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Quick Magnum Option Review
- Official Website: http://magnumoptions.com/
- HQ: Gibraltar
- Phone: 1-800-986-6891
- USA Traders Accepted
- Trading Platform: SpotOption
- Not regulated (no CYSEC Regulation) – They accept USA traders
- Up to a 100% Deposit Bonus
- $200 Minimum Deposit
- Brand backed by reputable binary option company (same as TradeRush)
- Early Close
- 10% refund for out of the money trades
- Free auto-trading software (be careful using this)
- Payouts ~75%-80%
Interestingly enough, this is one of the only brokers I have seen that seems to have a clear understanding of CFTC regulations governing USA traders. In their terms and conditions, they state, “USA citizens are restricted on this trading platform from trading currencies and commodities due to U.S. regulation by CFTC.” Simple. You can trade stocks and indices. It is really refreshing to see a broker that has this figured out, instead of simply banning all USA traders—or operating without regard to regulations.
Is Magnum Options a Scam? – Legit or Not?
Magnum Options receives good reviews, understands CFTC rules (again, very good for an unregulated broker), and is operated by a company we are familiar with. For all of these reasons, we feel reasonably ok with trying them out. Want to read comments from other site visitors? Scroll down to the bottom of the page to read reviews from other traders just like you—or leave your own!
Is Magnum Options Right for You?
To make an informed decision, you need to have an in-depth knowledge of what Magnum Options is offering traders. Let’s look at their terms for deposits and withdrawals as well as the types of options you can trade.
Deposit Info – Magnum Options Minimum Deposit
Begin trading with as little as $200.
Deposit methods: Credit or debit card, wire transfer, MoneyBookers or SOFORT.
Trade in EUR, USD, GBP, JPY, AUD, CAD, or RUB.
Up to 100% match bonus or 10 risk-free trades!
We love that there are so many currencies you can choose from! Keep in mind that the minimum withdrawal threshold is $100, so I recommend you deposit more than $200. This will simplify your life. You can make a single withdrawal per month for free; past that you have to pay a $30 fee (not unusual). Account tiers start at $500. The higher your deposit, the higher your tier, and the more extra benefits you get, including live webinars, signals, indicators, account management, and so much more. There are lots of excellent resources at the higher levels! And it is great that you can opt for risk-free trades instead of bonus money. This is financially a much smarter decision for sound money management!
This is a nice assortment of trade types. High/Low trades are your basic binary options where you choose a direction (up or down) and wait to see if you win. Long Term and 60 Seconds are special High/Low trades which you can stay in for a very long or short time. With One Touch trades, you profit if price hits a certain trigger value. Pairs trading lets you profit based on the relative performance of two stocks. Ladder trades let you profit “rung by rung” up a series of pre-determined trigger points. On Magnum Options, you can win up to 1500% on a Ladder trade!
Supposedly, Magnum Options will be offering Forex trading on the same website. It is prominently mentioned in the FAQ, but does not appear to be a current site feature. I can only assume this means they are in the process of adding it to the platform.
Final Thoughts on Magnum Options
As is no surprise, Magnum Options appears to be an excellent broker. They offer flexibility in every aspect of your trading. There are a huge number of assets you can choose from (around 150), and a lot of different ways to trade. You can choose to accept a bonus or opt for risk-free trades instead, and you can trade any amount from $5 to $5,000. Magnum Options is run by a company with a strong reputation. It is tough to find great brokers offering services to USA traders, and even rarer to find a broker that understands USA regulations. We really like Magnum Options, and we think you will too!
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