RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MagnumFX is new forex and CFD broker that has obtained their license form the Cyprus Securities and Exchange Commission (CySEC) in early June. Their web site is not yet fully operational but services are expected to be launched soon.
MagnumFX trading conditions
As we noted, the MagnumFX platform is not yet open for traders, so we are not able to access their trading conditions. However, as soon as the service is launched, we will revisit their website and will update our review.
Just for the record, in the beginning of August the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions on the European market at 30:1, in an effort to reduce investment risks. As MagnumFX is regulated by CySEC in Cyprus, they will have to abide by this new rule, although higher leverage might be available for professional traders.
As far as spreads are concerned, we should note that starting spreads are considered attractive below 1,5 pips.
MagnumFX trading platforms
There are various trading platforms on the market and yet the most popular is probably the MetaTrader4, which has both a web based and a downloadable version. The platform is light and intuitive, with user friendly interface, excellent charting package and the option to run automated trading sessions.
MagnumFX regulation & safety of funds
As we already mentioned MagnumFX has a license by the Cyprus Securities and Exchange Commission (CySEC) – one of the most reliable and popular regulators in the industry, along with he Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC).
MagnumFX is owned and operated by Magnum FX (Cyprus) Ltd, which also operates another brand name – ETFinance.
According to their license, the company may provide investment services, including reception and transmission of orders in relation to one or more financial instruments and execution of orders on behalf of clients.
MagnumFX is also a member of the Investor Compensation Fund for Customers of Cyprus Investment Firms – an insurance mechanism that guarantees traders up to 20 000 EUR of their capital in case their broker is unable to pay.
The regulatory regime, enforced by CySEC is strict and yet balanced, providing both security to traders and operational flexibility to brokers.
Among others, all CySEC regulated brokers have to file regular reports, to allow external audits, to maintain a minimum operational capital in the amount of 730 000 EUR and to keep all clients money in a segregated, protected form creditors account.
CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.
MagnumFX deposit/withdrawal methods and fees
As we noted, MagnumFX is still not open for business and we are not sure what their minimum deposit requirement to open a trading account will be.
Still, have in mind that with most brokers you can start trading with about 250 USD or so, while payment methods usually include major credit and debit cards like VISA and MasterCard, bank wire and e-wallets like Neteller, Skrill and PayPal.
Kevin
Since your report are you able to confirm this is a genuine company and legally able to trade in the UK on the MT4 platform for Bitcoin?
I have commenced dealing with an account Manager from ET Finance and opened an account but stopped short of depositing money. They appear to operate on different phone numbers and say they so via the internet so zero cost on calls. I have also seen adverts on facebook referring to Daniel Radcliffe actor ( Harry Potter Fame) on Graham Norton Show explaining how easy it is to become rich using this platform. It is alleged a BBC Producers signed up to ET Finance prior to the interview being aired to authenticate the scheme and he has said it is fine and outlined the process, this has which both have caused me concern.
Richard Oakes
Get away from ETFinance MAGNUMFX while you can!!
Petra
This is a total scam. We need to form a group to pool all our cases together for the Fraud office. I understand that they will then have to investigate and we will stand a change of getting some/all money back
Lee
I am in touch with an account manager at ET Finance. A Glasgow number. I have sent them copies of my pass port, Visa card with numbers hidden.and a credit card statement as requested by themselves. I have also paid £200 into an account to start trading. I assumed it was Bitcoin but apparently not ? I have lost 46p so far, but learning. I am concerned. A/ The manager can work on my computer. B/ He is very helpful and is on his phone to me for quite a while.
I am reluctant to ask for my money back as it could be genuine.
Petra
It isnt. Get out if you can
Petra
It is not genuine
Dave wilson
You will be asked to deposit a large sum because your account manager has an opportunity for you ( does that ring a bell?). You will not get your £200 back. You will lose everything. You will end up with 500 or £600 in your account and think this is a way to make easy money. Then you will be advised to invest 5 or 6 thousand. Trust me…you will lose the lot then. They are scammers. They have the ability to manipulate the mt4 platform and you will think its genuine. Dont be a sap mate. Try and withdraw if you dont believe me
John mcvey
Etfinance is a scam. They stole my money. Check my review on forexpeacearmy
Deb.g1
Did you get your money back or not?
Petra
Inform the police and fraud department. Anyone else you know who has been involved with ET Finance should do the same. It is a scam
Richard
MAGNUMFX MAGNUM FX ETFinance used Facebook advertising showing famous people making large sums of money to entice me into their system, then instructed an account manager (Levi –
[email protected]) to call me and make me feel that they would explain everything, give me training, teach me to view investing.com as an indicator on when and where and which direction to trade, then once they had my trust and they felt I was ready to be lured in, the account manager refered me to “the boss” in my case Rony, Rony told me he could help me get my money back that I had lost over a number of days, Rony claimed to have a golden opportunity for me that was a 100% secure guaranteed return and with a £10000 investment I would make £12500, Rony told me to invest £10000, he would show me how to turn it into £12500 and I could return the £10000 back to where it came from.
After making me upgrade to a silver account with a leverage of 1:500 (which I did not understand or have explained to me) Rony Invited me to view his pc screen remotely to show me… investing.com! (investing.com a familier page I thought! More fool me) Rony told me to make large volume (4.0) high leverage trades in a long trading direction that was the opposite to the direction of the market trend! Without any mention of stop lose, or risk… this is because Rony was in the full knowledge that it was going to make me lose, in our opinion these trades had never really been made. These trades are also not evident in the trading logs on the MT4 system but all the trades previous to these are, again we believe because these trades had never really been made… Rony then called me back up to transfer more money to support the loosing trades in order to prevent me loosing my money, when I explained I could not afford any more money, he told me to borrow some! this is a tactic you use to squeeze every last dime out of the clients, I fell for it and transferred a further £2000, Rony then called me and told me to trade on exotic pairs minutes before you closed for the day telling me “we would see how they have done tomorrow”, these pairs happened to have extortionate swap fees… again no warning if this, why else would you tell me to back them at the end of the day? Then before you left for the day you blocked my trading software so I was unable to set stop loses or close these trades, when I attempted to I was notified by your trading software that these markets were closed! I have since checked on the operating times of these markets and these markets were not closed and do not close in the middle of the week! Another manipulation to make me have no control or ability to stop the loses, as a direct result of this a trade I had on the GBP/CHF which reversed direction and would have made substantial profits also collapsed, you had hoped I would believe this was due to a bad day at the office, but this is your fabricated process which is designed to extort money from innocent, inexperienced, unsuspecting, eager to earn and learn, clients that are feeding from your words of guidance in a world we want to learn but know nothing about.
I have complained to MAGNUMFX – MAGNUM FX – ETFinance and the best they can offer me is £6000 to keep quiet!!! NO CHANCE!!!! Others have been silenced before with a full refund! Why they think i will accept less than 50% is beyond me!!
BE WARNED DO NOT TRUST THIS COMPANY!!
CySEC Licence is not the same as a UK FCA licence!!!
Petra
Notify th epolice and Fraud department. It is a scam. We need to work together to form a case