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Magic Compass

Cyprus|5-10 years|
Suspicious Regulatory License|MT4/5 full license|Regional Brokers|High potential risk|

https://www.prowayints.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

7
Server Name
MagicCompass-Demo MT4
Server Location China

Contact

https://www.prowayints.com/

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Magic Compass GLOBAL CAPITAL LLC

Company Abbreviation

Magic Compass

Platform registered country and region

Cyprus

Company employee

1

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Magic Compass · Company Summary

Aspect Information
Registered Country Cyprus
Founded Year 5-10 years ago
Company Name Magic Compass GLOBAL CAPITAL LLC
Regulation Unverified, lacks valid regulation
Minimum Deposit $100
Maximum Leverage 1:5, 1:10, 1:20
Spreads Starting from 0.1 pips
Trading Platforms MetaTrader 4 WebTrader, MCtrader Web, iOS, Android
Tradable Assets Forex, Spot Indices, Energy, Metals, Cryptocurrencies, Stocks, Commodities
Account Types Silver, Raw Spread, Gold
Demo Account Available
Islamic Account Not mentioned
Customer Support Email: info@magiccompass.com, Address: Sarlo 9, Ayios Athanasios, 4106 Limassol, Cyprus, Phone: +357 25023880
Payment Methods Bank Transfers, Credit/Debit Cards, eWallets
Educational Tools Limited, includes only an economic calendar

Overview of Magic Compass

Magic Compass GLOBAL CAPITAL LLC, based in Cyprus, has been in operation for 5-10 years. The regulatory status of Magic Compass remains unverified, raising concerns about its lack of valid regulation. The broker offers a diverse range of trading instruments, including over 90 Forex and CFD instruments across major, minor, and exotic currency pairs, spot indices, energy commodities, precious and industrial metals, cryptocurrencies, individual stocks, and additional commodities.

The broker provides multiple account types, including Silver, Raw Spread, and Gold Accounts, with varying initial minimum deposits and leverage options. Traders can access market execution and trade CFDs across various categories using MetaTrader 4, iOS, and Android platforms. Leverage options include 1:5, 1:10, and 1:20, while spreads start from as low as 0.1 pips.

Magic Compass supports deposits and withdrawals through various methods, including Bank Transfers, Credit/Debit Cards, and eWallets, with no associated fees. The broker offers accessible trading platforms such as MetaTrader 4 WebTrader and MCtrader Web, along with mobile trading apps for iOS and Android devices. Educational tools are limited, and customer support is available via email and telephone.

basic-info

Pros and Cons

Magic Compass offers several advantages, including a diverse range of over 90 instruments and low spreads starting from 0.1 pips. The availability of multiple account types caters to varying needs. Additionally, a variety of transaction methods with no fees and accessible mobile trading apps enhance the overall trading experience. However, there are notable drawbacks, such as the unverified regulatory status, limited educational resources, and potential high leverage risk. Traders should also consider the potential complexity in choosing the right account type, limited customer support resources, low leverage options, and a minimum deposit requirement of $100. Additionally, there might be concerns regarding limited transparency in market behavior.

Pros Cons
Diverse range of 90+ instruments Unverified regulatory status
Low spreads starting from 0.1 pips Limited educational resources
Multiple account types for different needs High leverage risk
Accessible trading platforms Potential complexity in account choice
Variety of transaction methods with no fees Limited customer support resources
Accessible mobile trading apps Low leverage
Minimum deposit requirement of $100 Limited transparency in market behavior

Is Magic Compass Legit?

The regulatory status of Magic Compass remains unverified, raising concerns about its lack of valid regulation. Traders and investors are cautioned to exercise caution and acknowledge the inherent risks associated with engaging with an unregulated broker.

regulation

Market Instruments

Forex: Magic Compass offers a diverse range of over 90 instruments, encompassing Forex and CFDs. These include major, minor, and exotic currency pairs, such as EUR/USD, GBP/JPY, and USD/TRY.

Spot Indices: Magic Compass provides CFDs on spot indices, allowing traders to speculate on the performance of various global stock market indices. Examples of spot indices offered include the S&P 500, FTSE 100, and Nikkei 225.

