Magic Compass

Magic Compass is a forex and CFD broker registered in China and founded on 18 April 2022. The company operates under the domain prowayxau.com. Despite being relatively new, it has attracted attention due to its association with CYSEC (Cyprus Securities and Exchange Commission) regulation, though the exact status of that licence remains unclear.

At present, very little independent public information is available about Magic Compass beyond its basic corporate records. The broker has no established track record or user reviews, making it a highly opaque entity for prospective traders. Our review is therefore based solely on the limited facts on file.

Magic Compass claims to be regulated by CYSEC, but the status of this licence is listed as a dash (—), which typically indicates an inactive, suspended, or unverified registration. Aggregated industry data does not confirm active supervision. This lack of regulatory clarity is a major concern.

FXCanary has assigned Magic Compass a Scam Risk Score of 85 out of 100, categorised as ‘Severe’. This rating reflects the absence of verifiable oversight, the broker’s short operational history, and the lack of transparent ownership or financial information. Traders are strongly cautioned against depositing funds with unregulated or poorly regulated entities.

Specific details regarding the trading instruments offered by Magic Compass are not publicly available. Given its registration as a CYSEC-entity, it likely provides forex pairs, indices, commodities, and possibly cryptocurrencies as CFDs. However, without official confirmation from the broker’s website or reliable third-party sources, this remains speculative.

In our assessment, the absence of transparent product listings is another red flag. Reputable brokers typically display their asset offerings prominently. Traders should verify available instruments directly with the broker before considering any engagement.

No information on account types, minimum deposit requirements, or trading conditions (spreads, leverage, commissions) has been found for Magic Compass. Likewise, the trading platforms offered – whether MetaTrader 4/5, cTrader, or proprietary software – are not disclosed.

This level of secrecy is unusual in the retail forex industry. Without basic account details, traders cannot evaluate whether the broker’s offering suits their needs. Until such information is made public, conducting a meaningful comparison with other brokers is impossible.

Deposit and withdrawal methods for Magic Compass have not been documented. Common methods among similar brokers include bank wire, credit/debit cards, and e-wallets like Skrill or Neteller, but none are confirmed here.

Moreover, the broker’s policies on withdrawal processing times, fees, and minimum amounts are unknown. A lack of transparent payment information often leads to difficulties when clients attempt to retrieve their funds. This further contributes to the severe risk rating.

Magic Compass remains largely an unknown entity in the forex brokerage space. The known facts – a recent registration in China, an unclear CYSEC licence, and a severe scam risk score – paint a picture of a high-risk proposition.

For traders, the prudent approach is to avoid committing capital until the broker provides verifiable regulatory status and complete operational details. In the absence of such transparency, the potential for financial loss is significant. FXCanary will continue to monitor any new information that emerges.