Magic Compass is a forex brokerage firm established in 2016 and registered in Cyprus, with its headquarters located in Limassol. The broker primarily provides users with trading services in financial derivatives such as forex, indices, and commodities. This broker is under strict regulation by regulatory bodies.
Company Background
Magic Compass is a broker offering forex trading services, with the registered entity being Magic Compass Ltd, headquartered in Cyprus. The company was founded on April 12, 2016, and according to Whois query, the domain name of Magic Compass’s official website was registered on February 26, 2015.
Regulatory Information
Magic Compass is a regulated forex brokerage firm, with the entity Magic Compass Ltd being regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds a regulatory license, license number 299/16. Magic Compass provides services related to forex, indices, and commodities under the strict supervision of the Cyprus Securities and Exchange Commission (CySEC).
Trading Products
Magic Compass offers a variety of trading products, including forex, indices, and commodities.
- Forex Trading: Magic Compass allows investors to participate in the forex market, offering trading opportunities in various currency pairs. Investors can trade based on the fluctuations in the price of one currency against another.
- Index Trading: Magic Compass enables investors to trade based on the price movements of specific financial indices. These indices include stock indices, commodity indices, and bond indices, allowing investors to engage in the market through these indices.
- Commodity Trading: Contracts for Difference (CFDs) on commodities offer investors potential profits from the price volatility of raw materials and resources. Commodities include crude oil, copper, and iron ore, among others. CFDs on commodities allow investors to participate in various commodity markets without physically owning the goods.
Trading Software
Magic Compass offers investors two trading platforms: MCtrader and MetaTrader 4.
MCtrader: Provides investors with a native design application for convenient trading anytime, anywhere.
MetaTrader 4: Offers investors various trading indicators, Expert Advisors for automated trading, and extensive charting tools.
Account Registration
Magic Compass's official website offers a real account registration process, which is as follows:
First, open the Magic Compass official website and click on “Start Trading Now” on the webpage.
After filling out the information step by step, the account registration will be completed.
Account Types
Magic Compass offers three different types of trading accounts: Silver Account, Raw Spread Account, and Gold Account.
- Silver Account: The initial minimum deposit is $100 or equivalent currency, without Expert Advisors.
- Raw Spread Account: The initial minimum deposit is $5,000 or equivalent currency, with Expert Advisors.
- Gold Account: The initial minimum deposit is $2,500 or equivalent currency, with Expert Advisors.
All three trading accounts support currencies such as USD, EUR, and GBP, with no additional margin required, support MT4, iOS, and Android trading platforms, a margin call at 80%, unlimited maximum open positions, stop-out level at 50%, and negative balance protection. The leverage offered: 1:5, 1:10, 1:20.
Deposit and Withdrawal Methods
Magic Compass also offers a variety of deposit and withdrawal options, such as VISA SECURE, VISA Electron, MasterCard, and bank transfer.
- VISA SECURE, VISA Electron, and MasterCard all support GBP, EUR, and USD, with no service charges and a deposit time of 2 hours. Bank transfers are only supported by Credit Suisse, accepting currencies like CHF, USD, EUR, etc., with fees varying based on the deposit amount and a deposit time of 1-2 business days.
- The processing time for withdrawals via VISA SECURE, VISA Electron, and MasterCard is within the same business day. Bank transfer withdrawal processing time is 1-2 business days.
Customer Support
This broker offers multilingual support, available through multiple channels, including telephone support and email support. Traders can contact the customer support team directly and immediately via the phone number +357 25023880. Investors can also send inquiries or requests to info@magiccompass.com.
Summary
Registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), Magic Compass offers a variety of trading products, including forex, indices, and commodities. It is advised that traders receive adequate education, understand market mechanisms, and carefully consider their investment objectives and risk tolerance before engaging in high-leverage trading.
Currently, Magic Compass is marked as "Active" on TraderKnows.
