mcpfx.net is a CFD brokerage platform established in 2024, operating under the trade name Magic Compass. The platform mainly offers investors CFD trading services across multiple markets, including forex, precious metals, crude oil, indices, and cryptocurrencies. However, the platform does not provide services in regions where doing so may violate local laws and regulations.
Platform Services
Trading Accounts
mcpfx.net offers trading accounts with spreads starting from 1 pip and leverage up to 1:400. However, the website does not disclose the minimum deposit amount, margin call and stop-out levels, or whether any trading commission is charged.
Trading Platform
The platform supports the ST5 trading platform, available for both desktop and mobile users, allowing access to charting tools, over 50 technical indicators, and intraday analysis tools. However, users attempting to download the mobile version through the website link will find the iOS version listed as RCICAI in the App Store, while the Android download link is currently unavailable.
Trading Products
- Forex: Offers trading services in various major currency pairs such as EUR/USD, USD/CAD, GBP/USD, USD/JPY, and more.
- Precious Metals: Includes trading in spot gold (XAUUSD) and spot silver (XAGUSD).
- Crude Oil: Users can trade US Oil (UsOIL).
- Indices: Supports trading of global major indices like the Nikkei 225 (N225), DAX 30 (GER30), S&P 500 (US500), among others.
- Cryptocurrencies: The platform offers trading services for major cryptocurrency pairs such as Bitcoin (BTC/USD), Ethereum (ETH/USD), and Ripple (XRP/USD).
Deposit and Withdrawal Methods
The website of mcpfx.net does not provide information regarding deposit and withdrawal details, nor does it state whether any fees are charged during such processes.
Social Media and Contact Information
The platform does not have accounts on social media platforms such as Facebook, Instagram, or Twitter. Users needing to contact the platform can only do so through email or the online contact form available on their website.
Company Background and Regulatory Status
Company Background
According to public information, Magic Compass is headquartered at 1430 Stout St, Denver, Colorado, United States, and claims to be among the top 50 financial services companies in the United States. However, the website does not disclose the company's registration information or its regulatory status.
Verification of Regulatory Information
Upon verification, the brand name and logo used by mcpfx.net appear to be very similar to another broker called "Magic Compass," which is a Cyprus Investment Firm (CIF) registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), with CIF license number 299/16 and company registration number HE341562.
Conclusion
mcpfx.net is a newly established CFD brokerage platform in 2024, which has not disclosed specific company entity information or regulatory status. Additionally, the platform's name and symbols bear a strong resemblance to another CySEC-regulated broker "Magic Compass," possibly causing market confusion.
Risk Warning: Trading CFDs carries high risks, as market volatility may lead to loss of principal, and leverage can amplify both risks and returns. Investors should fully understand the trading mechanisms and related risks, ensure they have sufficient risk tolerance and investment experience, and avoid operating rashly in unclear market conditions.
