Magnum Options Review

Established in 2013, Magnum Options is an online binary trading platform that is
managed by Redtulips Consultants Ltd. Their office is based at #1A Arcade House, Temple Fortune, London, United Kingdom NW11 7TL. The fact that they share the same office as Marblestone Partners Ltd is no coincidence as the platform was established by the same group of people that own the leading binary trading platforms Boss Capital and TradeRush. There is also the rumour floating around on the internet that this is the same group of investors that own RedWood Options.

Platform Overview and Features

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Like Boss Capital and TradeRush, Magnum Options is not regulated by any European based financial regulatory authority. However this is where their similarities end as the trading platform featured on Magnum Options is different from those adopted by Boss Capital and TradeRush. As for the trading platform adopted by Magnum Options, it is the 2nd generation SpotOption platform. This trading platform is currently regarded as one of the most popular, advanced and intuitive binary options trading platform that was developed by SpotOption.

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One of main reasons for the popularity of the SpotOption Gen2 platform, is the fact that it boasts of many new features and trading tools that are not found on many other leading platforms in the binary trading industry. For example, with Magnum Options platform, traders have 7 different ways of trading the markets using options contract types such as:

  • Call/Put
  • iFollow
  • Ladder
  • Long Term
  • One Touch
  • Pairs
  • Sixty Seconds

And with close to 150 different types of underlying assets to trade with from Magnum Options, traders will indeed be spoilt for choice.

Unique Features

But what is truly ground breaking about the SpotOption Gen2 platform is not the many different types of option contracts that are

At the left hand corner of the trading charts, traders will find a feature called the “Strategy Advisor”. This feature uses the 3 technical indicators namely the RSI, Bollinger Bands and Moving Average to create suggestions for traders to follow. This is something that has never been seen on any other trading platform before.

Another interesting feature about this platform is the fact that binary traders can now implement the sophisticated and popular ladder trading strategy at the click of a mouse. Previously, if a trader wished to apply a ladder trading strategy with binary options, he had to make several individual trades in several trading scenarios. Here, everything can be done on a single trading window.

And with their low minimum initial deposit requirement of $200 and minimum trade amount of $5, Magnum Options has made it very easy for anyone interested to trade binary options to open a live trading account with them.

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Reliability/Security

As mentioned earlier, Magnum Options is not regulated by any European based financial regulatory agency. Nevertheless this doesn’t make them any less reliable as a binary options broker. We have to remember that only a handful of countries around the world have made legal provisions to regulate binary options trading. Not Magnum Options. Having said that, many traders have made Magnum Options their binary broker for other more crucial reasons than regulatory oversight. In fact it is the quality of their services and secured trading environment that has made Magnum Options a leading choice among binary traders.

Safeguarding the integrity of their website and clients personal information are several security protocols.

To keep all web transmissions between Magnum Options’ servers and their clients’ computers, all information sent through he internet are encryption with SSL encryption algorithms. In addition to a dedicated technical team monitoring their website constantly, the websites I secured with SSL certifications from leading web security providers.  Stringent Anti Money Laundering (AML) and verification procedures are also put in place to ensure that no criminals can find a way into your trading account and steal your hard earned money.

Scam Ratings

Complaints – 8/10

BinaryScamSniffer did see a few complaints about Mangum Options over the web. However, the bulk of these complaints seem to be from dissatisfied traders who didn’t bother to read the terms and conditions or educate themselves properly about the bonus withdrawal procedures. Overall, there were no specific complaints about the quality of Magnum Options services.

Bonuses – 8 /10

The offering of bonuses is a standard practice in the binary options industry. With Magnum Options it is no different. The level of bonuses available at Magnum Options depends on the type of trading account that you have. The levels that you can receive range from 30% for standard accounts to 100% for Magnum Elite accounts. While bonuses are useful for leveraging your limited capital, take note that there are conditions attached to them. In order to be able to capitalize on the bonuses, your trading volume need to be 30x the bonus amount.

Customer Care – 9/10

A 24/7 customer support team is constantly on standby to ensure that the response time is kept to a minimum. Furthermore, with the various methods of communication which are available at the disposal of their traders, getting in touch with the support team is a breeze. We like the fact that they also provided several localized telephone numbers to help traders keep their telephone call charges down.

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Price Manipulation – 10/10

The provider of the price feeds at Magnum is the renowned financial information provider Thomson Reuters. As such, there is no doubt as to the accuracy of the price feeds streamed through Magnum Options trading platform. Our observation also indicates that there are no discrepancies between offer prices and expiry prices. This mean Magnum Options did not manipulate their prices in any way.

Deposit & Withdrawals – 9/10

Funding and withdrawal of funds can be done through credit cards, e-wallets or wire transfer. Maximum deposit amount by credit card is $10,000 and by wire – unlimited. The typical withdrawal time takes around 3 days to process and takes another 5 to 7 days before the money is credited into your trading account. In the binary trading industry, this is considered quite fast as some brokers take weeks to process their clients’ withdrawal requests.

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Security – 9/10

As mentioned earlier, Magnum Options uses SSL encryption technology to encrypt all their credit card transactions. We also noticed that all the SSL certificates are kept up to date hence ensuring their website integrity is jeopardized.

Conclusion

As one of the more recently established binary options broker in the industry, the quality of Magnum Options surpassed even some of the more established brokers in the industry. Their scam score ratings of 53/60 clearly indicate that they belong to the league of brokers who are considered above average. However, because they are not regulated we most mark them as broker to approach with caution. Magnum Options received our Trusted Broker badge. 

 

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