Magic Compass Review 2024
Website: www.magiccompass.com
Min. Deposit: US$ 100
Leverage: 1:20
Trading Platforms: MT4, MCtrader
Regulation: CySEC
Headquarters: Cyprus, Hong Kong
Founded: 2016
Updated on March 11, 2024
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Our comprehensive review and evaluation of Magic Compass, as well as other prominent forex brokers, is based on extensive and stringent criteria set. This review process includes an in-depth analysis of the broker’s regulatory compliance, platform offerings, customer service quality, fee structures, and overall trading conditions. We have compared Magic Compass against a wide range of brokers, reviewing over 1000 brokers to ensure our recommendations are well-grounded and reliable. Our goal is to provide traders with a detailed, unbiased, and informative review to assist in making an informed decision.
Magic Compass is a Cyprus-based Forex and CFD trading provider, renowned for offering top-notch trading opportunities through the widely-used MT4 platform. As a CySEC-regulated broker, Magic Compass upholds the stringent standards enforced by the regulatory authority, ensuring a secure and transparent trading environment. The broker is committed to providing traders with low variable spreads and minimal commissions, facilitating access to over 90+ trading instruments across diverse markets including Forex, Metals, Energy, and Spot Indices. Additionally, Magic Compass caters to the specific needs of professional traders by offering bespoke trading services upon written request, thereby ensuring a tailored trading experience.
Pros
Competitive low variable spreads and commissions make trading costefficient.
Regulated by CySEC, ensuring compliance with financial authority standards.
Offers trading on the popular MT4 platform, suitable for both beginner and professional traders.
Cons
Not licensed by any Tier 1 regulator, which may present concerns for some traders.
Lack of educational materials for traders.
Reports of customer complaints regarding response times and communication issues with customer support. No 24/7 support is available.
Magic Compass Review Summary in 10 Points
Headquarters: Cyprus, Hong Kong
Regulation: CySEC, SFC
Platforms: MT4, MCtrader
Instruments: 90+ instruments across Forex and CFDs on Spot Indices, Energy, and Metals
EUR/USD Spread: 0.1 pips
Demo Account: Available
Minimum deposit: $100
Base currencies: GBP, USD, EUR
Education: Provided
Customer Support: 24/5
Overall Magic Compass Ranking
Magic Compass is awarded a positive ranking overall. The brokerage is regulated by the Cyprus Securities and Exchange Commission (CySEC), which affirms its reliability and adherence to financial regulatory standards. The trading opportunities offered on the MT4 platform are diverse, and the broker’s competitive low variable spreads enhance the cost-effectiveness of trading activities.
Is Magic Compass Safe or Scam? ▲
Magic Compass is not a scam. According to our rigorous research and analysis, the broker is legitimate and trustworthy, offering a secure and low-risk trading environment. Magic Compass is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), reaffirming its legitimacy and commitment to maintaining a transparent and secure trading environment for all its clients.
Magic Compass provides leverage options that cater to a range of trading strategies and risk appetites. The leverage offered by the broker is in line with the regulatory requirements and industry standards, allowing traders to magnify their trading positions while managing risk effectively. It is important for traders to understand the risks associated with leverage and to use it judiciously in their trading endeavors.
Magic Compass provides traders with a selection of three distinct account types, each tailored to accommodate the varied needs and preferences of its clients. These account configurations are thoughtfully designed to ensure that both novice and experienced traders can find a match that suits their trading style and goals. Furthermore, Magic Compass also offers the option of a demo account for those looking to practice their trading strategies or familiarize themselves with the platform without financial risk.
In the realm of market instruments, Magic Compass excels by offering a wide array of options for traders. This includes a comprehensive portfolio that spans across major and minor Forex pairs, commodities, indices, stocks, and cryptocurrencies. This diversity ensures that traders have ample opportunities to diversify their investment portfolio and engage with the markets in a manner that aligns with their individual trading strategies and risk appetites.
Magic Compass is committed to maintaining transparency when it comes to the fees it charges. Traders can expect competitive fees across the different account types, with specific details depending on the account chosen. It is important for traders to review the fee structure associated with their account type to understand the costs involved thoroughly.
Spreads at Magic Compass are competitive within the industry, offering traders an advantage when executing trades. The broker provides variable spreads that fluctuate based on market conditions, ensuring that traders can benefit from tight spreads during periods of high liquidity. This approach to spreads can significantly influence trading strategies and potential profitability, making it a critical factor for traders to consider.
Magic Compass offers various methods for both depositing and withdrawing funds, aiming to make transactions seamless for its clients. Although the availability of these methods can depend on the client's location and other factors, typically accessible options encompass Bank Transfers, Credit/Debit Cards, and eWallets. Additionally, Magic Compass supports a variety of base currencies for trading accounts, such as USD, EUR, and GBP. The funding methods at Magic Compass received a commendable score of 4.3 out of 5. The fees associated with these transactions are competitively low, and the broker provides the advantage of multiple account-based currencies.
Pros
Low transaction fees
Multiple base currencies
Cons
Availability of methods may vary by location
Magic Compass necessitates a minimum deposit of $100, which is relatively lower compared to the industry standard of $1000 among over 1000 brokers we researched. This lower threshold makes it more accessible for traders to start trading.
To withdraw funds from your Magic Compass trading account, the process generally involves navigating to the "Withdraw" or "Funds Withdrawal" section found either in the account dashboard or under tabs like "My Account" or "Funds Management." Here, you can choose your preferred withdrawal method, specify the amount you wish to withdraw, and follow any additional instructions or provide necessary information required for the chosen withdrawal method.
Magic Compass is committed to providing top-tier customer support services to address traders' queries and issues effectively. The customer support team is operational 24 hours a day, five days a week (Monday to Friday), exclusively in English. Based on our extensive review, which included comparative analysis with over 1000 brokers, Magic Compass's customer support has been rated 3.5 out of 5. There have been instances reported by some customers regarding delays in response times or instances of communication breakdown. While these experiences do not represent the majority, it is crucial for potential clients to consider this feedback when evaluating the responsiveness and effectiveness of the support team.
Pros
Available 24/5
Cons
Support only in English
Some reports of delayed response times
Magic Compass offers a robust platform for forex trading, backed by a variety of deposit and withdrawal methods, a competitive minimum deposit requirement, and dedicated customer support. Its overall rating of 4.3 out of 5 for funding methods highlights its low fees and multi-currency account options, making it an attractive choice for traders. However, potential clients should bear in mind the variable availability of transaction methods based on location and the reported issues with customer support responsiveness. Despite these considerations, Magic Compass's accessible entry point and commitment to facilitating user transactions through diverse funding methods position it as a commendable choice among forex brokers. For traders prioritizing ease of transactions and dedicated support, Magic Compass warrants consideration in their selection process.
