CompassFX Review

A Review of Forex Asset Management Services: CompassFX

One of the best ways to assess the competence of a forex account manager is to get a review of their forex asset management services. These reviews are usually compiled by feedback that has been left by clients who have used the services of a provider at one time or the other.  Many points are covered in these feedbacks. Some of these points border on accuracy of trades, profitability, customer service, ease of withdrawing profits, and service delivery.

In carrying out a review of one of the forex managed account services available, we will discuss the ratings of this provider under some of these topics.

CompassFX

CompassFX provides two levels of forex asset management services. There is a live trading room where subscribers can join to take live trades as directed by the lead trader for CompassFX. There is also a forex trading signals service and a forex strategy software product.

The strong points of this provider are as follows:

Service Delivery: Signals are delivered using emails, Yahoo messenger and text messages. This gives traders fast access to signals for timely executions. The Messenger option is especially handy for clients whose telecom providers are not on the list of operators compatible with the SMS service on which the signals are sent.

Customer Support: Clients seem to generally agree that the customer support department is very courteous when handling customers, and by providing free training resources such as free webinars and forex education courses.

Forex Strategy Software: Despite some negative reviews which are vastly in the minority, the Advanced Synergy trading software seems to be popular among its users due to its simplicity of use and adaptability, providing traders with the opportunity to combine their own indicators in order to provide a profitable trading system.

Profitability: There are many feedbacks left by traders to attest to the profitability of the forex asset management program of CompassFX, despite some negative views to the contrary. This is not unusual; there is no forex asset management program that satisfies everybody.

The weak points for this provider’s services are as follows:

Quality of Trading Room Service: CompassFX operates several trading rooms. There have been some reviews given by experienced forex traders on the quality of trade signals provided in the main trading room of CompassFX run by Dean Malone.

There are questions as to the trading credentials of the lead traders in the trading room, mostly stemming from the alleged non-specific nature of the trade calls and sometimes outright bad and contradictory trade calls. There have also been some allegations of serious conflict of interest as a result of CompassFX being a market maker broker. Market makers typically sell contracts to traders and buy contract from traders using their dealing desk, effectively making money off the trader’s losses. These allegations are indeed serious enough to question the credibility of the trading room service.

In contrast, another trading room offered by CompassFX and moderated by an instructor named Ronnie seems to be getting positive reviews from traders for its transparency, specific trade calls which are given in advance, increased profitability of trades and a conducive learning environment where every subscriber is carried along. There is another trading room where entry is free. Ronnie operates both trade rooms. So traders have several viable options to choose from.

Putting all these factors together, we will award CompassFX a rating of 3.5/5. CompassFX needs to seriously address the complaints about the main trading room run by Dean Malone that have been mentioned above, if it is to get higher ratings for its services.