Energy: Traders can engage in CFDs on energy commodities through Magic Compass. This includes instruments like Crude Oil (WTI and Brent), Natural Gas, and Heating Oil, enabling participation in the energy market fluctuations.

Metals: Magic Compass offers CFDs on precious and industrial metals, catering to those interested in metals trading. Instruments in this category encompass Gold, Silver, Platinum, Copper, and Palladium.

Cryptocurrencies: Magic Compass provides access to CFDs on popular cryptocurrencies like Bitcoin, Ethereum, and Ripple, allowing traders to speculate on their price movements without owning the actual assets.

Stocks: Traders can also trade CFDs on individual stocks with Magic Compass, enabling exposure to the performance of well-known companies in various sectors such as technology, finance, and healthcare.

Commodities: Magic Compass extends its range to include additional commodities like agricultural products, enabling traders to speculate on instruments like Corn, Soybeans, and Wheat.

products

Pros and Cons

Pros Cons
Diverse range of instruments including Forex, spot indices, energy, metals, cryptocurrencies, stocks, and commodities No information on liquidity or hedging capabilities
Access to major, minor, and exotic currency pairs Limited insight into market behavior
Opportunity to trade CFDs on a variety of assets Lack of information on trading conditions

Account Types

Silver Account at Magic Compass requires an initial minimum deposit of 100 USD-EUR-GBP, offering leverage options of 1:5, 1:10, and 1:20. Lock position margin requirements do not demand extra margin, subject to a Margin Level over 100%. This account type operates with market execution and assures no requotes, allowing trading of CFDs encompassing FOREX, METAL, ENERGY, and SPOT INDICES. Compatibility with MetaTrader 4, iOS, and Android platforms facilitates diverse trading experiences.

The Raw Spread Account necessitates an initial deposit of 5000 USD-EUR-GBP and extends leverage choices of 1:5, 1:10, and 1:20. Similar to the Silver Account, lock position margin prerequisites do not mandate additional margin if the Margin Level exceeds 100%. This account category operates with market execution and ensures a requote-free environment. It supports trading in CFDs across FOREX, METAL, ENERGY, and SPOT INDICES, and is accessible via MetaTrader 4, iOS, and Android platforms. Additionally, Expert Advisors are compatible with this account type.

The Gold Account, designed for traders, requires an initial minimum deposit of 2500 USD-EUR-GBP and provides leverage alternatives of 1:5, 1:10, and 1:20. Lock position margin conditions, as with the other accounts, do not stipulate extra margin if the Margin Level surpasses 100%. Operating with market execution, the Gold Account guarantees no requotes during trading activities. It accommodates CFD trading in FOREX, METAL, ENERGY, and SPOT INDICES. Similar to other account types, it is accessible through MetaTrader 4, iOS, and Android platforms, but does not support Expert Advisors.

A demo account is also offered by Magic Compass, providing a simulated trading environment for users. This allows traders to practice and familiarize themselves with the platform's features and functionalities without using real money.

account-types

Pros and Cons

Pros Cons
Varied account types to cater to different needs Minimum deposit requirement for each account
No requote assurance for trading activities Incompatibility with Expert Advisors
Compatibility with popular trading platforms Lack of advanced features for Gold Account users

Leverage

Magic Compass offers a range of leverage options for traders, including 1:5, 1:10, and 1:20, enabling traders to amplify their trading positions by a factor of five, ten, or twenty times their initial investment, depending on their chosen account type and risk tolerance.

Spreads

Spreads at Magic Compass begin from as low as 0.1 pips, providing a starting point for trading costs.

Minimum Deposit

Magic Compass mandates a minimum deposit of $100.

Deposit & Withdrawal

Deposits and Withdrawals: Magic Compass offers a variety of transaction methods, including Bank Transfers, Credit/Debit Cards, and eWallets. Magic Compass imposes no Deposit or Withdrawal fees, while allowing digital deposits and multiple account base currencies. The broker's minimum deposit requirement stands at $100, ensuring accessibility for traders looking to initiate trading activities.

deposit-withdrawal

Pros and Cons

Pros Cons
Variety of transaction methods (Bank Transfers, Credit/Debit Cards, eWallets) Lack of transparency in withdrawal processing times
No Deposit or Withdrawal fees Limited information about currency conversion rates
Digital deposits and multiple account base currencies Possible changes to fee policies without prior notice

Trading Platforms

Magic Compass offers accessible trading platforms, including MetaTrader 4 WebTrader and MCtrader Web, facilitating trading through web browsers with real-time market data, advanced charts, and order execution. Additionally, mobile trading apps are available for iOS and Android devices.

trading-platform

Pros and Cons

Pros Cons
Accessible MetaTrader 4 WebTrader and MCtrader Web Potential reliability concerns
Real-time market data and advanced charts Limited platform features
Mobile apps for iOS and Android devices Platform may lack advanced tools and functionalities

Educational Tools

Magic Compass's educational tools are notably limited, lacking in comprehensive Forex trading resources. This deficiency particularly impacts beginners, as the broker offers only an economic calendar, useful solely for tracking market-moving events.

Customer Support

Customer support at Magic Compass is accessible through email at info@magiccompass.com. For direct communication, the headquarters is located at Sarlo 9, Ayios Athanasios, 4106 Limassol, Cyprus. Contact can also be made via telephone at +357 25023880.

customer-support

Conclusion

In conclusion, Magic Compass GLOBAL CAPITAL LLC offers a diverse range of trading instruments, including Forex, spot indices, energy commodities, metals, cryptocurrencies, individual stocks, and commodities. While the platform provides leverage options of 1:5, 1:10, and 1:20, and features accessible trading platforms like MetaTrader 4 WebTrader and MCtrader Web, its regulatory status remains unverified, raising concerns about the lack of valid regulation. Traders and investors are advised to exercise caution due to potential risks associated with engaging with an unregulated broker. The company's educational resources are limited, primarily providing an economic calendar, and customer support is available through email, telephone, and a physical address. The absence of comprehensive educational tools and regulatory verification are important factors to consider when evaluating Magic Compass as a trading option.

FAQs

Q: Is Magic Compass a legitimate company?

A: The regulatory status of Magic Compass is unverified, raising concerns about its lack of valid regulation. Traders are cautioned about engaging with an unregulated broker.

Q: What market instruments does Magic Compass offer?

A: Magic Compass offers over 90 instruments, including Forex, CFDs, spot indices, energy commodities, metals, cryptocurrencies, individual stocks, and commodities.

Q: What are the account types at Magic Compass?

A: Magic Compass offers Silver, Raw Spread, and Gold accounts. Leverage options vary, and each account type has its features and minimum deposit requirements.

Q: What leverage options are available?

A: Magic Compass provides leverage options of 1:5, 1:10, and 1:20, depending on the chosen account type and risk tolerance.

Q: What is the minimum deposit at Magic Compass?

A: The minimum deposit requirement at Magic Compass is $100.

Q: How can I deposit and withdraw funds?

A: Magic Compass offers various transaction methods, including Bank Transfers, Credit/Debit Cards, and eWallets. There are no deposit or withdrawal fees.

Q: What trading platforms does Magic Compass offer?

A: Magic Compass provides MetaTrader 4 WebTrader and MCtrader Web for browser-based trading, along with mobile trading apps for iOS and Android devices.

Q: Are there educational tools available?

A: Magic Compass offers limited educational tools, primarily an economic calendar. Comprehensive Forex trading resources are lacking.

Q: How can I contact customer support?

A: Customer support can be reached via email at info@magiccompass.com or telephone at +357 25023880. The headquarters is located in Limassol, Cyprus.

User Reviews

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.W
more than one year
The price difference in gold is staggering. Looking at the 6-point spread between London and New York sessions, the situation worsens outside of these times. I'm talking at least a 20-point difference.
2024-03-22 15:40
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0
0
FX1519612094
more than one year
The withdrawal process was painstakingly slow. I waited and waited, but my money seemed to be stuck in the void. Days turned into weeks, and the money I rightfully earned was nowhere in sight. This delay was not only inconvenient but also unsettling. What added to the agony was the lack of communication and transparency from their customer support. My messages seeking information on the withdrawal remained unanswered, leaving me in the dark.
2023-10-11 15:28
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0
0
砥砺前行7326
more than one year
How is this platform?
2023-01-08 01:44
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0
0
FX1355090736
more than one year
Hello
2022-11-14 12:32
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