Position in Rating | Overall Rating | Trading Terminals |
90th  | 3.5 Overall Rating |   |
CompassFX Review
In this CompassFX review, details will be tackle about the trading methods and tools that CompassFX provides to help users get around the forex market. The broker’s use of MetaTrader 4 and how it helps buyers make decisions will also be talked about.
Traders can get real-time data and tools for technical analysis through systems like MetaTrader 4 that the broker uses. This gives buyers more information to help them make smart trades. CompassFX also works with different types of accounts, so it’s good for both new and retail traders.
But CompassFX might not have as many trading tools as some bigger firms. It focuses a lot on foreign exchange trading, but institutional traders who want to learn exclusive trade strategies, wider range of assets, like stocks or commodities, might find better tools elsewhere.
What is CompassFX?
Like other forex broker companies, CompassFX gives traders access to trading tools and materials that can help them learn. Through webinars, training programs, and forex brokers trading tools, the broker helps traders get better at what they do. That’s because it’s made to help users of all levels.
CompassFX is mostly about forex, so it might not have as many assets like stocks or metals as other brokers. This makes it perfect for people who want to trade on the forex market trends.
CompassFX Regulation and Safety
Since CompassFX is not a regulated broker, this could be a problem for traders who value strict control and safety. Since this site is not regulated, traders need to carefully consider how safe their funds are when they use it. But CompassFX stresses being open about how it works so that its users can trust it.
CompassFX has some basic safety features, but traders may not get all the protections they are used to from brokers that are heavily controlled. People who want more security might want to look at dealers who are regulated more strictly.
CompassFX Pros and Cons
Pros:
- Valuable Educational resources
- MetaTrader 4 platform
- User-friendly
- Focus on forex trading
Cons:
- Not regulated
- Limited range of trading instruments
- No 24/7 customer support
- Lacks advanced trading tools
Benefits of Trading with CompassFX
There are many reasons to trade with CompassFX, especially if you want to get better at forex dealing. The broker gives traders a lot of teaching tools, like webinars and training programs, which makes it perfect for people who are just starting out. People who use these tools can improve their plans and feel better about their trades.
MetaTrader 4 is another platform that CompassFX uses. This platform is well-known for being easy to use and having useful tools for economic analysis. Traders can easily keep track of their deals, do research, and even use automated trading systems to make their work easier.
CompassFX is mostly about forex trading, but it also has a simpler trade interface for people who want more specialized forex services. Traders can stay focused on the forex market without being distracted by other asset types when they do this.
CompassFX Customer Reviews
Users have had different feelings about CompassFX. A lot of traders like that the broker puts a lot of effort into training and education materials that help new traders improve their skills and methods. A big benefit that is often brought up is the access to workshops and other tools.
Overall, CompassFX is praised for its educational resources, but some traders are looking for more secure choices because it is not regulated and only offers a few trading instruments.
CompassFX Spreads, Fees, and Commissions
CompassFX is appealing to forex buyers because it has low spreads on major multiple currency pairs spreads vary. However, the exact spread rates may change if the market changes. It is important for the broker to keep trade costs low, especially for people who are new to the forex market.
You won’t find any hidden fees or commissions at CompassFX. However, traders should be aware that there may be swap fees for keeping positions overnight. This fee system makes trading more open and honest, so users have a better idea of how much it costs and how great this system is.
Account Types
There are different types of accounts at CompassFX for users of all skill levels. There are choices at CompassFX for everyone, from people who are new to forex trading to professionals who want more advanced tools.
Standard Account
The Standard Account is designed for beginner traders. It offers basic trading features with competitive spreads and no commission fees, making it a simple choice for those new to forex trading.
Premium Account
The Premium Account is geared toward more experienced traders who require lower spreads and faster execution. This account may come with a small commission per trade but offers enhanced trading conditions.
Professional Account
The Professional Account is tailored for high-volume or professional traders. It provides the tightest spreads, the fastest execution, and access to more advanced tools, along with potential commissions based on trade volume.
How to Open Your Account
Step 1: Visit CompassFX website
Start at the CompassFX website. Click the “Open Account” button at the top of the homepage to register.
Step 2: Complete the Registration Form
Fill out the registration form with your name, email, and phone number. Choose your ideal trading account.
Step 3: Identity Check
A government-issued ID and proof of address are required after submitting the form. This verification process ensures account security and compliance.
