Hi chayd,
I'd give them 24 hours to set up your account before starting to panic. You can always submit a ticket to ask about the status of your order. Keep in mind that domain registration might take longer.
Overall, unfortunately I cannot give you that many good news as I have never heard a positive review about this provider. A simple search for "magmahost" will reveal dozens of poor comments. That of course does not mean the company is a bad choice, but it would raise a question at least in my mind on going with them (just the proportion of negative reviews versus positive ones).
Additionally, my advice to you is to ALWAYS register, manage and keep control of your own domain name. Register your domain yourself through a registrar like GoDaddy.com or Namecheap.com that specialize in the field. There has been many stories of hosting companies forgetting to renew domains, causing them them to expire, or using domains as collateral and object of blackmail in case of conflicts or billing issues.
Keep us up to date with the status of your order.