- Our Review
- Magic Compass User Reviews
- Magic Compass News
- What is Magic Compass?
- Magic Compass Pros and Cons
- Is Magic Compass Safe or Scam?
- Leverage
- Account Types
- Market Instruments
- Fees
- Spreads
- Deposit and Withdrawals
- Trading Platform
- Customer Service
- Education
- Conclusion
Our Review Method
- 55Brokers financial experts with 10+ years of experience in Forex Trading check broker’s all trading offerings including fees, spreads, and platforms. As well as check regulatory compliance, engage with customer service, and place real trades to evaluate trading conditions to give an expert opinion about Magic Compass.
What is Magic Compass?
Magic Compass is a Cyprus-based Forex and CFD trading provider with a focus on delivering excellent trading opportunities through popular MT4 platform. As a regulated broker, Magic Compass adheres to the high standards set by the CySEC financial authority.
Among other offerings, Magic Compass provides low variable spreads and charges low commissions, enabling traders to access over 90+ instruments across various markets such as Forex, Metals, Energy, and Spot Indices.
- Magic Compass also offers trading services specifically tailored for professional traders. When a professional trader requests such services in written form, the broker promptly reviews the request and establishes contact with the trader, catering to their specific requirements.
Magic Compass Pros and Cons
After our thorough research, we found that the broker ensures a level of trust and compliance with financial authority standards. They provide a range of trading opportunities through the popular MT4 platform, catering to both beginner and professional traders. The competitive low variable spreads and low commissions offered by Magic Compass make trading cost-effective.
For the Cons, the broker is not licensed by any Tier 1 regulator, which may raise concerns for some traders. Additionally, the broker doesn’t provide educational materials and there have been reports of customer complaints regarding customer support response times and lack of communication in certain cases. Also, the is no 24/7 support.
| Advantages | DIsadvantages |
|---|---|
| Cyprus-based | limited number of market instruments |
| Regulated by CySEC | No comprehensive education |
| Negative Balance Protection and Compensation Scheme | No Top-tier license |
| Low Spreads | |
| MT4 broker | |
| Decade of Operation |
Magic Compass Review Summary in 10 Points
| 🏢 Headquarters | Cyprus, Hong Kong |
| 🗺️ Regulation | CySEC, SFC |
| 🖥 Platforms | MT4, MCtrader |
| 📉 Instruments | 90+ instruments across Forex and CFDs on Spot Indices, Energy, and Metals |
| 💰 EUR/USD Spread | 0.1 pips |
| Demo Account | Available |
| 💳 Minimum deposit | $100 |
| 💰 Base currencies | GBP, USD, EUR |
| 📚 Education | Provided |
| ☎ Customer Support | 24/5 |
Overall Magic Compass Ranking
Overall, Magic Compass has a positive ranking. The broker is regulated by CySEC, ensuring a level of trust and compliance with financial authority standards. They offer a range of trading opportunities through the popular MT4 platform and provide competitive low variable spreads.
| Ranking | Magic Compass | XM | VIBHS |
|---|---|---|---|
| Our Ranking | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
| Advantage | Low Spreads | Education | Customer Support |
Magic Compass Alternative Brokers
We find Magic Compass quite a reliable broker with low spreads and suitable conditions for both beginners and professionals. However, it still has some drawbacks such as the lack of comprehensive education and a limited range of trading markets. Therefore, we offer you to have a look at some of the alternative options below:
- XM — Excellent Education materials
- Pepperstone — Great range of trading instruments
- VPFX – Good Trading Services for Professional Trading
Is Magic Compass Safe or Scam?
No, Magic Compass is not a scam. Based on our research, the broker is legitimate and trustworthy ensuring a low-risk trading environment. The broker is authorized and regulated by Cyprus Securities and Exchange Commission (CySEC).
Is Magic Compass legit?
Yes, Magic Compass is legit and operates in compliance with the regulations set by the CySEC (Read Why you should trade with CySEC broker). This regulatory oversight ensures that the broker adheres to strict financial standards and practices, providing an added layer of security and transparency for traders. Broker’s regulatory license is 299/16.
- We also found that Magic Compass is additionally regulated by SFC (Securities and Futures Commission) in Hong Kong.
- Furthermore, CySEC is a member of ESMA (European Securities and Markets Authority). As a member of ESMA, CySEC collaborates with other national regulatory authorities in the EU to develop common regulatory standards and ensure consistent application of EU financial regulations. CySEC is also responsible for implementing and enforcing the MiFID regulations within its jurisdiction.
Read our conclusion on Magic Compass Reliability:
- Our Ranked Magic Compass Trust Score is 8.2 out of 10 reflecting their demonstrated reputation and strong compliance with regulatory standards. The broker ensures traders have a safe trading environment with fund security and negative balance protection. For the Cons, the broker is not licensed by any Tier 1 regulator.
| Magic Compass Strong Points | Magic Compass Weak Points |
|---|---|
| CySEC-regulated broker | None |
| Negative balance protection | |
| Compensation Scheme | |
| Segregated Fund Account |
How are you protected?
