Editor’s Verdict
Overview
Review
Headquarters | Gibraltar |
|---|---|
Year Established | 2013 |
Execution Type(s) | Binary Options |
Minimum Deposit | $200 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Magnum Options is one of the best binary options trading platforms in the industry. Established in April of 2013, the Magnum Options platform offers a wide variety of currencies, stocks, commodities, and indices. Magnum Options is recommended for traders of all types. The platform is user-friendly and is suitable for both beginner traders and advanced traders alike. Magnum Options posts an address in Gibraltar but has a toll free telephone number to Canada and the U.S. and a toll free number to England.
Accounts
There is no mention of a selection of different accounts to choose from at Magnum Options so I assume there is only a standard account. There is a minimum deposit of $200 and the maximum deposit is 100,000 yen or $1,000. Although the Magnum Options website indicated a maximum payout of 81%, when doing this Magnum Options review, I noticed that on certain EUR/USA trades traders can make up to 170%.
Anyone signing up as a member is assigned an account manager. These account managers are experts in the field and are available to assist traders with any query or difficulty they may encounter during the registration period and afterwards during the trading and execution periods.
Unlike many binary options brokers, U.S. traders are allowed to open accounts and trade at Magnum Options.
Features
Magnum Options offers over 150 tradable assets. Magnum Options offers traders indices (e.g. NASDAQ), stocks (e.g. IBM), commodities (e.g. Oil) or currency pairs (e.g. EUR/USD) to choose from. A trader can choose multiple assets to trade at the same time.
Binary options assets are available at all different time frames, allowing traders to trade almost 24/7. There is always an expiration time nearing a close, which constantly yields new opportunities for binary traders.
The broker offers several interesting features including controlled risk whereby the percentage of risk and reward is known from the moment a trade is placed.
For a profitable trade to take place there is only the need for the price to close “in-the-money” and the winning trade will receive the entire payoff, even if was ‘right’ by a single pip.
The Magnum Options website is simple to use. All a trader needs to do is click the CALL/PUT buttons to make his trade. There are hedging opportunities which is a safer option to take if a trader has an open position elsewhere in currency, stocks etc. Utilizing a binary option can eliminate a further loss elsewhere.
A special feature of Magnum Options is that 10% of the invested amount is paid back to the trader, even if the option expires out-of-the-money. This is a very unique benefit and enables traders to make the most profits possible. This fits in with the goal at Magnum Options which is to make binary options profitable for every one of their traders. It also reinforces the reputation gained by Magnum Options for its dependability and assistance to its account holders.
Education
Education at Magnum Options is important and there are several introductory, advanced and in-depth courses offered to registered traders. There is a host of different videos which offer instruction for both beginners and advanced traders. Only bona fide account holders can view these videos.
Magnum Option Educational Videos
In addition there is a trading eBook available to traders at all levels.
Daily market news updates help keep traders informed about current financial events. The market news gives traders insight into which assets to trade and which assets are popular on any given day.
Bonuses/Promotions
There was no deposit bonus at the time of this review or any other bonuses. However, there is also a Refer a Friend program, where users are rewarded with monetary compensation for referring their friends to Magnum Options. When there are bonuses, they are limited time offers and traders are required to execute trades to the value of thirty times their initial bonus funds.
Deposits/Withdrawals
Deposits and withdrawals can be done in the usual manners including credit cards, wire transfers and various payment programs. The minimum withdrawal amount is 100 EUR or 100 USD depending on the trading account currency; the maximum withdrawal amount is $20,000 via credit card. A customer’s first withdrawal of every month is free of charge. There is a $30 charge on every additional withdrawal.
Customer Support
Customer Support Methods |   |
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Support Hours | 24/5 |
Website Languages |  |
Magnum Options offers dependable customer support 24/5 via phone, live chat or email. It has a toll free telephone number to Canada and the U.S. and a toll free number to the U.K.
Trading via MagnumOptions.com is available at any time, as long as the chosen asset is being traded in the relevant market. All their data is streamed live from our data provider, Thomson Reuters.
Traders at Magnum Options can choose between the Long Term, One Touch, Ladder and 60 Second trading options. The Pairs option should be available shortly. Trading times for all assets are displayed in GMT.
Conclusion
Magnum Options is a well-rounded binary options broker. Despite only one available trading account, traders are offered several different options, some with high payouts. The website is attractive and easy to navigate and the trading experience promises to be pleasurable.
Features
There is only one standard account at Magnum Options which is limiting but payouts can often reach as high as 81% and profits as high as 170% on certain EUR/USA trades. There is also only one trading platform but it offers various options as well as the Option Builder where traders can customize their own option. A special feature of Magnum Options is that 10% of the invested amount is paid back to the trader, even if the option expires out-of-the-money.
Platforms
Binary Options, also known as Digital Options or all-or-nothing options are considered to be one of the fastest growing simplified trading products available today. Whether you are looking for short term or long term options, the binary options at Magnum Options can help traders get high payouts within short trading periods.
Proprietary
The Magnum Options platform has several unique characteristics. It is 100% web based so no downloads are needed. It has a user-friendly interface with no requirement of previous trading experience necessary.
Magnum Option Trading Platform
Magnum Options uses its own proprietary trading platform which offers several types of options.
The One Touch option is somewhat more challenging than some other binary options but it certainly has the payout-up to 500%-for the risk that one takes. With One Touch, unlike the standard binary option, a trader does not have to reach the specific set price that was designated for the asset. Predicting price direction is not enough as the direction is already chosen within the option as is a target price. One Touch trades do not have to wait for the expiry time to settle. Profits are made when the price of the underlying asset reaches or drops to the target price and touches it just once.
The Option Builder
The Option Builder trading method at Magnum Options is a relatively new method that has quickly become popular on binary options trading platforms. The Option Builder gives traders the opportunity to customize their own option, which is particularly useful for experienced traders who understand the market and would like more flexibility when creating a trading strategy.
With the Option Builder, traders can select the asset and investment amount they wish to trade and also the expiry time. One of the many advantages to trading with Option Builder is that it allows traders to implement the trading methods that work best for their trading style while incorporating their knowledge of the binary options market and world events that impact on their trading decisions.
There are also Rollover and Double Up features.
Trading Platform
Automated Trading | |
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Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
