InterMagnum

Overview of InterMagnum

Established in 2021 and regulated by the Seychelles Financial Services Authority, InterMagnum offers Forex, stocks, commodities, indices, and cryptocurrencies. This broker provides five account types ranging from Basic to Platinum. InterMagnum combines user-centric technology with comprehensive support, providing a proprietary trading platform optimized for both desktop and mobile use. To further support its clients' trading journeys, it offers several educational resources, including video courses, eBooks, and webinars.

Pros and Cons

InterMagnum, while regulated by the Seychelles Financial Services Authority, might not offer the same level of investor protection as more stringent regulatory bodies. Their global exchange platform for stock trading lacks clear spread information. The broker's commodity offerings, including gold and oil, come with additional charges like swap fees, inactivity fees, and profit clearance fees, potentially increasing trading costs. For Platinum account holders, the benefit of a free initial withdrawal is slightly diminished by the standard practice of applying minimum withdrawal amounts and service fees. Lastly, although they provide support in multiple languages, the withdrawal process could take up to five business days.

Is InterMagnum legit or a scam？

InterMagnum operates under regulatory oversight from the Seychelles Financial Services Authority, possessing a Retail Forex License. This offshore regulatory status suggests some level of operational legitimacy. However, the protections provided under such a regulatory framework can be less comprehensive compared to those enforced by more established authorities.

Market Instruments

Forex: InterMagnum gives traders access to the Forex market, where they can engage in trading major currencies under conditions of high market volatility and large daily volumes.

Stocks: The platform allows trading in stocks from major global companies, facilitating investment in public companies traded across various stock exchanges.

Commodities: Commodities available for trading on InterMagnum include gold, silver, oil, and coffee, with the platform providing opportunities to trade based on price changes in these commodities.

Indices: Trading on indices like the FTSE 100 and S&P 500 is supported, where traders can speculate on the market performance of grouped companies from specific stock exchanges or sectors.

Cryptocurrencies: The broker supports trading in several major cryptocurrencies, including Bitcoin and Ethereum, allowing for participation in the digital currency market.

Account Types

• Basic Account:

• Minimum Deposit: $250

• Leverage: Up to 1:200

• Trading Instruments: Forex, commodities, indices, major shares

• Hedging: Allowed

• Scalping: Not allowed

• Commission: Standard

• Bronze Account:

• Minimum Deposit: $1000

• Leverage: Up to 1:200

• Trading Instruments: Forex, commodities, indices, major shares

• Hedging: Allowed

• Scalping: Not allowed

• Commission Discount: 15%

• Silver Account:

• Minimum Deposit: $2500

• Leverage: Up to 1:200

• Trading Instruments: Forex, commodities, indices, major shares, US and EU shares

• Hedging: Allowed

• Scalping: Not allowed

• Commission Discount: 65%

• Gold Account:

• Minimum Deposit: $10,000

• Leverage: Up to 1:300

• Trading Instruments: Forex, commodities, indices, major shares, US and EU shares, cryptocurrencies

• Hedging: Allowed

• Scalping: Allowed

• Commission Discount: 75%

• Platinum Account:

• Minimum Deposit: $25,000

• Leverage: Up to 1:400

• Trading Instruments: Forex, commodities, indices, major shares, US and EU shares, premium stocks, cryptocurrencies

• Hedging: Allowed

• Scalping: Allowed

• Commission Discount: 85%

How to Open an Account with InterMagnum

1. Initiate Registration:

   Navigate to the InterMagnum homepage and click on the “Register” “Get Started Today” or “Open Account” button to open the registration form.

1. Complete the Registration Form:

   Enter your personal information accurately in the form to avoid any delays with account verification.

2. Select Your Account Type:

   Choose from the Basic, Bronze, Silver, Gold, or Platinum accounts based on your trading preferences and deposit capability.

3. Verify Your Documents:

   Upload required documents such as an ID and proof of residence for account verification.

4. Deposit Funds:

   Make the minimum required deposit via your preferred payment method to activate your account.

5. Begin Trading:

   Use the InterMagnum platform to start trading. The platform is accessible on both desktop and mobile devices and offers comprehensive tools and resources to enhance your trading experience.

Leverage

InterMagnum provides a structured leverage arrangement:

• Basic to Silver Accounts: Offer a solid leverage of up to 1:200, suitable for standard trading conditions.

• Gold Account: Increases the stakes with leverage up to 1:300, allowing for a more aggressive trading approach.

• Platinum Account: Features the highest available leverage of 1:400, ideal for seasoned traders looking to maximize their trading power.

Spreads & Commissions

Starting with the Basic account, traders enjoy standard commission rates. As traders progress to the Bronze account, they receive a 15% discount on commissions, which increases significantly in the Silver account with a 65% reduction. This tiered approach continues with the Gold account offering a 75% commission discount and the Platinum account providing the highest level of benefit at an 85% discount.

Other Fees

Overnight Interest Fees:

InterMagnum charges an overnight interest fee, also known as a swap fee, which is applicable when positions are held open overnight. The specifics of these fees, such as rates or conditions, are not detailed in the provided documentation but are a standard practice in the industry to cover the cost of the leverage provided.

Inactivity Fees:

A significant consideration for users of InterMagnum is the inactivity fee. An account is considered inactive if no trading activity has occurred for 60 consecutive days. In such cases, a $50 administrative fee is applied to the inactive accounts, which is deducted monthly until trading resumes or the account balance reaches zero.

