WikiFX Review: Plz Watch Out For Magic IFS Limited

In the face of all kinds of financial frauds, are you still struggling with which dealer is trustworthy？ WikiFX can help you!!! Search on WikiFX before investing to avoid bad reviews of traders. Today WikiFX is going to talk about Magic IFS Limited with you and find out if this broker is reliable.

About Magic IFS Limited

Magic IFS Limited said that they are dedicated to giving investors the very best of Service for Forex, Commodities, Stocks and Crypto Currencies. The company added that it is based in the UK and licensed by the country financial institute. To find out if a forex broker is trustworthy, check first that it is registered and authorized with a local financial institution.

As we can see from the figure above that the query result is quite negative –no company named “Magic IFS Limited” is shown on the Financial Conduct Authority. It clearly proves that Magic IFS Limited is not authorized by FCA but offered financial services and products in the UK. All members of the British public should be careful and stay away from it. Because you are unlikely to get your money back if things go wrong.

In addition, to get a better idea of Magic IFS Limited, WikiFX also paid a visit to its official website. Magic IFS Limited tries to convince us they are a legit and professional broker, but it turns out to be the opposite.

Magic IFS Limited offers three types of trading accounts, the descriptions of which provide us with further evidence that this is not a regulated forex broker.

We can see that the “executive account” supports a minimum deposit of $100, but when you click “contact now” you will find that this is an invalid button. It was clear that the “executive account” was just a gaudy skin, and that Magic IFS Limited was trying to disguise it as the minimum deposit of $100 acceptable to a legitimate broker. But reality hit the company hard – only VIP and Pro account types are available, and the $100 minimum deposit is a lie.

What‘s more, Magic IFS Limited was allowed to set the leverage as high as 1:500 with this broker – no legitimate UK’broker would let you do that. Leverage caps in the EU and England ban brokers from offering leverage higher than 1:30 on forex majors to retail traders. This only goes to show once again that Magic IFS Limited is not a legitimate British broker. Trading with extremely high leverage can be very dangerous and lead to huge losses – which is why you should always be careful with your leverage settings.

Magic IFS Limited did not specify the terms of the transactions. On its website, you can't see the minimum deposit, leverage, spread and other trading conditions, nor do you know the deposit method and withdrawal conditions. Anyway, all the specific terms of the deal you want to know are not mentioned here. Apparently, there's only one reason he's doing this – Magic IFS Limited 's trying to trick green hand to invest first, but it's hard to get your money out once you put it in.

Now let's search “Magic IFS Limited” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/2220691461.html), Magic IFS Limited currently has no valid regulatory license and the score is rather negative - only 1.30/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Please note that WikiFX is also reminding the majority of users: low scores, please stay away!

WikiFX does not advise you to invest in an unregulated broker with a low WikiFX score like Magic IFS Limited. Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Please do more research and make yourself comfortable before making a decision.

If you want to know more information about the reliability of certain brokers, you can click the information you want on this page Or you can download the WikiFX APP (https://wikifx1.onelink.me/QUVu/fiona) to find the most trusted broker for yourself.