Comprehensive Review of MagnifyGroup

MagnifyGroup is a financial brokerage company promoting access to margin and spot trading. The core activity of this broker is contracts for difference, its secondary activities are insurance, expert advice, and trading signals, which it very aggressively promotes. However, despite such hard promotion of the company’s “advantages,” clients have reported their experience with the firm as overwhelmingly negative. The current review is aimed at determining whether the dealer is a good trading partner or just another scam.

Highlights

Key Trading Features

MagnifyGroup positions itself as a CFD broker and provides six account types: Trial, Standard, Advanced, Premium, Expert, and Elite. Each of these account types enjoys different privileges, features, and leverage ratios. Below, we will analyze the essential trading conditions provided by the dealer.

The minimum deposit for new traders is $250, while basic account holders are allowed to fund a maximum amount of $10,000. Leverage is offered from 1:100 to 1:600. Such a high level of leverage, however, violates the regulations of European authorities and some financial regulators around the world. This creates very dangerous conditions for trading, especially for novice traders, who may lose their deposit entirely after just a few deals.

MagnifyGroup claims to supply trading signals: from 5 to 270 signals per week, depending on the type of account. Clients of the premium account are promised an unlimited number of signals. Besides trading signals, the company declares a possibility to use the services of experts during the entire period of cooperation and analytical support.

The project also advertises insurance options, discounts on swaps of up to 50%. However, the dealer has not disclosed certain details about spreads, so clients can’t evaluate the real price of trading. This, coupled with ‌manipulative trading terms, proves that most of the benefits that are advertised to be provided to customers do not actually exist for them, and this puts customers at a disadvantage.

Overview of Available Trading Instruments

MagnifyGroup operates mainly with CFDs, which explains the absence of any partnerships with liquidity providers. Lack of transparency, added to frequent manipulative practices, is already a major red-flag condition for prospective customers. Users, especially new ones, often suffer significant losses due to the high level of leverage in addition to the nature of CFD trading itself.

The broker’s financial instruments include currency pairs, cryptocurrencies, commodities, stocks, and indices. However, the range of available assets is partially restricted for users of the browser-based trading platform with the only trading interface offered by MagnifyGroup.

Trading Platform Analysis

MagnifyGroup’s dubious reputation may be reflected in the broker’s reliance on its browser-based trading platform. After all, creating a standalone platform or licensing popular third-party solutions like MetaTrader 4 or 5 would have taken more resources and clout than this broker seems willing to dedicate.

The asset charts and basic tools reside in the middle menu of the site, which relies heavily on the TradingView integration. Individual assets are selected from the left menu, while the right side opens order execution.

However, it has a lot of disadvantages, such as a complete lack of liquidity and manipulative trading to extort clients’ funds. It is also broken in terms of most of its features, and they are just for show. The same goes for social trading and indicators.

Such companies are often found among scam brokers, such as groshareltd.com review for example.

Additional Services

MagnifyGroup says it offers additional services that expand as traders upgrade their account types. For beginners, education from this broker includes a learning center and thematic webinars.

A bonus system is also supported, but no information is provided on the conditions for receiving and withdrawing them. Instead, they are provided at the discretion of the broker. Quite often that is possible just after registration. The dealer does not support any kind of partnership or affiliate program.

Fee Structure

MagnifyGroup does not provide a lot of transparency regarding its fee system. No trading commissions, deposit fees, and withdrawal charges can be determined at the company’s website on its homepage or account comparisons. You can read a review about a similar company, AtlasLC, at this link.

However, some of the hidden charges are reflected in the “Terms and Conditions” document. For instance, an account will be charged an inactivity fee of $50 if there are no trades or orders established. In addition, clients who fail to verify their account within 30 days from the date of registration will be charged a $20 monthly fee.

The administration also has a right to charge maintenance fees, though the exact size has not been revealed. Of course, this lack of transparency undermines the broker’s reputation even more.

Legitimacy of MagnifyGroup

MagnifyGroup does not hold any licenses from ‌recognized UK or European Union regulatory bodies. Besides, the broker is not authorized by offshore regulators, which are considered lower-tier jurisdictions. So, the Terms and Conditions mention Seychelles, but no organization with that name was found in the local registry. The regulatory vacuum surrounding this broker makes it virtually impossible for traders to sue in the event of financial losses or disputes.

Adding to the list of concerns is that the address of the company is located in Zurich, Switzerland. Independent verification confirms there is no physical presence or registered entity associated with MagnifyGroup at this location. Absence of legal documentation and regulatory approvals on the website’s footer also discredits the broker’s operations further.

Company History

The official website of MagnifyGroup is full of promotional banners and exaggerated claims of its benefits. Meanwhile, in the “Our Company” section, one finds only general phrases without any substance regarding the origin or leadership of the dealer.

A check of the broker’s domain registration shows it has only been operational since mid-2024. This is a fairly short period of activity, and the fact that MagnifyGroup is not transparent excludes them as a reliable and trustworthy broker.

Conclusion

We strongly advise against dealing with MagnifyGroup. The brokerage has no licensing from major financial regulators, does not have a physical address, and offers very poor customer support. Its trading conditions are also so tailored to benefit the company instead of its clients, not to mention the lack of quality trading software.

Weighing the Pros and Cons

Common Questions