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MagneticExchange review & 7 testimonials (updated 12.2019)

MagneticExchange user interface: the home page in English

What is MagneticExchange in a nutshell? It's a trusted, well established, promising exchange service (broker) supporting 5 cryptocurrencies: you can buy and sell coins using 5 fiat currencies (24 banks & payment systems are supported) or exchange one crypto into another here. Exchange service started the business May 2011, it serves the clients for a few years.

This service works with a number of currencies, banks, and payment systems. Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here. Based on this number (8.42%) we may say that MagneticExchange charges very high fees: 6% — 19% (according to our statistics, 92% exchanges offer lower average fee) and has the high purchase limits available: $6 — $6,099 (in accordance with the statistics we've collected, 95% exchanges allow lower limits for orders). This Broker welcomes customers from 254 countries (unfortunately, your country: United States is not supported at the moment; but there are good alternatives). Due to regulatory restrictions, US citizens and residents are not served by the exchange. According to the feedback from users, customer service is below average; although the exchange is always instant or so. Depending on the order details, you may need to verify your account (ID Verification, Card Verification should be normally required) to exchange money on this Broker.

Since 2011, MagneticExchange has got some great testimonials from the customers: just our platform, that was recently launched, has 7 user reviews, 100% of those are positive. The majority of the users value the fast order processing, usability of the user interface, most of all. Our platform assigns the MagneticExchange 95/100 rating: it's the great result, higher than 99% of the competition! For example, Changelly and Binance are ranked below, although BTCBIT (98/100) has better rank among our community members.

Based on all these facts, our verdict is the following: MagneticExchange is a perfectly safe place to buy and sell cryptocurrencies, almost an ideal exchange with great feedback we can recommend to our dear visitors!

Overview: is MagneticExchange safe?

MagneticExchange is the Broker; Magnetic Crypto Services OÜ (dba MagneticExchange) started the business in May 2011. The company is based in the Estonia with the headquarters located in the Tallinn. Official MagneticExchange address is Lasnamäe linnaosa, Valukoja tn 8/1-110, 11415. The firm is a licensed MSB, regulated by the The Estonian Financial Supervision Authority (EFSA); it holds the Currency exchange license.

MagneticExchange was founded by Leonid Babienko.

The service is provided by Estonian firm owned by Magnetic Exchange LLP, limited partnership registered in the United Kingdom.

Answering the question how safe is MagneticExchange:

MagneticExchange is definitely safe! 95/100 rating is rather hard to get, 99% exchanges have lower rating! Let's break down how the MagneticExchange exchange got such a rating.
Time in the business: 8 years 10 months
Feedback count: 7
Reviews: 7 positive, 0 negative, 0 neutral
Business model: no special licenses, etc.
Order Speed: instant
Support Quality: unknown
Verification Speed: unknown
UI Usability: average

Overall rating for MagneticExchange: 95 / 100

Pros & Cons of MagneticExchange

Since MagneticExchange is rated very highly by our visitors, it should have a lot of strong sides and just a few downsides. Let's check it out:

  • Broker operates for a long time, service was started 2011.05.
  • Magneticexchange earned perfect testimonials from the clientele.
  • 5 digital currencies and 5 fiat ones are supported: definitely a good choice! 24 payment systems and banks are supported, both international and national ones: Visa & Mastercard, Sberbank, Tinkoff Bank, etc.
  • High purchase and withdrawal limits.
  • Almost all the countries in the world are welcomed here! Feel free to check if your country is allowed to register an account.
  • The fees are rather high. Although it's fairly inexpensive to exchange smaller amounts here.
  • Brokers are less regulated exchanges, you are basically on your own if you have problems with such a service.

Seems that there are not so many cons, but a lot of pros. We hope you will enjoy your experience exchanging at MagneticExchange! Try MagneticExchange today and let us know how you like it!

Services, MagneticExchange Provides

The platform provides the following cryptocurrency exchange-related services:

  • Allows the customers to buy cryptocurrencies with fiat currencies
  • Provides the clients with ways to "cash out" the crypto to fiat currency
  • Helps you to exchange one crypto to another

As we can see, MagneticExchange doesn't provide any services besides the cryptocurrency exchange, althought it's safe to say that it does it better than many competitors!

Currencies & Payment Systems

MagneticExchange provides the service of buying and selling and exchanging 5 digital currencies using fiat currencies and crypto. Besides the fiat-to-crypto conversion and vice versa, it also allows to exchange one cryptocurrency to another. The following cryptocurrencies are available to buy-sell-swap: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Stellar (XLM), Monero (XMR).

If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides. For example, these: Top 5 cryptocurrencies with smart contracts to buy in 2020.

5 fiat currencies are supported to provide crypto purchase and selling: Euro (EUR), Kazakhstani Tenge (KZT), Russian Ruble (RUB), Ukrainian Hryvna (UAH), US Dollar (USD). The Broker will let you buy and sell Bitcoins and 4 other cryptos using the following payment systems:

