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MagnaSale is a Ponzi scheme that cannot risk disclosing the actual area of operation. There is no office address, and even if there, you should not believe that that is the exact address.
MagnaSale brags it has the best educational program in the market. The scheme allegedly helps investors develop their trading skills by improving their knowledge. They have extensive educational materials for their clients. Investors receive training via video, eBooks, and live webinars.
There is also a one-on-one expert section. Once you read this, you will be convinced that the broker is after the well-being of their clients. However, this is simply a ploy to steal from innocent individuals. The venture does not care whether traders earn or lose. The law requires that all investment firms disclose the individuals behind that are handling the funds of traders.
Unfortunately, this is not the case with MagnaSale. The venture is anonymous. Hence, it is impossible to know if the people that are after the scheme are indeed qualified. You will be trusting incompetent people with your safety. This is absurd and unwise at the same time.
We have seen Ponzi schemes violating the privacy of their victims by selling their data to con artists. The venture states that it offers an award-winning trading platform to its customers. However, we suspect there are no trading activities.
MagnaSale claims it executes a trade at lightning speed. They also assure investors access to high-quality trading tools. They can customize live chats. Moreover, clients will be able to trade via phone, desktop, and mobile. The features that the broker brags about include; superior technology.
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The entity states it has a cutting-edge tech that allows you to enter the market instantly. They also claim the data of users is safe. However, you should note that an SSL certificate is not enough protection when dealing with rogue schemes. The scheme can share your info with third parties. Before you believe everything that you read online, we suggest that you do your research.
MagnaSale is a firm that trades commodities, indices, forex, and cryptocurrencies. These are volatile assets that you cannot predict their trading outcome. Joining the wrong scheme would lead to massive losses. The location of the entity is unknown.
Invest with the best forex trading companies in the universe. These are platforms that have a past trading history. You can easily research them and read the customer feedback. The ventures have been in the market for years. Their performance is magnificent.
How Does MagnaSale Operate?
The entity allegedly has several benefits awaiting those that choose them. They assure clients access to a top-notch trading interface. The clients will also get to enjoy competitive returns, spreads, and fast trading speed. The venture uses analysis tools and advanced tools to achieve its outstanding performance.
However, this is a company that you should not waste your time with. The venture lacks a trading performance. They are using falsehood information to trap more victims. All Ponzi schemes operate similarly.
The scammers utilize intriguing adverts. You will click on an offer, thinking you will make the best returns. However, before you realize you are in a dirty deal, it will be too late. Con artists target newbies in the market. The moment you share your contact details, their sales representatives will continuously call.
This will continue happening until you give in to their demands. Huge returns will reflect in your dashboard. However, when you attempt to cash out, all attempts shall hit a hard rock. Never rely on an offshore scheme as it is only a handful that is reliable.
MagnaSale Trading Conditions
The company affirms that it is a reputable venture globally. It brags about having over 1000 assets. The scheme claims it segregates the funds of traders in top tier 1 banks. However, this is a mare bluff. They fail to reveal to the financial institutions that the money of users is kept. You can only access the demo account after registering. The entity provides a web trader interface. It does not have many benefits compared to the MetaTrader platform.
The spread that MagnaSale advertises is 1.7 pips. This is not a bit high from the average market standard. There are legit ventures that offer even below 1 pip. This allows traders to enter the market at a low price.
The leverage ranges from 1:200 up to 1:1000. This is evident that the entity does not have a license. The regulatory bodies limit the leverage to protect traders from experiencing massive losses. The trading conditions of the venture are not ideal.
Withdrawal and Deposits
MagnaSale accepts a minimum deposit of $250. The payment methods are; Wire Transfers, Visa, Neteller, Bitcoin, Skrill, -wallets, and MasterCards. The broker states it doesn’t have hidden fees. It is unwise to trust the scheme, especially an offshore one.
There are better-licensed firms that even accept $10. There is no point in depositing such a considerable amount, only for you to lose the amount. The least amount that investors can cash out is from bank transfers is $100, while the other method is $50.
Regulation Status of MagnaSale
MagnaSale is a clone venture. The entity presents everything, and it looks professional. It is easy to fall for the broker. They have forged everything from the domain name to the company’s name. We only discovered this after checking the data in the Cyprus regulator.
The scheme is only after traders’ funds. There is no fund safety. The deposits that investors make will directly go to the con artists’ pockets. It shall be impossible to get the money out. Another thing that traders should note is that nobody oversees the trading activities of the broker.
Therefore, MagnaSale can manipulate data. The venture could also choose to withhold your withdrawal. Even if you report them to the authorities, there isn’t much that the law can do, mainly because the entity is anonymous.
Customer Support and Contact Details
MagnaSale is a Ponzi scheme that cannot risk disclosing the actual area of operation. There is no office address, and even if there, you should not believe that that is the exact address. If the authority traces the con artists behind the scam, they will put them behind bars. This is because they are offering financial services without adhering to the set guidelines.
There is a phone number and an email address that the entity can use. However, the issue is that the moment the company runs out of funds or individuals stop signing up, they will have no choice but to close down their business.
You cannot reach them when this happens. Scammers can even blacklist your number. Trade only with companies that understand the importance of having a good support team.
The Domain Insight
The platform is operating anonymously, and it is privately registered. Therefore, we cannot find information about the people behind the venture. The domain name was registered in June 2021. This is only a few months.
Another way to determine if a company is promising is to check on the duration the domain is registered. If it is a short frame, then this is a cause of alarm. MagnaSale aspires to be in the market for only one year.
MagnaSale is a nasty Ponzi scheme. They even forge their regulatory status. The fund of your money is at risk on this platform. They do not even have a good support team.
Here is a list of some of the reputable forex trading entities. These are brokers that have been in the industry for years. Clients are assured of their safety.