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Magic Compass reviews (magiccompass.com scam or legit?) A trading platform built for Everyone. Magic Compass is a scam, and we’ll show evidence to support our accusations. Magic Compass has everything you need to build a trading strategy, get started, and take on the markets. The magiccompass.com website says that Magic Compass makes the trading experience open to all and as easy-to-use as possible.
How the project is searched:
- Magic Compass review,
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- Broker Magic Compass,
- Magic Compass scam or legit,
- Magic Compass chargeback.
Are Funds Safe with Magic Compass?
With such lack of information and Magic Compass being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is Magic Compass is withholding vital information to users. Magic Compass could go bankrupt from one day to another since there are no banking information about this broker.
The scammers will just give you fake charts, and you will really think that you are in the black. But as soon as you want to withdraw money, you cannot do this. Because the real balance will be zero. After all, cunning crooks will simply transfer all your money to their offshore accounts. It is practically impossible to return your money from there, as we have already done before.
About Magic Compass
Magic Compass review – What the company says about itself: Magic Compass operate successfully around the globe and place great emphasis on providing professional and reliable services to all our clients. Our success is built on diversity, flexibility, transparency and open, reasonable pricing structures.
magiccompass.com aims to create long-lasting relationships with clients and empower them with the tools, knowledge and support needed to enjoy and excel in their trading endeavors.
Any information/article/material/content provided by Magic Compass or is shown on the website magiccompass.com is intended to be used solely for educational purposes and does not constitute investment advice and/or consultation on how the client should trade.
Although Magic Compass has taken care to ensure that the content of such information is accurate, it cannot be held responsible for any omission/mistake/miscalculation, and it cannot warrant the accuracy of any material and information contained herein.
Magic Compass is an offshore broker. The problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with Magic Compass.
According to the presented results of ex-traders of this project, Magic Compass review, which, by the way, are quite negative and unprofitable, the Magic Compass company does not withdraw money, which, in principle, was quite expected and logical, also based on the previously mentioned provisions.
- Lack of Regulation: One of the major signs of a fake broker is the absence of proper regulation by financial authorities. Legitimate brokers are subject to strict rules and standards imposed by regulatory organizations.
- Unrealistic Promises: Fake brokers like Magic Compass may make unrealistic promises of quick and substantial earnings to lure clients. These exaggerated promises should be treated with skepticism.
- Weak Contacts and Support: A fake broker may have poorly defined contact details and may avoid providing complete and transparent information about their services.
- Lack of Transparency: Transparency regarding fees, commissions, and the trading process is crucial. Fake brokers may hide this information or be evasive about it. (according to Magic Compass reviews)
magiccompass.com disadvantages of collaborating with a Fake Broker:
Loss of Funds: Collaborating with a fake broker can expose you to the risk of losing significant investments, as they can manipulate trades to their advantage.
Theft of Personal Information: Fake brokers may request and use sensitive personal information for fraudulent purposes, such as identity theft.
Negative Experience: Collaborating with an unscrupulous broker can lead to a negative financial and emotional experience, with a loss of trust in the market and investments.
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Now it is observed that almost every week there are massively negative reviews. People accuse the project of fraud and demand a refund. A rather important detail in the activities of each broker, which has already been proven by more than a dozen reviews on the fraudnotify.com website, is the ability for each trader to freely withdraw their profit.
according by the presented results of the ex-traders of this project, which, by the way, are quite negative and unprofitable, Magic Compass does not withdraw money, which, in principle, was quite expected and logical, also based on the previously mentioned provisions.
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Magic Compass (magiccompass.com) is another scam from an anonymous group of scammers who regularly create new pseudo broker sites to scam people. Fraudsters adhere to complete anonymity, hide behind someone else’s legal data. Considering all the checks, it is strongly discouraged to invest in the Magic Compass.
How to Protect Yourself:
- Check Licensing and Regulation: Always verify if the broker is authorized and regulated by a trusted financial authority.
