Magnum Options strives to stand apart from other brokers and succeeds in operating differently when compared to most other brokers. Generally, the functional differences between brokers are so trivial that when the bird’s-eye view is considered, the differences have no significant impact on the trader or in the trading experience with binary options. Magnum Options mainly triumphs because of their transparency and standards of integrity that they maintain with their customers. They are doing their best in every aspect that can be measured. Even though Magnum Options does not have the official endorsement of CySEC or any other regulatory body like Malta Gaming Authority,Magnum Option cannot be written off as a non-trustworthy site as they have been delivering excellent results.We will prove this statement with our review below.
As Magnum options no longer accepts US traders, in case you are from US we recommend you to check other brokers such as CTOption, GOptions, Porter Finance and Bloombex. The best way to get everything out of this article, is to first open a free account to Magnum Options by clicking the button below. After that you are able to test the features alongside while are reading this review.
Magnum Options in a Nutshell:
- Broker: Magnum Options
- Platform: SpotOption
- Founded: 2014
- Bonus: Up to 100%
- Return/Refund: 70-85%/1-10%
- Number of Assets: Around 200
- Minimun Deposit: $200
- US Traders: Not Accepted
- Expiry times: 60 sec, 5 min, 15 min, hour, daily, weekly, end of the month, end of the year
- Deposit: Multiple Credit cards, Visa, Mastercard, Bank Wire, Skrill, Moneybookers
Trading with Magnum Options as new traders has added benefits in the form of bonuses that they offer. Magnum options offer new traders bonuses ranging from 10% all the way upto a whopping 100%. Maximum bonus will be $10,000. It should be noted that larger the deposit amount, higher is the bonus percentage.
Magnum Options unfortunately has no demo account option at this point. Nevertheless, the minimum trading amount in a single trade is a measly amount of$5 and therefore the money involved in a single trade is not that significant. This is a good way to learn the nuances of trade by investing in several small trades and see how those go. Such a method can be termed as dividing the risk which is an important aspect of trading. Like they say, never put all your eggs in the same basket! We recommend you to adopt these small steps in the beginning and carrying out the minimum-amount trades until you gain a better know-how of trading and eventually, with practice trading will come much more naturally to you.
Features of the Broker site
The list of assets available to trade while using the Magnum Options platform is extensive. There are around 100 different stocks, 30 currencies, 8 commodities, 50 indices and 15 pairs. Naturally, stocks are picked from the biggest global companies.
Currency pairs encompass the most used currencies of world capital markets such as USD, EUR, JPY, CAD, GBP. AUD etc.There is an additional feature of a possibility to trade with Bitcoin crypto currency as well.
On the other hand, the commodities list is typical of the industry standards with offers of 8 commodities to trade. They are coffee, corn, gold, oil, platinum, silver, sugar and wheat.
The list of indices includes the most important stock markets around the world and comprises of most liquid indices as well. The indices represent several markets and industries which makes it easier for traders to find their favorite ones quite effortlessly.
The list of pair options includes some extraordinary pairs whose success is compared with each other. Some examples of such pairs are Apple vs Amazon, Apple vs Google, gold vs silver, gold vs EUR.
To shed light on the payout and profits offered by the Magnum Options,their average return falls around 80% with a maximum of about 85% which is overall a good number. What makes it more attractive is the refund they offer which can be up to 10% from the traded amount. This refund is offered to a trader after losing a trade. Such an offer increases the total amount of profits in the long run because some of the lost trades are refunded back to traders.
How to trade with Magnum Options
Magnum Options operative-platform SpotOption provides a wide range of trading possibilities that includes expiry timings apart from the options for assets as mentioned above.
Expiry times vary between 30-300 second in the “sixty second” category. In the long-term category, expiry times range from a week to more than 15 months. These are vastly different type of investments and both have their own special advantages.
A significant feature of Magnum Option is the Ifollow where traders can see, follow and imitate other successful traders and their individual trades. The Ifollow gathers the top traders and ranks them in order. This definitely aids to lift up your own success rate.
The actual trading procedure is quite straightforward. Trader needs to choose the asset, the duration, and whether it will tend to go up or down in the chosen time frame. SpotOptions platform is clear and well designed for that.