Magic Compass provides protection to traders through various measures. They ensure fund security by keeping traders’ funds in segregated accounts and offer negative balance protection to prevent losses beyond deposited funds. As a regulated broker under the CySEC, Magic Compass adheres to regulatory standards, providing a safe trading environment. Additionally, the broker has a privacy policy in place to safeguard traders’ personal information, further enhancing their protection.
Leverage
Magic Compass Leverage Levels vary depending on the regulatory requirements, account type, as well as the traded instrument. CySEC has imposed restrictions on high leverage use for retail clients trading with CySEC-regulated brokers. Under the implemented regulations by MIFID II, the maximum leverage available for traders is 1:30
- As for Magic Compass, the maximum leverage level for trading Forex is 1:20 within the framework of CySEC regulation.
- Hong Kong traders are allowed to use max leverage of 1:20
Leverage is a financial tool that allows traders to amplify their exposure to the market by using borrowed funds. While leverage can potentially enhance profits, it also increases the potential for losses. It’s essential for traders to have a thorough understanding of leverage and its associated risks before engaging in leveraged trading.
Magic Compass Account Types
Based on our research, Magic Compass offers 3 account types that are designed to cater to different traders’ needs and specific requirements.
The Silver Account is designed for new traders, offering a platform for trading with a lower deposit requirement of $100. The Raw Spread Account is intended for professional traders, providing the lowest spreads available in the market. It requires a higher minimum deposit, tailored for experienced traders. The Gold Account is suitable for more experienced traders, offering even lower spreads than the Silver Account. It supports automated trading through Expert Advisors, enabling efficient and automated execution of trading strategies.
| Pros | Cons |
|---|---|
| Fast digital account opening | No Swap Free account |
| $100 minimum deposit | Demo Account available for 30 days |
| Access to a wide range of financial instruments | |
| Availability of Demo Account | |
| Account base currencies GBP, EUR, USD |
Does Magic Compass have a Demo Account?
We also found that Magic Compass provides a demo account that benefits both beginner and professional traders. This account serves as a tool for enhancing trading skills and allows professional traders to test new strategies. The demo account comes preloaded with $100,000 in virtual money, enabling traders to practice in a risk-free environment. It’s important to note that the demo account has a time limitation and is available for a period of 30 days.
How to open Live Account?
To open a live account with Magic Compass, follow these general steps:
- Visit the official website of Magic Compass.
- Look for the “Register” button on the homepage and click on it.
- You will be directed to a registration page where you need to provide personal information such as your name, email address, country of residence, and phone number. Follow the instructions and fill in the required details accurately.
- Read and accept the terms and conditions and any other legal agreements presented by the broker.
- Choose the type of account you wish to open, such as Silver, Gold, or Raw Spread, based on your trading preferences and experience level.
- Submit your application for a live account.
- Depending on the broker’s procedures, you may be required to provide additional documentation to verify your identity and address. This can include passport or ID copies, proof of address (e.g., utility bill or bank statement), and possibly a financial questionnaire.
- Once your application and verification process are complete, you will receive your live account credentials, including login details and instructions on how to fund your account.
Trading Instruments
Magic Compass offers a diverse range of trading instruments, including major, minor, and exotic currency pairs in the Forex market. Traders can also access trading opportunities in precious metals like gold and silver, speculate on the performance of popular stock market indices through spot indices, and participate in energy markets by trading oil and natural gas.
- Magic Compass Market Score is 7.8 out 0f 10 for good trading instrument selection, however, the range of markets offered may not be extensive enough to suit the preferences of certain traders.
Magic Compass Fees
Magic Compass fees may vary depending on various factors, including the type of account, trading instruments, and trading conditions. It is advisable to consult the broker’s official website or contact their customer support for the most up-to-date and accurate information regarding their fee schedule.
Based on our research, Magic Compass fees are built into spreads, additional costs like inactivity fees and funding fees should be considered too for full pricing and fee structure.
- Magic Compass Fees are ranked 8.3 out of 10 based on our testing and compared to over 500 other brokers. Fees are built into spreads, while spreads vary depending on the account type. Overall, fees are considered good.
| Fees | Magic Compass Fees | XM Fees | VIBHS Fees |
|---|---|---|---|
| Deposit Fee | No | No | Yes |
| Withdrawal Fee | No | No | Yes |
| Inactivity Fee | Yes | Yes | Yes |
| Fee ranking | Low | Average | Low/Average |
Spreads
Magic Compass offers competitive floating spreads starting from as low as 0.1 pips. However, it’s important to note that spread values can vary depending on market conditions, liquidity, and the specific trading instrument. It is recommended to refer to the broker’s official website or contact their customer support for the most accurate and up-to-date information regarding the spreads associated with different trading instruments.