  • Visa & Mastercard. An international payment system (available worldwide) allowing credit/debit cards payments in various currencies. KZT, UAH, RUB, EUR and USD payments are available for both buying and selling cryptocurrencies at this exchange. Visa & Mastercard is a popular way to buy BTC and other cryptocurrencies available at 64 exchanges of various types. You are welcome to find the best rate for buying bitcoin with visa & mastercard at our home page!
  • Sberbank. A local bank (you may use from Russia, Kazakhstan) in various currencies. KZT and RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Tinkoff Bank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • AlfaBank. A local bank (you may use from Russia) in various currencies. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Yandex Money. A local payment system (serving Russia) allowing e-wallet payments in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Perfect Money. An international payment system (available worldwide) allowing other payments in various currencies. EUR and USD payments are available for both buying and selling cryptocurrencies at this exchange.
  • Advanced Cash. An international payment system (available worldwide) allowing other payments in various currencies. KZT, UAH, RUB, EUR and USD payments are available for both buying and selling cryptocurrencies at this exchange.
  • VTB24. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Privat24. A local bank (serving Ukraine) in various currencies. Just the UAH payments are available for both buying and selling cryptocurrencies at this exchange.
  • Payeer. An international payment system (available worldwide) allowing other payments in various currencies. RUB, EUR and USD payments are available for both buying and selling cryptocurrencies at this exchange.
  • Qiwi. An international payment system (it's available in 9 countries) allowing e-wallet payments in various currencies. Just the RUB payments are available for selling cryptocurrency to fiat solely; at the time you can't buy crypto using this payment method here.
  • NETELLER. An international payment system (it's available in 202 countries) allowing e-wallet payments in various currencies. USD and EUR payments are available for both buying and selling cryptocurrencies at this exchange.
  • Raiffeisenbank. A local bank (you may use from Ukraine, Russia) in various currencies. UAH and RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Monobank. A local bank (serving Ukraine) in Ukrainian Hryvna currency. Just the UAH payments are available for both buying and selling cryptocurrencies at this exchange.
  • Rocketbank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Russky Standard. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • PromsvyazBank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • GazpromBank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Mir Card. A local payment system (serving Russia) allowing credit/debit cards payments in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Avangard Bank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for both buying and selling cryptocurrencies at this exchange.
  • Oschadbank. A local bank (serving Ukraine) in Ukrainian Hryvna currency. Just the UAH payments are available for both buying and selling cryptocurrencies at this exchange.
  • PUMB Bank. A local bank (serving Ukraine) in Ukrainian Hryvna currency. Just the UAH payments are available for both buying and selling cryptocurrencies at this exchange.
  • Halyk Bank (Kazcom). A local bank (serving Kazakhstan) in Kazakhstani Tenge currency. Just the KZT payments are available for selling cryptocurrency to fiat solely; at the time you can't buy crypto using this payment method here.
  • UkSibbank. A local bank (serving Ukraine) in Ukrainian Hryvna currency. Just the UAH payments are available for both buying and selling cryptocurrencies at this exchange.

MagneticExchange fees

The fees you need to pay at this broker during the process of buying and selling cryptocurrencies are easier to understand if you break it down like that (note that you can skip the details, jumping to the conclusion):

  1. Service/processing fee. Depending on the fiat payment system and currency, it's as follows:
    • 12% when you pay money using Advanced Cash in Euro.
    • 11% when you pay money using Advanced Cash in Kazakhstani Tenge.
    • 12% when you pay money using Advanced Cash in Russian Ruble.
    • 5% when you pay money using Advanced Cash in Ukrainian Hryvna.
    • 11% when you pay money using Advanced Cash in US Dollar.
    • Commission when you are receiving funds to Advanced Cash in Euro: 0%
    • Commission when you are receiving funds to Advanced Cash in Kazakhstani Tenge: 9%
    • Commission when you are receiving funds to Advanced Cash in Russian Ruble: 5%