Step 4: Fund Account
After account verification, deposit funds using one of the payment options. Start trading after activating your account.
Step 5: Trade
Funded traders can access the trading interface, study tools, managed fund, managed account, and trade CompassFX markets.
CompassFX Trading Platforms
MetaTrader 4 (MT4), known for its simplicity and extensive trading tools, is used by CompassFX. MT4 offers real-time market data, technical analysis, and Expert Advisor-automated trading.
CompassFX offers NinjaTrader, a renowned trading software with comprehensive charting and market analysis. This platform is for traders who wish to tailor their trading and employ advanced technical analysis tools. NinjaTrader is ideal for experienced traders refining methods. This makes it suited for novice, expert, and institutional trader.
In addition to MT4, CompassFX has a simple interface for trading, alerts, and market monitoring. Flexibility and comprehensive features make the platform reliable for forex traders.
What Can You Trade on CompassFX
CompassFX enables traders often trade major, minor, and exotic forex pairs. This makes it excellent for currency traders in global currency markets who want to capitalize on worldwide market changes and exclusive trading enhancements indicators.
While forex is the major asset, CompassFX offers fewer commodities and stock trading possibilities. This may limit traders who want more assets than other brokers with exclusive trading enhancements.
CompassFX Customer Support
CompassFX customer support provides email and live chat help for traders with account or platform questions. Helpful and prompt, the support service solves common issues quickly. This simplifies trader help.
CompassFX does not offer 24/7 assistance, which may be a downside for traders in other time zones or those who need help outside of work hours. The support team is efficient, however restricted availability may cause issues for some consumers.
Advantages and Disadvantages of CompassFX Customer Support
Advantages
DisadvantageWithdrawal Options and Fees
CompassFX allows traders to withdraw funds using bank transfers and credit cards. The withdrawal option may incur fees, but the process is simple. Bank transfers cost more than others for bank trader.
Withdrawals are processed quickly, however fund receipt times vary by method. Traders withdrawing in a currency other than their account should also consider multiple currency pairs conversion expenses.
CompassFX Vs Other Brokers
#1. CompassFX vs AvaTrade
CompassFX and AvaTrade both offer forex trading, but their features and services differ. CompassFX provides trading tools and educational resources utilizing MetaTrader 4 (MT4). However, it is unregulated and offers fewer instruments.
However, fully regulated AvaTrade offers more platforms, including MetaTrader 5 (MT5) and its own AvaTradeGO app. When traders want more assets and regulation, AvaTrade is preferable because it offers more cryptocurrencies, equities, and commodities.
#2. CompassFX vs RoboForex
Both CompassFX and RoboForex serve forex traders, however they differ. CompassFX uses MetaTrader 4 (MT4) for teaching and trading support, although it is unregulated and has few trading products.
RoboForex, a regulated broker, offers MetaTrader 4, MetaTrader 5, and cTrader. RoboForex offers more cryptocurrencies, stocks, and commodities, making it a superior choice for traders seeking diversity and security.
#3. CompassFX vs Exness
Both CompassFX and Exness trade forex, although they differ in significant aspects. CompassFX employs MetaTrader 4 (MT4) and has educational tools, although it is unregulated and offers fewer trading products.
However, Exness is a fully registered broker that offers MetaTrader 4 and MetaTrader 5, for more complex trading. Exness supports forex, cryptocurrencies, and commodities, making it more adaptable for traders.
Also Read: AvaTrade Review 2024 – Expert Trader Insights
Conclusion: CompassFX Review
Finally, traders that value education and wish to improve their forex trading own skills might consider CompassFX. It’s ideal for MetaTrader 4 newbies due to its webinars and trading tools. However, sophisticated traders may find the lack of regulation and asset variety disadvantageous.
CompassFX offers a simple trading experience, but traders seeking greater market access or security may prefer brokers with additional features and regulation.
CompassFX Review: FAQs
Is CompassFX regulated?
No, Compass FX is not a regulated broker, which may be a concern for some traders looking for extra security. Still, Compass FX is full of risks just like other forex broker companies.
What trading platform does CompassFX use?
Compass FX uses MetaTrader 4 (MT4), a popular platform known for its user-friendly interface and advanced trading tools.
What can I trade on CompassFX?
Compass FX primarily focuses on forex trading, offering a variety of currency pairs. However, it has a limited selection of other assets like commodities or stocks.
OPEN AN ACCOUNT NOW WITH COMPASSFX AND GET YOUR BONUS
