lot to offer traders in terms of trading tools and educational resources. These resources included a trading e-book, a number of video tutorials, and online webinars. It also featured a“Strategy Advisor,” comprised of several different indicators that traders could add to their individual charts. Additional webinars, videos, and training sessions were made available to higher account tiers, along with market reviews and other benefits.

All account holders were also provided with a “social trading” option to copy from the best traders on the site.

Support

The support team could be contacted by email, telephone, live chat, by submitting an online form, as well as traditional mail. Service was generally regarded as exceptional.

Licensing

MagnumOptions was unlicensed.

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Magnum Option Review: Scam or Legit broker?

Magnum Option is a binary broker owned and operated by Hampshire Capital Ventures Ltd.Cavell House Stannard Place, Crispins Rd, Norwich, NR3 1YE, United Kingdom with a business address at 7th Floor 2 Pinfold Street The Balance SHEFFIELD South Yorkshire S1 2GU United Kingdom. Read the full review of Magnum Option below

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MAGNUM OPTION TRADING PLATFORM:

They use the sophisticated Spot Option platform which is user-friendly and easy to navigate. Traders don’t need to download any software as trading is web based and can easily be accessed through a PC or a smartphone. No demo account is offered.

TRADE TYPES

The minimum deposit with this broker is $200 and minimum investment is $5. This broker offers the following binary options trade types:

⦁ One Touch: This is a situation where the traders purchase or sell an asset when the markets are closed and bet on whether the asset’s price would reach a predetermined price at any time during the trading period.

⦁ High/Low: Like all reputable binary options trading providers, Magnum Option offers this traditional trade type where a trader purchases a call option to take advantage of increase in the current strike price or purchases a put option if he feels the future price would be less than current strike price.

⦁ Pair Trading: Pair Trading allows you to predict the relative performance of two assets and make profits if your predictions are correct.

⦁ 60 seconds: This is a short term trading option with an expiry time of 1 minute.

⦁ Ladder:Magnum Option offers Ladder trading options which a trader can use to secure profits and roll over as the price reaches predetermined price levels.

⦁ Long term: Traders who prefer longer time frames are not left out.

EDUCATIONAL RESOURCES

This broker offers educational resources through webinars, e-books, trade reviews, articles and more. With this you could get a better understanding of the trading markets and also how to trade. This feature is only accessible to registered account, you don’t need to deposit to access them

MAGNUM OPTION DEPOSIT AND WITHDRAWAL METHODS:

The following methods are accepted: Bank wire transfer, Mastercard, Visa, Maestro, Neteller

CUSTOMER SUPPORT:

Magnum Option contact is robust, and they have a good customer care service where traders could reach out to them, they also offer live chat support. You could reach them through

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Magnum Options Review

This Broker is Out of Business!

Magnum Options was a binary options broker owned by Solaris Vision Ltd., located at Mladost 4, Bl. 428 Entrance 1 Floor 1/3, Sofia, Bulgaria. They can be reached in the UK Toll Free: 0800 680 0683 or Canada: (800) 986-6891. Their email is [email protected], for trader complaints read this.

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Magnum Options Review

When reviewing their trading platform, we see they are using the popular SpotOption trading platform which offers traders over 250 assets to trade.

The maximum return on options at Magnum Options is 81%, the minimum trade size is $10 and the minimum deposit is $250.

Magnum Options is a binary options broker that focuses heavily on traders education. Their education department is staffed with many representatives speaking many languages to give their global traders the help they need in understanding the various binary options available. They hold live webinars, one on one training for traders, and an online library of trading videos and eBooks.

No Brokers License

When the scam broker investigator looks at a binary options broker to determine if it is a scam or a legit binary options broker, we want to know if a regulator like the CySEC in Cyprus gave them a license and if they fall under the MIFId rules in Europe?

Magnum Options is not a licensed broker. You can find a local licensed binary options broker here.

ASIC Australia Warning

“ASIC urges all investors considering trading in binary options to check they are dealing with an entity that holds an Australian financial services licence.”

Compare Magnum Options

There are many good legal binary option brokers to choose from, you can see the list of Most Popular Brokers, see here.

What do you think about Magnum Options? Are they a scam broker? Are they a legitimate broker? Please share your review of Magnum Options in the comments section below.

Best Binary Options Brokers 2020:
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    Get a Sign-up Bonus:

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    2nd place in the ranking!

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