    • Commission when you are receiving funds to Advanced Cash in Ukrainian Hryvna: 4%
    • Commission when you are receiving funds to Advanced Cash in US Dollar: 3%
    • Commission when you are receiving funds to AlfaBank in Russian Ruble: 6%
    • 16% when you pay money using AlfaBank in Russian Ruble.
    • Commission when you are receiving funds to Avangard Bank in Russian Ruble: 6%
    • 16% when you pay money using Avangard Bank in Russian Ruble.
    • Commission when you are receiving funds to GazpromBank in Russian Ruble: 6%
    • 16% when you pay money using GazpromBank in Russian Ruble.
    • Commission when you are receiving funds to Halyk Bank (Kazcom) in Kazakhstani Tenge: 4%
    • Commission when you are receiving funds to Mir Card in Russian Ruble: 6%
    • 16% when you pay money using Mir Card in Russian Ruble.
    • Commission when you are receiving funds to Monobank in Ukrainian Hryvna: 7%
    • 6% when you pay money using Monobank in Ukrainian Hryvna.
    • Commission when you are receiving funds to NETELLER in Euro: 1%
    • Commission when you are receiving funds to NETELLER in US Dollar: 3%
    • 19% when you pay money using NETELLER in Euro.
    • 16% when you pay money using NETELLER in US Dollar.
    • Commission when you are receiving funds to Oschadbank in Ukrainian Hryvna: 7%
    • 6% when you pay money using Oschadbank in Ukrainian Hryvna.
    • Commission when you are receiving funds to PUMB Bank in Ukrainian Hryvna: 7%
    • 6% when you pay money using PUMB Bank in Ukrainian Hryvna.
    • Commission when you are receiving funds to Payeer in Euro: 6%
    • Commission when you are receiving funds to Payeer in Russian Ruble: 1%
    • Commission when you are receiving funds to Payeer in US Dollar: 2%
    • 12% when you pay money using Payeer in Euro.
    • 10% when you pay money using Payeer in Russian Ruble.
    • 14% when you pay money using Payeer in US Dollar.
    • Commission when you are receiving funds to Perfect Money in Euro: 5%
    • Commission when you are receiving funds to Perfect Money in US Dollar: 3%
    • 12% when you pay money using Perfect Money in Euro.
    • 11% when you pay money using Perfect Money in US Dollar.
    • Commission when you are receiving funds to Privat24 in Ukrainian Hryvna: 7%
    • 6% when you pay money using Privat24 in Ukrainian Hryvna.
    • Commission when you are receiving funds to PromsvyazBank in Russian Ruble: 6%
    • 16% when you pay money using PromsvyazBank in Russian Ruble.
    • Commission when you are receiving funds to Qiwi in Russian Ruble: 3%
    • Commission when you are receiving funds to Raiffeisenbank in Russian Ruble: 6%
    • Commission when you are receiving funds to Raiffeisenbank in Ukrainian Hryvna: 7%
    • 16% when you pay money using Raiffeisenbank in Russian Ruble.
    • 6% when you pay money using Raiffeisenbank in Ukrainian Hryvna.
    • Commission when you are receiving funds to Rocketbank in Russian Ruble: 6%
    • 16% when you pay money using Rocketbank in Russian Ruble.
    • Commission when you are receiving funds to Russky Standard in Russian Ruble: 6%
    • 16% when you pay money using Russky Standard in Russian Ruble.
    • Commission when you are receiving funds to Sberbank in Kazakhstani Tenge: 4%
    • Commission when you are receiving funds to Sberbank in Russian Ruble: 1%
    • 15% when you pay money using Sberbank in Russian Ruble.
    • Commission when you are receiving funds to Tinkoff Bank in Russian Ruble: 6%
    • 16% when you pay money using Tinkoff Bank in Russian Ruble.
    • Commission when you are receiving funds to UkSibbank in Ukrainian Hryvna: 7%
    • 6% when you pay money using UkSibbank in Ukrainian Hryvna.
    • Commission when you are receiving funds to VTB24 in Russian Ruble: 6%
    • 16% when you pay money using VTB24 in Russian Ruble.
    • Commission when you are receiving funds to Visa & Mastercard in Euro: 9%
    • Commission when you are receiving funds to Visa & Mastercard in Kazakhstani Tenge: 4%
    • Commission when you are receiving funds to Visa & Mastercard in Russian Ruble: 6%
    • Commission when you are receiving funds to Visa & Mastercard in Ukrainian Hryvna: 7%
    • Commission when you are receiving funds to Visa & Mastercard in US Dollar: 4%
    • 16% when you pay money using Visa & Mastercard in Russian Ruble.
    • 6% when you pay money using Visa & Mastercard in Ukrainian Hryvna.
    • 19% when you pay money using Visa & Mastercard in US Dollar.
    • Commission when you are receiving funds to Yandex Money in Russian Ruble: 0%
    • 15% when you pay money using Yandex Money in Russian Ruble.
  2. Miners fee. Please note that this fee applies only when you buy bitcoin or other cryptocurrency!
    • 0 BTC: great news! at the moment there is no such a fee!

