Magnum Options is at this moment one of the highest ranked binary options brokers in the business. The company managed to achieve this status by offering fast and guaranteed withdrawals, significant payout rates as well as rebate deals to their traders.
Read this full Magnum Options review in order to find out my opinion about this binary options broker.
Platform and Services
Magnum Options operates on a solid and well-developed trading platform. All the menus and options are straightforward to use, meaning that you will not have to spend extra time on figuring out how everything works. A sloppy platform usually means the company behind it is unprofessional. A well-made platform however means that a serious business is behind it.
Both the Magnum Options website and trading platform were optimized to function on mobile devices as well. This means that you can trade at the broker from any location that has Internet access. This is very important because otherwise you would not be able to profit from trading opportunities that develop during periods where you aren’t in front of a computer.
The broker also has a very significant number of features and options, most of which are not available at other places. These are detailed below:
Long Term Options – Long-term options are options with expiration times between one day and a full year. Binary options brokers were accused in the past of only providing short-term options because they are more risky and result in lower revenues for traders.
Long-term options offered by Magnum Options will offer you the opportunity to drastically increase your profit margin. For example, if you know that Samsung will release a new phone in August 2015 then you can in March 2015 invest on the fact that Samsung’s value will increase by August. Due to the phone release this most certainly will happen 100%. There are hundreds of such opportunities every year. Long-term options are a sure-win strategy many traders unfortunately neglect.
Forex Feature – Magnum Options is one of the few binary brokers that offer Forex trading as well. Forex trading works exactly the same as at any standard Forex broker.
Follow Feature and Signals – Magnum Options also offers signals to traders. However, unlike other signals developed by brokers, this tool does not use algorithms.
The Magnum Options signal tool allows you to follow other traders and copy their trades. You will see a list of top traders and their trading history, after which you will be able to select one or multiple traders to follow and to copy. The traders you follow will earn a small commission in your profits (they will earn no money if you lose – in fact, they lose as well since your trade was a copy of their trade).
Ladder Options – Ladder options give you the chance to make multiple investments on a single asset as its value increases. These options can have ITM payout rates about 1,500%.
Buy-Me-Out Feature – This feature allows you to sell your open options in case you believe that they will finish OTM (out of the money – i.e. you lose). So, instead of losing all the money on wrong trades, you will have the opportunity to recover most of your initial investment in case you see that the trade does not go the way you predicted it.
Rebates – Generally, Magnum Options will give back 10% of the money you have lost on losing trades. Most brokers do not do this at all.
Rollover Feature – The rollover feature is yet another powerful tool that can help you win. With this tool you have the chance to postpone the expiration of a trade if you believe you will lose your investment. By postponing the expiration time you get another chance at winning.
Double Up Feature – This option can massively boost your profits on your winning trades. If you have an open trade that you are 100% sure that it will be successful, with this feature you will have the chance to duplicate it and cash in double the profits.
Magnum Options offers a very large selection of assets to trade on, which are detailed below:
Forex currencies: EUR/GBP, USD/ZAR, USD/TRY, USD/SGD, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, GBP/USD, EUR/USD and EUR/JPY.
Stocks: IBM, MICROSOFT, APPLE, BAE SYSTEMS, BP, CITI, COCA COLA (US), GAZPROM, HSBC HOLDINGS, LUKOIL, NIKE, NISSAN MOTOR, REUTERS, ROLLS ROYCE, SBERBANK, TATA MOTORS, TESCO, TEVA .TA and TURKCELL.
Indices: BOMBAY SE, CAC, DAX, DOW, DUBAI, FTSE 100, HANG SENG, ISE 30, KL FUTURE, MICEX 10, MSM 30, NASDAQ, NIKKEI22, RTS, S&P 500, SSE180, TADAWUL, TEL AVIV 25 and TOPIX.
Commodities: Gold, Oil, Silver, Platinum, Sugar, Coffee and Wheat. Payout Rates
Magnum Options provides very competitive payout rates. The standard payout rate offered by the broker on most of the traditional high/low options is around 81%, which is very good, compared to other binary brokers.
The payout rates offered on other options, such as one touch options are even higher than this, often times going above 200%. It’s also great to see that Magnum Options has very large payout rates in regards to long-term options. Since long-term options have the largest winning chance, other brokers that have these offer very low payout rates.
Like said above, Magnum Options also offers a 10% rebate on losing trades. This means that your final payout rate will be even higher in practice than what’s displayed because you will get some of your money back on losing trades.
The features such as rollover and extend expiration time will further increase your final winning rate if properly used.
Deposits and Withdrawals
In order to get started at Magnum Options you will have to make an initial deposit of $200. You can do this with a multitude of payment processors, such as wire transfer, credit and debit card, Diners Club, cashU, and some others.
You can make withdrawals using the same payment processors as the ones available during deposit.
Your withdrawals will be processed in around 5-7 business days, which is standard in the industry.
So far I did not find any withdrawal complaints about Magnum Options on popular binary options forums and watchdog websites.
Bonuses and Rebates
You can get an up to $1,000 free bonus from the broker. The bonus is matched 100% to your deposit. So, for example, if you deposit $200, you are entitled to receive $200 in bonus money.
Bonuses will have to be requested from your account manager and are not automatically awarded. However, mind that if you get a bonus you will be subjected to a trading volume requirement before a withdrawal will be allowed. So, don’t request the bonus if you intend to withdraw soon.
As pointed out above, the broker offers up to 10% cash-back on losing trades.
If this review made you to consider registering at Magnum Options, then you can do so by going to the broker’s website. Before you register, you can check out the website for yourself and see all the options and features they offer.