Overview of Magic Compass
Magic Compass Ltd is a trading company that was established in 2016, and is based in Cyprus. The firm is regulated by the Cyprus Securities and Exchange Commission (CySEC). The minimum deposit to start trading with Magic Compass Ltd is €100.
Leverages differ according to the account type, with options ranging from 1:5, 1:10, to 1:20. The company offers floating spreads which start from 0.1 pips. The trading platforms supported by Magic Compass Ltd include MetaTrader 4 and MCtrader. Customers can trade with a variety of assets such as Forex, Metals, Energy, and Spot Indices.
The types of accounts offered include Silver Account, Raw Spread Account, and Gold Account. A demo account is also available to help beginners learn the ropes. Customer support is available via live chat, email, and phone.
For depositing and withdrawing funds, customers can use credit/debit cards, bank transfer, or e-wallets. Finally, Magic Compass Ltd provides a wealth of educational resources like webinars, video tutorials, and e-books to aid traders in improving their knowledge of the market and trading strategies.
Pros and Cons
Pros of Magic Compass
Regulated by CySEC: Magic Compass is regulated by the Cyprus Securities and Exchange Commission (CySEC), a reputable financial regulator. This means that clients' funds are protected and that the broker must comply with a strict set of rules and regulations.
Competitive spreads: Magic Compass offers competitive spreads on a wide range of trading instruments. This means that traders can keep more of their profits.
Wide range of tradable assets: Magic Compass offers a wide range of tradable assets, including forex, commodities, indices, and stocks. This gives traders plenty of options to choose from.
Demo account available: Magic Compass offers a demo account, which allows traders to practice trading with virtual funds before risking any real money. This is a great way for new traders to learn the ropes and for experienced traders to test new strategies.
Cons of Magic Compass
Relatively new broker: Magic Compass is a relatively new broker, having been founded in 2022. This means that it has a limited track record compared to some other brokers.
Maximum leverage of 1:30: Magic Compass offers a maximum leverage of 1:30. This is lower than some other brokers, which offer leverage of up to 1:500. However, it is important to note that high leverage can lead to large losses, so it is important to use it responsibly.
Customer support is not available 24/7: Magic Compass customer support is not available 24/7. This can be a problem for traders who need help outside of regular business hours.
Educational resources could be improved: Magic Compass offers a range of educational resources, but these could be improved. For example, the broker could offer more webinars and tutorials on specific trading topics.
Overall, Magic Compass is a well-regulated broker with competitive spreads and a wide range of tradable assets. However, it is important to note that the broker is relatively new and that customer support is not available 24/7.
Regulatory Status
Magic Compass Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC). This regulatory body ensures that financial services firms operating in Cyprus or under the jurisdiction of Cyprus adhere to strict financial standards and regulations. This is aimed at maintaining the integrity of the market, safeguarding investors, and promoting healthy competition. With this regulation, customers of Magic Compass Ltd can be assured that their funds are handled securely and that the company operates in a transparent and accountable manner.
Market Instruments
Magic Compass offers a diverse range of trading products:
Forex: Magic Compass offers the opportunity to trade in over 20 Forex pairs. The benefit of trading Forex with Magic Compass is that you will have access to tight spreads and fast order execution which can enhance your trading performance.
Metals: With Magic Compass, you can trade in precious metals such as Gold and Silver. Trading in these assets can provide a safe haven in times of financial uncertainty or an excellent opportunity for speculation based on market trends.
Energy: Magic Compass also offers the ability to trade in energy contracts like Oil and Natural Gas. This provides an opportunity to capitalize on the fluctuations in global energy markets.
Spot Indices: You can trade on leading American, European, and Asian stock indices with Magic Compass. This means you can speculate on the performance of groups of companies in major economies without having to buy individual stocks in those companies.
Account Types
Magic Compass provides different account types to cater to different types of traders: Silver Account, Raw Spread Account, and Gold Account.
The Silver Account is designed for those who are starting or who prefer a low-risk trading environment. It has an initial minimum deposit of $100. The account offers leverages of 1:5, 1:10, 1:20, and does not require any additional margin to open a lock position, provided the Margin Level is greater than 100%. It offers market execution with no requotes and allows for trading CFDs on Forex, Metal, Energy, and Spot Indices. This account comes with support for MetaTrader 4 and mobile trading on both iOS and Android platforms. It offers floating spreads and does not allow the use of Expert Advisors. The Silver Account does not charge any commission and no swap-free account option is available.
