MagnifyGroup Review – Should You Trust This Broker?

The widespread and pervasive spread of online trading attracts not only a large number of novice investors but also many scammers looking to profit at the expense of others. Typically, they are easy to spot. However, competition seems to truly drive progress, as fraudulent companies, which used to rely on blatant omissions of controversial issues hoping that inexperienced users wouldn’t question them until they paid the first deposit, are now employing more sophisticated and inventive methods to deceive increasingly knowledgeable clients on trading platforms. In our MagnifyGroup review, we will examine one such company masquerading as a legitimate platform.

Is MagnifyGroup a Trusted Platform?

https://magnifygroup.com/) claims that it is registered in Switzerland and even provides a Zurich address. This information can be verified on the Zefix resource, which lists all companies registered in Switzerland. However, nothing about MagnifyGroup could be found on the Zefix site, indicating that the broker has deliberately posted false information about its registration, which it likely does not have. If this is the case, then it operates illegally and may not have any connection to Switzerland at all. Many fraudulent organizations claim to be registered in the UK, Germany, France, etc., but in reality, they have no ties to these countries.

The pseudo-broker’s website does not mention a license at all, even though it lists Swiss, British, and Australian mobile numbers, which indirectly suggests that citizens of these countries can become clients of the company. However, operating in these countries requires documents permitting brokerage activities. For example, in Switzerland, such a license is issued by the FINMA regulator. Information about MagnifyGroup could not be found on the FINMA website, indicating that the organization does not hold any licenses.

Concerned About Withdrawal?

To make a deposit, you can use bank cards or electronic wallets. The time it takes for the funds to be credited to the account is not specified, nor is it for withdrawals. Funds can be withdrawn to bank cards or electronic wallets, but the timeframes are not mentioned, raising doubts about whether the client will ever receive their money. Many unscrupulous brokers use fraudulent schemes to enrich themselves by skillfully manipulating deposits and withdrawals. These organizations allow clients to seemingly deposit funds, and the amount even appears on the balance. However, in reality, the money has already been appropriated by the scammers. When it comes to withdrawing funds, the pseudo-broker comes up with various excuses, such as the need to pay non-existent taxes and fees. They claim that after the client pays these, the withdrawal will become available, requiring additional funds because payment from the account is not possible.

In 99% of cases, this ends with the broker cutting off communication after all non-existent fees and taxes are paid, either by blocking the account or by simply ceasing contact.

How Long Does The Broker Work?

According to the Whois resource, the company in question began its operations only in July 2024. It is clear that within such a short period, it could not have gained many clients, as it cannot prove its reliability. In general, trusting brokerage organizations that have only existed for a few months is not advisable. The phenomenon of “boiler rooms” is often used by scammers in their interests. These are organizations that disguise themselves as brokers but do not actually execute traders’ deals in the financial market, merely simulating trading. If a company has only been around for a few months, like MagnifyGroup, this already indicates that it is not worth dealing with. Attention! This review belongs to InvestExpertHub.

Other Signs of Fraud

❗The client cannot independently create a personal account (at least for now) directly on the website. They can only log in, suggesting that the trader visiting the site for the first time must already have an account. This means the login details (username and password) are created on a third-party resource, a practice common among some unscrupulous brokers.

❗The company does not disclose the minimum deposit amount. It can be assumed that it is $250, as with many pseudo-brokers. Based on the information published in the account types, it appears that a client needs to deposit $10,000 to reach the next level. And this is for a company that only appeared in July 2024? Who is this aimed at? Experienced traders will not even consider dealing with such an organization.

MagnifyGroup Review Conclusions

Working with MagnifyGroup offers nothing positive. The organization has no registration or license, and it is unclear whether it is even possible to withdraw funds. Moreover, the company has only recently emerged and has not yet established a reputation in financial markets.

Advantages and Drawbacks

➕The website has nice graphics and a user-friendly interface.

➖The registration information does not correspond to reality.

➖No license.

➖It is impossible to register a personal account directly on the website.

FAQ

Brief Conditions

Type	Forex
Location	Switzerland
Establishment Year	2024
Regulation	❌
Customer Service	[email protected]
Languages	En
Demo Account	❌
Mobile Trading	✅
Web-based Trading	✅
Bonuses	❌
Minimum Deposit	$250
Max. Leverage	1:500
Scalping Allowed	✅