Magic Trader Signals review
Greetings, dear traders! Today we will talk about a Telegram signal group that is heavily promoted on Instagram. If you’re wondering which signal group I will talk about, it’s Magic Trader Signals. Magic Trader Signals is a signal group led by Magic Trader, a guy with a rather cringe mask who appears in an Instagram reel either in a Corvette or on a mini yacht. So, let’s start the gossip about trading signals!
What kind of trading signals does it offer? 📊
Magic Trader offers binary options signals to its clients. What is the problem with binary options, you ask? Binary options involve predicting how the market value of a certain asset will change over a specific period of time. Although binary options can be used to speculate on asset values, they are prone to fraud in their applications and are therefore banned by regulators in many jurisdictions as a form of gambling. Many binary options trading points have been exposed as fraudulent. The FBI is investigating binary options fraud worldwide, and Israeli police have linked the industry to crime syndicates. Additionally, binary options trading is strictly prohibited in the USA, Canada, European Union countries, and Australia. So yes, if this type of trading is strictly banned in the most capitalist countries in the world, it is clear that it is not an ethical form of trading and is designed to benefit the broker entirely.
How to Access the Signal Group? 📲
First, you need to join the Magic Trader Signals Telegram group. Next, create an account and deposit money on Quotex, a binary options broker regulated by the SVGFSA (Financial Services Authority St. Vincent and the Grenadines). Sounds good, right (ironic laugh in the background 😂)? Of course, such a broker would be regulated by an entity from Saint Vincent and the Grenadines because reputable and trusted regulators wouldn’t even consider a firm like Quotex.
After depositing money on Quotex, you can start trading with the signals from the Telegram group. You might wonder, how does Magic Trader make money if the signals are free? Through the affiliate link provided in the description. He receives a commission from Quotex for every client he brings.
How much money does Magic Trader make? 💰
According to the affiliate introduction page on Quotex, “Partner’s commission is up to 80% on revenue and up to 5% on turnover.” So, in simpler terms, if traders use the affiliate link, Magic Trader gets 80% of the money they deposit. Let’s assume that 5% of the 533,000 subscribers have deposited money. If, on average, each subscriber deposited $50, this would mean Magic Trader has made $1,066,000. (5% of 533,000 = 26,650; 26,650 * $50 = $1,332,500; and 80% of $1,332,500 is $1,066,000). This is a realistic estimate, not an exact sum. Now, we need to subtract some of the $1,066,000 because Magic Trader spent some money on advertising. In short, my team and I have estimated around $1,066,000.
Red flags 🚩
- Magic Trader does not expose his face. 👤
- The website is very ugly and looks as suspicious as ads on Instagram and YouTube. 🖥️
- You can’t write reviews about Magic Trader signals anywhere. I mean on Trustpilot or other review-dedicated sites. 📝
- There’s no transparency. 🕵️♂️
- On the Telegram channel, it’s mentioned that when you create an account on Quotex, you get 10k to trade without risk. Actually, it refers to a demo account, not real money. 😔
Conclusion of the Magic Trader Signals review 🏁
This service lacking transparency is designed only to make money for Magic Trader without offering value to traders. Magic Trader earns money from Quotex, receiving 80% of the amount each person deposits via the affiliate link. In short, this service is not worth it, and it’s better to avoid it. Also, people from Western countries can’t be clients of Magic Trader because they don’t have access to any binary trading platform. It’s better to search for another service or learn how to trade without needing signals. Until next time, goodbye!