- Magic Compass Spreads are ranked low with an overall rating of 8.9 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average which is 1.2 and spreads for other instruments are very attractive too.
| Spreads | Magic Compass Spreads | VIBHS Spread | TopTrader Spread |
|---|---|---|---|
| EUR/USD Spread | 0.1 pip | 1 pip | 0.7 pips |
| Crude Oil WTI Spread | 3 | 3 | 0.062 |
| Gold Spread | 4.3 | 1 | 0.2 |
Deposits and Withdrawals
Magic Compass provides a range of deposit and withdrawal methods to facilitate transactions for their clients. While the specific methods may vary depending on your location and other factors, some commonly available options include:
- Bank Transfers
- Credit/Debit Cards
- eWallets
Magic Compass provides a selection of base currencies for trading accounts, including USD, EUR, and GBP.
- Magic Compass Funding Methods we ranked with an overall rating of 8.5 out of 10. Fees are low, and also you can benefit from various account-based currencies.
Here are some good and negative points for Magic Compass funding methods found:
| Magic Compass Advantages | Magic Compass Disadvantages |
|---|---|
| Fast digital deposits | None |
| $100 as first deposit amount | |
| No Deposit or Withdrawal fee | |
| Multiple account base currencies like EUR, USD, and GBP |
Magic Compass Minimum Deposit
Magic Compass sets a minimum deposit requirement of $100. This means that traders are required to deposit at least $100 in their trading account to start trading with the broker.
Magic Compass minimum deposit vs other brokers
| Magic Compass | Most Other Brokers | |
| Minimum Deposit | $100 | $500 |
How to withdraw money from Magic Compass?
To withdraw funds from your Magic Compass trading account, you can follow these general steps:
- Locate the “Withdraw” or “Funds Withdrawal” section. This may be found in the account dashboard or under the “My Account” or “Funds Management” tab.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount you wish to withdraw from your trading account.
- Follow the instructions provided, including providing any additional information or details required for the chosen withdrawal method.
Magic Compass Trading Platforms
Magic Compass traders are given access to MT4 the platform is known for its stability, reliability, and comprehensive functionality, allowing traders to analyze the markets, execute trades, and manage their positions effectively. Additionally, the broker offers its proprietary platform MCtrader
Additionally, the broker offers a social trading functionality that enables users to replicate trades from fellow traders or distribute their own trading signals within the community. The MT4 platform also facilitates automated trading through Expert Advisors (EAs) and algorithmic trading, catering to individuals who prefer a less involved trading style.
- Magic Compass Platforms are ranked good with an overall rating of 8.2 out of 10 compared to over 500 other brokers. We mark it as good since it offers the popular MT4 professional trading platform.
Trading Platform Comparison to Other Brokers:
| Platform | Magic Compass Platform | Pepperstone Platform | XM Platform |
|---|---|---|---|
| MT4 | Yes | Yes | Yes |
| MT5 | No | Yes | Yes |
| cTrader | No | Yes | No |
| Proprietary Platform | Yes | Yes | Yes |
| Mobile Apps | Yes | Yes | Yes |
Web Platform
Based on our research, Magic Compass offers web-based trading platforms including MetaTrader 4 WebTrader and MCtrader Web. MetaTrader 4 WebTrader allows traders to access their accounts and trade directly through a web browser with real-time market quotes, advanced charting tools, and order execution capabilities.
Mobile Apps
Magic Compass provides mobile trading apps for traders who prefer to trade on the go. These mobile apps are designed to be compatible with smartphones and tablets running on popular operating systems such as iOS (iPhone and iPad) and Android.
Customer Support
Magic Compass provides customer support services to assist traders with their inquiries and concerns. Customer support is available 24/5, meaning it operates 24 hours a day from Monday to Friday. However, it’s important to note that customer support is offered exclusively in English.
- Magic Compass Customer Support is ranked 7 out of 10 based on our research. We noticed some reports of customers expressing dissatisfaction with response times or lack of communication from the support team in certain cases. While the majority of customers may have had satisfactory experiences, it is important for potential users to be aware of this feedback regarding customer support responsiveness.
| Pros | Cons |
|---|---|
| Live chat, phone support, email | No Multilingual Support |
| No 24/7 Support | |
| Slow Responses |
Education
Regrettably, Magic Compass falls short in terms of providing comprehensive Forex trading educational resources, making it a significant drawback for beginners. The broker’s offerings are limited to an economic calendar, which solely assists investors in monitoring market-moving events.
- Magic Compass Education received a rating of 5 out of 10, primarily due to its limited availability of comprehensive educational materials. As a result, beginner traders may find other brokers more appealing, as they offer a wider range of educational resources.
Magic Compass Review Conclusion
In conclusion, Magic Compass is a Cyprus-based Forex and CFD trading provider that offers trading opportunities through the popular MT4 platform. The broker is regulated by the CySEC, providing a level of trust and adherence to financial authority standards. Magic Compass offers competitive low variable spreads, and a wide range of trading instruments including Forex, Metals, Spot Indices, and Energies, and caters to both beginner and professional traders. On the other hand, the broker lacks comprehensive education and doesn’t have an Islamic account.
Overall, Magic Compass is a reputable broker known for its trustworthiness and reliability, providing a diverse array of trading opportunities.
Based on Our findings and Financial Expert Opinions Magic Compass is Good for:
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