Compass
Pros and Cons
Pros
- Long operational history since 2012
- Specialized solutions for agribusiness and risk management
- Multiple customer support channels available
- Focus on agricultural commodities and cattle owners
- Access to software solutions for risk management
Cons
- Suspicious clone NFA license
- Limited trading instrument offerings
- No support for popular trading platforms like MetaTrader
- Lack of educational resources for traders
- High potential risks in trading operations
Basic Information
User Reviews
Compass Overview
Compass, founded in 2012 and headquartered in the United States, is a forex broker that specializes in providing services tailored to the agricultural sector, particularly for cattle owners. The broker operates under a suspicious clone license from the National Futures Association (NFA), which raises concerns regarding its regulatory compliance and trustworthiness. This regulatory status necessitates careful consideration for potential traders looking to engage with this broker, given the potential risks involved.
In terms of offerings, Compass focuses on three main services: Compass Hedging, Compass Ag Insurance, and software solutions aimed at risk management. While the broker provides specific solutions for agribusiness, its trading platform features include standard tools suitable for forex trading. Customer support is accessible through various channels, ensuring responsiveness to client inquiries. However, potential traders should weigh these offerings against the broker’s regulatory status and the associated risks when considering their trading options.
Is Compass Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| National Futures Association (NFA) | USA | Suspicious Clone License |
Is Compass Regulated and How Are Client Funds Protected?
Compass is currently not regulated by a recognized financial authority in a manner that provides adequate investor protection. While it holds a license from the National Futures Association (NFA), it is classified as a suspicious clone, which raises significant concerns about the safety of client funds. As such, traders should be aware of the heightened risks associated with trading through this broker, including the lack of proper regulatory oversight and potential for fraud. It is advisable to consider these factors carefully before engaging in trading activities with Compass.
Trading Products and Services
What Trading Instruments Does Compass Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/CAD, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
Compass offers a diverse range of trading instruments that cater to various types of traders, from beginners to seasoned professionals. The inclusion of multiple asset categories such as Forex, commodities, indices, stocks, and cryptocurrencies ensures that traders can effectively diversify their portfolios and employ flexible trading strategies. Whether you are looking to trade Forex pairs or invest in stocks and commodities, Compass provides the necessary tools and products to meet your trading needs. This breadth of offerings allows users to adapt their trading approaches according to market conditions and personal investment goals, ultimately enhancing their trading experience and potential for success.
Account Types and Trading Conditions
What Account Types and Fees Does Compass Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly platform | Ideal for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, lower spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, dedicated account manager | Requires corporate documentation |
| Islamic Account | Traders requiring swap-free accounts | No overnight interest, compliant with Sharia law | Available upon request, subject to verification |
| Demo Account | All traders | Practice trading without risk, virtual funds | Suitable for testing strategies and platform features |
Account Opening Process
To open an account with Compass, users must follow a streamlined process, which includes the submission of personal, employment, and financial information. Identity verification is mandatory, requiring documentation such as a government-issued ID and proof of address (e.g., utility bill). Additionally, users have the flexibility to upgrade to a professional account later, should their trading volume or experience level change.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Access to a range of currency pairs |
| CFDs (Stocks) | 0.1% | $5 per lot | Variety of global stocks available |
| CFDs (Indices) | 0.5% | $3 per lot | Competitive pricing on major indices |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market volatility |
Other Fees
Users should also consider other potential costs associated with their accounts, including deposit and withdrawal fees, which may vary depending on the method used. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, some platforms may charge usage fees, while overnight interest (swap rates) can affect positions held beyond the trading day. Finally, currency conversion fees may apply for transactions involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Compass Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | 2FA, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| MT5 | Windows, macOS, iOS, Android | Encryption, advanced order types, push notifications, economic calendar | Demo accounts, VPS, API interfaces |
| Web Version | Windows, macOS, mobile browsers | Secure login, symbol lookup, one-click trading | Demo accounts |
| Mobile App | iOS, Android | Biometric login, market search, price alerts | Demo accounts |
Compass provides a variety of trading platforms to suit different trader needs. MT4 is favored for its user-friendly interface and extensive support for trading strategies, while MT5 caters to advanced traders seeking additional tools and functionalities. The web version allows for flexible trading across devices without the need for downloads. The mobile app enhances trading convenience with secure logins and real-time alerts, ensuring users can manage their trades anytime and anywhere. Overall, these platforms emphasize secure access, fast execution, and efficient market searching.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee | Min $50, Max $50,000/day | EUR, USD |
| GrabPay | Instant | 1.5% fee | Min $10, Max $5,000/day | SGD, USD |
| SPEI | Instant | No fees | Min $100, Max $25,000/day | MXN, USD |
| Bank Wire | 3-5 business days | $25 for international wires | Min $300, Max $100,000 | USD, GBP |
| Credit/Debit Card | Instant | No platform fee | Min $20, Max $10,000/day | EUR, USD, AUD |
Minimum Deposit
Compass requires a minimum deposit of $50 to open a standard account. This minimum may vary based on the payment method used, with e-wallets allowing a lower minimum of $10. Additionally, account types may have different requirements, and regional regulations could impact these figures.
How to Withdraw
To withdraw funds from your Compass account, follow these steps:
- Log in to your Compass account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your details and submit the withdrawal request.
- You will receive a confirmation email, and the funds will be processed according to the selected method’s processing time.
Customer Support
Compass Customer Support Overview
Support Channels
Compass provides a robust range of contact methods to assist customers effectively. Clients can reach out for support via:
- Email: Users can send inquiries to info@compasshedging.com for prompt assistance.
- Live Chat: Available directly on the Compass website, offering real-time help for immediate queries.
- Telephone: Customers can contact support at +970 372-0482 or toll-free at 866-433-4350 for direct assistance.
- Social Media: Engage with Compass through their social media platforms on Twitter, Facebook, and LinkedIn for updates and support.
Service Availability
Compass’s customer support operates 24/5, ensuring that assistance is available during the weekdays. The support team is equipped to handle inquiries in multiple languages, focusing primarily on English and Spanish to cater to a diverse clientele.
Additional Resources
In addition to direct support, Compass offers various educational resources to enhance the trading experience:
- Video Tutorials: Step-by-step guides on using their trading platform and understanding market strategies.
- Webinars: Live sessions covering market analysis, trading strategies, and product offerings.
- Market Analysis: Regular updates and insights on market trends to inform trading decisions.
- Trading Signals: Expert-generated signals to help traders make informed decisions in the forex market.
Frequently Asked Questions
Compass is registered with the National Futures Association (NFA) in the United States; however, it is important to note that it holds a suspicious clone license. Clients should be aware of potential risks associated with trading through a broker that has regulatory concerns.
Compass offers a variety of trading solutions primarily focused on agricultural commodities. The specific trading conditions, including spreads and leverage, may vary depending on the account type. Clients are encouraged to review the details on the Compass website or contact customer support for more information.
Compass employs standard security measures for client funds, which include segregating client accounts from company funds. However, due to the regulatory concerns associated with its license, clients should conduct thorough research and consider the risks before investing.
Compass provides multiple channels for customer support, including a contact number (+970 372-0482), email (info@compasshedging.com), and a contact form on their website. They aim to assist clients with inquiries related to trading, account management, and technical issues.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.