Magnetic Exchange: review, reviews. An example of an exchange on magneticexchange.com with step-by-step instructions
Magnetic Exchange is an electronic currency exchange service on the market since 2008. Regular customers are offered additional discounts and special bonuses, and those wishing to earn extra money – a two-level affiliate program. Magnetic Exchange LLP is incorporated in the UK.
Official site: magneticexchange.com
The operator of the service is Magnetic Crypto Services OÜ, officially registered in the Estonian jurisdiction. For almost 12 years of operation, the exchanger has received many positive reviews and has earned a good reputation.
The Btcnewsweb.com editorial team studied the functionality of the service and carried out a real exchange. From the article, you will learn about the features of the exchanger, its advantages, as well as the results of testing in practice – how quickly and conveniently it is to perform operations through this service.
|Year of foundation||2008|
|Country of registration||Great Britain|
|Company||Magnetic Exchange LLP|
|The address||41 Duke Street, Edinburgh, EH6 8HH, UK|
|Fiat currencies||RUR, USD, EUR|
|Contacts||Online chat, skype – magnetic.support, feedback form|
|Verified by the editorial staff of Btcnewsweb.com||Yes|
|Cryptocurrencies||Bitcoin, Ethereum, Stellar, Litecoin, Monero, Tether|
|Payment systems||Advanced Cash, Payeer, Neteller, Qiwi, Yandex.Money, Perfect Money, Solid Trust Pay|
|Crypto exchange codes||EXMO code|
|Russian banks and cards||Bank cards Visa / Mastercard, Sberbank, Tinkoff, Russian Standard, Rossselkhozbank, Roketbank, Raiffeisen, Promsvyazbank, MTS Bank, Post Bank, Gazprombank, VTB, Alfa Bank, Avangard|
Reviews on Magnetic Exchange
Let’s check what feedback users leave about the Magnetic Exchange exchanger on third-party sites.
BestChange monitoring – 435 positive reviews, but there are also negative ones. Some of the claims have been withdrawn. Of the negative points mentioned in the reviews, one can single out unfavorable rates in some areas, refusals when trying to make an operation (related to the bank), long transfer times.
So, you should be more careful when transferring from Yandex.Money to accounts that have not been previously transferred – in this case, the verification will take 24 hours. This is warned about when exchanging. Subsequent transfers to the same accounts will already be instant. If you inadvertently created an application, but are not ready to wait so long, you can cancel it and return the funds. Only the standard YAD commission of 0.5% will be withheld, without the exchanger’s commission.
On the site itself, the reviews are only positive, which is to be expected.
The top menu of the Magnetic Exchange site consists of the following sections:
- Exchange. The main page from which all operations are performed. The reserves for each payment direction are also indicated here.
- News. Information about fresh events on the site, congratulations on the holidays. The section is rarely updated.
- User reviews. It is not yet possible to leave a review on this page, this is done at the moment after the exchange.
- Reference. Quite an extensive and detailed reference section on the operation of the platform.
- Contacts. Information for contacting technical support via Skype, contact form.
Registering and managing a profile
Click on the “Register” button at the top of the site to create a Magnetic Exchange account.
Fill in the fields: e-mail, password, password confirmation, code from the picture. Confirm your consent to the processing of personal data and click Confirm.
To complete registration, follow the link from the letter sent to your e-mail.
After that, click “Login” and log in using your email address and your chosen password.
The personal account of the Magnetic Exchange exchanger includes several sections:
✅ Create a request. A page for choosing payment directions and information about reserves.
✅ My applications. History of completed transactions – direction, date and time, amount, status. Information about discounts is also indicated here. Initially, the registered user is given a 3% discount. It can be increased to 20% simply by using the exchanger on an ongoing basis.
✅ Personal data. They must be filled in if you want to open access to more directions (for example, to transfer funds to an account in YAD, all personal data must be indicated and a mobile phone indicated). Also in this section you can change your e-mail and subscribe to the newsletter.
✅ ID confirmation. Here you can go through basic or extended identity verification. Both options are completely voluntary. The first opens wider limits on operations and additional exchange directions. The second gives the status “Verified +”, eliminates the need to go through the usual verification and is only needed for exchanges related to SEPA. Extended verification does not provide any other benefits.
✅ Affiliate program. By agreeing with its rules, you can become a partner of the system. You yourself choose the account to which the referral rewards will be received from all available payment systems. The program has four statuses that automatically change as more active referrals are attracted.
Personal exchange experience in the Magnetic Exchange
Let’s consider the process of exchanging Payeer RUR to Yandex.Money on magneticexchange.com. To do this, you need to select the appropriate payment systems on the exchange page. The page for creating an application will open. Pay attention to the warning: in your Yandex.Money account, you need to fill in the section with personal data and confirm your mobile phone number.
Enter the required amount and the account to receive funds. Click Continue.
Check the entered data and put two checkmarks below (agreement with the rules of the service, consent to the processing of personal data). Click “Create a ticket” at the bottom of the page.
The payment system window will open, you need to confirm the operation.
It remains to wait for the payment to be made. The application page is automatically refreshed every 15 seconds.
The translation took less than a minute.
Conclusion – the exchanger is working and you can use it. It also has disadvantages:
✅ sometimes the site is displayed incorrectly;
✅ a delay of 24 hours when transferring from a poison to a new account.
However, these shortcomings can be called insignificant, which is proved by 12 years of operation of Magnetic Exchange and many positive reviews from users. The exchanger offers a good rate, large reserves, discounts for regular users.