Get started in the Magic Compass
Magic Compass trading conditions meet the needs of the most sophisticated traders. The company pays due regard to the modern trends on Forex and now it offers. Have a query? Check out the FAQ section for answers to the most frequently asked questions.
- + Are you a regulated company?
Yes, we are a fully-licensed EU regulated company. We are are authorised and regulated by the CySEC (Cyprus Securities and Exchange Commission), with license number 299/16.
- + How do you ensure client fund safety?
The safety of your funds is among our topmost priorities. We have covered several aspects to enhance client fund security. These include:
We are regulated by the CySEC (Cyprus Securities and Exchange Commission), with license number 299/16.
The trading portal has layers of in-built security.
Client funds are segregated from the company operational accounts.
Validations are used to ensure that only you can use the funds in your trading account.
- + What is negative balance protection?
At times, the markets can be highly volatile. While this offers attractive trading opportunities, it also increases the risk of incurring a loss. We offer negative balance protection to ensure that your trading account does not go into negative balance even if you possess losing positions.
This means that you will never lose more money than you had deposited in your account, even if your trades create huge losses.
When the market does not move in your favor and you’re losing money fast, negative balance protection automatically closes your losing positions, preventing you from entering into debt. We understand that this strategy does not always prevent negative balances. So, we go a step further to say that in case a negative balance does occur, we will cover it on your behalf.
- + Can I access my account on my phone or tablet?
Yes, for your increased convenience, the platform and all its features can be accessed on a computer (desktop or laptop), smartphone and tablet. Both iOS and Android versions are available, so that you can study charts and place trades even on the go.
- + I have a Mac. Is the platform compatible?
For the platform to function smoothly on Mac computers, you will need to install PlayOnMac, a free application that enables the easy installation of Windows applications on Mac OS. Installing PlayOnMac is easy. Here are the steps you’ll need to follow:
Visit the official website of PlayOnMac.
Go to Download (on the right of the top navigation bar)
Click to download the latest version
After the DMG package download is complete, go to the Downloads section on your computer.
Click on PlayOnMac to open the first launch window
Click Next for the installer to start checking and installing various components.
The first component to be installed is XQuartz. If you already have this, you can select the option "I've downloaded file by myself".
Once the installation is complete, restart your computer.
After restarting, launch PlayOnMac from the setup file in the Downloads folder. A pop-up will appear offering to install MS Windows fonts necessary for correct operation.
Then accept the license agreement conditions and wait till the installation is complete.
- + Can I open a demo account?
Yes, certainly. In fact, we encourage new traders to practice with virtual currency before placing trades with their hard-earned money. Since a demo account simulates the real market, it helps new traders to become familiar with the market dynamics as well as the features of the platform.
- + Can I open a demo account even though I’ve been trading for some time?
Yes, you can. We understand that experienced traders may wish to use demo accounts before trading an exotic currency pair or to test a new strategy.
- + How can I open a demo account?
Opening a demo account is extremely fast and simple. Use our online form to send us your details and your demo account is created instantly. You’ll receive an email to verify your credentials. As soon as you’ve done that, you can start trading with your demo account.
- + Will my demo account expire after some time?
We offer unlimited usage of a demo account, with a virtual opening balance of up to $100,000.
- + What are the different types of live trading accounts you offer?
You can open a Standard Account or a Raw Spreads Account.
The Standard Account is ideal for new traders and allows you to trade the major, minor and exotic currency pairs, metals like gold and silver as well as energies and indices.
The Raw Spreads Account is perfect for more experienced traders. It offers advanced analytical and trading tools as well as automated trading with Expert Advisors. This account enables you to trade the major, minor and exotic currency pairs, metals like gold and silver, commodities like oil and spot indices.
- + What is the initial deposit for a live trading account?
The Standard Account can be opened with as little as $50 or equivalent. The minimum deposit requirement for the Raw Spreads Account is 500USD or equivalent.
- + Which currencies can I use to make a deposit?
While you can use any currency to make a deposit, the amount will be denominated in US dollars, Euros or British Pounds, according to your preference.
- + What are the trading instruments you offer?
Our trading instruments include CFDs on Forex, Commodities and Spot Indices.
- + What is your spread?
We offer very low spreads, starting from as little as 0.3 pips.
- + What payment methods are accepted for making deposits?
You can make deposits to your account via a bank transfer, your debit / credit card or an e-wallet.
- + How much is the deposit fee?
We do not charge any deposit fees.
- + How do I make withdrawals from my account?
Making withdrawals from your account is simple, safe and fast. You can withdraw funds to your bank account or e-wallet.
- + Can I transfer funds between different accounts?
Yes, the funds can be transferred between your Magic Compass trading accounts. To do so, please login to your client portal and submit a transfer request.
- + How much is the withdrawal fee?
All withdrawal fees are listed here: Withdrawals
- + What leverage do you offer?
With leverage, you can place large trades even with insufficient funds in your account. While this increases your profit potential, it also increases your risk. When you open a Live Account, you’re immediately granted leverage of up to 1:50. In case you wish to change this, simply request the change in the Client Area (maximum leverage is 1:500 – subject to your appropriateness score and client categorization).
- + How to find the swap rates and full contract specifications in MT4?
Follow the instructions below to find the swap rates in your MetaTrader 4 (MT4):
1. Go to the Market Watch window and right click anywhere in that space
2. Select ‘Symbols’ and a new window should appear
3. Find the specific symbol’s swap rates you are interested in and select it
4. Click the button on the right ‘Properties’ and all details including the swap rates (Swap long/ Swap short) will be shown