The magnetic separator has a tank with a pair of dual conveyor chains, spaced apart, at opposite sides of the tank. A plurality of frames with spaced apart magnetic rods are suspended from the conveyor chains in a manner allowing the frames to swivel and always hang vertically as the chains traverse their endless path. The liquid in the tank flows through the frames and ferrous particles are attracted to the magnetic rods. The rods are cleaned and the ferrous particles removed at a wiping station. Each frame has a scraping edge which contacts the bottom of the tank and drags out the non-magnetic particulate which has separated from the liquid.