Since the broker Magnum Options is one of the latest additions to the binary options market, it is to be expected that their interface and platform is likewise one of the most modern. The overall look of Magnum Options is sleek and clear. Although the broker does not have much to offer which can’t be found at other brokers, they are very good at what they do nonetheless. Serious and recreational traders will both feel right at home on the platform of Magnum Option. So even though they are not unique, Magnum Option does offer reliability and a clear and user friendly platform which is accessible for everyone.
The trading platform of Magnum Options is built on the tried and tested SpotOption engine. The majority of brokers make use of SpotOption’s superior engine because it delivers quality and simplicity. This trading platform also scores high in terms of reliability and speed. Making trades has never been easier. Magnum Options also provides a tour of the platform, so ensuring that traders who have never used the platform can become easily and quickly acquainted with it. This is maybe a bit of a compensation for the lack of demo account. But, apart from the initial tour of the platform, there are little to none educational tools available for traders who are completely new to the binary options market.
On the platform of Magnum Options there are a number of different trading methods from which users can choose. These include the classic High / Low options, but also One Touch, Option Builder and 60 Second options. A varied trading experience is accordingly a guarantee. Quite disappointing though, is the fact that the platform is only available in three languages: English, German and Italian. It should however be noted that Magnum Options plans to add support for more languages in the future, and that they do already support U.S. clients, which is not something all brokers do.
How to start trading with Magnum Options
Opening an account with Magnum Option is quite simple and self explanatory. There are a total of 4 accounts which can be chosen from. The difference between these accounts is the bonus that can be claimed and the minimum deposit amount that is required for opening the account. The lowest minimum deposit with which a traders account can be opened is 200 EUR/USD.
Magnum Options only supports two payment methods: Credit Card and Wire Transfer. This is very limited and definitely a hindrance which should be addressed by the broker. One of the best ways to make deposits and withdraws is through such systems as Skrill and Neteller. Hopefully Magnum Options will include these and other payment methods in the future.
Luckily for Magnum Options, their payout rate is on the higher end of the spectrum. At 85% they have a payout rate just slightly above average. But as a big plus, when a trade is unsuccessful, Magnum Options refunds 10% of the investment. Not many brokers use a return policy such as this. While it should not be something that should be endeavored, losing a trade is not a wholly bad thing when trading with Magnum Options, which makes their platform a little more beneficial than other brokers who have a similar payout rate.
Magnum Options does not have an extensive portfolio of assets. Merely 59 different assets are provided on the trading platform. While this does include all the popular assets spread between the 4 major categories of stocks, currencies, indices and commodities, it does leave room for improvement. Traders who do not need niche assets and are satisfied with just the popular choices this is of course not a problem. But traders who are looking for lesser used assets and extent the possibilities for a big score, Magnum Options does not provide enough choices.
Magnum Options does understand the importance of giving their costumers an uncomplicated and satisfied experience. Their customer service is available 24 / 7, in three different languages. They can be reached by Phone, Live Chat or Email.
Who is looking for an intuitive and sleek trading platform, Magnum Options is definitely a broker which should be taken in consideration. They have all the tools and features that are requires for a complete and satisfactory trading experience. Because of the application of SpotOption’s tried and true platform the reliability of Magnum Options is assured from the outset. And the fact that they return a small amount of the investment even when a trade is lost, makes them a very good choice for traders all over the world.
Even though Magnum Options delivers a fully working and feature rich trading platform which is both stable and powerful, they do still lack in a number of places. The limited choices of payment methods for deposits and withdrawals is one of the most hampering. A small portfolio of tradable assets is another. And because traders of binary options are located all around the world, the fact that Magnum Options is only available in three languages is not ideal. Though a little leeway can be given here, because Magnum Options has voiced their plans to translate their platform into more languages in order to appeal to a larger audience. Until that time they are only available in English, German and Italian.
Magnum Options Review Final Verdict
As far as brokers go, Magnum Options is definitely not a bad choice. They are certainly far from being at the top of the market, but they are not one of the worst either. The services they offer are complete, but are as of yet a little one-sided. With plans to expand in the future, Magnum Options is sure to become a very popular broker for traders all over the world over time.