Everything that Magnum Options offers can be found at other online options brokers. However, the draw of Magnum Options is not that they are unique, but the fact that everything they do, they do extremely well. For casual and part-time traders especially, a reliable, straightforward, and powerful trading platform is exactly what is called for, and that is exactly what you find at MagnumOptions.com.
Software and Features
The web-based trading platform at MagnumOptions.com is powered by the SpotOption engine, which is used by the vast majority of brokers due to its superb quality and simplicity. The platform scores points for its reliability and speed. There is a guided tour of the platform on the site, which is a great way to learn how it works and almost makes up for the unfortunate lack of a demo account. Likewise, vast educational resources are nowhere to be found, although some trading tools like updated market recaps are useful. Live Magnum Options online support is available 24/7 in various major languages in case an issue arises.
Option Types Offered
The list of underlying assets available to trade through the Magnum Options broker is fairly solid, with around 60 different stocks, indices, commodities, and currencies. Pairs trades are also available where you predict movements of one asset compared to that of a second asset. As part of the SpotOption platform, there are 60-second and one-touch trades along with an option builder and the ability to sell trades back early or extend them if they are in-the-money. Payouts average around 75%, which isn’t too high, although losing trades come with a 10% return which can help control losses.
Account Types Offered
The well-known five-tier account structure is offered at MagnumOptions.com. Depending on the initial amount deposited, traders are treated to different accounts ranging from Standard to Magnum Elite. The biggest difference between the levels is that the higher the account level, the more you are eligible for in Magnum Options bonus money, as well as the higher amount of personalized features such as one-on-one coaching and expedited withdrawals. Most banking is done through credit card transactions, with larger deposits and withdrawals possible via bank transfer.
No one will look at a Magnum Options review and think that they are the best binary options broker in the world. But for many traders who don’t want to spend the money on extra bells and whistles that other broker offer, Magnum Options may be the perfect broker. The platform is easy to use, yet remarkably powerful, which in the end is a great path to profits.