Beware! MagentisTrading.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Do you know how many brokers like MagentisTrading.com we have reviewed in the past? Too many to count. MagentisTrading.com perfectly fits into the scammer broker category, and it does not ever try to escape the contours of irregularity. It seems that the company has accepted what it is, and it tries to sell a very familiar, albeit scheming, package to just about anyone. The following review is important because it reveals why it is not worth investing in the company.
In order to get the most accurate trading and payment information, especially with suspicious brokers, one must register. Thankfully, we were granted access to a user area, which was centered around a simple web trader. There we saw that the cost of trade for the EUR/USD pair is 0.1 pip, a sum that is not advertised anywhere on the website. And anyway, such a low spread is not profitable to the broker, so there are probably heavy commissions attached to it, or perhaps the value is tampered with. What we know for sure is that such a perfect spread does not exists with consequences.
The available trading assets are forex currency pairs, cryptocurrencies, commodities, stocks, and indices. We found no evidence of a leverage value.
The website is available in English, French, Spanish, and German.
MAGENTISTRADING.COM REGULATION AND SAFETY OF FUNDS
The broker tells us that it is not available to any person in any jurisdiction where its use would be contrary to local law or regulation. Claims like this are typical for unlicensed brokers, that have nothing to show for, so they try to evade the truth by ambiguously manipulating their written records.
This is, by the way, the main thing that this broker reveals about itself. Everything else on the website completely eludes from ever mentioning a potential regulation or even a registration.
Even though the contact address reveals two locations: one in Spain and another in the UK. These are in no way accurate because that would mean the broker to be licensed in both Spain and the UK, and this is simply not at all true.
It’s pretty obvious that MagentisTrading.com is not licensed, and a clear risk to all those that invest in it.
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
MAGENTISTRADING.COM TRADING SOFTWARE
This is not the first time we see this web trader, although it’s one of the first. Previously, we saw it used by another unlicensed broker, and our opinion of it has not changed since then. The essence of this terminal is that it offers just enough options to make it seem like a pro. But it is in fact really limited.
It comes equipped with the most common chart customization tools, pending order, stoploss and take-profit capabilities, and some other minor additions, but never anything to get too excited about.
MAGENTISTRADING.COM DEPOSIT/WITHDRAW METHODS AND FEES
As seen on the user area, the payment methods are a bitcoin wallet, credit cards, debit cards, card to BTC, and wire transfer to BTC wallet. We learn nothing about withdrawals from the user area. The minimum deposit is €5 000, according to the website.
There is supposed to be a 10% withdrawal fee, which is very high, and this acts as a clear sign that the broker is unregulated. There might be other fees, seeing that this broker does not care about who it hurts. The withdrawal information is vague, and we cannot be sure of its accuracy.
Overall, we cannot find a single reason why anyone should invest in MagentisTrading.com. This broker is a scam and will steal from you!
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.