Magnum Options Review – Scam or Legit?
Launched in April 2013, Magnum Options is owned by Redtulips Consultants Ltd., 1A, Arcade House Temple Fortune, London NW11 7TL, UK. You see how they are different? The fact that you can easily know who you are doing business with is a major plus in this industry where most brokers come up with stupid reasons why they can’t tell you who owns the website.
Moving to the platform, we find more things that appeal to the “different” seekers: although they use SpotOption 2.0 – which is a very good platform to start with – they have added a few extras. At the bottom left corner of each chart you have something called a Strategy Advisor. When you hover with the mouse over it you get the option to choose between RSI, Moving Averages and Bollinger Bands. Clicking on any one of them will automatically generate a trading suggestion based on the technical indicator you clicked. A countdown starts and in 10 seconds you will get your prediction: Call or Put. Of course, you can then check the other two indicators and trade only if at least 2 out of 3 agree. However, I don’t know what settings are used for these indicators and I cannot vouch for their accuracy, but it’s something I haven’t seen on other websites and I think it’s a sign that Magnum Options is aiming high.
On the same note of aiming high, they offer Ladder Options which is quite interesting and I believe we will see more of it in the future. Here’s how it works: the further the asset moves from the strike price (price where you opened the trade), the more you can profit. Also, if the asset is in an uptrend and you trade Puts, the payout is huge, but of course so are the risks. Same goes for a downtrend if you trade Calls, so in other words, counter trend trading is better rewarded. Here’s an example: price is 1.5232 and the payout for an option below 1.5240 is 2.97% (in this case I had less than 2 minutes until expiry). That payout is not impressive to say the least, but – and this is the good part – if it expires above 1.5240, I can get 401.55%. Now that’s impressive in my book. If my option expires above 1.5250, the payout is 773.47%. The further away the expiry price is, the more you can profit (they offer predefined levels). That’s why I like Magnum Options, because they have a different approach and they realize that you cannot be a true leader by doing everything the same as others.
Reviewing Magnum Options was actually a pleasant experience because – and I don’t want to sound corny – they gave me hope that other brokers will step up their game. When everybody is offering the same thing, there’s no real competition among brokers and we get a mediocre service at best, but when one of them introduces something new and exciting, others will soon follow or will start losing clients.
Is Magnum Options a Scam?
So far nothing leads us to believe they MagnumOptions is a scam. Several reports from CommuniTraders members approve that withdrawals are being handled on time and the support service is great. They are a legit company, very transparent compared to others but they haven’t been in the business for a long time; however, this alone is not a reason for concern. Nonetheless, our team will keep monitoring and will update this review if something fishy is uncovered. For the time being we consider Magnum Options a trustworthy brokerage.
Magnum Options Complaints
We do the search, you need to read! You can do a similar search at home, do it yourself style. Search for MagnumOptions scams, fraud, complaints, etc and visit forums and review websites. Remember! some websites only using words like scam/fraud to get you in, but they are not really uncovering any secrets! So better look inside comments and forums posts made by users. When looking on the most important websites focused on user-reviews we didn’t find negative feedback for Magnum Options, except the regular guys who didn’t educate themselves properly before starting to trade binary options. We will keep monitoring and update if necessary.
Magnum Options Bonus
The Bonus policy is pretty straightforward according to their FAQ section: “If you choose to accept a bonus, you will be required to execute trades to the value of thirty times your initial bonus funds. Therefore, in order to withdraw any funds, the preceding stipulation must be fully met and fulfilled.” Also, the bonus percentage is not mentioned but from a Live Chat operative I got the information that you will receive a 20% bonus for a $250 deposit.
Magnum Options Withdrawal
Withdrawals are pretty standard: you can use credit cards, debit cards (the money will go to the same card which was used for deposit) and wire transfer. Minimum withdrawal is 100 EUR or USD, depending on the account currency. For wire transfers, you get one free transaction per month and additional withdrawals will be charged a $30 fee.
Magnum Options Extras
In this section I would like to mention of course their Ladder style options and the Strategy Advisor feature which is not guaranteed to bring you profits, but it increases your chances of a successful investment.