I'm looking for an open source iOS torrent client that can open Magnet links and download torrents on the device itself.
Note: Just "monitors" for computer-based torrent software aren't what I'm looking for.
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From their site: Deluge is a fully-featured cross-platform BitTorrent client. It is Free Software, licensed under the GNU GPLv3+ and adheres to freedesktop standards enabling it to work across many desktop environments.
It has many addons and several browser plugins that will work out for you.
Some of it's plugins:
Have a look at https://github.com/ioshomebrew/iTransmission-4. I'm not sure about magnet links, but it's a full torrent client which stores the files on the device itself. I will never find it's way into the appstore, but if you compile it for yourself (which I guess is what you want to do) with Xcode, it should do what you need.