Magnum Options Review
Recently we heard that the folks who run TradeRush, Boss Capital, and Redwood Options (some of our favorite brokers) have a new website, Magnum Options. Naturally we had to check it out. We were confident that the new site would be just as good, if not better, than the rest—and we were right. Check out the features:
Magnum Options Quick Overview
- Official Website: www.MagnumOptions.com
- Account currencies: EUR, GBP, USD, AUD, CAD, JPY, RUB
- Low minimum deposit: $200
- Minimum trade size: $5
- Maximum trade size: $5,000
- Average payout: 81%
- Payouts up to 1500% on ladder options
- Out-of-money refund: 0-10%
- Numerous types of options available to trade
- 150 assets available to trade
- Platform: SpotOption
- USA traders accepted.
Step 1 – Create Magnum Options Binary Options Account
It is fast and easy to create an account on Magnum Options. Look in the upper right corner of the page and you will see a menu with options. The second from the left is “Open Account.” Click on it and you will be taken to a page where you can input basic information including your name, email address, password, country, and account currency. And yes—traders from the USA and around the world are welcome on Magnum Options. You can choose from a ton of different currencies, including EUR, GBP, USD, AUD, CAD, JPY, and RUB. A variety of payment methods are accepted, including credit and debit card, wire transfer, and SOFORT, and MoneyBookers.
Step 2 – Funding Your Account
The minimum deposit for Magnum Options is $200. Since the minimum withdrawal amount is $100, I recommend a higher initial deposit. That will keep withdrawals easy (and allow for smarter money management). The account types are:
- Mini: Minimum deposit of $500. This comes with an introductory webinar, exclusive educational tools, and daily market reviews.
- Executive: Minimum deposit of $1,000. Additional features include a 20% welcome bonus or 4 risk-free trades, an account manager, faster withdrawals, and a free trading strategy and platform walkthrough.
- Mini-Gold: Minimum deposit of $2,500. With this account you get a 30% welcome bonus or 6 risk-free trades plus additional strategies.
- Gold: Get a 60% bonus or 8 risk-free trades, plus same-day withdrawals and access to even more learning tools, including signals and indicators.
- Platinum: Get a welcome bonus of 100% or 10 risk-free trades. Also benefit from unlimited trading strategies, direct contact with a senior account manager, and signals and indicators.
No matter what type of account you sign up for, you will get a free trading eBook when you join the site. As far as other resources go, there is a link at the bottom of the site to Live Webinars, but this only takes you to the deposit page if you have not added funds to your account, so this feature is only available to paying customers. If you go to “Academy” at the top of the page, though, you can find some introductory courses (they are very basic).
Magnum Options.com’s Trading Platform
Ready to trade? Click on “Trade” in the menu in the upper right corner. You will be taken to the SpotOption white label platform. If it looks familiar to you, it is probably because you have used it on another website. SpotOption is the most popular binary options online platform in existence, and is very easy to use. On Magnum Options, you can trade on your home computer or on your mobile device. At the bottom of the site you will find links to download the app for your iOS or Android device. You can trade as little as $5 on 60 Second trades or $20 on other trade types, and as much as $5,000. This is a nice wide range.
Types of Binary Options at Magnum Options
- Long Term
- 60 Seconds
- One Touch
This most basic, simplistic type of binary options online is perfect for beginning traders. Pick a direction (up or down) that you expect price to move. If, when the trade expires, price did what you predicted, you win. If not, you lose.
With this type of trade, you can profit based on your knowledge of the relative performance of stocks. Even if both stocks are losing money, you win if you pick the better of the two.
If you would like to stay in a High/Low trade for weeks or months, even the better part of a year, you can do it with a Long Term trade.
Rather get in and out of your trade fast? Try a 60 Seconds trade and make money fast! Be careful, however, because you can lose just as quickly.
Do you expect price to reach a certain level within a certain timeframe? If so, One Touch is the way to trade. If your trade reaches the right price before it expires, you win.
This is a complex type of trade where you climb up a “ladder” of different pre-defined trigger values and build up profits as you go. It is a risky trade type, but if you win, you can get payouts as high as 1500% on Magnum Options.
The FAQ mentions Forex trading on the site as well, but there is no sign of it on the trading platform. I assume this means that Magnum Options is thinking of adding this feature, but it is not available yet. If they did, it would add tremendous value to the site.
Trading Features Available
- Buy-me-out: Close your trade early for a partial profit or loss.
- Double up: Double your stakes.
- Rollover: Stay in your trade longer for a chance to win more.
Is Magnum Options a Good Broker?
Magnum Options is definitely on the same level as TradeRush and the other brokers associated with this investment team. In fact, they are arguably even better in some ways. It is excellent for example that you can choose risk-free trades instead of accepting a bonus. This makes for a more responsible trading opportunity.
They offer a nice variety of trades, have fast and friendly customer service on live chat, and may be offering even more in the future if they decide to add Forex trading.
So yes, Magnum Options is a very good broker, especially for traders in the USA.
Good luck in your trades!
[yellowbox]Ready To Trade? Visit MagnumOptions.com now to create your account and begin trading. They accept USA traders as well as traders around the world. You can begin with $200 initial deposit. [/yellowbox]