Profit Clearance Fee:

Unique among brokers, InterMagnum charges a variable profit clearance fee. This fee is assessed based on the profit amount generated from successful trades and varies between $1.50 to $5.00. The specific tiers are as follows:

• Profits up to $250: $1.50 fee

• Profits between $251 and $500: $2.00 fee

• Profits between $501 and $1,000: $3.00 fee

• Profits between $1,001 and $2,500: $4.00 fee

• Profits above $2,501: $5.00 fee

Trading Platform

• InterMagnum Platform:

The InterMagnum trading platform is a proprietary, state-of-the-art system created to provide traders with the confidence to trade effectively and securely. Its user-friendly interface and swift functionality allow traders to engage with a wide array of assets including stocks, commodities, currencies, and major indices.

• InterMagnum App:

Available on both iOS and Android, the InterMagnum app extends the functionality of the desktop platform to mobile devices, optimized for the modern financial markets. It offers continuous connectivity to market changes, providing flexibility for traders to operate anytime and anywhere.

Trading Tools

• Live Asset Charts and Chart Analysis: The platform offers multiple chart types for comprehensive market analysis, helping traders to identify trends and forecast market movements effectively.

• Economic Calendars: This tool is essential for fundamental analysis, helping traders track important market-moving events. By knowing when significant data releases or economic events are scheduled, traders can better prepare for potential market fluctuations.

• Price Alerts: InterMagnums price alerts notify traders when an asset reaches a pre-set price, thereby enabling them to make timely and strategic trading decisions without having to monitor the markets constantly.

• Risk Management Tools: The platform includes advanced features like stop-loss and take-profit orders which help traders to manage and mitigate risks associated with trading.

• Trading Signals: These are provided by leading data sources and offer real-time alerts on potential trading opportunities. While not a guarantee of profit, they are a valuable resource for enhancing trading strategies.

Deposit & Withdrawal

Deposits:

• Depositing funds can be made through major credit cards, e-payments, and bank transfers.

• The minimum withdrawal amount for credit or debit cards and e-wallets is $50.00, and for wire transfers, it is $100.00.

Withdrawals:

• Withdrawals must be executed via the same method used for deposits.

• It takes between 3 to 5 business days to process a withdrawal request.

• Platinum account holders receive their first withdrawal free of charge; subsequent withdrawals incur a service fee of 3.5% or $30, whichever is higher, capped at $3500.

Customer Support

• Address

Office No. 3, Room 2, 1st Floor, Dekk House, Zippora Street, Providence Industrial Estate, Mahe, 673310, Seychelles

• Email us

support@intermagnum.com

• Call Us

United Kingdom: 447477171790

Ecuador: 593963871774

Peru: 5115104079

Mexico: 524291380075

Panama: 5078511275

Colombia: 576018418530

Chile: 56412909764

Costa Rica: 50641018215

El Salvador: 50321366850

Brazil: 556135505544

• Contact form can be accessed on the website for non-urgent communications.

Educational Resources

Video Courses:

• InterMagnum's educational suite includes Video Courses where traders can watch exclusive videos to become expert traders. These courses cover a wide array of topics essential for trading.

eBooks:

• The platform provides a range of eBooks that include detailed guides on Forex trading, strategies for online trading with CFDs, and insights into cryptocurrency trading.

Webinars:

• Webinars are available allowing traders to connect with market experts. These sessions are created to help traders learn effective trading strategies and answer their queries in real-time.

FAQs:

• InterMagnum includes an FAQ section where traders can find answers to common questions about trading and account management.

Glossary:

• A comprehensive Glossary is provided to help traders understand all the financial terminology used across the platform.

Articles on Cryptocurrencies and Blockchain:

• The platform features articles that explain the functionalities and the market of cryptocurrencies and blockchain technology.

Asset Index:

• The Asset Index allows traders to view and study detailed information about the array of financial assets available on the platform.

Conclusion

InterMagnum, under the oversight of the Seychelles Financial Services Authority, provides various trading accounts and instruments including forex, stocks, commodities, and cryptocurrencies. However, being regulated offshore indicates questions about the robustness of its investor protection compared to stricter regulatory environments. The presence of several additional charges, such as swap fees and inactivity fees, could potentially increase overall trading costs. Despite these costs, the brokers advanced proprietary platform and extensive educational offerings help to improve user trading experiences, although the slow withdrawal times could inconvenience those requiring faster fund access.

FAQs

Q: What kinds of trading accounts are available at InterMagnum？

A: InterMagnum features five account types: Basic, Bronze, Silver, Gold, and Platinum.

Q: Does InterMagnum have a regulatory body？

A: InterMagnum is overseen by the Seychelles Financial Services Authority. Note, this is offshore regulation and might not provide the same level of investor security as other regulatory environments.

Q: What platforms are supported for trading at InterMagnum？

A: The proprietary InterMagnum platform is available for both desktop and mobile use.

Q: What fees should traders expect with InterMagnum？

A: Be aware of various fees at InterMagnum including swap fees, a monthly inactivity fee after 60 inactive days, and a profit clearance fee that varies with the trade profit amount.

Q: What's the minimum deposit to open an account at InterMagnum？

A: Minimum deposits at InterMagnum start at $250 for the Basic level and go up to $25,000 for the Platinum level.

Q: What is the typical withdrawal timeframe at InterMagnum？

A: Withdrawals at InterMagnum are usually processed within 3 to 5 business days, based on the method.

Q: Are there educational tools available for InterMagnum traders？

A: InterMagnum offers a plethora of educational resources, including videos, eBooks, and webinars, plus articles on cryptocurrencies to enhance trading knowledge.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.