Question 1

Is Magic Compass regulated and is it safe to trade with this broker?

Accepted Answer

Magic Compass is a regulated broker authorized by the Cyprus Securities and Exchange Commission (CySEC) under license No. 299/16 and additionally registered with the Securities and Futures Commission (SFC) in Hong Kong. Being regulated by CySEC, which is a member of the European Securities and Markets Authority (ESMA), Magic Compass adheres to strict financial standards, including fund segregation and negative balance protection. This regulatory oversight provides traders with an added layer of security and transparency, making trading with Magic Compass generally safe and low-risk for clients under these jurisdictions.

Question 2

What are the trading costs and fee structures at Magic Compass?

Accepted Answer

Magic Compass offers competitive trading fees with a spread-based and commission-based fee structure depending on the account type. The Silver account has an average spread of about 1.2 pips on EUR/USD with no additional commissions. The Raw Spread account, aimed at professional traders, offers very low spreads starting from 0.1 pips combined with a commission that the broker does not publicly disclose, requiring clients to contact support for details. The Gold account features spreads starting from 0.9 pips without commissions. Additionally, Magic Compass charges withdrawal fees depending on the payment method and a $15 monthly inactivity fee for dormant accounts over three months. Overall, fees are competitive but potential clients should verify exact commission costs for the Raw Spread account.

Question 3

What deposit and withdrawal methods does Magic Compass support, and what is the minimum deposit?

Accepted Answer

Magic Compass supports multiple payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and eWallets, although specific availability may vary by region. The minimum deposit to open a trading account starts at $100 for the Silver account, with higher minimum deposit requirements for the Raw Spread and Gold accounts. Withdrawals are generally straightforward but incur fees depending on the chosen transfer method. Traders should review the broker’s official policies to understand withdrawal fees and processing times fully.

Question 4

Is Magic Compass beginner-friendly for new traders?

Accepted Answer

Magic Compass is generally suitable for beginner traders due to its user-friendly platforms such as MT4 and MCtrader mobile app, simple account types including a low minimum deposit Silver account, and availability of demo accounts for risk-free practice. However, the broker lacks comprehensive educational resources and advanced research tools beyond an economic calendar, which may be a drawback for beginners seeking learn-and-trade support. Thus, while beginners can use Magic Compass to start trading confidently, those needing educational materials should consider supplementing with other learning sources.

Question 5

What trading platforms and tools are offered by Magic Compass?

Accepted Answer

Magic Compass offers trading primarily via the well-known MetaTrader 4 (MT4) platform and its proprietary MCtrader mobile app, available on both desktop and web versions. The MT4 platform supports advanced charting, order execution, and automated trading through Expert Advisors (EAs). The mobile MCtrader app ensures trading on the go with full functionality. However, Magic Compass does not offer MetaTrader 5 (MT5), cTrader, or other advanced platforms. The broker also includes social trading features to copy trades from professional traders but lacks AI-powered trading tools.

Question 6

How many trading instruments does Magic Compass offer and what are the leverage options?

Accepted Answer

Magic Compass provides access to over 90 trading instruments, covering Forex currency pairs (over 20 pairs), precious metals like gold and silver, energy markets such as crude oil and natural gas, and spot indices. While this selection suits CFD and currency traders well, it is relatively limited compared to competitors, lacking diversification for long-term or traditional investors. The maximum leverage available is 1:20 for both European and Hong Kong traders, in compliance with CySEC and SFC regulations, providing moderate leverage consistent with regulatory risk controls.

Question 7

How responsive is Magic Compass customer support and what communication channels are available?

Accepted Answer

Magic Compass customer support operates 24 hours a day, Monday through Friday (24/5), exclusively in English. Support channels include email addresses for general and specific requests, a contact phone number (+357 25023880), and a web form on their website. However, live chat support is not offered. Some client reports note occasional delays and communication challenges, so users may experience variable responsiveness depending on the inquiry.

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