Are MagneticExchange fees high or low?

Now it's time to draw a conclusion: considering the average fee the exchange changes for an operation we can state that MagneticExchange charges a very high fees. According to our statistics, fairly big percent of the exchanges charge some less (although please be aware that it mostly depends on the exchange direction!) than MagneticExchange does. For example, an average fee you pay to buy Bitcoin with Visa & Mastercard in RUB across various exchange brokers, trading platforms, p2p marketplaces and e-wallets is 12%, MagneticExchange charges 16% for this. Seems fair!

Buying and selling limits

This Broker has the following limits, applicable when you buy or sell cryptocurrencies (there are no limits on crypto-to-crypto swaps):

  1. Purchase limits (when you buy crypto).
    • €7 minimal buy and €2,510 max purchase when using Advanced Cash in Euro.
    • ₸3,500 minimal buy and ₸1,242,195 max purchase when using Advanced Cash in Kazakhstani Tenge.
    • ₽623 minimal buy and ₽221,048 max purchase when using Advanced Cash in Russian Ruble.
    • ₴205 minimal buy and ₴72,599 max purchase when using Advanced Cash in Ukrainian Hryvna.
    • $8 minimal buy and $2,769 max purchase when using Advanced Cash in US Dollar.
    • ₽623 minimal buy and ₽233,914 max purchase when using AlfaBank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Avangard Bank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using GazpromBank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Mir Card in Russian Ruble.
    • ₴257 minimal buy and ₴14,999 max purchase when using Monobank in Ukrainian Hryvna.
    • €10 minimal buy and €2,732 max purchase when using NETELLER in Euro.
    • $11 minimal buy and $2,912 max purchase when using NETELLER in US Dollar.
    • ₴257 minimal buy and ₴14,999 max purchase when using Oschadbank in Ukrainian Hryvna.
    • ₴257 minimal buy and ₴14,999 max purchase when using PUMB Bank in Ukrainian Hryvna.
    • €7 minimal buy and €2,510 max purchase when using Payeer in Euro.
    • ₽609 minimal buy and ₽216,136 max purchase when using Payeer in Russian Ruble.
    • $8 minimal buy and $2,867 max purchase when using Payeer in US Dollar.
    • €7 minimal buy and €2,510 max purchase when using Perfect Money in Euro.
    • $8 minimal buy and $2,769 max purchase when using Perfect Money in US Dollar.
    • ₴257 minimal buy and ₴14,999 max purchase when using Privat24 in Ukrainian Hryvna.
    • ₽623 minimal buy and ₽233,914 max purchase when using PromsvyazBank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Raiffeisenbank in Russian Ruble.
    • ₴257 minimal buy and ₴14,999 max purchase when using Raiffeisenbank in Ukrainian Hryvna.
    • ₽623 minimal buy and ₽233,914 max purchase when using Rocketbank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Russky Standard in Russian Ruble.
    • ₽645 minimal buy and ₽100,000 max purchase when using Sberbank in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Tinkoff Bank in Russian Ruble.
    • ₴257 minimal buy and ₴14,999 max purchase when using UkSibbank in Ukrainian Hryvna.
    • ₽623 minimal buy and ₽233,914 max purchase when using VTB24 in Russian Ruble.
    • ₽623 minimal buy and ₽233,914 max purchase when using Visa & Mastercard in Russian Ruble.
    • ₴257 minimal buy and ₴14,999 max purchase when using Visa & Mastercard in Ukrainian Hryvna.
    • $13 minimal buy and $500 max purchase when using Visa & Mastercard in US Dollar.
    • ₽645 minimal buy and ₽228,850 max purchase when using Yandex Money in Russian Ruble.
  2. Withdrawal limits (when you out-exchange crypto to the fiat money).
    • €6 min and €4,809 maximal withdrawal when receiving money to Advanced Cash in Euro.
    • ₸2,595 min and ₸62,467 maximal withdrawal when receiving money to Advanced Cash in Kazakhstani Tenge.
    • ₽481 min and ₽5,311 maximal withdrawal when receiving money to Advanced Cash in Russian Ruble.
    • ₴171 min and ₴23,639 maximal withdrawal when receiving money to Advanced Cash in Ukrainian Hryvna.
    • $6 min and $4,347 maximal withdrawal when receiving money to Advanced Cash in US Dollar.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to AlfaBank in Russian Ruble.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Avangard Bank in Russian Ruble.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to GazpromBank in Russian Ruble.
    • ₸6,318 min and ₸62,467 maximal withdrawal when receiving money to Halyk Bank (Kazcom) in Kazakhstani Tenge.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Mir Card in Russian Ruble.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to Monobank in Ukrainian Hryvna.
    • €6 min and €7,461 maximal withdrawal when receiving money to NETELLER in Euro.
    • $6 min and $6,099 maximal withdrawal when receiving money to NETELLER in US Dollar.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to Oschadbank in Ukrainian Hryvna.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to PUMB Bank in Ukrainian Hryvna.
    • €5 min and €605 maximal withdrawal when receiving money to Payeer in Euro.
    • ₽502 min and ₽4,953 maximal withdrawal when receiving money to Payeer in Russian Ruble.
    • $6 min and $4,953 maximal withdrawal when receiving money to Payeer in US Dollar.
    • €5 min and €2,148 maximal withdrawal when receiving money to Perfect Money in Euro.
    • $6 min and $5,442 maximal withdrawal when receiving money to Perfect Money in US Dollar.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to Privat24 in Ukrainian Hryvna.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to PromsvyazBank in Russian Ruble.
    • ₽488 min and ₽14,433 maximal withdrawal when receiving money to Qiwi in Russian Ruble.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Raiffeisenbank in Russian Ruble.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to Raiffeisenbank in Ukrainian Hryvna.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Rocketbank in Russian Ruble.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Russky Standard in Russian Ruble.
    • ₸6,318 min and ₸62,467 maximal withdrawal when receiving money to Sberbank in Kazakhstani Tenge.
    • ₽502 min and ₽99,000 maximal withdrawal when receiving money to Sberbank in Russian Ruble.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Tinkoff Bank in Russian Ruble.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to UkSibbank in Ukrainian Hryvna.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to VTB24 in Russian Ruble.
    • €63 min and €605 maximal withdrawal when receiving money to Visa & Mastercard in Euro.
    • ₸6,318 min and ₸62,467 maximal withdrawal when receiving money to Visa & Mastercard in Kazakhstani Tenge.
    • ₽472 min and ₽98,000 maximal withdrawal when receiving money to Visa & Mastercard in Russian Ruble.
    • ₴165 min and ₴13,399 maximal withdrawal when receiving money to Visa & Mastercard in Ukrainian Hryvna.
    • $63 min and $1,451 maximal withdrawal when receiving money to Visa & Mastercard in US Dollar.
    • ₽504 min and ₽99,502 maximal withdrawal when receiving money to Yandex Money in Russian Ruble.

And the good news: there are no limits on other payment systems (the limitations the payment system has aside) MagneticExchange supports! Comparing to other exchanges, MagneticExchange has one of highest buying and selling limits on the whole exchange market!

Supported countries

Platform allows the users from 254 countries to use the exchange. The following countries are supported by the broker:

