Magnify Group (webtrader.magnifygroup.live) has been flagged by ASIC (Australia) for "Unlicensed". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: webtrader.magnifygroup.live.
The hidden fees at Magnify Group (webtrader.magnifygroup.live) 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: Reliable uptime|Easy to use platform|Instant funding
Cons: Minimum deposit could be lower
Magnify Group (webtrader.magnifygroup.live) 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: Regular updates|Regular platform improvements|Market news feed
Cons: Limited social trading features|Withdrawal takes 1-2 business days
Magnify Group (webtrader.magnifygroup.live) seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Fast execution|Stable platform|Easy withdrawals
Cons: Cannot customize dashboard fully
If you are reading this considering Magnify Group (webtrader.magnifygroup.live) - run. I wish I had read more negative reviews when my bank disappointed me and I searched for alternatives. I thought the positive ones were real. Maybe some are. My experience over for over three years has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Instant funding|Competitive fees
Cons: Limited social trading features|Research section could be deeper
Customer support at Magnify Group (webtrader.magnifygroup.live) seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.
Pros: Great customer service|Automated trading options|Easy withdrawals|Clear documentation
Cons: Limited ETF selection|Could offer more webinars
The so-called education at Magnify Group (webtrader.magnifygroup.live) is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for the past six months thinking they would help me learn.
Pros: Low minimum deposit|High security standards|API access
Cons: Wish they had more educational resources|None so far
My withdrawal request from Magnify Group (webtrader.magnifygroup.live) has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Copy trading available|Helpful community forum
Cons: Desktop app not available on Linux|Nothing significant
I requested my data from Magnify Group (webtrader.magnifygroup.live) under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Good analytical tools|Multi-currency support|Segregated accounts|Multi-device support
Cons: Wish they had more educational resources|Inactivity fee applies after 12 months
Do not believe the bonus offer from Magnify Group (webtrader.magnifygroup.live). The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited from a blog post comparing services and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Economic calendar|Dedicated account manager
Cons: Help articles are sometimes vague|Withdrawal takes 1-2 business days
I joined Magnify Group (webtrader.magnifygroup.live) after attending a webinar they hosted and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: High security standards|Economic calendar|Market news feed
Cons: Currency conversion fee exists