Company Summary
| MagnumTrade Review Summary | |
| Founded | 2023 |
| Registered Country/Region | Luxembourg |
| Regulation | No regulation |
| Market Instruments | Forex, CFDs on stock indices, commodities, stocks, metals and energies |
| Demo Account | ❌ |
| Leverage | Up to 1:200 |
| Spread | Fixed |
| Trading Platform | Web |
| Min Deposit | $250 |
| Customer Support | 24/5 support |
| Contact form | |
| Email: support@magnumtrade.io | |
| Address: 32-36 Bd d'Avranches, 1160 Luxembourg | |
MagnumTrade Information
MagnumTrade is an unregulated broker, offering trading on Forex and CFDs on stock indices, commodities, stocks, metals and energies with leverage up to 1:200 and fixed spreads via a web-based trading platform. Demo accounts are not available and the minimum deposit requirement to open a live account is as high as $250.
Pros and Cons
| Pros | Cons |
| Various trading products | No regulation |
| Multiple account types | No demo accounts |
| Flexible leverage ratios | No MT4/MT5 platform |
| No commissions | High minimum deposit requirement |
| No deposit fee | Unknown payment options |
| Withdrawal fee charged | |
| No direct contact channels |
Is MagnumTrade Legit?
No. MagnumTrade currently has no valid regulations. Please be aware of the risk!
What Can I Trade on MagnumTrade?
| Tradable Instruments | Supported |
| Forex | ✔ |
| CFDs | ✔ |
| Stock indices | ✔ |
| Commodities | ✔ |
| Stocks | ✔ |
| Metals | ✔ |
| Energies | ✔ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Here are six account types MagnumTrade offers:
| Account Type | Min Deposit |
| Trial | $250 |
| Classic | $3,000 |
| Gold | $25,000 |
| Platinum | $100,000 |
| VIP | $500,000 |
| Prestige | $1,000,000 |
Leverage
| Account Type | Max Leverage |
| Trial | 1:3 |
| Classic | 1:10 |
| Gold | 1:25 |
| Platinum | 1:50 |
| VIP | 1:100 |
| Prestige | 1:200 |
Since leverage, can amplify both profits as well as losses, choosing the right amount is a key risk determination for traders.
MagnumTrade Fees
Trading Fees
| Account Type | Spread | Commission |
| Trial | Fixed | ❌ |
| Classic | ||
| Gold | ||
| Platinum | -25% | |
| VIP | -50% | |
| Prestige | -75% |
Non-Trading Fees
| Account Type | Withdrawal Fees |
| Trial | 10% |
| Classic | 5% |
| Gold | 3% |
| Platinum | 0.5% |
| VIP | 0.3% |
| Prestige | ❌ |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| Web platform | ✔ | Web | / |
| MT4 | ❌ | Beginners | |
| MT5 | ❌ | Experienced traders |
Deposit and Withdrawal
| Account Type | Exchange Fees | Deposit Fee | Withdrawal Fee | Withdrawal Limit | Withdrawal Execution Time |
| Trial | Fixed | ❌ | 10% | Unlimitted | Up to 48 hours |
| Classic | 5% | ||||
| Gold | 3% | 5,000 EUR/24 hours | Up to 24 hours | ||
| Platinum | 0.5% | 0.5% | 20,000 EUR/24 hours | Up to 3 hours | |
| VIP | 0.3% | 0.3% | 100,000 EUR/24 hours | Instant | |
| Prestige | ❌ | ❌ | 200,000 EUR/24 hours |