The Raw Spread Account is meant for more experienced traders. The initial deposit requirement is $5000. It comes with the same benefits as the Silver Account, but with a couple of notable additions. Expert Advisors are allowed and execution type is provided. This account charges a commission, but it offers more tight spreads, which are desirable for many advanced traders.
The Gold Account is ideal for professional traders with its initial minimum deposit of $2500. It comes with the same benefits and features as the Raw Spread Account, including support for Expert Advisors, providing an execution type, and floating spreads. However, unlike the Raw Spread Account, there's no commission charged in Gold Account.
All account types offer negative balance protection, a margin call at 80%, a stop out level at 50%, and unlimited maximum positions. Please note that for all accounts, minimum and maximum trade size vary according to the specific trading instrument selected. Also, each account executes the 'triple swap day' on Wednesday, and every Friday from 21:00 - 23:30, margin call and stop out levels are set at 80% and 50% respectively.
How to Open an Account？
Opening an account with Magic Compass follows several steps. These include:
Visit the Magic Compass Website: Navigate to the Magic Compass' official website using your preferred web browser.
Find the 'Register' Button: On the homepage of the website, look for a button or link that says 'Register' or something similar. This is often located in the top right corner of the webpage.
Sign Up: Click on the 'Register' button. You'll be directed to a sign-up page where you will need to fill in your personal information. This typically includes your full name, phone number, email address, country of residence, and preferred currency.
Choose Account Type: Choose the type of account you want to open: Silver, Raw Spread, or Gold Account. Each comes with its own minimum deposit requirement and set of features.
Accept Terms and Conditions: Read and accept Magic Compass's terms and conditions. It's very important to understand them before proceeding.
Fund Your Account: Once your account is approved, the next step is to deposit funds. Magic Compass accepts deposits via credit/debit cards, bank transfer, and e-wallets. Make sure to deposit at least the minimum required amount as stated in the account type you choose.
Platform Download: Now your account is ready. You can download and install the trading platform of your choice (MetaTrader 4 or MCtrader) from the Magic Compass website or from the mobile device App Store and start trading.
Remember to always practise risk management and only deposit what you can afford to lose. Happy trading!
Leverage
Magic Compass Ltd offers varying levels of maximum leverage based on the account type, with options ranging from 1:5, 1:10, to 1:20. This means that for every unit of currency (euro, in this case) a trader has in their account, they can control a trade worth 5, 10, or 20 units, depending on the chosen leverage. However, it's critical to understand that leverage, while it can significantly increase potential profits, can also magnify losses, so it should be used with careful consideration and proper risk management.
Spreads &Commissions
Magic Compass Ltd offers floating spreads that start from as low as 0.1 pips. Floating spreads adjust in real-time according to the market's volatility, so they can be narrower or wider depending on market conditions.
As for commissions, it varies based on the account type chosen. For example, the Silver Account does not charge any commission, while the Raw Spread Account does. The Gold Account, like the Silver Account, does not charge commission. The specific commission amount for the Raw Spread Account isn't specified and could depend on factors like the trading volume.
This combination of variable spreads and varying commissions gives traders the flexibility to choose an account type that best suits their trading strategy and cost considerations.
Trading Platform
Magic Compass offers two main trading platforms:
The MetaTrader 4 platform caters to desktop users. This platform is renowned for its powerful features and flexible customization options. On MetaTrader 4, traders can access three different chart types and nine time frames, enabling them to analyze the market comprehensively. It comes with over fifty pre-installed technical indicators. This makes it easier for traders to predict future market movements and to develop a trading strategy that fits their risk tolerance and trading goals. Moreover, MetaTrader 4 has a highly customizable interface that allows traders to tailor the platform's layout and functionalities to their trading needs.
