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Magnum Trade
Operating status: SCAM
Website: https://magnumtrade.io/
Broker violations and abnormal records
On June 18, 2024, the Ontario Securities Commission (OSC) issued a warning against Magnum Trade, stating that this broker is not registered in Ontario to engage in the business of trading in securities. https://www.osc.ca/en/investors/warnings/magnum-trade-aka-magnumtrade
On June 18, 2024, the Ontario Securities Commission (OSC) issued a warning against Magnum Trade, stating that this broker is not registered in Ontario to engage in the business of trading in securities. https://www.osc.ca/en/investors/warnings/magnum-trade-aka-magnumtradeAccording to its website, it claims to be registered in Dubai DMCC. After searching, no matching information was found. However, it mentioned LeiRegister. We found matching information on LeiRegister, but the address was inconsistent with the address published on the website, which is also a dangerous signal.
In addition, it shows two addresses on the website, namely Luxembourg and Dubai, UAE. After searching, we did not find matching information in Commission Dde Surveillance du Secteur Financier (CSSF), the Central Bank of the United Arab Emirates (CBUAE), the Dubai Financial Services Authority (DFSA), the Securities and Commodities Authority (SCA).
Moreover, the Ontario Securities Commission (OSC) issued a warning against Magnum Trade, stating that this broker is not registered in Ontario to engage in the business of trading in securities.
In essence, Magnum Trade is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
Magnum Trade appears to be a scam.
According to its website, it claims to be registered in Dubai DMCC. After searching, no matching information was found. However, it mentioned LeiRegister. We found matching information on LeiRegister, but the address was inconsistent with the address published on the website, which is also a dangerous signal.In addition, it shows two addresses on the website, namely Luxembourg and Dubai, UAE. After searching, we did not find matching information in Commission Dde Surveillance du Secteur Financier (CSSF), the Central Bank of the United Arab Emirates (CBUAE), the Dubai Financial Services Authority (DFSA), the Securities and Commodities Authority (SCA).Moreover, the Ontario Securities Commission (OSC) issued a warning against Magnum Trade, stating that this broker is not registered in Ontario to engage in the business of trading in securities.In essence, Magnum Trade is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.Magnum Trade appears to be a scam.On July 25, 2024, Commission de Surveillance du Secteur Financier (CSSF) issues a warning about the fraudulent activities carried out by the entity Magnum Trade. https://www.cssf.lu/en/2024/07/warning-concerning-the-website-www-magnumtrade-io/
On July 25, 2024, Commission de Surveillance du Secteur Financier (CSSF) issues a warning about the fraudulent activities carried out by the entity Magnum Trade. https://www.cssf.lu/en/2024/07/warning-concerning-the-website-www-magnumtrade-io/
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