Review and reviews of MagnaSale – are scammers draining deposits?

Reseller MagnaSale offers “expert training for all traders” and assures that its comprehensive training materials are suitable for people of all skill levels. The list of alleged benefits of Sharashka includes the services of a personal manager and individual trading sessions. Is MagnaSale really capable of providing professional education and loyal trading conditions?

Brief information about MagnaSale brand

Broker MagnaSale describes itself as a “world renowned financial services provider” that offers a range of popular investment products including CFD , Forex and cryptocurrencies. At the same time, the intermediary does not report the history of development, does not disclose the names of the leaders and does not provide registration data. The WHOIS database reveals the real date of the “foundation” of the scam – June 9, 2021.

Types of trading accounts and earning conditions

The official website of MagnaSale does not make you want to open an account and pour in a huge amount of money – the crooked interface and the lack of detailed information about assets and liquidity providers indicate dishonesty. Description of trading accounts does not contain information about spreads, commissions, swaps, leverage and margin requirements.
The minimum deposit is $250. The opportunity to open a demo account is not reported. The crooks considered it vital to mention the availability of educational materials, the services of personal analysts and individual trading strategies.

Account registration and personal cabinet

The algorithm for opening a brokerage account on the intermediary website is as follows:

1. Provision of personal information – including phone number, country of residence and zip code.
2. Read and agree to the “terms and conditions” – there, among other things, MagnaSale informs about the bonus policy, which implies the development of bonuses in huge volumes.
3. Passing Verification – Sending identity documents to the company.

Does MagnaSale withdraw money? Feedback Overview

You can deposit and withdraw funds in several ways – by credit card, bank transfer or cryptocurrency. The commission is $30 or 3.5% of the amount. The minimum withdrawal amount is $100; processing time is not reported.
The MagnaSale site has not received so many reviews in its short time of existence. All comments are written in a negative way and accuse the intermediary of money laundering. So, user Wendy reports that the company operates illegally and constantly demands to deposit more money into the balance.

Apps for trading and additional tools

Although the corresponding section of the web resource says that clients can trade in the terminal for computers, no links are provided for downloading it. “Daily analytics” swindlers took from the broker Instaforex; the dates of the signals are not even given. There is no doubt: trading on the MagnaSale website is a banal imitation.

Advantages and disadvantages of the broker MagnaSale

It’s not even worth talking about the merits of this cheap money vacuum cleaner – they don’t exist. Officially, the office is not regulated anywhere. Her legal data only proves incompetence:

• the user agreement provides the registration number of the company of the same name, registered in Cyprus, but also states that MagnaSale operates in accordance with the laws of St. Vincent and the Grenadines;
• The license number from CySEC is published on the footer of the page, but this domain is not listed in the official register of the regulator;
• The scammer has no contact details – only an email address.

Reviews do not advise registering an account and transferring money to the broker MagnaSale – such cooperation is guaranteed to end with the trader being left with empty pockets. When choosing a broker, it is important to check their documents and read reviews.