Our Review of Magnum Options
Dealing with Forex, stocks, commodities and indices, Magnum Options is an online broker that provides a variety of trading and educational services, with an emphasis on binary options trading.
Account Types + Opening
There is just one type of account with Magnum Options, and it is very easy to start the process of opening an account with this broker as all that you need to do is to fill in a simple form.
Promotions, Sign Up + Deposit Bonuses
The main type of bonus offered by Magnum Options is a bonus that you receive when you sign up to the site, giving you an extra 100% of your first deposit.
Commissions and Fees
With the commissions that Magnum Options takes, traders can expect to be able to withdraw between 70% and 82% of their total takings. When it comes to withdrawal charges, there is no fee for the first withdrawal of every month. After that, there will be a $30 fee attached to any withdrawals until the next month. Other fees may be imposed on withdrawals by your payment provider, too, depending on which payment method you use.
Trading Platform Review & Mobile Apps
The Magnum Options trading platform has plenty of information on it about commodities and how to trade as well as real time updates about the stock market. Magnum Options has yet to develop a mobile app, but a mobile version of the site is available for users who prefer to trade on a hand held device. This site has a particularly heavy focus on education traders - teaching them about how the market works and how to use binary options trading techniques.
Deposits & Withdrawal Methods + Ease
The initial trade amount for this site is very low - just $10 - but the minimum deposit is higher than many other sites as Magnum Options places it at $250. Withdrawals and deposits can be done directly from your bank by wire transfer, using a debit or credit card, or by using an online payment method such as Skrill. The minimum withdrawal amount is $100 or 100 Euro depending on which currency you have chosen to trade in.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
Magnum Options is not a licensed broker, which is cause for caution among many traders.
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