Market Magnet has been flagged by Finansinspektionen for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". Market Magnet has a website (www.stockmarketinvest.in) and is using the following contact information:
Market Magnet
Veliyambam Post, Pulpally, Wayanad Dist, Kerala, Pin : 673579
India
Telephone: + 91 70120 30982, +91 96404 97228, +91 96334 64033
E-mail: [email protected] This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.stockmarketinvest.in.
I invested $1,000 with Market Magnet after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Finansinspektionen.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
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. Market Magnet said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Comprehensive tools|Excellent charting|Clear documentation
Cons: Wait times can be long during peak hours|Onboarding videos are outdated
I had high hopes for Market Magnet 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: Fast deposits|Dedicated account manager|Excellent charting|Market news feed
Cons: Charting tools need more indicators|Currency conversion fee exists
After seeing ads for Market Magnet online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Finansinspektionen. 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
The mobile app from Market Magnet 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: Portfolio tracking tools|Dedicated account manager|Easy to use platform
Cons: Withdrawal takes 1-2 business days
Do not be fooled by the professional-looking website. Behind the scenes, Market Magnet is disorganized and incompetent. I found them after a friend recommended them and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Copy trading available|Economic calendar|Segregated accounts|Low minimum deposit
Cons: Research section could be deeper|Account statements could be more detailed
I referred a friend to Market Magnet after hearing about them at a conference. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: No hidden fees|Multi-currency support|Good mobile app|Competitive fees
Cons: Charting tools need more indicators|Minor UI glitches occasionally
I looked into Market Magnet and found they appear in the regulatory warnings database. Finansinspektionen 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: Appears in regulatory warnings database|Uncertain regulatory status
After spending since last summer trying to make Market Magnet work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Great customer service|Quick verification|Multi-currency support|Multi-device support
Cons: Minimum deposit could be lower|Minor UI glitches occasionally
After for about ten months with Market Magnet, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Instant funding|Two-factor authentication|Automated trading options
Cons: Email notifications too frequent|No fractional shares