MagnifyGroup claims to allow its users to build wealth together and develop investment strategies. It sounds tempting, but what are the real reviews of the broker? Is this company deceiving clients? We’ll discuss this today.
Brief Overview
- 🖥Official Website: https://magnifygroup.com/
- ✈️Contact Address: Löwenstrasse 60, 8001, Zürich, Switzerland
- 📞Customer Support: [email protected], +442038856947, +41447071949
- 🔐Licensing and Accreditation: Seychelles
- ⏳Track Record: 2024
- 🧰Specialization: Trading
- 🤝Terms of Cooperation: deposit from $250, leverage up to 1:600
- 💰Additional Services: No
Magnifygroup.com Examination
The website contains a lot of contradictory information. For example, we couldn’t figure out the minimum deposit for collaborating with MagnifyGroup. The homepage mentions a starting investment of $250, while the section on account types states that the minimum is $10,000. It’s unclear which information is reliable.
Another red flag is the lack of information about the company management in the “About Us” section. There are no statistics or insights into the company’s performance. This isn’t surprising considering that, according to web.archive.org, the project has only existed since 2024. Prior to that, the domain was for sale. This says a lot about the project: it’s new and could disappear quickly.
Company Contacts
It seems MagnifyGroup has listed a random address in Switzerland on their website. We plugged it into Google Maps and discovered there’s no office there. And it’s no surprise: we doubt a fly-by-night company like this would be allowed to set up shop in Switzerland.
We’re also troubled by the sheer number of phone numbers from various countries. Clients are being encouraged to call locations where the broker doesn’t even have an office or has deliberately hidden its location. This is also a red flag. Plus, the numbers and email address could be fabricated, too: we found no online reviews from clients who were able to actually reach the company through these contact details.
Key Conditions
The minimum deposit is $250, although a different amount is mentioned on the account type page. The set of assets for trading is standard: currency pairs, cryptocurrencies, stocks, indices, and commodities. The platform is proprietary: the project creators developed the terminal themselves. As a rule, this indicates a high probability of market manipulation.
The following account types are offered to clients:
- Trial.
- Standard.
- Advanced.
- Premium.
- Expert.
- Elite.
The leverage changes depending on the level. Its maximum value is 1:600, but you can join the millionaires club with special conditions. The number of trading signals also differs: at the initial level, there are 5 per week, and at the expert and elite levels, there is an unlimited number. Competitive spreads and technical support are also offered, and when investing $75,000 or more, there is a discount on swaps.
MagnifyGroup also offers a lot of educational materials on its website. Users get access to webinars, educational articles, seminars, and an economic calendar. Starting with a standard account, users can rely on a personal manager, and with premium and above, they can receive individual lessons.
Exposing MagnifyGroup
This project is not trustworthy. They are reluctant to disclose information about MagnifyGroup’s registration, and the reason is that their legal entity is registered in the Seychelles. This is an offshore zone, which means the broker is looking for loopholes to break the law. The company also doesn’t have a license, which means it can’t engage in trading in principle.
We also noticed that the company has only been around since 2024. This indicates that the company could soon close down, and its creator could disappear with your money. You shouldn’t invest in a project that has been around for less than 5 years and has no reputation whatsoever.
What Reviews Do Users Leave?
There are no reviews online, which means the company doesn’t enjoy much popularity. There are some exposé articles that explain why the company is problematic, but that’s all.
Conclusions
Our opinion on MagnifyGroup: never do business with them! If you’re contacted by representatives of this firm, don’t trust them under any circumstances, especially if they claim to help you make a lot of money. You are likely to be scammed. It’s better to look for another broker with a proven track record.
Pros/Cons
- A large number of educational materials.
- Offshore registration.
- Fake contact information.
- No license.
- No information about executives.
- Short operating time.
This is a complete scam, they called me in the middle of the night and tried to get me to register an account! No legitimate company would do something like that, just know that!
I’ve never encountered such scammers before. I was told I could expect comfortable trading and the assistance of a personal manager. These scammers also heavily advertised their educational materials, claiming they were the best. But in reality, I didn’t learn anything there, trading on the stock market was still problematic. There are constant delays and some kind of manipulation with quotes. As a result, I lost more than I invested. And this is called trading? This is called easy earnings? No thanks, I’m not going to get involved in this anymore.
Scoundrels!!! They offered me to register an account here, and I can’t even log in! How do I file a police report against them if they’re registered in offshore locations?!