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MagnoFX is a forex broker operating from an unknown location, not regulated by any government agency.
MagnoFX accepts clients from all over the world.
Forex broker offers the following underlying assets for trading.
| 10+ Currency Pairs | Based on major and minor world currencies. |
| 4 Crypto Pairs | Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin. |
| 9 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 5 Metal CFDs | Based on Gold and Silver. |
| 2 Energy CFDs | Based on Crude Oil (WTI, Brent). |
MagnoFX is a forex and CFD broker that does not publicly disclose where it is incorporated, and does not name a financial regulator on its website. Its terms and conditions state only that disputes are governed by the laws of the United Kingdom, but MagnoFX is not listed on the UK FCA register and no UK license number is provided. It's also worth noting that it has listed a UK office address on its website that does not seem to exist. Traders considering this broker should be aware that, in practice, this means MagnoFX is an unregulated broker with no known physical office, and that trading with it comes with significantly higher counterparty risk than trading with a broker authorised by a top-tier regulator such as the UK's FCA, Australia's ASIC or Cyprus' CySEC.
In terms of trading instruments, MagnoFX offers a relatively small selection compared with most brokers we have reviewed here on FX-List. At the time of writing, only 12 forex pairs, a handful of major cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum and Litecoin), nine stock indices covering the US, Japan, Hong Kong and various European markets, precious metals (gold and silver) and energy commodities (WTI and Brent crude oil) could be traded.
As is standard with most brokers we have reviewed here on FX-List, all of the instruments are traded as contracts-for-difference (CFDs). This is a type of leveraged derivative that makes it easy to trade assets from both the long (bullish bet) and short (bearish bet) side without needing a lot of capital to trade with.
Trading is offered exclusively on MagnoFX's proprietary web platform, available both as a browser-based terminal and as a mobile app for iOS and Android. The platform advertises “sub-millisecond latency,” 100+ built-in technical indicators and drawing tools, and full account synchronisation across web and mobile. MagnoFX does not offer the popular MetaTrader 4 or MetaTrader 5 platforms.
When signing up with MagnoFX, new clients can choose between two account types:
– Standard/Elite account, with a minimum deposit of $15, spreads from 0.6 pips and commissions of $2/$100k lot (0.15% commission on crypto trading).
– RAW account, with a minimum deposit of $100, spreads from 0 pips and commissions of $1/$100k lot (0.10% commission on crypto trading).
Leverage of up to 1:500 is available on forex and indices, with up to 1:100 on cryptocurrencies. The broker also runs a permanent 200% welcome deposit bonus, which doubles the trading capital of new clients on their first deposit. As always, the welcome bonus is subject to certain terms and conditions that traders should familiarize themselves with before depositing money.
An important thing to note about MagnoFX is that deposits and withdrawals are processed in crypto only. MagnoFX states that it accepts multiple cryptocurrencies, including Bitcoin, Ethereum and Tether (USDT), with instant deposits and withdrawals approved “3-4 times in a working day.”
To reach MagnoFX's customer service team, clients can use live chat via the website, send an email to the broker, or call the listed phone number. Support is advertised as available 24/7 and multilingual.
In conclusion, MagnoFX offers a trading experience that is built around a proprietary web platform, a very low $15 entry point, crypto-only funding and a rather aggressive 200% deposit bonus. However, the absence of any disclosed regulator, combined with a fake London office address, means that MagnoFX should be treated as a high-risk broker. Traders who want to test it could start with a small deposit and go from there once enough trust has been established.
