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MagnumFX Broker Review
A trading name for the business Magnum FX Ltd. is MagnumFX. They provide trading on both FX and CFDs. The broker is situated in Cyprus, and they have an account with CySEC, the local financial regulator. The company also runs ETFinance, a second broker. Magnum FX Ltd and its brokers have experienced significant regulatory issues.
FCA Reacts Against MagnumFX
Our MagnumFX review’s most important conclusion is that they were barred from the FCA. On June 1st, 2020, Magnum FX Ltd. was one of four businesses that lost their ability to provide services to citizens of the UK. Due to their use of fictitious celebrity endorsements in their advertising for their services and other CFD trading concerns, the FCA banned the companies. MagnumFX and ETFinance were just the first two Cyprus-based CFD brokers that the FCA would later ban.
Following Up With a Temporary Suspension from CySEC
The broker would still have been allowed to provide their services elsewhere despite being prohibited in the UK. This would have been the case had CySEC not taken action to temporarily suspend MagnumFX after considering the concerns brought forth by the FCA.
For the month of the suspension, MagnumFX and the other brokers that the UK had banned were not permitted to accept new clients or promote any of their services.
MagnumFX Trading Options
The broker offers over 50 different currency pairs for trading. Compared to most other brokers, their CFD products are less balanced, offering over 150 equities and indices but only a handful cryptocurrencies and commodities.
The EUR/USD spread is roughly 2 pip, which is bigger than most traders would prefer. This doesn’t always imply that some of their spreads could be better, but in general, this pair forecasts how the total offerings will perform.
MagnumFX Platform and Terms for Trading
This broker uses the common MetaTrader 4 trading platform for all transactions. The majority of traders are already aware of its array of sophisticated trading functions and charting tools.
Before making the $250 minimum deposit, traders can test them out for seven days on a sample account. Many of their previous customers allege that their agents are aggressive and try to convince new traders to deposit significantly more money than is necessary.
MagnumFX conclusion
MagnumFX is a fictitious broker from Cyprus by the name of ETFinance. Despite being under CySEC regulation, this broker is not regarded as safe due to its fraud-related operations. MagnumFX Ltd is the name of the company that owns a number of fraudulent businesses, including MagnumFX, ETFinance, and others.
In order to spread the scam, the broker is using multiple different names to promote themselves. When you encounter any of these names, use caution.
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