Note: The details presented in this review are subject to potential modifications due to the ongoing updates to the company's offerings and policy adjustments. Additionally, the relevance of this review's information may be influenced by the original publication date, as service details and policies may have evolved since that time. Hence, it's crucial for readers to seek out the most current information directly from the company prior to making any decisions or initiating actions based on this review. The responsibility for utilizing the information provided herein lies entirely with the individual reader.
Should there be any discrepancies between visual and written materials in this review, the written information takes precedence. Nonetheless, for a more comprehensive understanding and updated details, accessing the company's official website is highly recommended.
What is Magic Compass？
Magic Compass is a broker based in China, also known as Magic Compass Global Capital LLC. It currently holds a suspicious cloned regulatory license by CYSEC.
Pros & Cons
Pros
24/7 Customer Support: Magic Compass provides round-the-clock customer support via live chat on its official website.
MT4 Supported: The platform supports MetaTrader 4 (MT4), one of the most popular and robust trading platforms in the financial markets.
App Available: Magic Compass offers a proprietary mobile app, the Baohui Investment Official App, which allows traders to access their accounts and trade on the go.
Cons
Is Magic Compass Legit？
Regulatory Sight: Magic Compass is flagged as a “Suspicious Clone” by CYSEC (Cyprus Securities and Exchange Commission), which presents potential issues with its legitimacy and authenticity. It holds a Marketing Making (MM) license type, with a license number of 299/16. This suspicious regulation raises concerns about its authenticity and compliance with established regulatory standards.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
Magic Compass offers a certain range of market instruments. These include:
Forex: Magic Compass provides traders with the opportunity to trade in the foreign exchange market, offering a wide range of currency pairs.
Precious Metals: Trading in precious metals is another option provided, typically involving highly valued metals such as gold and silver.
Cryptocurrencies: With the rising popularity of digital currencies, Magic Compass also offers trading in various cryptocurrencies.
Crude Oil: As a staple energy commodity, crude oil trading is provided, which can be an excellent way for traders to engage with the energy sector.
CFD Transactions: Contracts for Difference (CFDs) are also available, allowing traders to speculate on the rising or falling prices of fast-moving global financial markets.
Trading Platforms
Magic Compass provides MetaTrader 4 (MT4) to users. MT4 is known for its advanced market depth features including quote charts, transaction times, and volumes, which are indispensable for deep market analysis. It supports a broad array of transaction types, from forex to commodities, and is noted for its exceptional execution capabilities, reducing slippage and latency. The platform champions automation through Expert Advisors (EAs), enabling traders to deploy automated strategies efficiently.
Magic Compass also offers its bespoke mobile application, the Baohui Investment Official App, which complements traders needs for mobility and constant market connectivity. This app keeps users connected with real-time updates on global market conditions without the need to continually log in. The app offers comprehensive analysis tools, including up to 51 technical indicator formulas and 31 graphic analysis tools, along with various chart types such as lightning charts, and time-sharing charts. It is designed to provide traders with continuous, streaming quotes for offshore RMB and other instruments around the clock.
Customer Support
Magic Compass offers 24/7 live chat support, which is available on its official website. This service allows traders to instantly connect with a support representative at any time, day or night, which is particularly beneficial given the around-the-clock nature of the financial markets. Users can access its online chat by clicking the Advisory Service on its home page.
Conclusion
Magic Compass is a broker that supports MT4 and a mobile app, with 24/7 customer support available. However, it is now holding a “Suspicious Clone” regulatory license. We do not recommend users to trade with brokers with a suspicious license.
Frequently Asked Questions (FAQs)
Question: Does Magic Compass support MT4/5？
Answer: Yes, it does support MT4.
Question: Does it have an app？
Answer: Yes. It provides its own investment app, which can be downloaded by scanning the QR code on its official website.
Question: Is Magic Compass regulated？
Answer: Yes, it is regulated by CYSEC. However, its regulatory license is suspected to be a clone.
Question: Is my money safe with Magic Compass？
Answer: Not quite. Though it is regulated by CYSEC, the “Suspicious Clone” regulatory status is concerning, and it does not apply any other security measures.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