  • Afghanistan (AF)
  • Aland Islands (AX)
  • Albania (AL)
  • Algeria (DZ)
  • American Samoa (AS)
  • Andorra (AD)
  • Angola (AO)
  • Anguilla (AI)
  • Antarctica (AQ)
  • Antigua & Barbuda (AG)
  • Argentina (AR)
  • Armenia (AM)
  • Aruba (AW)
  • Ascension Island (AC)
  • Australia (AU)
  • Austria (AT)
  • Azerbaijan (AZ)
  • Bahamas (BS)
  • Bahrain (BH)
  • Bangladesh (BD)
  • Barbados (BB)
  • Belarus (BY)
  • Belgium (BE)
  • Belize (BZ)
  • Benin (BJ)
  • Bermuda (BM)
  • Bhutan (BT)
  • Bolivia (BO)
  • Bosnia & Herzegovina (BA)
  • Botswana (BW)
  • Bouvet Island (BV)
  • Brazil (BR)
  • British Indian Ocean Territory (IO)
  • British Virgin Islands (VG)
  • Brunei (BN)
  • Bulgaria (BG)
  • Burkina Faso (BF)
  • Burundi (BI)
  • Cambodia (KH)
  • Cameroon (CM)
  • Canada (CA)
  • Canary Islands (IC)
  • Cape Verde (CV)
  • Caribbean Netherlands (BQ)
  • Cayman Islands (KY)
  • Central African Republic (CF)
  • Ceuta & Melilla (EA)
  • Chad (TD)
  • Chile (CL)
  • China (CN)
  • Christmas Island (CX)
  • Cocos (Keeling) Islands (CC)
  • Colombia (CO)
  • Comoros (KM)
  • Congo - Brazzaville (CG)
  • Congo - Kinshasa (CD)
  • Cook Islands (CK)
  • Costa Rica (CR)
  • Côte d’Ivoire (CI)
  • Croatia (HR)
  • Cuba (CU)
  • Curaçao (CW)
  • Cyprus (CY)
  • Czech Republic (CZ)
  • Denmark (DK)
  • Diego Garcia (DG)
  • Djibouti (DJ)
  • Dominica (DM)
  • Dominican Republic (DO)
  • Ecuador (EC)
  • Egypt (EG)
  • El Salvador (SV)
  • Equatorial Guinea (GQ)
  • Eritrea (ER)
  • Estonia (EE)
  • Ethiopia (ET)
  • Falkland Islands (FK)
  • Faroe Islands (FO)
  • Fiji (FJ)
  • Finland (FI)
  • France (FR)
  • French Guiana (GF)
  • French Polynesia (PF)
  • French Southern Territories (TF)
  • Gabon (GA)
  • Gambia (GM)
  • Georgia (GE)
  • Germany (DE)
  • Ghana (GH)
  • Gibraltar (GI)
  • Greece (GR)
  • Greenland (GL)
  • Grenada (GD)
  • Guadeloupe (GP)
  • Guam (GU)
  • Guatemala (GT)
  • Guernsey (GG)
  • Guinea (GN)
  • Guinea-Bissau (GW)
  • Guyana (GY)
  • Haiti (HT)
  • Heard Island and McDonald Islands (HM)
  • Honduras (HN)
  • Hong Kong SAR China (HK)
  • Hungary (HU)
  • Iceland (IS)
  • India (IN)
  • Indonesia (ID)
  • Iran (IR)
  • Iraq (IQ)
  • Ireland (IE)
  • Isle of Man (IM)
  • Israel (IL)
  • Italy (IT)
  • Jamaica (JM)
  • Japan (JP)
  • Jersey (JE)
  • Jordan (JO)
  • Kazakhstan (KZ)
  • Kenya (KE)
  • Kiribati (KI)
  • Kosovo (XK)
  • Kuwait (KW)
  • Kyrgyzstan (KG)
  • Laos (LA)
  • Latvia (LV)
  • Lebanon (LB)
  • Lesotho (LS)
  • Liberia (LR)
  • Libya (LY)
  • Liechtenstein (LI)
  • Lithuania (LT)
  • Luxembourg (LU)
  • Macau SAR China (MO)
  • Macedonia (MK)
  • Madagascar (MG)
  • Malawi (MW)
  • Malaysia (MY)
  • Maldives (MV)
  • Mali (ML)
  • Malta (MT)
  • Marshall Islands (MH)
  • Martinique (MQ)
  • Mauritania (MR)
  • Mauritius (MU)
  • Mayotte (YT)
  • Mexico (MX)
  • Micronesia (FM)
  • Moldova (MD)
  • Monaco (MC)
  • Mongolia (MN)
  • Montenegro (ME)
  • Montserrat (MS)
  • Morocco (MA)
  • Mozambique (MZ)
  • Myanmar (Burma) (MM)
  • Namibia (NA)
  • Nauru (NR)
  • Nepal (NP)
  • Netherlands (NL)
  • New Caledonia (NC)
  • New Zealand (NZ)
  • Nicaragua (NI)
  • Niger (NE)
  • Nigeria (NG)
  • Niue (NU)
  • Norfolk Island (NF)
  • Northern Mariana Islands (MP)
  • North Korea (KP)
  • Norway (NO)
  • Oman (OM)
  • Pakistan (PK)
  • Palau (PW)
  • Palestinian Territories (PS)
  • Panama (PA)
  • Papua New Guinea (PG)
  • Paraguay (PY)
  • Peru (PE)
  • Philippines (PH)
  • Pitcairn Islands (PN)
  • Poland (PL)
  • Portugal (PT)
  • Puerto Rico (PR)
  • Qatar (QA)
  • Réunion (RE)
  • Romania (RO)
  • Russia (RU)
  • Rwanda (RW)
  • Samoa (WS)
  • San Marino (SM)
  • São Tomé & Príncipe (ST)
  • Saudi Arabia (SA)
  • Senegal (SN)
  • Serbia (RS)
  • Seychelles (SC)
  • Sierra Leone (SL)
  • Singapore (SG)
  • Sint Maarten (SX)
  • Slovakia (SK)
  • Slovenia (SI)
  • Solomon Islands (SB)
  • Somalia (SO)
  • South Africa (ZA)
  • South Georgia & South Sandwich Islands (GS)
  • South Korea (KR)
  • South Sudan (SS)
  • Spain (ES)
  • Sri Lanka (LK)
  • St. Barthélemy (BL)
  • St. Helena (SH)
  • St. Kitts & Nevis (KN)
  • St. Lucia (LC)
  • St. Martin (MF)
  • St. Pierre & Miquelon (PM)
  • St. Vincent & Grenadines (VC)
  • Sudan (SD)
  • Suriname (SR)
  • Svalbard & Jan Mayen (SJ)
  • Swaziland (SZ)
  • Sweden (SE)
  • Switzerland (CH)
  • Syria (SY)
  • Taiwan (TW)
  • Tajikistan (TJ)
  • Tanzania (TZ)
  • Thailand (TH)
  • Timor-Leste (TL)
  • Togo (TG)
  • Tokelau (TK)
  • Tonga (TO)
  • Trinidad & Tobago (TT)
  • Tristan da Cunha (TA)
  • Tunisia (TN)
  • Turkey (TR)
  • Turkmenistan (TM)
  • Turks & Caicos Islands (TC)
  • Tuvalu (TV)
  • Uganda (UG)
  • Ukraine (UA)
  • United Arab Emirates (AE)
  • United Kingdom (GB)
  • Uruguay (UY)
  • U.S. Outlying Islands (UM)
  • U.S. Virgin Islands (VI)
  • Uzbekistan (UZ)
  • Vanuatu (VU)
  • Vatican City (VA)
  • Venezuela (VE)
  • Vietnam (VN)
  • Wallis & Futuna (WF)
  • Western Sahara (EH)
  • Yemen (YE)
  • Zambia (ZM)
  • Zimbabwe (ZW)

Does MagneticExchange allow the users from United States (US)?

USA flag

Sorry, but the MagneticExchange can't provide the services to the citizens and residents of the United States of America at this time, due to the local regulations and licensing matters, etc. But there are no reasons to get disappointed because of that, there are plenty of great exchanges as well as the ones of Broker type, who warmly welcomes the American people! We can recommend you to look at these:

Customer service

Sorry, but we haven't collected enough data about this yet. Do you have any experience exchanging with the MagneticExchange? Can you please add your testimonial? This will help everyone a lot, thanks!

Verification at MagneticExchange

The broker may require the customers to pass through the user identification (account verification) process. The following procedures are normally required to verify your acc:

  • ID verification
  • Card verification (if you wish to use this payment method)

According to the customers surveys results, the average time to verify an account at MagneticExchange is the following:

Sorry, we haven't yet collected enough data. Do you know, how fast MagneticExchange does account verification? Kindly let us know, too. Thank you very much!

Deposit/withdrawal speed

Although according to the data we have, the process of exchange is fully automated on this broker, you may face some delay when you send the money "outside", i.e. say you are withdrawing the BTC you purchased to your personal wallet. Let's see what other cryptocurrency enthusiasts say about how fast is MagneticExchange!

Exchange is instant, zero delay: 1 votes
It's near instant, process takes less than 5 minutes: 0 votes
Order should be ready in 5-15 mins: 0 votes
It may take up to an hour to get your funds: 0 votes
Orders are completed during few hours: 0 votes
It takes up to 24 hours to get your money: 0 votes
Exchange may take a few days: 0 votes
The delay can be over a week: 0 votes

Is MagneticExchange instant?

So, what can we see? According to the feedback we got from other users of this broker worldwide, MagneticExchange is instant: money arrives right after you order it all the time. That's great to know!

Customers' testimonials

Our users left 7 testimonials about their experience dealing with MagneticExchange, 100% of the testimonials are positive, 0% are neutral and there are 0 negative ones. Feel free to read as many of these as you like!

EmperorS., 4 testimonials
@ 19 Sep 2019
MigosW., 2 testimonials
@ 14 Sep 2019
AntonioN., 3 testimonials
@ 13 Sep 2019
SatoshiN., 71 testimonials
@ 06 Sep 2019
No more testimonials to show. The rest are either outdated or written in other languages. If you have any experience dealing with MagneticExchange, can you please leave your testimonial? Thanks!

Overall result if great! 100% positive testimonials is something the business owners are very proud of, such a rating is hard to get and even harder to maintain! It means the community really trusts and likes the MagneticExchange services, so most likely, you'd enjoy it too!

FAQ about MagneticExchange

Does MagneticExchange holds my funds?

It does not! One of the best things dealing with the brokers is that unlike most of other exchanges, such businesses instantly deliver your funds to your own wallet after the payment clearance.

Is MagneticExchange a good broker?

According to our rating and the clients' testimonials, it is! Feel free to get acquainted with the details reading this review or just jump to the conclusion!

Is MagneticExchange licensed? Does it hold e-money license?

It is not, although seems that such business model complies with the regulation in MagneticExchange home country.

Is MagneticExchange a ripoff?

It definitely isn't! Feel free to read the whole this review to understand why or check our conclusion: is MagneticExchange legit or scam.

MagneticExchange vs other exchanges

Let's compare MagneticExchange to other similar exchange services with similar features: others of broker type mostly. Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc. Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and 33 other cryptos, check the best rates to buy bitcoin and crypto in United States!

MagneticExchange vs Bitonic

Let's compare the key features of these two platforms to see which one suits you best:

  • Bitonic is a broker MagneticExchange is a broker, both are using the same business model.
  • Bitonic had started the business May 2012 MagneticExchange started the business May 2011 (MagneticExchange operates 1 years and 0 months longer).
  • Bitonic has all the required business licenses and permissions MagneticExchange is an ordinary company without licenses, etc. (Bitonic's business model is more stable and safer for clients).
  • Besides buying and selling cryptocurrencies, Bitonic provides the following extra services: Merchant Services MagneticExchange provides the same number of services as Bitonic: it allows us to purchase and sell digital currencies, swap cryptocoins and tokens.
  • Bitonic supports 1 cryptocurrencies MagneticExchange allows to exchange 5 cryptos (MagneticExchange supports 4 cryptocurrencies more).
  • 1 fiat currencies are available at Bitonic You'll be able to use 5 fiat currencies to swap with digital ones at MagneticExchange (MagneticExchange supports 4 fiat currencies more).
  • Bitonic accepts deposits from and allows withdrawals to 3 fiat payment systems / banks MagneticExchange allows the user to utilize 24 various fiat payment systems and/or banks (MagneticExchange supports 21 fiat payment systems and banks more).
  • Bitonic charges 0.0% fee MagneticExchange charges the client 6% — 19% fee, depending on the currency, payment system, etc. (MagneticExchange has higher fees, generally).
  • Buying limits at Bitonic start from $1 and are up to $2,769 Deposit/withdraw limits at MagneticExchange are $6 — $6,099 depending on the payment method (MagneticExchange has higher buying/selling limits).
  • Bitonic allows registrations from 46 countries; we are sorry, but United States is not supported this time You may register at MagneticExchange if you reside in one of 254 countries; unfortunately, United States is not among the supported ones (MagneticExchange supports more countries worldwide).
  • During the account verification Bitonic usually asks for 3 documents and/or procedures: (id verification, phone confirmation, a bank account verification) User identification at MagneticExchange usually consists of 2 different procedures: id verification, card verification (MagneticExchange 's compliance program requires the client to take more actions or to provide more data).
  • Due to results of community feedback, Bitonic process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, MagneticExchange process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (MagneticExchange & Bitonic process the deposits and withdrawals with equal speed).
  • Our users left 5 testimonials about Bitonic, 100% of which are positive We've collected 7 users testimonials about MagneticExchange, 100% are positive (MagneticExchange & Bitonic share the same percentage of positive user reviews).

Although the final decision, which exchange — Bitonic or MagneticExchange — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although MagneticExchange has a lower total rating 95 vs Bitonic with 100, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

MagneticExchange vs PayBis

Let's compare the key features of these two platforms to see which one suits you best:

  • PayBis is a broker MagneticExchange is a broker, both are using the same business model.
  • PayBis had started the business April 2015 MagneticExchange started the business May 2011 (MagneticExchange operates 3 years and 11 months longer).
  • PayBis is an ordinary company without licenses, etc. MagneticExchange is an ordinary company without licenses, etc. (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, PayBis provides no extra services MagneticExchange provides more exchange-related services: it allows us to purchase and sell digital currencies, swap cryptocoins and tokens.
  • PayBis supports 8 cryptocurrencies MagneticExchange allows to exchange 5 cryptos (MagneticExchange supports 3 cryptocurrencies less).
  • 3 fiat currencies are available at PayBis You'll be able to use 5 fiat currencies to swap with digital ones at MagneticExchange (MagneticExchange supports 2 fiat currencies more).
  • PayBis accepts deposits from and allows withdrawals to 7 fiat payment systems / banks MagneticExchange allows the user to utilize 24 various fiat payment systems and/or banks (MagneticExchange supports 17 fiat payment systems and banks more).
  • PayBis charges 1% — 13% fee MagneticExchange charges the client 6% — 19% fee, depending on the currency, payment system, etc. (MagneticExchange & PayBis charge the customer with the equal fee level, more or less).
  • Buying limits at PayBis start from $20 and are up to $200,000 Deposit/withdraw limits at MagneticExchange are $6 — $6,099 depending on the payment method (MagneticExchange has higher buying/selling limits).
  • PayBis allows registrations from 241 countries; United States is among the supported ones You may register at MagneticExchange if you reside in one of 254 countries; unfortunately, United States is not among the supported ones (MagneticExchange supports more countries worldwide).
  • During the account verification PayBis usually asks for 3 documents and/or procedures: (id verification, phone confirmation, address confirmation) User identification at MagneticExchange usually consists of 2 different procedures: id verification, card verification (MagneticExchange 's compliance program requires the client to take more actions or to provide more data).
  • Due to results of community feedback, PayBis process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, MagneticExchange process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (MagneticExchange & PayBis process the deposits and withdrawals with equal speed).
  • Our users left 3 testimonials about PayBis, 100% of which are positive We've collected 7 users testimonials about MagneticExchange, 100% are positive (MagneticExchange & PayBis share the same percentage of positive user reviews).

Although the final decision, which exchange — PayBis or MagneticExchange — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since both exchanges are equally rated, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

MagneticExchange vs Changelly

Let's compare the key features of these two platforms to see which one suits you best:

  • Changelly is a broker MagneticExchange is a broker, both are using the same business model.
  • Changelly had started the business December 2013 MagneticExchange started the business May 2011 (MagneticExchange operates 2 years and 7 months longer).
  • Changelly has all the required business licenses and permissions MagneticExchange is an ordinary company without licenses, etc. (Changelly's business model is more stable and safer for clients).
  • Besides the crypto to crypto exchange, Changelly provides no extra services MagneticExchange provides more exchange-related services: it allows us to purchase and sell digital currencies, swap cryptocoins and tokens.
  • Changelly supports 28 cryptocurrencies MagneticExchange allows to exchange 5 cryptos (MagneticExchange supports 23 cryptocurrencies less).
  • Changelly doesn't have any fiat currencies supported You'll be able to use 5 fiat currencies to swap with digital ones at MagneticExchange (MagneticExchange supports 5 fiat currencies more).
  • Changelly doesn't allow any fiat payments MagneticExchange allows the user to utilize 24 various fiat payment systems and/or banks (MagneticExchange supports 24 fiat payment systems and banks more).
  • Changelly allows registrations from 242 countries; we are sorry, but United States is not supported this time You may register at MagneticExchange if you reside in one of 254 countries; unfortunately, United States is not among the supported ones (MagneticExchange supports more countries worldwide).
  • Changelly allows the user to be anonymous, there is no account verification, etc. User identification at MagneticExchange usually consists of 2 different procedures: id verification, card verification (MagneticExchange 's compliance program requires the client to take more actions or to provide more data).
  • Due to results of community feedback, Changelly process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, MagneticExchange process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (MagneticExchange & Changelly process the deposits and withdrawals with equal speed).
  • Our users left 17 testimonials about Changelly, 94% of which are positive We've collected 7 users testimonials about MagneticExchange, 100% are positive (MagneticExchange has better testimonials from the clients

