Magnates Trade Details
Table of contents
Magnates Trade opens up with an above average website, claiming things like it it is about to rock our worlds, whereas in reality there is nothing special about this. In fact, this broker is underwhelming at best, and a pure scam at its worst. Here we have another risky broker that does nothing to impress, and places its own goals in fron of those of its users! Read the review before doing something that you will regret.
Let's look at the regulatory situation. The broker blatantly claims to be regulated in the Netherlands by the Authority for the Financial Markets (AFM), but the latter showcases no signs of this being true in any way. We went to the AFM's database of licensed entities, and found no sign of one Magnates Trade being present there. Therefore, the firm is not licensed by the AMF.
Next, we find a very contrasting claims in the terms and conditions stating that the broker is actually owned by a company registered in Estonia. Well that's a typical illicit broker claim; for some reason many scammers used Estonia as their jurisdiction of choice, even though none of them are actually located there. It probably has to do with the nation's ambiguity, although we don't see that being a problem. We are sute that Magnates Trade is not registered nor licensed in Estonia.
And last but not least, we discovered that the company is actually officially blacklisted by CONSOB, the Italian FX watchdog. This gives to show once and for all that Magnates Trade is unlicensed and a risk to all!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Need more proof that this broker is illegal. How about the fact of the broken registration page? There is no way to open an account because the user is met with an error page instead of a registration form. Moreover, consider the following: since there is no way to access a user area, there is alos no means of trading for users won't be able to access a trading platform.
And wouldn't you know it, we were not bluffing. There is actually no way to access a trading platform. Either the broker removed it, or it never actually had one to begin with.
We don't care what its excuse is. What matters is that none of the trading conditions promoted by the company are applicable in reality. There are essentially no spreads, no leverages, and no tradeable assets.
MAGNATES TRADE LOGIN
Considering that the user area is not available, what chance do we have with a terminal?
Moreover, the promoted MT4 on the website has no download links, and therefore it was probably never available as a software!
What other conclusion can we draw than that of Magnates Trade not employing any sort of trading platform?
MAGNATES TRADE MINIMUM DEPOSIT
There is no minimum deposit amount specified anywhere on the website.
The legal documents mention e-wallets and crypto wallets as payment means, but nothing is trustworthy here.
In fact, clients should abstain from investing here. They won't see their deposits back anytime soon!
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
MAGNATES TRADE WITHDRAW TIME AND FEES
According to the website, the minimum withdrawal amount is $100, but we cannot really be sure of this.
And this is all we get in terms of withdrawal information.
But this should not be a downer because users wouldn't be investing here to begin with. All withdrawal requests will either be ignored or cancelled on the spot. The reason for this is that Magnates Trade wouldn't wish to give away all the money it has stolen.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
For the last time: Magnates Trade is illicit and a risk to all investments.
Magnates Trade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines