Overview of InterMagnum
Established in 2021 and regulated by the Seychelles Financial Services Authority, InterMagnum offers Forex, stocks, commodities, indices, and cryptocurrencies. This broker provides five account types ranging from Basic to Platinum. InterMagnum combines user-centric technology with comprehensive support, providing a proprietary trading platform optimized for both desktop and mobile use. To further support its clients' trading journeys, it offers several educational resources, including video courses, eBooks, and webinars.
Pros and Cons
InterMagnum, while regulated by the Seychelles Financial Services Authority, might not offer the same level of investor protection as more stringent regulatory bodies. Their global exchange platform for stock trading lacks clear spread information. The broker's commodity offerings, including gold and oil, come with additional charges like swap fees, inactivity fees, and profit clearance fees, potentially increasing trading costs. For Platinum account holders, the benefit of a free initial withdrawal is slightly diminished by the standard practice of applying minimum withdrawal amounts and service fees. Lastly, although they provide support in multiple languages, the withdrawal process could take up to five business days.
Is InterMagnum legit or a scam？
InterMagnum operates under regulatory oversight from the Seychelles Financial Services Authority, possessing a Retail Forex License. This offshore regulatory status suggests some level of operational legitimacy. However, the protections provided under such a regulatory framework can be less comprehensive compared to those enforced by more established authorities.
Market Instruments
Forex: InterMagnum gives traders access to the Forex market, where they can engage in trading major currencies under conditions of high market volatility and large daily volumes.
Stocks: The platform allows trading in stocks from major global companies, facilitating investment in public companies traded across various stock exchanges.
Commodities: Commodities available for trading on InterMagnum include gold, silver, oil, and coffee, with the platform providing opportunities to trade based on price changes in these commodities.
Indices: Trading on indices like the FTSE 100 and S&P 500 is supported, where traders can speculate on the market performance of grouped companies from specific stock exchanges or sectors.
Cryptocurrencies: The broker supports trading in several major cryptocurrencies, including Bitcoin and Ethereum, allowing for participation in the digital currency market.
Account Types
Basic Account:
Bronze Account:
Silver Account:
Minimum Deposit: $2500
Leverage: Up to 1:200
Trading Instruments: Forex, commodities, indices, major shares, US and EU shares
Hedging: Allowed
Scalping: Not allowed
Commission Discount: 65%
Gold Account:
Minimum Deposit: $10,000
Leverage: Up to 1:300
Trading Instruments: Forex, commodities, indices, major shares, US and EU shares, cryptocurrencies
Hedging: Allowed
Scalping: Allowed
Commission Discount: 75%
Platinum Account:
Minimum Deposit: $25,000
Leverage: Up to 1:400
Trading Instruments: Forex, commodities, indices, major shares, US and EU shares, premium stocks, cryptocurrencies
Hedging: Allowed
Scalping: Allowed
Commission Discount: 85%
How to Open an Account with InterMagnum
Initiate Registration:
Navigate to the InterMagnum homepage and click on the “Register” “Get Started Today” or “Open Account” button to open the registration form.
Complete the Registration Form:
Enter your personal information accurately in the form to avoid any delays with account verification.
Select Your Account Type:
Choose from the Basic, Bronze, Silver, Gold, or Platinum accounts based on your trading preferences and deposit capability.
Verify Your Documents:
Upload required documents such as an ID and proof of residence for account verification.
Deposit Funds:
Make the minimum required deposit via your preferred payment method to activate your account.
Begin Trading:
Use the InterMagnum platform to start trading. The platform is accessible on both desktop and mobile devices and offers comprehensive tools and resources to enhance your trading experience.
Leverage
InterMagnum provides a structured leverage arrangement:
Basic to Silver Accounts: Offer a solid leverage of up to 1:200, suitable for standard trading conditions.
Gold Account: Increases the stakes with leverage up to 1:300, allowing for a more aggressive trading approach.
Platinum Account: Features the highest available leverage of 1:400, ideal for seasoned traders looking to maximize their trading power.
Spreads & Commissions
Starting with the Basic account, traders enjoy standard commission rates. As traders progress to the Bronze account, they receive a 15% discount on commissions, which increases significantly in the Silver account with a 65% reduction. This tiered approach continues with the Gold account offering a 75% commission discount and the Platinum account providing the highest level of benefit at an 85% discount.
Other Fees
Overnight Interest Fees:
InterMagnum charges an overnight interest fee, also known as a swap fee, which is applicable when positions are held open overnight. The specifics of these fees, such as rates or conditions, are not detailed in the provided documentation but are a standard practice in the industry to cover the cost of the leverage provided.
Inactivity Fees:
A significant consideration for users of InterMagnum is the inactivity fee. An account is considered inactive if no trading activity has occurred for 60 consecutive days. In such cases, a $50 administrative fee is applied to the inactive accounts, which is deducted monthly until trading resumes or the account balance reaches zero.
Profit Clearance Fee:
Unique among brokers, InterMagnum charges a variable profit clearance fee. This fee is assessed based on the profit amount generated from successful trades and varies between $1.50 to $5.00. The specific tiers are as follows:
Profits up to $250: $1.50 fee
Profits between $251 and $500: $2.00 fee
Profits between $501 and $1,000: $3.00 fee
Profits between $1,001 and $2,500: $4.00 fee
Profits above $2,501: $5.00 fee
Trading Platform
The InterMagnum trading platform is a proprietary, state-of-the-art system created to provide traders with the confidence to trade effectively and securely. Its user-friendly interface and swift functionality allow traders to engage with a wide array of assets including stocks, commodities, currencies, and major indices.
Available on both iOS and Android, the InterMagnum app extends the functionality of the desktop platform to mobile devices, optimized for the modern financial markets. It offers continuous connectivity to market changes, providing flexibility for traders to operate anytime and anywhere.
Trading Tools
Live Asset Charts and Chart Analysis: The platform offers multiple chart types for comprehensive market analysis, helping traders to identify trends and forecast market movements effectively.
Economic Calendars: This tool is essential for fundamental analysis, helping traders track important market-moving events. By knowing when significant data releases or economic events are scheduled, traders can better prepare for potential market fluctuations.
Price Alerts: InterMagnums price alerts notify traders when an asset reaches a pre-set price, thereby enabling them to make timely and strategic trading decisions without having to monitor the markets constantly.
Risk Management Tools: The platform includes advanced features like stop-loss and take-profit orders which help traders to manage and mitigate risks associated with trading.
Trading Signals: These are provided by leading data sources and offer real-time alerts on potential trading opportunities. While not a guarantee of profit, they are a valuable resource for enhancing trading strategies.
Deposit & Withdrawal
Deposits:
Depositing funds can be made through major credit cards, e-payments, and bank transfers.
The minimum withdrawal amount for credit or debit cards and e-wallets is $50.00, and for wire transfers, it is $100.00.
Withdrawals:
Withdrawals must be executed via the same method used for deposits.
It takes between 3 to 5 business days to process a withdrawal request.
Platinum account holders receive their first withdrawal free of charge; subsequent withdrawals incur a service fee of 3.5% or $30, whichever is higher, capped at $3500.
Customer Support
Address
Office No. 3, Room 2, 1st Floor, Dekk House, Zippora Street, Providence Industrial Estate, Mahe, 673310, Seychelles
Email us
Call Us
Contact form can be accessed on the website for non-urgent communications.
Educational Resources
Video Courses:
eBooks:
Webinars:
FAQs:
Glossary:
Articles on Cryptocurrencies and Blockchain:
Asset Index:
Conclusion
InterMagnum, under the oversight of the Seychelles Financial Services Authority, provides various trading accounts and instruments including forex, stocks, commodities, and cryptocurrencies. However, being regulated offshore indicates questions about the robustness of its investor protection compared to stricter regulatory environments. The presence of several additional charges, such as swap fees and inactivity fees, could potentially increase overall trading costs. Despite these costs, the brokers advanced proprietary platform and extensive educational offerings help to improve user trading experiences, although the slow withdrawal times could inconvenience those requiring faster fund access.
FAQs
Q: What kinds of trading accounts are available at InterMagnum？
A: InterMagnum features five account types: Basic, Bronze, Silver, Gold, and Platinum.
Q: Does InterMagnum have a regulatory body？
A: InterMagnum is overseen by the Seychelles Financial Services Authority. Note, this is offshore regulation and might not provide the same level of investor security as other regulatory environments.
Q: What platforms are supported for trading at InterMagnum？
A: The proprietary InterMagnum platform is available for both desktop and mobile use.
Q: What fees should traders expect with InterMagnum？
A: Be aware of various fees at InterMagnum including swap fees, a monthly inactivity fee after 60 inactive days, and a profit clearance fee that varies with the trade profit amount.
Q: What's the minimum deposit to open an account at InterMagnum？
A: Minimum deposits at InterMagnum start at $250 for the Basic level and go up to $25,000 for the Platinum level.
Q: What is the typical withdrawal timeframe at InterMagnum？
A: Withdrawals at InterMagnum are usually processed within 3 to 5 business days, based on the method.
Q: Are there educational tools available for InterMagnum traders？
A: InterMagnum offers a plethora of educational resources, including videos, eBooks, and webinars, plus articles on cryptocurrencies to enhance trading knowledge.
Risk Warning
Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.
Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.
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