An extremely protective stone, Rainbow Hematite means master grounding and balance. Rainbow Hematite helps to deflect negative energies back to the sender.
Helps to absorb negative energy and calms in times of stress or worry. A protective stone is great to carry to help you stay grounded in many situations. Good for working with the Root Chakra, helping to transform negative energies into a more positive vibration. 
Is magnetic hematite fake?
It may be hard to distinguish the genuine articles from the fakes using appearance; it is nearly impossible to tell them apart. However, the magnetic properties of real hematite are extremely weak or non-existent. The counterfeit versions are usually highly magnetic and are nothing more than fun novelty conversional items.