Magni Markets claims to be regulated under the laws of St. Lucia. However, the company does not disclose any information about its registration and the date of its establishment. As for the domain, it was registered in July 2022 in Iceland by an unknown person. In addition, the project has neither a legal address nor a license. Finally, the service is inaccessible to residents of some countries, such as Japan, Canada, and also limited access for US residents.
Can this broker be trusted? How reliable is its service? We will analyze the company’s offers and its documentation to understand who its clients will be working with and how safe it is to trade here.
Clients registered with Magni Markets have access to the MetaTrader 5 platform for Forex. You can trade on PCs, iPhone and Android devices. The company offers over 1000 trading instruments, variable spreads from 0.0 pip, and 0% commission. You can trade Forex, cryptocurrency, and other assets, as well as use the economic calendar for fundamental analysis of the markets. The broker provides 3 types of accounts:
- Classic, minimum deposit £/€/$100 – leverage 1:500, spreads from 1.0 pips, commission 0%.
- VIP, minimum deposit £/€/$500 – leverage 1:500, spreads from 0.5 pips, commission 0%.
- Islamic account – can be opened at the client’s request to trade with raw prices. No interest or fees are charged on the deposit.
Please note that such high levels of leverage come with significant risks. European regulators do not allow brokers to have this level of leverage. Deposits and withdrawals are made via 6 methods, including bank cards and BTC. Magni Markets declares negative balance protection, which insures traders from losing funds that exceed their deposits.
Magni Markets can be found on social networks Instagram, Facebook, and Twitter. The promotional content also does not contain any legal information about the company. All posts are published between January and June 2023 and there are no subscriber comments underneath. It’s strange, because October is already ending at this point. Have the owners lost interest in SMM?
The site supports 8 languages including Chinese and Arabic. A demo account is mentioned in the promotional content, but it is not available without trader registration. The broker claims that all client funds are secure as they are kept separately, but it does not provide supporting documentation or financial statements. Moreover, in the risk disclosure, Magni Markets explicitly states that transactions are not made on the exchange, but on its trading platform. There is a conflict of interest, since in this case the losses of clients are the direct profit of the company.
If you believe that trading on the recognized MetaTrader 5 platform is safe, we hasten to disappoint you. In your personal account, you will be asked to download a dubious apk file, a mysterious desktop program signed as XclusiveMT5Terminal, and nothing at all if you use iOS devices.
For what reason will you not be offered to download MetaTrader from official sources or app stores? Just think about this.
Legality and Viability
The local Registry of International Business Companies and International Trusts (https://www.pinnaclestlucia.com/) has confirmed the existence of Magni Markets Limited (IBC). Unfortunately, this registry does not provide any other information. At the same time, the company is not on the list of regulated entities (https://fsrastlucia.org/), since Forex trading activity is not regulated at all in Saint Lucia.
From archived articles on the Internet, we learned that in August 2022, Magni Markets was located in St. Vincent and the Grenadines. Surprise! This offshore also did not license brokers, and has recently required permission from all jurisdictions where firms intend to serve clients. Bad luck for online scams.
As we have already noted, the domain was registered in July 2022 and this coincides with the above information. Thus, Magni Markets has been operating for just over a year. An extremely short period for reliable financial companies and an expected situation for an organization that wanders from offshore to offshore without having any work permits. By the way, the cost of registering an IBC in Saint Lucia is only $300. Perfect.