The MCtrader is available for mobile users. With the MCtrader app, traders can enjoy the functionalities of a fully-fledged trading platform on their iOS or Android devices. This platform allows for seamless trading anytime and anywhere, providing the flexibility that modern traders require. Whether you're on the move or away from your desktop, with the MCtrader app, the financial markets are always just a few taps away. The app retains many of the powerful features found on the MetaTrader 4 platform, ensuring that traders do not miss any trading opportunities when they are not at their desktops. This way, Magic Compass Ltd ensures that its clients can trade conveniently, irrespective of their preferred devices.
Deposit & Withdrawal
Magic Compass offers two alternatives of fund deposit: Credit Cards and Bank Wire. Commission will not be charged from deposits. Therefore, do not hesitate to contact their support team for any enquiries.
Withdrawing funds from your Magic Compass account to your bank account or e-wallet is fast and safe. You can also transfer funds instantly within your different Magic Compass trading accounts. Do not hesitate to contact their support team with any questions you may have.
Customer Support
Magic Compass Ltd provides comprehensive customer support to assist their customers with any challenges or inquiries they might have. Customers can reach out for support through multiple channels including live chat, which is ideal for getting immediate help directly on the website. For more detailed inquiries, customers can send an email to info@magiccompass.com.
If customers prefer to speak directly to a service representative, they can call on the provided phone number: +357 25023880. This direct line to Magic Compass ensures that customers can have their issues addressed in a more personal and immediate manner. Overall, the multiple support channels demonstrate Magic Compass's commitment to providing prompt and efficient service to their customers.
Educational Resources
Magic Compass offers a variety of educational resources to help traders of all levels learn more about trading and the financial markets. These resources include:
Webinars and seminars: Magic Compass hosts regular webinars and seminars on a variety of trading topics, such as technical analysis, fundamental analysis, and risk management. These events are free to attend and are open to all traders, regardless of their experience level.
Trading articles and tutorials: Magic Compass has a blog section where they publish regular articles and tutorials on a variety of trading topics. These articles are written in a clear and concise style and are suitable for traders of all levels.
Video tutorials: Magic Compass also has a YouTube channel where they publish video tutorials on a variety of trading topics. These videos are well-produced and informative, and they are a great way to learn the basics of trading.
Demo account: Magic Compass offers a free demo account that allows you to practice trading with virtual money in a risk-free environment. This is a great way to learn how to use the Magic Compass trading platform and to test out different trading strategies before you start trading with real money.
In addition to these educational resources, Magic Compass also offers a customer support team that is available to answer your questions and help you with any problems you may have.
Conclusion
Magic Compass Ltd, a Cyprus-based trading company established in 2016, offers an inclusive trading environment catering to traders of varying skill levels. Their advantages include diverse account types (Silver, Raw Spread, Gold), competitive leverages, and a variety of tradeable assets. They provide valuable educational resources and have dedicated customer support through live chat, email, and phone. The use of the MetaTrader 4 platform for desktop users and the MCtrader app for mobile users allows traders to engage the markets with precision from anywhere. They accept diverse payment methods including credit/debit cards, bank transfers, and e-wallets for convenience.
However, certain disadvantages could include unspecified deposit or withdrawal fees and commission charges for certain account types. Also, the floating spreads, while flexible, could potentially widen depending on market volatility.
FAQs
Q: What is Magic Compass？
A: Magic Compass is a regulated trading platform that offers access to a wide range of financial markets, including Forex, indices, commodities, and cryptocurrencies.
Q: What trading platforms does Magic Compass offer？
A: Magic Compass offers two trading platforms: MetaTrader 4 (MT4) and MCtrader. MT4 is a popular trading platform that is known for its user-friendly interface and wide range of features. MCtrader is a proprietary mobile trading platform that is designed for traders on the go.
Q: What payment methods does Magic Compass accept？
A: Magic Compass accepts a variety of payment methods, including credit/debit cards, electronic wallets, and bank transfers.
Q: Does Magic Compass charge any fees？
A: Magic Compass does not charge any fees for deposits or withdrawals. However, there may be fees charged by your bank or payment processor.
Q: What educational resources does Magic Compass offer？
A: Magic Compass offers a variety of educational resources to help traders of all levels learn more about trading and the financial markets. These resources include webinars and seminars, trading articles and tutorials, video tutorials, and a demo account.
2023-12-13 15:32
2023-03-29 09:51
2023-03-09 17:08
