Magnum Options Broker Review
As always, we recommend trading with only licensed binary options brokers, with the most common license being from the Cyprus Securities and Exchange Commission (“CySEC”), where licensed brokers will be given the status of Cyprus Investment Firm (“CIF”).
Online since: 2013
Max Returns: 81%
Minimum Deposit: $200
Minimum Investment: $10
Maximum Investment: $10,000
Currencies: USD, EUR, GBP, AUD;CAD
Mobile: Coming soon
Countries: All nations excl. USA
– High deposit bonuses
– High returns
– Excellent friendly interface
– Highly flexible investment amounts
− Most services only offered in English
Binary Minery Rating:
Magnum Options Special Features
One special feature that Magnum Options offers, which is quite unique from other binary options brokers, is what they term the ‘Strategy Scanner’. This feature will utilize three distinct trading strategies namely Moving Average, Bollinger Bands, and Relative Strength Index. After a trader selects his preferred trading strategy, the Strategy Scanner then performs its data analysis and gives the trader a recommended call/put option based on previous expiry dates of a particular asset type. We give a brief overview of each technical analysis strategy below:
- Moving Average – As you can infer from the name, the moving average is basically the average price of an asset over a set period of time. Looking at the average price smoothens out price volatility and fluctuations and enable traders to better analyze the actual price trend of a certain asset.
- Bollinger Bands – Named after John Bollinger, this is an advanced but highly popular form of analysis and takes moving averages one step further. In this method, the moving average of a select asset is also plotted and two Bollinger bands, each 2 standard deviations above and below the moving average are plotted. The idea behind this method is that if the moving average keeps trading near the upper band, the asset is thought to be overbought and vice-versa. The distance between the bands also give traders an idea of the measure of volatility of an asset (the tighter the bands, the lower the volatility).
- Relative Strength Index – A technical analysis method that assesses the magnitude of recent gains and losses over a certain amount of time. Known as a momentum indicator, the RSI ranges from 0 to 100, and a value over 70 generally indicates overbuying while 30 or below is considered oversold.
In our view, this is a great feature as many binary options traders would not have the technical knowledge required to perform such analyses on their own. Fortunately, specific technical analysis knowledge is not required in order to be successful at binary options trading; however this feature can be a very powerful tool in a trader’s arsenal.
Magnum Options also offers bonuses, and one thing we want to highlight is that under their bonus policy, the minimum trading volume requirement in order to withdraw funds from accounts that have received a bonus is calculated based on a multiplier (30 – 50x) times the bonus amount. This differs from the typical industry practice of calculating it as a multiplier against the total account funds, meaning that the absolute minimum trading volume applied by Magnum Options would likely be lower compared to its competitors.
Magnum Options Trading Software
Magnum Options currently uses the popular white label trading platform software: SpotOption 2.0. This platform is generally considered to be the most user-friendly option and this is reflected in its high degree of popularity. The platform in addition to offering the standard high/low options, long term options also comes with various features which are rare among other trading platforms such as ladder options (with returns potentially as high as 1500%, although of course the risk increases commensurately), forex trading, follow feature (which allows a trader to track and follow a top-rated trader’s activity), a candlestick chart feature as well as an early trade closeout option, known as the Buy-Me-Out feature.
The index of assets offered under the platform is also highly extensive, with 87 different stocks, 24 different currency pairs including Bitcoin, 9 different commodities, 55 different indices, and a further 11 specific pairs (e.g. Facebook vs Twitter, Gold vs Oil, BMW vs Daimler). This is one of the largest asset indices we have seen and thus traders using this platform should rest assured that they will have a wide variety of assets to trade in. Overall, we rate Magnum Options’ trading software very positively, with its user-friendliness, special features, and a large asset index.
Magnum Options Support Information
Support options offered by Magnum Options are fairly standard, with live chat, web form, email, and of course phone support provided, with an emphasis on 24/7 support. Nevertheless, we note that its phone support options are highly limited when compared to other brokers, having only two phone lines, one for the United Kingdom and another for Canada. What we did like is that in their web form support, there was an additional drop down box allowing you to choose which department you would like to direct your query to, such as Customer Care, Back Office, Technical Support, and Dealing Room. We like this as it would definitely increase the probability of your query reaching the correct parties in the shortest time frame.
Magnum Options Banking and Company Information
Magnum Options allows deposits and withdrawals via the major credit cards (Visa, MasterCard, and Maestro), Neteller, and wire transfer. This is a little below par for the industry, which typically offers other online payment systems in addition to Neteller such as Skrill and CashU. What we do like however, is Magnum Options’ lower minimum deposit and withdrawal amounts. Its minimum deposit amount of $200 is lower than the industry average of $250, and its minimum withdrawal amount of only $10 by credit cards and Neteller ($100 by wire transfer), is also significantly below the industry average. It also does not charge any withdrawal fees except in the case of wire transfers, which cost $30 per transfer excepting one free monthly wire withdrawal.
Customer Service: Live Chat / Email: : email@example.com
Trading Options: Call / Put, Option Builder, One Touch, 60 sec, Sell back options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 60 sec, 15 min, 30 min, 1 hr, 24 hr+
Deposits and Withdrawals: Credit or debit card, Western Union, CashU, wire transfer
Withdrawal Time: 3 days
Demo account: Upon request
- Magnum Options Login
- How To Profit With MagnumOptions
- Magnum Options Mobile Trading
- Is Magnum Options a Scam?
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