Clusters are small systems ranging from a few atoms up to several thousand atoms. They are of high interest in basic research, but also for applications due to their specific electronic, magnetic or chemical properties depending on size and composition. For small clusters, quantum size effects play an important role and specific material properties might be tailored by choosing a special size or composition of the cluster. Here, we review the magnetic properties of adatoms and supported small mass-selected transition-metal clusters in the few-atom limit investigated by x-ray magnetic circular dichroism spectroscopy in the soft x-ray regime. The influence of cluster size, composition, the cluster-surface and intra-cluster interaction on the spin and orbital magnetic moments will be discussed.