WikiFX Review: The Dirty Tricks of MagnateTrade

MagnateTrade tries to pass for a globally licensed and regulated broker offering unparalleled trading conditions, but does that in a very unconvincing way. The information provided on the website is limited and inconsistent, and the so-called broker does not even have a real trading platform.

Moving to the WikiFX APP, we find that MagnateTrade is included, but with a score of only 1.00/10. The words unregulated and unlicensed are clearly visible. Also, WikiFX warns investors to stay away from this broker!

Next, please read the review below to learn more about this sham entity and how to trade safely on the forex market.

1. Unclear and False Regulation

MagnateTrade claims to be licensed in the US, UK, Germany, Spain, virtually everywhere in Europe.

First of all, we should make clear that no “US Financial Services Authority” exists. To operate as a forex broker in the States, a company should be registered with the Commodity Futures Trading Commission (CFTC) and also be a member of the National Futures Association (NFA). As might be expected, there is no trace of the MagnateTrade in the NFA database:

Also, the broker isn‘t licensed by the UK’s FCA as it claims, nor by any EU financial regulator.

In other words, the broker makes a series of false claims to make people believe it is conducting a legal business. Well, it is not – this is obviously a scam! If you want to trade safely, stay away from MagnateTrade and the likes of it.

2. Trading Platform

MagnateTrade claims to offer the industry‘s most widely used trading platform, MetaTrader5 (MT5). But this turned out to be another lie. Account registration does not grant access to this or any other trading software. All we see on the MagnateTrade dashboard is a simple chart of current AAPL quotes that has no trading functionality – the Buy and Sell buttons aren’t working at all.

For trading software, we recommend the industry standard Metatrader 4 (MT4) or Metatrader 5 (MT5).

There is no definitive answer to the question of which platform is better for trading - it depends on each trader's individual needs and experience. MT5 offers a lot of features, but some traders may find that they don't need all of them. In contrast, MT4 traders tend to focus primarily on forex trading and tend to be quite successful at it.

3. Deposit & Withdrawal Methods

MagnateTrade asks for an initial investment of no less than $1000, a requirement four times greater than the average minimum deposit in the industry. And as we already established, the broker doesn‘t facilitate any trading activity, so those who deposit with it won’t get anything in return for their money.

As regards the payment options, the ones available in the user dashboard are bank wire and cryptocurrencies – and they are all non-refundable:

Bitcoin and digital currencies in general are trendy and have many advantages – quick transactions, security, instant transfers and so forth. However, these coins provide advantages for scammers, too – these transactions are non-refundable, and if things go wrong, youll be unlikely to claim your money back.

Because of this, it‘s always evidence of a scam if a brokerage accepts cryptocurrencies only, and doesn’t offer more traditional payments such as Credit/Debit cards or e-wallets like PayPal, so this is yet another red flag.

Conclusion

In summary, MagnateTrade is extremely risky and may be a scam. If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1

Official website: https://bit.ly/wikifxIN

APP for Android: https://bit.ly/3kyRwgw

APP for iOS: https://bit.ly/wikifxapp-ios

Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!