Although the final decision, which exchange — Changelly or MagneticExchange — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although MagneticExchange has a better total rating 95 vs Changelly's 94, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

MagneticExchange vs Binance

Let's compare the key features of these two platforms to see which one suits you best:

  • Binance is a trading platform MagneticExchange is a broker, it has a different business model (feel free to read about the differences between trading platform and broker)
  • Binance had started the business April 2017 MagneticExchange started the business May 2011 (MagneticExchange operates 5 years and 11 months longer).
  • Binance has all the required business licenses and permissions MagneticExchange is an ordinary company without licenses, etc. (Binance's business model is more stable and safer for clients).
  • Besides the crypto to crypto exchange, Binance provides the following extra services: Mobile wallet, Lending and the Margin Trading MagneticExchange provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies, swap cryptocoins and tokens.
  • Binance supports 31 cryptocurrencies MagneticExchange allows to exchange 5 cryptos (MagneticExchange supports 26 cryptocurrencies less).
  • Binance doesn't have any fiat currencies supported You'll be able to use 5 fiat currencies to swap with digital ones at MagneticExchange (MagneticExchange supports 5 fiat currencies more).
  • Binance doesn't allow any fiat payments MagneticExchange allows the user to utilize 24 various fiat payment systems and/or banks (MagneticExchange supports 24 fiat payment systems and banks more).
  • Binance charges 0.0% fee MagneticExchange charges the client 6% — 19% fee, depending on the currency, payment system, etc. (MagneticExchange has higher fees, generally).
  • Binance allows registrations from 255 countries; United States is among the supported ones You may register at MagneticExchange if you reside in one of 254 countries; unfortunately, United States is not among the supported ones (MagneticExchange supports less countries).
  • During the account verification Binance usually asks for 1 document / procedure: (selfie) User identification at MagneticExchange usually consists of 2 different procedures: id verification, card verification (MagneticExchange 's compliance program requires the client to take more actions or to provide more data).
  • Our users left 17 testimonials about Binance, 94% of which are positive We've collected 7 users testimonials about MagneticExchange, 100% are positive (MagneticExchange has better testimonials from the clients

Although the final decision, which exchange — Binance or MagneticExchange — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although MagneticExchange has a better total rating 95 vs Binance's 93, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

MagneticExchange vs BTCBIT

Let's compare the key features of these two platforms to see which one suits you best:

  • BTCBIT is a broker MagneticExchange is a broker, both are using the same business model.
  • BTCBIT had started the business May 2017 MagneticExchange started the business May 2011 (MagneticExchange operates 6 years and 0 months longer).
  • BTCBIT has all the required business licenses and permissions MagneticExchange is an ordinary company without licenses, etc. (BTCBIT's business model is more stable and safer for clients).
  • Besides the digital currencies exchange, BTCBIT provides no extra services MagneticExchange provides more exchange-related services: it allows us to purchase and sell digital currencies, swap cryptocoins and tokens.
  • BTCBIT doesn't have any fiat currencies supported You'll be able to use 5 fiat currencies to swap with digital ones at MagneticExchange (MagneticExchange supports 5 fiat currencies more).
  • BTCBIT doesn't allow any fiat payments MagneticExchange allows the user to utilize 24 various fiat payment systems and/or banks (MagneticExchange supports 24 fiat payment systems and banks more).
  • BTCBIT allows registrations from 221 countries; United States is among the supported ones You may register at MagneticExchange if you reside in one of 254 countries; unfortunately, United States is not among the supported ones (MagneticExchange supports more countries worldwide).
  • During the account verification BTCBIT usually asks for some (it depends) documents and/or procedures User identification at MagneticExchange usually consists of 2 different procedures: id verification, card verification (MagneticExchange 's compliance program requires the client to take more actions or to provide more data).
  • Due to results of community feedback, BTCBIT process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay Due to results of community feedback, MagneticExchange process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated (MagneticExchange & BTCBIT process the deposits and withdrawals with equal speed).
  • Our users left 8 testimonials about BTCBIT, 100% of which are positive We've collected 7 users testimonials about MagneticExchange, 100% are positive (MagneticExchange & BTCBIT share the same percentage of positive user reviews).

Although the final decision, which exchange — BTCBIT or MagneticExchange — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although MagneticExchange has a lower total rating 95 vs BTCBIT with 98, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

Conclusion: is MagneticExchange legit or scam?

Now it's time to draw a conclusion, is MagneticExchange a scam or is it a legit exchange? We are 100% sure MagneticExchange is a trusted, legit exchange with great reputation in the community. There is no way it can be called a scam! Let's summarize what we like most (and what we don't) about the MagneticExchange:

  • Although it has no financial licenses, etc. such a business model complies with the regulation
  • The broker doesn't hold customers' funds, instantly delivering monies to your wallet
  • This company has being in the business for a long time; exchange was started 8 years and 10 months ago
  • Exchange supports 5 cryptocurrencies and 5 fiat ones (totally 24 payment systems / banks are available). There are no extra services besides the digital currencies exchange
  • It charges very high fees: from 6% to 19% depending on the payment method
  • The purchase and withdrawal limits are among the highest: from $6 to $6,099 USD, it depends on a payment system choice
  • MagneticExchange accepts the clients from 254 countries; unfortunately, users from United States are not permitted to use the service
  • Clients' testimonials are perfect, 100% (7 out of 7) note their positive experience dealing with MagneticExchange. According to the customers feedback:
    • Deposits and withdrawals are instant

Overall rating for MagneticExchange: 95 / 100