MC900
Pros and Cons
Pros
- User-friendly trading platforms: MetaTrader 4 and MetaTrader 5
- Diverse range of trading instruments: Forex, commodities, indices, stocks, and cryptocurrencies
- Multiple account types: Retail, professional, and demo accounts available
- Customer support: Available via email, live chat, telephone, and social media
- Educational resources: Video tutorials and market analysis provided
Cons
- Not regulated by any recognized financial authority
- No investor protection measures in place
- Limited range of cryptocurrencies offered
- Higher potential for fraud due to lack of oversight
- Withdrawal fees may apply for certain methods
Basic Information
User Reviews
MC900 Overview
MC900, officially known as Magic Compass, is a forex broker registered in Cyprus, operating for a period of 2-5 years. While it provides forex trading services, it’s important to note that the broker does not hold a formal forex trading license, which may present certain risks for potential traders. Detailed information about the broker can be found on its website, which serves as a resource for individuals seeking to understand its offerings and operations in the forex market.
The broker offers a range of trading instruments primarily focused on forex. Traders can expect a user-friendly experience through platforms such as MetaTrader 4 and MetaTrader 5, which are known for their advanced charting tools and execution types. Customer support is available to assist clients, with various channels likely offered to ensure responsiveness. Although the broker lacks a regulatory license, its presence in the market for several years is indicative of its commitment to providing trading services. Potential clients are advised to consider their options carefully when evaluating MC900 for their trading needs.
Is MC900 Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| None | Cyprus | No investor protection measures |
Is MC900 Regulated and How Are Client Funds Protected?
The broker MC900, also known as Magic Compass, is not regulated by any recognized financial authority. This lack of regulation means that there are no formal measures in place to protect client funds, which poses a risk for potential traders. Without oversight from a regulatory body, there is a higher potential for fraud and insufficient investor protection. As such, individuals considering trading with MC900 should carefully weigh these risks before proceeding.
Trading Products and Services
What trading instruments does MC900 offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Varies |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
MC900 offers a diverse range of trading instruments, primarily focused on forex, but also including commodities, indices, stocks, and cryptocurrencies. This variety allows traders to engage in different markets and supports various trading strategies, catering to both beginners and experienced traders. The availability of multiple asset categories is beneficial for portfolio diversification, enabling traders to adapt their strategies based on market conditions. Overall, the extensive selection of products provided by MC900 enhances its appeal, allowing traders to explore various opportunities in the financial markets.
Account Types and Trading Conditions
What Account Types and Fees Does MC900 Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | User-friendly platform access | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage options | Requires trading volume qualifications |
| Demo Account | All traders | Practice trading with virtual funds | Ideal for skill development |
Account Opening Process
To open an account with MC900, users must complete several steps. Initially, they will need to submit personal, employment, and financial information. This is followed by identity verification, which typically involves providing a valid ID and proof of address. The account structure offers flexibility, allowing traders to upgrade to a professional account later if they meet the necessary qualifications.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Competitive spreads |
| Forex (Minor Pairs) | Varies | $0 | Wider spreads than majors |
| CFDs (Stocks) | Varies | $0 | Access to US and UK stocks |
| CFDs (Indices) | Varies | $0 | Includes major indices like S&P 500 |
| CFDs (Commodities) | Varies | $0 | Includes gold and oil |
| Cryptocurrencies | Varies | $0 | Offers major cryptocurrencies |
Other Fees
MC900 may impose various fees that traders should be aware of. These include deposit and withdrawal fees, which could vary based on the method used. Inactivity fees might apply if an account remains dormant for an extended period. Additionally, platform usage fees may be applicable, alongside overnight interest charges (swap rates) on certain positions. Currency conversion fees may also be incurred when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does MC900 Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Secure login (encryption), symbol lookup, multiple order types, price alerts, technical indicators | Demo account available |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Secure login (encryption), symbol lookup, multiple order types, push notifications, economic calendar | Demo account available |
| Web Version | Any device with internet access | Secure login (encryption), symbol lookup, one-click trading, price alerts | Demo account available |
| Mobile App | iOS, Android | Secure login (biometrics), market search, one-click trading, push notifications | Demo account available |
The MetaTrader 4 and MetaTrader 5 platforms offer secure logins, multiple order types, and various tools for technical analysis, making them suitable for different trading styles. The web version allows access from any device, while the mobile app provides convenience with features like biometric login and real-time alerts. MC900 supports a range of devices for trading, ensuring that traders can operate securely and efficiently across platforms while utilizing fast order execution and effective search tools.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 100, Max 10k/day | EUR, USD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 5k/day | EUR, USD |
| Crypto Wallets | Instant | No platform fee | Min 50, Max 20k/day | BTC, ETH |
| E-wallets (e.g., Skrill, Neteller) | Instant | No platform fee, but 1.5% charge for withdrawals | Min 20, Max 10k/day | EUR, USD |
Minimum Deposit
The minimum deposit requirement at MC900 is set at 50 EUR/USD for most payment methods. However, this amount may vary depending on the account type and the specific payment method chosen by the trader. It is advisable for potential clients to review the options available to them before proceeding.
How to Withdraw
To withdraw funds from your MC900 account, follow these steps:
- Log in to your MC900 trading account.
- Navigate to the ‘Withdrawal’ section of the account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and submit.
- You will receive a confirmation email regarding your withdrawal.
Customer Support
MC900 Customer Support Overview
Support Channels
MC900 provides various contact methods to assist customers effectively. Traders can reach out for support through:
- Email: Direct email communication allows for detailed inquiries and responses.
- Live Chat: An instant messaging option for real-time assistance during trading hours.
- Telephone: A direct line for urgent support needs, ensuring quick resolutions.
- Social Media: Engagement through platforms like Facebook and Twitter for updates and support inquiries.
Service Availability
The customer service at MC900 is available during standard trading hours, providing traders with the opportunity to receive help when they need it. Multilingual support is available, catering to a diverse clientele.
Additional Resources
In addition to direct support, MC900 offers educational resources such as video tutorials and market analysis to enhance traders’ skills and knowledge. These resources are designed to empower clients and support their trading journeys.
Frequently Asked Questions
MC900, also known as Magic Compass, is not regulated by any recognized financial authority. This means there are no formal investor protection measures in place for client funds, posing potential risks for traders considering this broker.
MC900 offers a diverse range of trading instruments primarily focused on forex, including major and minor currency pairs, as well as commodities like gold and silver, major stock indices, and select cryptocurrencies such as Bitcoin and Ethereum.
MC900 offers several account types including a Retail Account for beginners, a Professional Account for experienced traders that allows higher leverage, and a Demo Account for practice with virtual funds. Each account type caters to different trading needs and experience levels.
Customers can reach MC900’s support team through various channels, including email for detailed inquiries, live chat for real-time assistance, telephone for urgent issues, and social media platforms like Facebook and Twitter for updates and support.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.