Beware! FinCompose is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FinCompose is an anonymous broker that does not seem to hold any sort of license, that only accepts clients that can provide a referral code, and that offers shady bonuses. In other words, this is the very definition of a scam broker. Investing in such a company will undoubtedly result in losses which is why we cannot recommend that you start trading with them. Chose your broker among reliable, licensed one and avoid such dangerous scams altogether.
FinCompose Regulation and Safety of Funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
FinCompose did not seem to be a regulated broker. All they said was that their “site operates under the FinCompose brand name within the European Economic Area” but did not provide any sort of license number. Moreover, the broker is fully anonymous – the only contact information they provided was an e-mail. This is obviously not something a legitimate broker would ever do – such brokers always provide a ton of company information as well as contact information. Scammers, on the other hand, are usually very hard to reach unless they want to be reached.
Trading with unregulated, shady brokers is dangerous because you would have no guarantees that you would be treated in a fair and transparent manner. A solid license guarantees that a broker maintains a certain standard of service and that they can be trusted. It also means that you would be entitled to certain protections. Brokers regulated in the EU, the UK, and Australia are generally your best choice.
FinCompose Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
FinCompose offers its own trading platform that was available both on a desktop and a web version. However, the broker would not allow us to open an account without a referral code – which means we were also unable to try the platform out.
No legitimate broker would demand that you provide a referral code – in fact, the registration process with such brokers is usually pretty straightforward. This is, however, a trick scam brokers often employ – they distribute referral codes via phone and email in an attempt to handpick their clients and keep the scam undetected for as long as possible.
What we would suggest you do is turn to a broker that offers access to leading trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. There is a reason why these platforms have remained so popular for so long – they offer both an intuitive, user-friendly interface and a high level of functionality. Plenty of brokers offer one or multiple of these platforms – check out their offers.
FinCompose Trading instruments
FinCompose promises access to a wide variety of markets – currencies, indices, metals, energies, shares, futures, and cryptocurrencies.
FinCompose Spreads and cost of trading
Since we could not get access to FinCompose’s trading platform, we are unable to say anything specific about the broker’s spreads. What we can certainly say, however, is that some of the most established brokerages in the industry offer amazing spreads – around 1 pip and sometimes even lower.
FinCompose Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
FinCompose promised maximum leverage of up to 1:50 depending on your account type. This proves that the broker is not regulated in a number of stricter jurisdictions such as the UK, the EU, or Australia. The authorities of many countries employ leverage restrictions and try to limit the maximum leverage retail traders can get access to. In the UK, the EU, and Australia that maximum is 1:30 but the number is even lower in countries like Japan – 1:25 – and Turkey – 1:10.
The reason for such restrictions is that trading with higher leverage might potentially result in far bigger losses which is why you should always be careful with your leverage settings.
FinCompose Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
FinCompose stated that they “accept credit/debit cards, bank transfers, and other payment methods permitted in your country of residence” – whatever those might be. That might or might not be true – since we could not open an account, we could not make a deposit ourselves. However, we would advise you against depositing with such shady scam brokers no matter what deposit methods they supposedly accept.
FinCompose Minimum deposit
FinCompose’s minimum deposit requirements are quite outrageous. The broker demands a minimum deposit of as much as €5000 in order to open a trading account. Compare this to the minimum deposit requirements some of the best brokers in the industry have and you will see where the problem is. Some of the most established brokerages out there would ask for no more than $5 in order to open a trading account.
FinCompose Withdrawal requirements
Like many other scam brokers, FinCompose had some quite outrageous withdrawal requirements. Although the broker does not seem to charge fees on withdrawals – and many such shady brokers do – there were still some shady clauses related to the bonuses the broker offers. If your account has been credited with a bonus, you would have to reach a turnover of the bonus amount divided by 4 before being able to withdraw the bonus or any of your profits, including those not at all tied to the bonus.
In the broker’s own words, this means that if you have received a bonus of just $200, you would have to reach a turnover of 50 lots (50 000 000 currency units) before being allowed to make withdrawals of profits or bonus funds. Keep in mind that such scammers tend to change their Terms and Conditions often and might end up preventing you from withdrawing even your deposits at some point. Legitimate brokers, on the other hand, never employ such trading volume-related clauses. That is why you need to stay vigilant and always read the Terms and Conditions before agreeing to accept any “free money” from the broker.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|FinCompose / offshore brokers||The bonus amount/4||None||$50|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|