Magnum Options Review
|Broker Name||Magnum Option|
|Email Address||[email protected]|
|Fax Address||Not Available|
|Physical Address||Hampshire Capital Ventures Ltd, Cavell House Starnnard Place, Crispins Rd, Norwich,NR3 1YE, United Kingdom|
|Customer service hours:||24/7|
|Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|First Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|Special Event Bonus||Available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Online and Windows only|
|Streaming news||Not Available|
Magnum Options is a broker operating under the ownership of Hampshire Capital Ventures Ltd and saw its advent rather early, yet went through a makeover in 2013. The brokerage firm is based at Cavell House Stannard Place, Crispins Rd, Norwich, NR3 1YE United Kingdom. The broker formerly accepted U.S traders, but no longer does so.
Magnum options is not a regulated broker, but offers a binary options trading experience dissimilar to most brokers out there, thing which won our interest for it. In this Magnum Options review, we shall address these features as well as the feasibility of investing at the brokerage firm.
Magnum Options- Trading Platform
Our first impression of Magnum Options’ trading platform was quite optimistic as it sports quite a chic look. The platform gave the impression to be quite secure too.
Let us however, now find out what’s the platform really worth. First of all, Magnum Options’ platform is provided and hosted by Spot Options and is 100% web based.
The thing is that the platform didn’t adapt properly to our computer like other traders using SpotOption’s trading platform and was distorted when we tried to open it on our smart phones.
Also even on the web, the platform took some time to load and did not respond readily. The irritating part is that it is much confusing to navigate through and get a process done on the platform. The registration process was not that easy but we still made it to the end. Let us explain. After filling out an initial form, we would be taken to complete another where upon again registering our email address, we would be said that the email address already existed and so, we were having difficulties completing our registration. This was quite time consuming but nevermind we could see the broker’s effort to optimize the security throughout its trading platform.
Another plus point for the platform can be the fact that it sports a live economic calendar on its trading platform, a feature which few brokers out there do not provide.
Magnum Options- Account types
The broker offers to choose from 5 different account types which are:
- Mini account- $500
- Starter Account- $1000
- Silver Account- $5000
- Gold Account- $10,000
- Platinum Account- $25,000
The thing not to get confused with is the minimum deposit amount and the minimum amount required to own an account with Magnum Options. The minimum amount with which one can fund his or her account is $200, while the smallest account type itself can be owned at a minimum of $500. Compared to other brokers, including regulated ones, this amount can be quite restrictive but worth it. As for the minimum investment amount, it is, as most brokers propose, $5 while the maximum investment amount is $1000. Goes without saying that each account types endows owners with varying levels of facilities and bonus features.Note also that Magnum Options offers a demo account to traders exclusively upon request to their respective account managers.
Quite interestingly, the Gold and the Platinum accounts provide traders with 1 and 3 Guaranteed Profit Trades respectively. However, upon asking an agent to provide us detail about what that offer consists of, we weren’t delivered what we expected. These two account types also flaunt a ‘Same day Withdrawal approval’ feature. This is something quite unique to the broker.
Overall, the account types are interestingly enough and have decent features attached with them.
Magnum Options Assets
As we could find out, the broker offers traders the ability to trade on over 100 popular tradeable assets categorised under Currencies, Commodities, Stocks and Indices. These assets carry a percentage payout reaching up to 81% and a refund percentage of 1-10%. The expiry time to trade on these assets vary from 30 seconds to 24 hours, which is commendable enough.These figures show the promises of the broker to be a leading entity in the binary options industry and as such opening an account with them will definitely be advantageous.
Magnum Options - Customer Support
We have quite a mixed feeling on this one. Let us decipher it together. We decided to check out the live chat first. To our pleasant surprise we received a very warm attention from an agent named Michelle. The agent was responding instantly and it we were definitely not talking to a robot. The agent also requested us our credential details for security reasons which is quite reasonable. However, when we inquired about the Guaranteed Profit Trades, the agent could not provide us with the necessary answer and requested us to get in contact with an account manager as she did not know much about the feature.
We expected them to atleast know the industry well and especially their firm and its features well. The agent could also not provide us details about the ‘Same day withdrawal approval’ feature. Overall, the approach and the way the agent talked to us was nice, but our quest remained unattended.
Moving on, we received a good enough welcome email from them and within few minutes also received an webinar invite email. This is quite a plus feature and is much impressive as most brokers out there, offer webinar seats to depositors only. With Magnum Options one needs not be a depositor to qualify for its webinars. We were invited to “Learn Japanese candlesticks with the RSI indicator”. Note, however that a special feature- ‘VIP Webinar’, is offered only to Silver, Gold and Platinum account holders.
We then, received an email from a dedicated account manager named Jordan Bale offering us his assistance. The thing which was quite fishy and unprofessional was the fact the having not replied to that email we again received the same email, obviously a template, this time from another account manager named Jack Goldstein. This is not a very professional way to handle clients, as we deem.
At this stage of the review. We had some mixed feelings about this broker. Even though, there are several features which can represents a real boon for traders and put this broker on a pedestal, at BinaryRanking, we deem that you should definitely not limit yourself and have a diverse experience with other brokers, such as one of the Top Leading broker - 24Option.
Is Magnum Options A Scam?
It is sure that Magnum Options is not regulated, but that does not necessarily means that it is here to scam people. Upon enquiring via chat, we were told that Magnum was currently in process of pursuing more than one regulation.
It is to note that reviews about magnum Options are majoritarily good and the broker takes CFTC rules well into consideration. As such, there is nothing so far that could signal towards Magnum being a scam broker.
Our Final Opinion
Magnum Options is a broker of good reputation and despite being unregulated, it abides by the necessary international standards. No major threats have been alerted since now. Furthermore, the features available on the trading platform is a must for traders to use. For these particular reasons, we would highly encourage traders to be part of the Magnum Options’ successful story. We are sure you won’t regret.
Magnum options offers an academy assorted for all levels of traders. You will find therein, educational resources classified under 5 main categories:
- 1.Beginners Courses
- 2.Advanced Courses
- 3.Binary options
- 4.In-depth courses
- 5.Trading eBook.
They consist majoritarily of explanatory videos. All the videos are available for free to all registered customers.
The FAQ section is also very well organised and simple to navigate through. The eBook is , available to all, but the only thing we found disturbing is that the eBook contained nothing new compared to what other brokers offer too. Even worse, the ebook did not contain a title. Instead was written “Title of pop-up course intro”.
Might they have forgotten to write it?
Monetary transactions at Magnum Options can be carried out through VIsa, Mastercard, Amex, Neteller, bank wire transfer, Maestro and Visa Electron. Note that fees may apply for a wire transfer. Also, before any monetary transaction takes effect, most importantly, withdrawals, traders have to mandatorily go through strict compliance procedures.
Yet, another deposit button found on the top of the account types page, lead us to the right registration
The maximum amount of bonus Magnum Options offers to traders, is $10,000. The broker proposes an interesting promotion program. For one to be able to withdraw a bonus amount, he or she need to fulfill a trading volume of 30, 40 or 50 times the bonus amount. Note that cancelled trades are not counted as part of the trading volume. The broker offer a ‘refer a Friend’ bonus which grants an amount of $50 to the referee and the referred friend.