I really wanted this item to work well. The tray (the easy part, of course) is perfect. The magnet is really bad. It holds as many items as the photo shows, and if you have a stack, they are not secure at all. After a couple years the magnet hardly holds itself to a vertical surface. I wish I had better things to say about this, since it's clear that other users like it. Maybe mine has manufacturing defects.

It's magnetic, it holds metal nuts and bolts and such very strongly. The base is made of soft rubber so you can stick it on the side of your toolbox or car. Works as advertised.