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  1. #1
    Junior Member DrSpec's Avatar

    Magnum Options - Do all brokers bend the truth? !!!

    I've just put in a minimum deposit $200 with Magnum Options based on their good ratings on the Review & Ratings page.

    Seems ok so far with my small number and low value of trades, but have had the inevitable phone call from the "Corporate Accounts Director". Included in this call are all sorts of wild claims. I'm wondering if all this is the same with all brokers or if it moves the scam-o-meter in the wrong direction.

    Conversation includes things like

    "you cant make any money with a $200 investment" - true but you can make the same percentage as you can with $20K
    "short term is really more difficult, look for long term - up to 3 or 4 months is best" - haven't heard anyone mention such long timeframes before, I assume this is to make sure your money is tied up with them?
    "photos of the iphone 7 have just been leaked - apple would be a very good option" - Just plain weird
    "I have success rate of over 80% on long term trades" - for you or for me?
    "I get paid on commission on your trades" - implying my wins, no doubt actually on the other side

    Anyway, my impression from their good user review rating is that people must be happy with this broker. Obviously taking advice from someone you are betting against would be fool hardy to say the least. But is this sort of thing normal for all brokers? If you ignore all this sort of thing are they reliable in the things that count - play fair, pay their withdrawals, etc?

  2. #2
    Legendry Member Michael Hodges's Avatar
    unfortunately you can expect to receive sales calls from the brokers. They want you to deposit as much as they can... which you don't need to do, the minimum is fine so long as you can keep to your rules and use percent money management like it sound you are doing. Definitely don't let the rep trade your account or give you signals.

    the time frame you use is up to you and your strategies, longer term signals do tend to be more accurate... and a little easier to predict once you get the hang of trading in general. I tend to stick to one week, but also will use one month expiry, sometimes 3 day, sometime shorter.

  3. #3
    Administrator Martin Kay's Avatar
    Michael is right, those brokers have salespeople, and they want you to invest! My advice: Don't take advice from your broker! As for MagnumOptions, i've find them to be a reiable trading platform, especially for spotoption's fans.. and there are many

  4. #4
    Moderator Kolyo's Avatar
    Never follow salesperson advises. If you deposit money based on your own decisions it is ok, but if you follow advices from brokers and other people who are explaining you how cool will be to have bigger account don’t listen to them, because it is possible they don’t think for your interest but for their own!
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  5. #5
    Junior Member DrSpec's Avatar
    Thanks for the comments guys.

    I've read enough of this site to know to disregard or decline any advice. Just interested as this was my first small actual investment in whether they all behave in this way. As long as the rest of what they do is honest I can take it. The salesperson also made reference to "if you want to be withdrawing 50k a month blah blah". I wonder how many people are actually in that boat?

    I did also have one other call, don't even remember who from which started out with "So, you ready to make some money?" Cant do the up-beat tone in my email. But that one really got my back up!

  6. #6
    Master Member SeasaltMcFish's Avatar
    I use a simple way of avoiding these calls now: a prepaid phone (that's always turned off).

    If I want some help or offer, I'll call them, not they call me.

  7. #7
    Legendry Member milos's Avatar
    Michael did the great job. Here is link below

    Highly rated and reliable broker.

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