Magnum Options is a binary options brokerage. Since binary options were banned in the EU and the UK in 2018, no wonder that the High Court of the UK put the company in provisional liquidation.
Since only in the UK there were 41 complaints filed to police, with the total loss of over 750,000 GBP, we are not surprised to conclude that Magnum Options is currently inactive. However, victims still didn’t find a way to get their funds back.
In this Magnum Options review, we will show you all about the broker, including what you can do to get a refund.
Magnum Options details:
| Regulated by: | No regulation |
| Headquarters Country: | Bulgaria |
| Foundation year: | 2015 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | $200 |
| Types of Assets: | FX, commodities |
| Maximum Leverage: | N/A |
| Demo Account: | No |
Regulation and Security
If you check the owner of Magnum Options, you will find a company registered in Sofia, Bulgaria. The company is Solaris Vision Ltd, and there is a sub-entity Hampshire Capital Ventures Ltd. The broker was operating under the names Magnum Options that it used in Europe and Asia, and Magnum Options EU, an entity used in the USA and Canada. However, it didn’t have any kind of regulation for the services it was providing.
Since the broker is unregulated, we cannot speak about the security of the funds of any kind.
Warnings From Financial Regulators
Since the broker was operating all around the globe, several regulatory bodies noticed its activities. The Canadian NSSC from Nova Scotia issued a warning against Magnum Options stating that the broker is scamming people in Canada and operating with no authorization.
Another Canadian regulator, BCSC, from British Columbia issued the same warning.
Besides Canada, Australian regulatory body ASIC issued a warning against Magnum Options and the company owner Hampshire Capital Ventures Ltd.
As already mentioned, the UK High Court put the company in provisional liquidation.
Magnum Options Closed in UK Following
In 2016 and 2017, the UK received 41 complaints to police about Magnum Options broker. According to reviews and complaints, the broker was offering 81% of the profit on every investment and much more irregular things. The total damage according to complaints was over 750,000 GBP. The police started an investigation and they discovered that the broker was aggressively calling clients pursuing them to invest the money based on fake promises. Clients were not aware of terms and conditions where it was stated that one needs to have 30-40 trades to be able to withdraw the money.
After a thorough investigation, the UK High Court closed this company and its owners in Bulgaria.
Scammed by Magnum Options?
If you were scammed by Magnum Options or misled in any way, you need to know you’re not the only one. And there is a possibility to get your money back. You need to file a dispute and request a chargeback.
But what is a chargeback? A chargeback is a way to refund your card in case you were a victim of an online scam.
Contact our support team now and you’ll be provided with detailed instructions about our services and a chargeback procedure.
What is Magnum Options?
It’s an online binary options broker that became inactive.
Is Magnum Options a scam?
The broker was operating with no regulation and was closed by the UK High Court due to too many complaints to the police.
Is Magnum Options regulated?
No, Magnum Options is not regulated by any regulatory body. In fact, it’s blacklisted by many.
