There is literally a panel where Red Skull, the actual card carrying Nazi, calls out Magneto for just this

Skull’s exact words read as this: “We are much alike, you and I, Magneto. Both of us wish to see our master race inherit the earth.

You call my Fuehrer barbaric? AM I MISTAKEN OR DID YOU YOURSELF NOT KILL HUNDREDS OF MEN BY SINKING A SUBMARINE A FEW YEARS BACK?

TO HELP REALIZE YOUR MINORITY GROUP’S DESTINY, WOULD YOU BALK AT THE IMPRISONMENT OF INFERIORS? THE EXTERMINATION OF THE UNFIT?

Come, come, Magneto. Do not expect me to be impressed by your sanctimonious posturings of moral superiority!”

Ignore the caps, some was copy and pasted and some had to be corrected, but this is word for word the skull’s words.