Forex Magic Compass Trading Broker Review

Performance Matrix

Main Score & Risk Matrix

#187

Score

7.4

Excellent

Magic Compass is positioned as a competitive option for traders seeking balanced trading conditions, recognizable market access, and a score profile that sits above many mid-tier competitors.

License 7.6

Business 6.9

Risk Control 7.2

Software 7.9

Regulatory 7.4

Terminal Snapshot

Magic Compass Trading Conditions

Registered Region Cyprus

Operating Period 5-10 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email info@magiccompass.com

Contact Number +35725023880

Website www.magiccompass.com

Balanced Review

Pros & Cons

Pros

Regulated by Cyprus Securities and Exchange Commission (CySEC)
Competitive spreads on major trading instruments
Diverse range of tradable assets including forex, metals, energy, and indices
Access to MetaTrader 4 and MCtrader platforms
Negative Balance Protection for enhanced client security

Cons

Maximum leverage of 1:20 is lower than some competitors
Customer support is not available 24/5
Limited cryptocurrency trading options
Withdrawal fees applied for bank transfers
Regional restrictions on service availability

Compliance Desk

Regulatory Licenses

9.2/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	Magic Compass	XM	InterStellar	AvaTrade
Operating Period	5-10 years	See review	See review	See review
Region	Cyprus	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	7.4/10	See review	See review	See review

Product Fit

Account Types

What Account Types and Fees Does Magic Compass Offer?

Account Type	Target User Group	Essential Characteristics	Applicability Notes
Silver Account	Beginner traders or those seeking a low-risk environment	Low minimum deposit, floating spreads, market execution	Minimum deposit of $100, suitable for small-capital practice
Raw Spread Account	Experienced traders	Tighter spreads, commission-based fees, supports Expert Advisors	Minimum deposit of $5000, requires trading volume qualifications
Gold Account	Professional traders	No commission fees, floating spreads, supports Expert Advisors	Minimum deposit of $2500, ideal for advanced trading strategies

Account Opening Process

To open an account with Magic Compass, traders must follow a systematic process. Initially, individuals will be required to submit their personal information, along with employment and financial details. Identity verification is also a crucial step, necessitating the provision of valid identification and proof of address. It should be noted that traders have the flexibility to upgrade to a professional account later, should their trading needs evolve.

Trading Fees

Product	Spread (pips)	Commission	Notes
Forex (Major Pairs)	Floating from 0.1	$0 (Silver & Gold Accounts), Commission varies for Raw Spread Account	Competitive pricing on major currency pairs
CFDs (Stocks, Indices, Commodities)	Varies	$0 (Silver & Gold Accounts), Commission varies for Raw Spread Account	Wide range of asset categories available
Cryptocurrencies	N/A	N/A	Not supported by Magic Compass

Other Fees

Magic Compass implements various fees that traders should be aware of. Deposit and withdrawal fees may apply, particularly for bank wire transfers. Additionally, traders should note that inactivity fees may be instituted for dormant accounts. Overnight interest, or swap rates, may also be charged for positions held overnight, depending on the account type. Furthermore, currency conversion fees may be applicable when trading in different currencies.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

Magic Compass is positioned as a competitive option for traders seeking balanced trading conditions, recognizable market access, and a score profile that sits above many mid-tier competitors.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

Magic Compass User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

20%

4 star

60%

3 star

12%

2 star

4%

1 star

4%

Alice Johnson

Nicosia

★ ★ ★ ★ ★

I had a terrible experience trying to withdraw my funds. It took forever to get any response from customer support, and when I finally did, they kept asking for more documentation. I felt like I was being ignored and my money was stuck indefinitely. Very disappointing!

Mark Thompson

Limassol

★ ★ ★ ★ ★

The trading platform is decent, but the customer support is lacking. I tried reaching out for assistance several times and often received no reply. When I did get through, the representatives were not very helpful. I expected better service for a regulated broker.

Sarah Lee

Larnaca

★ ★ ★ ★ ★

I’ve been trading with Magic Compass for a while now, and overall, I’m satisfied. The MetaTrader 4 platform is user-friendly, and I appreciate the competitive spreads. Customer support could be better, but the demo account helped me get started without risks, which I loved.

James Smith

Paphos

★ ★ ★ ★ ★

Magic Compass has been a great broker for me. The variety of trading instruments is impressive, and the execution speed is excellent. I also feel secure knowing about their Negative Balance Protection. Highly recommend for both beginners and experienced traders!

Cyprus Market