Compared with many other brokers, the trading tools available on the Magic Compass platform are relatively limited. Like all leading brokers, Magic Compass provides customers with a series of account types to meet the different needs of different types of traders, from beginners to professionals. According to the initial investment, it provides a total of 5 account types.
The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe. Therefore, the UK regulator reiterates that investors should only deal with regulated financial companies.
For this reason, at AdonFinance, we have prepared a blacklist of fraudulent brokers to warn traders or investors against such scams. According to reports, some unregulated brokers (such as Magic Compass) deceive people. If you invest in one of these brokers, you have obviously been robbed. You are not allowed to withdraw funds from your account. These are some warning signs for troubled brokers.
This does not mean you are discouraged-in many cases, trading is safe and reliable, but only if you trade with a suitable broker. Some brokers who are not honest will be aggressive towards customers and encourage them to make certain transactions.
You are told that the trader will trade for you and that a regulated broker cannot trade for you. If you receive a call from a specific broker, but you have never registered with him. No broker is found on the Internet. If you can’t find a lot of information about the so-called broker, it may be a scam.
If your business is regulated and associated with such advertising, you should not do business with it. Also, these ads are not supported by regulated brokers, so you should stay away from them.
In view of the above, regardless of the trading conditions provided by Magic Compass, we do not recommend that you trade with it as it is unregulated and likely to be a scam. He can cause huge losses to his clients and therefore, in our opinion, is a potential scammer. I would say that this is the most direct access to the market and high liquidity Forex broker.
This is to prevent them from wanting to withdraw their money if they are scammers. Don’t assume that Magic Compass is legal just because it had a friendly chatbot that greeted you when you first visited the site, or because the broker paid you a lot of attention in the first few weeks. If you have traded in Magic Compass and think that they have cheated you, you have a chance to get your money back. We do not recommend trading with Magic Compass as this broker was suspected of being a scam.
In general, the FCA advises UK investors not to invest with this broker. However, the Forex broker does not have a compulsory FCA license to do this. Even worse, Magic Compass has been listed on the alert lists by the UK FCA, Australia ASIC and Cyprus CySEC, proving that the broker is not licensed.
There are also no expected spreads and it is impossible to calculate the cost of trading with this broker. The above information is not enough to start trading with Magic Compass. Magic Compass hides most of the trading conditions and raises suspicions.
They pass it off as stockbrokers, Forex, cryptocurrency exchanges, or trading platforms. Some fraudulent brokers restrict clients to their own platform, which may not be a platform at all, but a bogus one. Many proprietary platforms of high-quality brokers can provide a great trading experience.
On the other hand, if the broker no longer provides communication methods such as email, phone, text messaging, and chat, and has a support team that does not seem to understand the trade or is evasively asking certain questions, this could be a sign that a scam is or at least a low-quality broker. Working with an unlicensed broker does not provide protection in the event of broker fraud. Reputable regulated brokers should not do business with such online campaigns/partners.
For example, many fraudulent brokers charge high withdrawal fees that not only cover service fees. Once you invest, they allow you to draw small conclusions to boost your confidence, but in the long run, it will be nearly impossible to get your funds back. Doug Schadel, the lead researcher for the AARP’s Fraud Watch Network, said consumers often think they can’t be targeted by investment scams because they don’t have a lot of money to start with.
This is why it is important to learn more about Magic Compass before opening an account and sending money or submitting any documents. Use this review to guide your trading decisions and also do your due diligence on Magic Compass. Use this review to guide your trading decisions and also do your due diligence on Magic Compass.
For further reading, please see Magic Compass: broker