FCAUnited KingdomTier 1Licence number
771683
View licence record- Licence holder
- Held by Magic Compass
- Licence type and regime
- Retail Forex License
Not checkedUpdated
At a glance
Regulation on record for Magic Compass
Counts of what is on record, not a rating. Each figure describes the register entries Wikilix holds and the checks it has run against them.
- Licences on record
- 2
- Issuing authorities
- 2
- From tier-1 or tier-2 authorities
- 2
- Found on an official register
- 0
Magic Compass has 2 licences on record with Wikilix, issued by 2 authorities across 2 jurisdictions. 2 of them were issued by tier-1 or tier-2 authorities — the regimes with the strictest capital, reporting and client-money rules. None has yet been located on an issuing authority’s own register, so every entry here should be read as claimed rather than confirmed.
Issuing authorities
Jurisdictions
Licence record
Licences on record
Every licence on record for Magic Compass, strongest authority first.
2 records
- FCAUnited KingdomTier 1
CySECCyprusTier 2Licence number
299/16
View licence record- Licence holder
- Held by Magic Compass
- Licence type and regime
- Market Making(MM)
Not checkedUpdated
Protection
What this licence protects
FCA's own rules for the firms it authorises.
- Compensation schemeUp to £85000 (FSCS)
- Client money kept separate
- Negative balance protection
- Complaints routeFinancial Ombudsman Service
- Maximum leverage1:30
Frequently Asked Questions
Questions about the licences held by Magic Compass
Answered from the register entries on this page.
Most Popular Questions
Magic Compass provides customer support via phone and live chat during business hours. Support is available in English, and clients can also contact them by email at info@magiccompass.com. The company is based in Limassol, Cyprus.
Magic Compass offers a maximum leverage of 20:1 according to the provided trading conditions. This leverage level is consistent with regulatory limits set by CySEC and FCA.
The minimum deposit amount to open an account with Magic Compass is 100 USD. This applies to both credit card and bank wire transfer funding methods.
Clients can deposit and withdraw funds using credit cards (Visa, MasterCard, Maestro) and bank wire transfers. Deposits via credit cards are processed within 2 hours with no fees, while withdrawals take 2-5 business days. Bank wire transfers take 3-5 business days for deposits and 1-2 business days for withdrawals, with withdrawal fees typically around 3.5% plus a €50 flat fee.
Magic Compass offers the MetaTrader 5 platform, which is a multi-asset trading platform supporting Forex, stocks, and futures. The platform is available on desktop and provides advanced analytics, faster execution, and algorithmic trading tools.
Magic Compass is regulated by CySEC in Cyprus and the FCA in the United Kingdom. Client funds are protected up to €20,000 under the Investor Compensation Fund in Cyprus and up to £85,000 under the FSCS in the UK. Both regulators provide complaint mechanisms and ensure high transparency and regulatory standards.
Magic Compass has 2 licence records with Wikilix, issued by 2 authorities across 2 jurisdictions. A licence on record means an authority published an entry; it is not an endorsement, and Wikilix does not issue authorisations.
Magic Compass holds licence records issued by FCA, CySEC. Each authority’s own record — its tier, jurisdiction and client-protection rules — is linked from this page.
2 of the licence records held by Magic Compass come from tier-1 or tier-2 authorities (1 tier-1, 1 tier-2). Those regimes set the strictest capital, reporting and client-money requirements.
Not yet. None of the 2 licence records held by Magic Compass has been located on an issuing authority’s register, so each should be read as claimed rather than confirmed. Every record links to the official register so you can check it yourself.
Magic Compass has licence records in United Kingdom, Cyprus. A licence applies in the jurisdiction that issued it; it does not by itself cover clients elsewhere.