SpotOption is one of the most reliable platform providers in the binary options industry. Their platform is clear and easy to trade with. Magnum Options offers following option types:
- 60 seconds
- Long Term
Among the aforementioned types, Ladder options have the highest available profits. By reaching certain limits in the valuet, profits can rise over 1000%. One Touch option is an additional high payout option that will be profitable if certain lower or higher pre-set limitsare reached within the duration of the trade. These are definitely worth trying if you are comfortable taking such high risks in order to gain profits.
It is highly important to possess risk adjusted portfolio in trading and therefore,it is important to select all the features of short and long term options. Magnum Options offers wide range of products and tradable assets that traders can list in their portfolio which they feel comfortable with.
These features allow traders to build risk adjusted portfolio and divide total risk to multiple assets, markets and time frames. Such adjustments lead to best possible outcomes instead of putting all the eggs in one basket.
Minimum trade is $5 and maximum is $5,500 for regular options which is quite a desirable option.
Educational material and tools
Magnum Options provides many trading video courses in their trading academy. They offer 5 courses for beginners, 8 for advanced trading, 5 for binary options and 3 in- depth courses.
Beginner courses are about importance of learning the nuances of global trading, understanding the advantages of binary options, carrying out the trade and eventually becoming successful at it, knowing the options of change and risk, emotions in trading and distribution of risk.
Advanced courses handledeeper issues such as passive trading, aggressive trading, market analysis, trend, support and resistance, shooting star and Harami patterns, pattern identification, and breakaway for pattern features and characteristics.In-depth courses deal with winning tactics, basic and advanced technical analysis.
In addition to the various training options, Magnum Options provides an eBook to its traders that covers all the aforementioned issues and many other insights and details.
If deluge of the learning and reading materials seem too weighty to handle, there is a solution which might be just for you: a fully automated binary option robot which can help you trade better. The Real Robot will perform automatic trading according to pre-determined parameters. This helps in profitable trade even when you do not have any access to a computer or do not have the time conduct manual trade. According to us, it is the best binary option robot available that can help you to trade successfully by placing actual trades on your behalf utilizing highly sophisticated signals system. The Real Robot is fully automated options trading software that aids you to earn more money with less work. Now you can get this auto trader completely free by clicking the button below.
The SpotOption software makes it possible to trade through a mobile application when you’re on the go and not even near a computer. The mobile version of the platform allows to make the very trades and actions that the full version does.
With mobile version you have access to your trades and thus you can place new trades from anywhere. Mobile version is accessible through the App Store and Google Play, and you must furnish your login before being able to start using the app.
Is Magnum Options a scam or a proper broker?
Magnum Options has been around for over 2 years and their excellence is apparent. Their trading platform is properly build and designed to make the best trading experience in the industry. Is it the best available option? That, we cannot determine but we can say that comes extremely close to being the better options available at least. Trading with Magnum Options is straightforward and intensive. We have not found any indication of scams at this point of time and firmly believe that there are no fraudulent activities associated with this site.
Magnum Options offers toll-free international phone line number. Live chat option is available on the site in real time and the support staff can also be contacted via email and a contact form. Chat replies are quite fast and in the test conduct by us, they were able to quickly help us with the problem that we simulated. Advices meted out by the staff were relevant and was of significant help. From our experience we could gather that Magnum Option is really keen on assisting their customers with the best of their abilities.
There are several deposit and withdrawal options that include multiple credit cards (Credit / Debit Card: Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo) and wire transfer. Wire transfers have some additional fees and therefore, we recommend using the credit card as primary method. Notice that the bonus money has to be circulated according to the terms before the withdrawal.
As this review comes to an end, we will conclude that Magnum Options is not a scam broker. Their range of assets is comprehensive and everything related to actual trading is exceptionally clear and straightforward. Educational material is extensive and even amateurs can trade successfully when they understand the messages of the video courses. Magnum Options customer service is fast and accurately straight in case of any concerns. We recommend their broker services to traders belonging to any level be it beginners or professionals.
In our overall verdict, we award Magnum options a rating of 4.7 points out of 5 as a binary options broker site.
Open an account and start trading with Magnum Options by clicking the button below!
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Written by Michael Allen