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.
I closed a profitable position at Magnify Group (webtrader.magnifygroup.live) and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Dividend tracking|Risk management tools|Transparent fees|Demo account available
Cons: Onboarding videos are outdated|No live chat on mobile
Magnify Group (webtrader.magnifygroup.live) offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Helpful community forum|Economic calendar|Automated trading options
Cons: Wait times can be long during peak hours|No fractional shares