FinCompose poses as a reliable broker, and floods the internet with fake positive reviews to attract more people. Despite their service allegedly being limited to EEA only, they lack any license to provide their service.
We do not recommend this faux brokerage to anyone. Read the remainder of our FinCompose Review to learn why you should stay away from this company.
Even with the internet providing anonymity to the people who use it, proving legitimacy is rather easy for online brokerages. This is thanks to the fact that the securities market is very strictly regulated. The most strict of these regulators are called Tier-1 regulators, and carrying a Tier-1 license is one of the best proofs of legitimacy.
One of these Tier-1 regulators is the FCA from the UK. In order for a brokerage to become eligible for an FCA approval, they must provide at least 730 000£ of starting capital. Negative Balance Protection, Segregated Bank Accounts and a Compensation Fund of at least 85 000£ are mandatory. The UK does not allow bonuses, and the maximum leverage is 1:30.
European regulators have a very similar financial framework, with the only differences being the starting capital of 730 000€ and a compensation fund of 20 000€. Additionally, regulators in EEU must conform to MiFID, which is enforced by ESMA.
FinCompose does not have any trading license, not in the EU, not in the UK, or anywhere else for that matter. Their leverage of 1:50 does not adhere to regulatory standards.
While checking the databases of European regulators, notably FCA, BaFIN, FINMA, CONSOB, CMNV, AFM, CySEC and CBR, we found no entries named FinCompose. This means that despite the claim that they only offer their business in the EU, they do not have a valid license either in the EEA, or non-EU European countries.
We have, of course, checked other regulators around the world, with different leverage restrictions, such as the Canadian New SRO and the US CFTC… And there were no entries named FinCompose in their databases either.
Scammers usually target people from nations that have developed economies. It’s not a secret that wealthy nations have higher paying wages,and that their citizens enjoy more disposable income. In the case of the FinCompose Scam, the majority of targets live in European countries.
Here is where the scam is most widespread:
Allegedly, there is a large selection of trading instruments available with FinCompose. Don’t be fooled by what is written on their website, though. As large as the selection is, none of it is real. Trading with any unregulated broker is quite unprofitable to say the least.
Nevertheless, we have compiled this list of more popular assets available:
We were almost impressed when we read FinCompose’s advertisement about a proprietary trading platform. Have these people really developed a new piece of software? No, they haven’t. Their proprietary application is just a cut-down Web Browser that leads you straight to the Web Trader.
The most widely adopted trading software today are cTrader, MT4 and MT5. All regulated brokers use one, or all of these excellent programs. They use the Web Trader as well, but only as a backup solution nowadays.
We will take this opportunity to remind our readers that there are no perks when trading through unlicensed brokers – only financial losses.
Here is what these accounts cost:
In one of the menus, there is a button that leads you to the creation of a “Real Account”. This would imply that there is a demo as well, but this is not the case in reality.
For seasoned traders, this is a deal breaker. Like you’ve already guessed, a demo account is a risk-free environment that is a necessary tool for testing new strategies and market conditions. Without it, you’re basically flying blind, and this is what the scammers ultimately want to accomplish.
As with any scam, there are two main strategies at work. One is flooding the internet with fake positive reviews, in an attempt of viral marketing. The other is using very charismatic people, called Boiler Room Agents, to do the dirty work.
FinCompose Boiler Room Agents go through the phone books, and make unsolicited calls to the people that interest them. They are very pushy, and quite persuasive. These “Account Managers”, as FinCompose calls them, will stop at nothing to make you deposit as much money as possible.
When it’s time for a withdrawal, they disappear into thin air – never answer calls, and don’t even reply to emails. If you leave a negative review online, they will attack like a bunch of coyotes, threatening legal action and such.
Nothing is impossible, but withdrawing from FinCompose may be harder to achieve than you think. These scammers have a firm grip on your assets once you’ve deposited them, and recovering them is extremely difficult without legal aid.
There have been many criticisms about payouts from FinCompose as well. Much of the client base has stated their complaints online about the company inventing excuse after excuse to prevent a withdrawal.
If somebody you know, or yourself personally have fallen victim to a FinCompose scam, you should act immediately. Although the swindlers might think they have a firm grip on your money, our team of legal experts argues otherwise.
Contact our expert staff as soon as possible, for a free consultation. You may use the live chat option for the fastest response. Your experience allows us to build a stronger case against these fraudsters. And don’t delay – the more you wait, the lower your chances at recovering lost funds.
No, FinCompose is an unlicensed brokerage that has a very bad reputation of defrauding traders.
Both Crypto and various CFDs are available on FinCompose.
Yes, FinCompose uses a referral program to more easily target new victims.
FinCompose does not have a demo account, just like the majority of scam brokers.
No, FinCompose is an unlicensed brokerage that has a very bad reputation of defrauding traders.
Both Crypto and various CFDs are available on FinCompose.
Yes, FinCompose uses a referral program to more easily target new victims.
FinCompose does not have a demo account, just like the majority of scam brokers.
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