A platform designed to make trading simple, accessible, and profitable for everyone isn’t the one blacklisted by financial authorities. If this swindler is trying to approach you with their attractive investment deals, you should not entertain any of them.

In the end, unregulated firms and brokerage brands that promote high returns and easy money are nothing but textbook frauds. Read more about it in our Magnum Holdings review.

Let’s Debunk False Claims

First of all, the main regulatory authority supervising financial services providers in Norway is Finanstilsynet. The Magnum Holdings scam, however, claims to be licensed by entirely different authorities, some of which may not even exist. Since they’re not found in the main regulator’s database of authorized entities, we cannot consider them safe.

The broker also lists an entirely different address on their Trustpilot page, which should be in the UK. Needless to say, FCA has also not certified this Forex dealer to operate in their country. 

During our investigation, any record we found referring to this website is one warning, issued by Nova Scotia Securities Commission (NSSC). All of this evidence clearly shows the broker’s true intention – to rob you and vanish.

How Fraudulent Websites Work

The magnumholdings.io was first created in December 2023, with the majority of victims being from these areas:

• Canada
• United States
• Romania
• France

In order for a scheme to work, the perpetrators need to remain anonymous and hide from the authorities. Regardless of this, con websites like this one, Xpress Fund or any other, never last longer than a year or two.

Still, they need a way to attract new victims, so they use phones to contact marks directly. The scam agents usually pretend to be market experts, looking for new investors. Of course, any invested money is promptly stolen.

This is why it’s so important to start your recovery process as quickly as possible. Feel free to contact our legal team should you need any help.

Faking the Ratings Scores

While it is true that the boiler room agents need to put up a convincing act, a little “help” from the outside does wonders as well. The company has thus paid review seller networks to post fake content on popular platforms.

Magnum Holdings reviews on TrustPilot, for instance, give the company an 85% approval rating. The ratings are all either 1-star or 5-stars, without any variation. If you read some of these, you’ll notice that they are all made by first-time posters, and always contain a so-called “keyword”.  The situation is quite similar on SiteJabber.

Most Charges Are Hidden

Magnum Holdings broker fees regarding transactions and account maintenance are not explicitly revealed on the site. Sure they exist, and no one should believe empty promises about free service allegedly provided on here. 

Only some of the trading parameters are revealed, like the maximum leverage of 1:500. Spreads and commissions remain unknown to investors and other website visitors. Withdrawal commission starts at 7% while for free transfers, you will have to pay a whole million.

Inaccessible Features

Without a functional Magnum Holdings login, you will not be able to examine the trading technology available, nor any other tools allegedly provided. Since account creation is prevented at the time being, no one can register – existing users can still log in. 

Whether this was done purposely, or the website is acting up, doesn’t matter much. There’s nothing to see on this domain we haven’t already reviewed as a scam bait on other similar sites like Omega Capital Markets.

Is There Any Platform at All?

The website says nothing about the available Magnum Holdings trading software. Furthermore, no traces of it are found anywhere. Since account opening procedure was halted, we have strong reasons to believe that no trading terminal is present at all. 

It isn’t a rare occurrence that a swindler advertises premium conditions, just to impress their targets while not even basic trading software exists. In fact, countless cons do it as well – when it comes time for service to be provided they will disappear with the cash.

Asset Portfolio

There’s several instrument groups we found being advertised on the web presentation. Concrete tradable assets are not mentioned. The fraudster doesn’t miss their chance to brag about non-existent prestigious trading terms, however. Lets see what instrument classes are found on the portal:

• Stocks – Apple, Amazon, Tesla
• Currencies – EUR/USD, USD/CHF, EUR/ZAR
• Crypto – BTC, ETC, XRP
• Indices – Nasdaq, Nikkei, Dax
• Commodities – Cotton, Sugar, Oil
• ETFs – QQQ, SPY

Account Creation Closed Luckily

At the moment of writing this review, no new clients were accepted by the firm. We were unsure what the exact problem was that prevented the Magnum Holdings account opening. However, judging from the error page, it seems that the registration page was removed from the server entirely.

Still, these packages are advertised by the cons:

• Trial – $250
• Portfolio Management – $5,000
• Fully Managed Account – $50,000
• Prestige Account – $250,000
• Elite Account – $1,000,000.00+

Profits – Not Paid and Not Real

If you’ve deposited money with this fake trading platform, you shouldn’t expect a payout. Without clear and informative legal papers and with countless user complaints, this firm clearly doesn’t allow payouts. There’s no clarification as to what payment methods are available, what fees apply and what is the withdrawal processing time.

You will most likely be forced to deposit in crypto so the swindlers can disappear without a trace as soon as they get a hold of your assets. That’s one more reason not to invest with this dubious Forex dealer.

Don’t Bother With Inactive Support

Out of the multiple channels allegedly available for communicating with the broker’s representatives, we managed to test some. Sadly but not shockingly, these do not work as this webpage is also inactive.

The website, however, still encourages clients to reach out to customer service via the following methods:

• Email
• Phone
• Address
• Online form

Looking For Recovery? Contact Us!

If you too have been led into this financial trap and now you’re struggling to process a Magnum Holdings withdrawal, we have a solution for you. What you actually need is a competent, professional fund recovery service and legal advisors that can help you track these criminals and issue a chargeback. 

We offer advice and legal support, so contact us promptly if you want to find out about potential recovery solutions. First consultation with our recovery experts is always free.

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