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.
After for over three years with Market Magnet I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Clean UI|Risk management tools|Quick verification
Cons: Search feature is basic
I was contacted by Market Magnet through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Blocked my account|No legitimate license|Fake returns
Market Magnet 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: Multi-currency support|Comprehensive tools|Full transparency
Cons: No crypto staking|No fractional shares