Another company is offering illegal brokerage services. On the website, you can read MagnifyGroup reviews, but they are definitely fake since they are all positive. Overall, the firm doesn’t seem like a safe and trustworthy partner for Forex/CFD, but rather a scam. Let’s dive into the details.
Key Features
- Company Name: MagnifyGroup
- Website: https://magnifygroup.com/
- Available Contacts:[email protected], +442038856947
- Foundation: 2024
- Services: CFD Trading
- License: no
- Initial Deposit: $250
From Sign-Up to Payout
The first encounter with the broker is through its official website. The first thing to note is the unusual font and color scheme. However, this is not a positive observation but a negative one. The font is definitely inappropriate, and the dark blue color scheme with bright green elements looks cheap and awful. Moreover, you constantly come across overused pseudo-benefits, such as “client-centric service”, “cutting-edge technology”, or “investment opportunities”.
By the way, the text on the website is presented as individually inserted images. You can’t copy any information you need because it’s essentially an image. You can right-click and open the image in a separate browser window. This is yet another indicator of the website’s poor quality.
Navigation on magnifygroup.com is complicated, with too much text and very little relevant information. In short, the broker fails to impress on first contact. Let’s see how things are in the personal account area — maybe it will be better there, but first, you need to register.
You’ll encounter problems with registration. The issue is that there is literally no registration button on the official website. There’s only a Login button, but no registration. How does that work? How can you access the company? Is registration impossible here?
In the end, MagnifyGroup has a terrible official website that doesn’t even provide information on how to fund your account. Only the logos of Visa/Mastercard and Neteller are displayed. And you can’t register because that function simply doesn’t exist.
Our Trading Experience With MagnifyGroup
It’s a good thing you can access the terminal without creating an account. This allows you to identify all its weaknesses, and there are quite a few. First of all, it’s just a web terminal. Want to trade on your phone? You only have access to the browser version, which is much worse and slower. Used to trading on a standalone program on your computer? No, only through a browser. Everyone knows that a webtrader is less functional and less optimized compared to standalone applications and programs.
Secondly, the terminal at MagnifyGroup is simply a built-in basic feature set from Tradingview. This is a popular service that allows traders to perform various chart analyses using lines, levels, and other tools. So, the platform is extremely simple and lacks functionality. Experienced traders won’t appreciate this, as they won’t even be able to use their own strategies.
The Reality Check
Next in the MagnifyGroup review, we need to look at its legitimate status. This is the most important point that clearly determines whether you’re dealing with a scam or not. And the first question is — where is the license? There is no information about regulation on the website, which means we can confidently say that the company operates illegally. Any legitimate broker, operating under the supervision of a financial authority, would display their license number prominently. After all, this is a guarantee of reliability, which is exactly what clients need.
Alright, let’s check the legal address. The headquarters are supposedly located in Switzerland. However, this is just another fake. It’s easy to verify that no company by that name is registered in the country. And there’s no point in checking the FINMA registry. The organization is fake, which means regulation by FINMA is impossible.
The scammers have not obtained a license and are deceiving traders about the location of their headquarters. What else could this be but serious red flags? The user agreement mentions an offshore jurisdiction in the Seychelles. This is just another lie from the company. MagnifyGroup is not legally registered anywhere.
How Long Has MagnifyGroup Been in the Game?
Many people wonder — how can you determine how long a company has been in operation if the founding date isn’t listed on the official website? In reality, it’s quite simple. In our case, it’s enough to check the registration date of magnifygroup.com, along with additional snapshots, to understand what was happening with the domain before.
So, the domain was registered in 2004. However, this doesn’t mean the broker has been in business for 20 years. By using the WebArchive service, you can see what was going on with the domain earlier. In 2023, it was up for sale. The last update was on June 25, 2024. Presumably, that’s when the scammers purchased it. There’s your answer to how long this scam has been in the game.
Extra Fraud Indicators
This section of the MagnifyGroup review is specifically for those still doubting the company’s fraudulent nature. Are you really ready to trust your money to a broker with a fake email address? Their only email doesn’t actually exist. And this isn’t the first instance of fakery.
Do the trading conditions look normal? For example, the minimum deposit for the first account type is $10,000, although the homepage states just $250. The company contradicts itself. A leverage of 1:600 looks absolutely insane and reckless.
Professional and experienced traders can often tell whether a company operates legally just by looking at the leverage it offers. MagnifyGroup offers leverage up to 1:600, even though regulators prohibit leverage higher than 1:30. Do you see the difference?
Is MagnifyGroup the Right Fit?
Too many fake details and signs of a scam. Fortunately for some naive traders, it seems that you cannot register an account on your own. The broker is unlicensed, and its operational history is very short. There’s no insurance, while headquarters and contact details are fake. This is a complete set of pseudo-broker signs, so investing your money here is a one-way street for your funds.
Hello. These scammers defrauded my uncle. He told me this story recently. They called him and offered him profitable trading. My uncle is a trusting person, so he believed the scammers and transferred the money. After that, they blocked him. MagnifyGroup scammed this man, stealing $12,500 from him. I’m sharing this story not just for the sake of it, but to warn all other traders. You cannot trust companies like this. They are fraudulent. If you send them money, you will never get it back. These are anonymous con artists with extensive experience in their dirty work.
Thank you.
Right now a guy is trying to get me to send $3000. Thank you have read your reviews and Information.
Thanks
THANKS FOR THE CLEAR AND PRECISE INFO. PERTAINING TO MAGNIFYING GROUP. AS A SCAM OPERATION, GREATLY APPRECIATED.
They will let you start with $250 and show you on the site that it is growing then immediately pressure you to deposit $10000 to get a so called silver account upgraded status where they say you make more. They will call you daily with the offer pretending to teach you about different stocks crypto forex etc but then will only lead to the deposit pressure after in the end of every so called free educational session.
wont even rate these aholes.it wont go down low enough. i guess i have to rate it somehow to put it up for reading
i had to at least clik on 1 or it wont send,. what does that tell ya