Magic Compass (magiccompassltd.com, blueberrymarketsltd.com) is a counterfeit website pirating the legitimate broker "Magic Compass." Both domains operated by this scam broker were registered as new websites in September 2024.
Company Background and Regulatory Status
According to public information on magiccompassltd.com and blueberrymarketsltd.com, Magic Compass is headquartered at 1430 Stout St, Denver, Colorado, United States, and claims to be one of the top 50 financial services companies in the United States.
However, their official website does not disclose further specific registration information or regulatory qualifications. Moreover, legal documents such as their privacy policy, risk warning, and disclaimer are rudimentary and lack detailed support, raising doubts about their legitimacy.
Upon investigation, no registration records were found for a company named Magic Compass on the official websites of the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC). Additionally, the company names and brand identifications used by magiccompassltd.com and blueberrymarketsltd.com appear to impersonate the legitimate broker—Magic Compass.
Further investigation revealed that magiccompassltd.com and blueberrymarketsltd.com share striking similarities in website design and content with several well-known scam platforms such as XM Defi, moneynetint.pro, Lenmax, ATF Trade Limited, CYOWV, and aaaxmpro, suggesting these sites might be operated by the same group.
Trading Instruments
MagicCompassltd.com claims to offer a variety of trading instruments, covering several financial sectors including forex, precious metals, energy, indices, and cryptocurrencies.
- Foreign Exchange Market: One of the world's largest financial markets where investors buy and sell currency pairs from different countries for profit. Major currency pairs include EUR/USD and USD/JPY.
- Precious Metals: Including gold and silver, which are often chosen by investors as safe-haven assets during market volatility. Prices fluctuate due to geopolitical factors, supply and demand, and other influences.
- Oil Market: Magic Compass offers oil futures trading, primarily for WTI and Brent crude oil. Oil prices are usually influenced by global economic growth and OPEC policies.
- Indices Market: Major indices such as the S&P 500, Dow Jones Industrial Average, and Nikkei 225 allow investors to participate in market movements by investing in indices.
- Cryptocurrency Market: Including Bitcoin and Ethereum. Cryptocurrencies have become investment hotspots in recent years due to their high volatility, with price fluctuations closely related to market demand, technological advancements, and regulatory policies.
Account Opening
Magic Compass account opening process:
- Visit magiccompassltd.com or blueberrymarketsltd.com and click the "Register" button to enter the registration page.
- Fill in the email address and login password, receive the verification code, and enter it in the provided field, then submit the application form.
- After submitting the information, the account can be successfully registered. After logging in, users need to complete identity verification (KYC) to deposit and trade.
Trading Account Information
magiccompassltd.com and blueberrymarketsltd.com have only disclosed partial account information, such as spreads, leverage, and contract sizes. Crucial trading details like account types, commission standards, trading volume limits, position limits, and margin levels were not disclosed, posing significant transparency risks to users choosing this platform.
- Base Currency: USD
- Spread: Floating spreads, minimum of 1 pip
- Leverage: 1:100
- Contract Size: 1 lot equals 100,000 units of currency
Trading Platform Introduction
Public information on magiccompassltd.com and blueberrymarketsltd.com shows they offer the ST5 trading platform, available only for web and mobile. Upon clicking the mobile download link provided on their official website, the trading software listed on the App Store is Sdcfskdvt, and on Google Play, it is Sncowete.
Deposit and Withdrawal Methods
magiccompassltd.com and blueberrymarketsltd.com have not explicitly explained their supported deposit and withdrawal methods, nor the related fees, minimum amounts, or other detailed information. This lack of information poses higher risks for users in terms of fund operations.
Conclusion and Recommendations
Traderknows advises investors that Magic Compass (magiccompassltd.com, blueberrymarketsltd.com) is a suspicious platform lacking detailed registration information and regulatory qualifications, and its website design shares numerous similarities with many scam platforms.
Investors should prioritize brokers with high information transparency, stringent regulatory oversight, and good reputations to avoid potential risks of financial loss.
