FinCompose invites you to join thousands of traders and embark on a new trading journey. However, before rushing to open an account, it’s important to exercise caution. We have strong suspicions that this broker may be nothing more than a scam. In our review, we aim to thoroughly examine and expose the truth behind it, providing evidence to support our concerns.
- FinCompose General Information
- Registration and Client Portal Review
- FinCompose Trading Conditions
- Account Types Review
- Trading Platform
- FinCompose — Deposit and Withdrawal of Funds
- Additional Options
- Is FinCompose a Scam?
- Legal Information and License
- Fincompose.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
FinCompose General Information
|Leverage||Up to 1:50|
Registration and Client Portal Review
The official website of FinCompose adopts a standard and unassuming design that adheres to minimalist principles. Upon visiting the site, you will encounter a clean and organized layout, where the emphasis is placed on conveying the broker’s key benefits and features. The design elements are simplistic, with a focus on providing users with easy access to essential information about the company’s services. The website’s color scheme is often subdued, employing blue tones. Navigation through the site is straightforward.
In terms of content, the website dedicates significant attention to presenting the advantages and strengths of FinCompose as a brokerage firm. However, there is not enough information about the company.
The registration process of the broker appears somewhat unusual. The form itself is familiar, requiring users to provide personal information and contact details. However, after completing all the fields, nothing seems to happen. The absence of a promo code may be causing this issue. Nevertheless, it is highly unusual for a broker to restrict registration based on promo codes. Such a practice clearly contradicts the rules set by European regulators, who emphasize fair and equal access to brokerage services for all users.
Restricting registration based on promo codes raises concerns about transparency. Brokers should strive to create a level playing field for all potential clients, without any arbitrary limitations.
FinCompose Trading Conditions
While we were unable to access the Client Portal, we can still analyze the trading conditions offered by FinCompose. Stay with us to discover what you can expect from this broker.
Account Types Review
FinCompose presents five different account types for you to choose from. Following commonly accepted practice, accounts are categorized based on the minimum deposit required. As expected, the more money you bring in, the more services you receive. However, it is worth mentioning that even the Beginner account requires an inflated initial deposit. You are asked to fund your account with 5,000 euros, and the maximum leverage you can obtain is only 1:10. Please don’t misunderstand us; we are against excessive leverage, just like reputable regulators. However, FinCompose seems to have taken it to an extreme. To access leverage of 1:50, you will need to open an Exclusive account, which likely won’t be necessary for most traders due to its minimum deposit requirement of 100,000 euros.
There is nothing wrong with providing beginners with a leverage ratio of 1:30-1:50. It offers enough room for comfortable trading with small sums while still limiting the risk of losing the entire deposit. However, in this case, FinCompose seems to be actively pushing traders towards opening higher-ranked accounts. Furthermore, the Beginner account imposes restrictions on the number of open trades. Imagine being unable to hedge your position because you have reached the limit of open orders.
Such a situation also hints at the lack of direct market access for FinCompose. It suggests that you will be confined to a sandbox created in a B-book model, where the broker, as the sandbox’s owner, sets the rules.
FinCompose offers three types of platforms: desktop, mobile, and web trader. However, the broker fails to mention the origin or licensing of these software solutions. For instance, the mobile version of FinCompose is downloaded in .apk format.
It is strongly advised not to install such third-party applications from anonymous developers if you wish to protect your funds, personal information, and various other vulnerabilities.
FinCompose — Deposit and Withdrawal of Funds
Regarding deposits, FinCompose does not explicitly state the available methods but simply claims to utilize leading and secure payment systems. Detailed information can presumably be found in the personal account area, which, unfortunately, we do not have access to. However, judging from the presence of a Bitcoin image in one of the illustrations, we can infer that cryptocurrency might be one of the available deposit options. Additionally, FinCompose promises fast transactions, indicating that electronic payment systems and cards are likely to be supported.
Although we were unable to gain access to the client portal, we can infer from the broker’s documents that they adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
The standard verification process typically involves the following steps.
- Proof of Identity. A valid government-issued identification document, such as a passport or driver’s license, is usually requested to verify your identity.
- Proof of Address. You may need to submit a recent utility bill, bank statement, or official document displaying your name and residential address.
- Financial Information: In some cases, brokers may request information about your financial status, such as employment details or a source of funds declaration.
FinCompose claims to offer education and analytics services, but ironically, these services seem to be inaccessible to those who truly need them, particularly novice traders. The account designated for beginners lacks comprehensive access to educational materials. Instead, full access appears to be reserved for traders with a deposit size of 100,000 euros. It’s quite amusing, isn’t it?
Furthermore, it is worth noting that there is no mention of the quality or depth of the analysis and educational resources provided by FinCompose.
FinCompose also offers a partnership program where traders can invite newcomers and receive rewards for their referrals. Additionally, the company promotes deposit bonuses, creating a comprehensive package of incentives. However, it raises questions about how FinCompose operates within the regulatory framework of the EU, as many of these bonus programs are typically prohibited.
Is FinCompose a Scam?
We must emphasize that such absurd trading conditions are commonly associated with scam brokers. Let’s delve deeper to uncover what FinCompose has in store for us and whether they can offer anything genuinely valuable and reliable.
Legal Information and License
It is concerning that despite our extensive efforts, we were unable to find any substantial information about FinCompose’s legal entity. The absence of such details, even in the website footer, raises significant concerns, particularly regarding alleged compliance with European laws. The user agreement fails to disclose the jurisdiction under which the broker operates and is registered. Merely displaying a brand name on the website is insufficient. Even an office address is not provided, leaving us clueless about the organization’s actual location. It is worth noting that you may come across a few positive reviews online that praise this broker extensively. However, we urge you to inquire with the authors of these reviews about the broker’s registration details, since they often fail to mention it, even though they should.
A reliable broker is typically characterized by holding a valid license, but in the case of FinCompose, no such license can be found. It appears to be an anonymous website that believes advertising online is enough to commence serving traders.
Fincompose.com Domain Info
With a simple domain check, it becomes obvious that all attempts by the broker to hide the truth about themselves are natural. The website was created on October 11, 2022. In fact, this pseudo-broker is relatively new in the industry. Although they have had plenty of time since then, they have not prioritized legal registration and obtaining a license.
Within the contacts provided, the only available option is an email address. It is clear that FinCompose prioritizes anonymity above all else. This is problematic because establishing open and transparent communication channels is essential for building trust with clients.
Besides, as they say, “Anonymity may protect, but it also raises suspicion. Just ask Batman!” So, it’s best to be cautious when dealing with a broker that values secrecy over establishing a direct line of communication.
Pros and Cons
- Short working time
- Lack of legal data
- No official registration
- Lack of license
- Negative reviews
- Unfavorable trading conditions.
Frequently Asked Questions (FAQ)
FinCompose offers online trading services, including access to the CFD market.
The minimum deposit required to start trading with FinCompose may vary depending on the account type and starts at 5,000 euros.
Given the lack of transparency, absence of regulatory information, and overall anonymity of the platform, no, it is not safe. FinCompose is not a reputable broker and doesn’t adhere to industry standards for a secure trading experience.