Magnum Options Broker Review

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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.”

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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.

Magnum Options Review

Summary

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%.

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.

CONs

  • 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.

MagnumOptions Review

Overview

Magnum Options platform offers a wide variety of currencies, stocks, commodities, and indices to trade binary options.

Details

Broker MagnumOptions
Website URL www.magnumoptions.eu
Founded 2020
Free Demo Account
US Traders Allowed
Overall Score

Full Review

Magnum Options began its binary options website back in 2020 and is considered one of the top brokers in the field, with its high return rate of up to 81% being its highlights. This broker’s main aim is to offer its users the best binary options experience.

The platform itself is modern, easy to use and filled with plenty of trading tools. It can be accessed online from your laptop, desktop, smartphone or tablet. There is something for everyone’s comfort and taste, from novices to masters, and for those with busy lifestyles who like short term trading and those with more leisure time on their hands.

Magnum Options is dedicated to improving the experience for its users. It makes sure to keep up with market trends by adding new assets as well as creating innovative features and packages to the website, making for a dynamic platform. At present the site offers over 180 unique assets and covers currency exchanges, commodities, indices, stocks and pairs.

Magnum Options has a growth outlook and wants to make sure traders can develop as traders. Because of this, the site offers an academy, filled with ways for traders to learn more about binary options, via video courses, webinars, an e-book and access to a personal account manager. The website also allows first-time depositors access to a demo account, so users can become familiar with how trading works without losing their initial deposit.

Deposits and withdrawals

Magnum Options makes opening an account simple and users have access to their funds without issues. The platform doesn’t charge traders for having an account or depositing. Users can transfer funds into their trading accounts quickly via credit and debit card, e-wallet Neteller or via wire transfers. The account can be used with a variety of currencies including US dollars, euros, pounds, or Australian and Canadian dollars. Magnum Options has a low minimum deposit of 200 USD (or 200 EUR, 200 GBP, 280 AUD or 250 CAD) and a minimum trade of $25, allowing users of all budgets access to their platform.

Magnum Options don’t make it their business to prevent users from getting their funds back and their withdrawal is a straightforward process. The process is begun when users log onto the website and fill in a withdrawal request and submitting the requested documents. Thereafter once Magnum’s accounting department has approved the request it can take 5-7 business days for the request to be completed and traders will receive their profits via their original source of deposit.

Safety assurance and support

Magnum Options is dedicated to creating a safe and secure trading environment for its users. As a law-abiding business, it makes great efforts to ensure its user’s privacy. It does so by never storing any credit card information and encrypting users’ personal data, as well as using SSL protocols on all of its pages. The reviewers took out time to question the friendly support staff and read numerous comments and reviews online to verify this fact.

Additionally, Magnum Options goes all the way in creating a safe environment with its 24/7 customer support team. They were incredibly knowledgeable and prompt in answering enquiries. They are available via phone, email or LiveChat.

If we find complaints about Magnum Options, we will post it on social media. Follow us to be well informed:

Accounts and bonuses

Magnum Options gives users the option of receiving a bonus when they open an account or make a new deposit. The bonuses often come with added website tools and features, available when users select one of the account packages that the platform offers. The Mini Account with a $500 deposit gains users a 25% bonus along with other exclusive educational tools. The next account is the Starter Account for a $1000 deposit with a 30% bonus. The recommended Silver Account with a $5,000 deposit comes with a 50% bonus. The more high rolling accounts are the Gold and Platinum accounts with $10,000 and $25,000 deposits respectively, offering 75% and 100% bonuses and a host of other select materials. Bonuses are decided when users speak with a personal account manager.

Summary

Magnum Options is loaded with innovative tools that are suitable for novice and experienced users. There is a variety of assets so that profit making is not far from traders fingertips. The website features great support, attractive bonuses and a high return rate. Overall Magnum Options offers users an exciting platform and a secure, pleasurable trading experience.

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Binary Options Trading School
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