Magnum Options is shutting down!

Magnum Options Is Shutting Down

Magnum Options Is Shutting Down

After almost four years in the binary options industry, Magnum Options will not be accepting new clients anymore. Unfortunately, we are losing another pretty popular broker, which may come as a shock to some traders. Alas, Magnum Options is shutting down for good, so we thought it would be a good idea to write something on the subject in order to warn our readers. There isn’t much to go by, but we will share with you what we know so far in order to clarify what lead to this. Our team has some info to share with you, so keep reading.

Magnum Options is shutting down | What do we know?

First of all, we can only speculate about the reason why Magnum Options is shutting down. The broker has not released any official statements yet, meaning we don’t have any definitive answers. However, what we do know is that the company was not regulated by any regulatory body, which put its clients in an awkward position of trading with an unlicensed broker. This may have caused some problems to the company by some financial authorities, but we can’t say for sure. Also, a lot of brokers experienced a significant decrease of their traffic in 2016, which may have also played a role in the company’s downfall. In any case, this broker is no more, so don’t think about doing any business with them in the future.

Magnum Options is shutting down | A great alternative

So what can you do now that Magnum Options has closed? Well, you need to find an alternative, a broker of equal, if not better quality, with just as many trading options. To that end, we honestly recommend you read our 24option Review and see why this company is one of the very best in the binary options industry. Unlike Magnum Options, 24option is fully regulated by CySEC, which means their reliability was confirmed by an independent third party. Given that the third party, in this case, is a regulatory body of the European Union, we firmly believe 24option checks out. With them, you will be able to enjoy trading once again.

24option New Homepage

24option New Homepage

Magnum Options is shutting down | Conclusion

All in all, we are sorry to see this broker go, but Magnum Options has gone out of business and there’s nothing that can be done about it. Unfortunately, we don’t know the official reason – the only thing we do know is that the broker was not regulated, which may have caused problems. Additionally, a tough 2016 is another thing that could have affected the company’s performance and ultimately lead to its downfall. However, as you could see in the article, another broker is ready to take its place.

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Author: Ben Prescott
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