Magnomic Yield Ltd has been flagged by Commissione Nazionale per le Società e la Borsa for "Unregistered/Unlicensed entity offering financial products or services". Consob has prohibited the offering to the public residing in Italy of the “Plans” called “Starter”, “Advanced” and “Professional” promoted by the so-called “Magnomic Yield Ltd” including via the https://magnomicyieldltd.com website This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
My withdrawal request from Magnomic Yield Ltd 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: Regular platform improvements|Detailed reporting|Responsive team
Cons: Wish they had more educational resources|No crypto staking
The reporting at Magnomic Yield Ltd is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: No hidden fees|Segregated accounts|Multi-device support|Fast execution
Cons: Would like more payment methods|Spreads widen during volatile periods
For anyone considering Magnomic Yield Ltd, please be aware that this company has been flagged by Commissione Nazionale per le Società e la Borsa. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Appears in regulatory warnings database|Uncertain regulatory status
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Magnomic Yield Ltd said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Demo account available|Fast deposits|Personal attention|Multiple order types
Cons: Help articles are sometimes vague|No live chat on mobile
The onboarding at Magnomic Yield Ltd was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: High security standards|Automated trading options|Easy to use platform
Cons: No live chat on mobile|Limited ETF selection
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Magnomic Yield Ltd is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Blocked my account|No legitimate license|Fake returns
Do not believe the bonus offer from Magnomic Yield Ltd. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited from a review site like this one and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Real-time alerts|Multiple order types|Fast support response
Cons: Slow to add new assets|No integrated tax optimization
I had high hopes for Magnomic Yield Ltd after reading several online reviews, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Clean UI|Clear documentation|Reliable uptime
Cons: Mobile app could be improved|Minor UI glitches occasionally
Tried to withdraw my funds from Magnomic Yield Ltd and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Initially responsive customer service
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
The spread at Magnomic Yield Ltd is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after attending a webinar they hosted and initially thought the platform was good - until I started trading seriously.
Pros: Regular updates|Portfolio tracking tools|Stable platform|No hidden fees
Cons: Website design could be more modern|No crypto staking