Magicex5 (magicex5.com) has been flagged by Australian Securities and Investments Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I looked into Magicex5 (magicex5.com) and found they appear in the regulatory warnings database. Australian Securities and Investments Commission has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Flagged by international regulators|Due diligence required
The hidden fees at Magicex5 (magicex5.com) are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Transparent fees|Great customer service
Cons: Currency conversion fee exists|No dark mode on mobile
I signed up with Magicex5 (magicex5.com) through word of mouth in my investment club and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Responsive team|Dividend tracking
Cons: Wait times can be long during peak hours|Cannot customize dashboard fully
Do not use Magicex5 (magicex5.com) for anything serious. I used them for about ten months for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Portfolio tracking tools|Stable platform|Quick verification|Helpful community forum
Cons: Website design could be more modern
After seeing ads for Magicex5 (magicex5.com) online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Australian Securities and Investments Commission. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Unauthorized firm|Found in IOSCO warnings database
Where do I even begin with Magicex5 (magicex5.com)? since mid-2025 of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Segregated accounts|Quick verification|Full transparency|Reliable uptime
Cons: Mobile app could be improved|Onboarding videos are outdated
The mobile app from Magicex5 (magicex5.com) is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Customizable dashboard|Fast deposits|Quick verification
Cons: Some tools only available on higher tiers
Magicex5 (magicex5.com) advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Economic calendar|Quick verification|Reliable uptime
Cons: Withdrawal takes 1-2 business days|Limited ETF selection
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Magicex5 (magicex5.com) recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Risk management tools|Regular platform improvements|Wide product range
Cons: Wish they had more educational resources
The spread at Magicex5 (magicex5.com) is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them through a financial advisor and initially thought the platform was good - until I started trading seriously.
Pros: High security standards|No hidden fees|Full transparency|Professional team
Cons: No dark mode on mobile|Alert system is basic