Independent rating of Forex broker Compass FX

About company

Compass FX is an independent firm acting on behalf of other brokerage companies. The firm is headquartered in Richardson, Texas, the US. Compass FX was founded in 1990. Its activities are regulated by the NFA, the National Futures Association. The company serves as a mediator between American clearing companies and retail traders.

Trading conditions

• Trading currency pairs, commodity futures, and options
• Fast order execution
• Hedging
• Leverage from 1:50 up to 1:200
• Micro lots
• IRA accounts available
• A few types of orders
• Trailing stop management
• 2 trading platforms: МТ4 and NinjaTrader
• Online account statements and access to archives of transactions
• Expert advisors

Trading platform

Compass FX offers its clients to trade on two platforms: NinjaTrader and MetaTrader 4. With NinjaTrader, the broker provides its clients with immediate free access to the futures market and Forex in real time, advanced charting, and trade simulator. On this trading platform, clients can develop their own strategies and back test them through the archives. MetaTrader 4 is a time-proven and powerful platform which ensures efficient trading by means of a wide array of technical indicators, ample opportunities for testing strategies, numerous built-in expert advisors to perform automated trades.

Support service

Traders can reach out to customer support managers via email or phone numbers specified on the official website.

Traders’ reviews

Traders leave feedback on the Internet with polar opposite viewpoints. Some of the clients frankly define the broker a scam and accuse it of defrauding them. Other traders insist that the company is reliable and honest. However, having tamed emotions and evaluated traders’ discontent and praise, one can point out the following:

Advantages:

• convenient and time-tested MT4
• a great deal of educational materials for beginners and savvy traders
• regulated broker
• a wide array of trading instruments
• demo account

Disadvantages:

• On its official website, the broker does not specify methods of depositing and withdrawing funds
• High spreads
• Faulty withdrawal of funds
• Traders complain about errors in the operation of the website, the broker’s own trading platform, and clients’ area.