Overview of Compass Markets
Compass Markets, founded in 2012 in Australia, is a financial services provider specializing in international money transfers. Operating under the regulatory oversight of the Australia Securities & Investment Commission (ASIC), it offers a range of transactional services, including one-off transfers, limit orders, and hedging capabilities, tailored to meet the diverse needs of its clientele. Despite its comprehensive service offerings and customer support via various channels, the company's fee structure varies and is only disclosed upon transaction initiation. Compass Markets facilitates transactions exclusively through electronic funds transfers, not accommodating check payments. This summary aims to provide an objective view of Compass Markets' operations and services.
Is Compass Markets Legit？
Compass Markets is regulated by the Australia Securities & Investment Commission (ASIC), with the current status being regulated under the license type Market Making (MM). It is regulated within Australia, holding the license number 426810.
Pros and Cons
Compass Markets, with its ASIC regulation, offers a trustworthy and secure environment for international money transfers, catering to a diverse clientele with its range of currency options and transfer services. The firm's commitment to regulatory compliance and client security is complemented by its diverse service offerings, including one-off transfers, limit orders, and hedging capabilities, addressing various financial needs. Moreover, the company's comprehensive customer support, accessible through multiple channels, underscores its dedication to client satisfaction. However, potential users should consider the variability in fees and the lack of check payment acceptance, which might influence their decision-making process. Despite these considerations, Compass Markets' strengths in regulation, service variety, and support make it a competitive player in the international money transfer market.
Products and Services
Compass Markets provides international money transfer services for a range of major and minor currencies, such as USD, AUD, GBP, JPY, SGD, PLN, and QAR, among others.
Types of Transfer
1. One-off transfers for single transactions.
2. Limit orders, where Compass executes the trade when the desired rate is reached.
3. Conversion of foreign currency receipts into a chosen currency.
4. Hedging capabilities for managing FX risk and investment options with a fund manager.
Fees
Compass Markets' fees vary based on transaction size, term of products, business relationship, market rates, and interest rates of the involved currency pair. Specific fee details are disclosed upon entering into a transaction. They do not accept checks, only electronic funds transfers (EFT).
Customer Support
Compass Markets provides comprehensive customer support through several contact methods. Customers can reach them via multiple telephone numbers based on location: +61 2 8039 1400 (headquarters), +61 3 8765 8877, and +61 8 6166 3388. For email support, customers can contact INFO@COMPASSMARKETS.COM. Additionally, Compass Markets is accessible through various social media channels, including Twitter (twitter.com/CompassMarkets), Facebook (facebook.com/Compassforex), Instagram (instagram.com/compassglobalmarkets), and YouTube (youtube.com/channel/UCbpctfzXCvwY6qWQK7q84Kg), allowing for diverse ways for customers to get support and information.
Conclusion
Compass Markets is a solid choice for individuals and businesses looking for diverse currency transfer services. It stands out for its regulatory status, range of services, and customer support. The advantages include adherence to regulatory standards and a variety of transfer options. On the flip side, potential clients should consider the variability in fees and the lack of check payment acceptance. Balancing the pros and cons will be key for prospective clients.
FAQs
Q: What regulatory body oversees Compass Markets？
A: Compass Markets is overseen by the Australia Securities & Investment Commission (ASIC).
Q: Can I make one-time transfers with Compass Markets？
A: Yes, Compass Markets offers one-off transfers for single transactions.
Q: Does Compass Markets accept check payments？
A: No, Compass Markets does not accept check payments, only electronic funds transfers (EFT).
Q: Are there any fees for making transactions with Compass Markets？
A: The fees for transactions with Compass Markets vary based on several factors, including the transaction size and the specific details of the service used. These fees will be disclosed at the time of the transaction.
Q: How can I reach Compass Markets for support？
A: You can contact Compass Markets for support via their provided telephone numbers, email address (INFO@COMPASSMARKETS.COM), or through their social media channels.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