- Research Carefully: Conduct thorough research and read independent reviews to assess the broker’s reputation.
- Be Skeptical: Be skeptical of unrealistic promises of earnings, and avoid collaborating with brokers pressuring you to make large deposits.
- Request Information: Request complete and transparent information about fees, commissions, and trading regulations.
Magic Compass scam?
Broker Magic Compass has been reported for multiple fraudulent practices, including refusal to allow fund withdrawals, unrealistic promises of high and fast profits, and a lack of regulation by trusted financial authorities. It is crucial to be cautious, especially if Magic Compass cannot provide a valid regulatory license.
What should I do if I have already invested in broker Magic Compass?
If you have already invested money with Magic Compass, try to withdraw your funds immediately. If you encounter difficulties or refusals, document every step, including all communications with the broker, and report the fraud to financial authorities in your country.
How can I avoid falling victim to similar scams?
To avoid such situations in the future, always thoroughly research a broker before investing. Ensure they are regulated by recognized financial authorities (such as the FCA, CySEC, or SEC), look for independent reviews, and avoid brokers that promise high profits without explaining the associated risks. Legitimate brokers always disclose the risks of investing.
Is broker Magic Compass regulated?
No, broker Magic Compass is not regulated by any recognized financial authority. This makes them extremely risky, and clients have no legal protection in case of fraud.
What should I do if broker Magic Compass refuses to return my funds?
If Magic Compass refuses to allow you to withdraw your funds, document all interactions and immediately contact local financial authorities, such as the Financial Conduct Authority (FCA) or equivalent in your jurisdiction. You may also want to consult a lawyer specializing in financial fraud or use recovery services.
How does the scam operated by broker Magic Compass work?
Broker Magic Compass uses deceptive tactics by promising quick profits and large bonuses for initial deposits. After the client invests a significant amount, Magic Compass blocks withdrawal attempts, citing hidden fees or additional requirements. Once the money is transferred, it becomes difficult or impossible to retrieve it.
What should I do if I’ve shared personal information with broker Magic Compass?
If you’ve provided personal or financial information such as your credit card details, act quickly by blocking your card and changing passwords for any associated accounts. Contact your bank for additional security measures and report the incident.
What organizations or authorities can help in the case of fraud by broker Magic Compass?
You can contact:
- The Financial Conduct Authority (FCA) or other regulatory body in your country.
- Police or financial crime units, to file an official report.
- International organizations like Interpol, if cross-border fraud is involved.
Is it possible to recover my money from broker Magic Compass?
Recovering funds may be difficult but not impossible. If you used a credit card to invest, you can try initiating a chargeback through your bank. Additionally, reporting the fraud to financial regulators or working with a lawyer could improve your chances of recovering your money.
How can I report broker Magic Compass for fraud?
You can report Magic Compass to:
- The Financial Conduct Authority (FCA) or equivalent financial regulator in your country.
- Financial authorities in your jurisdiction.
- Online platforms, that collect complaints about financial scams, as well as financial forums to warn other investors about the risks.
Final Message:
Warning: Broker Magic Compass has been identified as a fraudulent organization and is not regulated by any recognized financial regulator. We strongly recommend avoiding any interaction with this broker and taking immediate action if you have been a victim of fraud. Only invest through licensed and reputable brokers regulated by reputable supervisory authorities.
I deposited $1000. After depositing, I decided not to push through because I experience some suspicious movements in their trading platform. I am already a verified user and was able to withdraw before. Now I want to withdraw what I just deposited but they want me to sign a waiver that says I don’t have a claim in the future in all my deposits including the $1000. She said that I need to sign the form first before they will release my withdrawal but no withdrawable amount was mentioned. A trap.
Friends, I want to warn you against trading with this broker! It is not worth contacting this office, these are scammers who turn trade into a game, and with one gate. You won’t be able to make any money here. And it is very easy to drain money!