Getting a Magic Rod is as easy as heading into the depths, collecting Poe, and visiting a Bargainer Statue. You can get 100 Poes for a Magic Rod, which isn’t much once you start collecting them. To get enough Poes, fast-travel to any of your unlocked Lightroots and wander around. You’ll get at least 100 Poes within a matter of minutes. With the Poes, you won’t have to worry about going to one specific Bargainer Statue to get the Magic Rod.
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By fusing different gems to the top, the weapon can become stronger by using elemental attacks, yet it still breaks like a standard weapon. You can fire with a ruby, freeze with a sapphire, use lightning with a topaz, and use water attacks with an opal if you attach an opal. If you are brave enough to explore Goron City in search of this weapon, it may be worth keeping these gemstones rather than selling them immediately.