Update 2/7/24: Referral bonus increased to $150.
Update 8/24/22: referral bonus has been increased to $100
Update 8/6/22: $30 monthly fee added, existing customers grandfathered into the free plan.
The Offer
Direct link to offer (share your referrals on this linked page)
- Online brokerage Composer is offering a $50 referral bonus to both parties when the person being referred deposits $500+. The person being referred must also live trade for 30 days.
The Fine Print
- Once the user who is referred is live trading for 30 days, you’ll receive $50 in your Composer account within the following 21 days.
- The user you referred will likewise receive $50 in their Composer account within the following 21 days.
Our Verdict
Composer lets users automated investing strategies without being able to code. Seems relatively risky, but it doesn’t look like you need to invest the full $500. Personally seems like too much effort involved for a relatively small brokerage bonus but might be worth for some. According to Crunchbase they have raised $5.4 million. Share your referrals on this linked page
Hat tip to reader Matt I (their referral link)
View Comments (17)
Referral bonus is $150 currently.
1/30: Account opened and subscribed to automated investing
2/13: $30 monthly subscription fee billed
2/19: $150 bonus posted (sometime between 2/13-2/19)
Now $150 each for a "limited time." Monthly fee is still $30/mo. https://help.composer.trade/article/72-referral-program @2 @6
When I made my first withdrawal (a full withdrawal) they sent me an automated email offering $50 if I scheduled a call to discuss my experience
Referral is at $100 now. @will @chucksithe
Not really worth it with the monthly fee
Eh, I mean, I've done more for $40 honestly. But for two people that'd be $90 each (slightly more if you can receive the referral bonus on 1 or both ends with an inactive membership)
I wonder when they charge the fee. From the info page (https://help.composer.trade/article/95-billing-information), it also seems easy enough to make sure you don't get charged another month, and if they'll give the referral bonus to an account with a deactivated membership (seems like they keep the account open) maybe you could squeak by with only one monthly fee?
$40 still isn't bad though.
Potentially a good concept but not worth being an early adopter.
Several of their algorithms look good (< 20%) but it's not clear how the platform provides any value added. Hedgefundie's Excellent Adventure can be recreated in any app really.
"Let algorithms execute trades for you."
I say to this the same thing I say to books by Robert Kiyosaki: If it worked like you say, you wouldn't need to charge me. Or you straight up wouldn't share it for fear of ruining this great thing you've got going.
I think the idea is there is an option whereby you can create your own algorithms not the company.
I'm not considering opening an account so I haven't read the terms, but I'm mildly curious about who ultimately owns the algorithms once you've created them on their platform.
Not even a month since the original post was made, they added a $30 monthly fee. None of the trustworthy brokerages charge a monthly fee. This firm will go down in the future, as it sounds desperate to raise more cash to offset operational costs. Can't imagine who's idea it was in the meeting to add a monthly fee, and how others agreed it was a good idea to attract investors. Why would anyone pay $30 a month for a new and relatively unknown brokerage when names such as Charles Schwab or Fidelity are free?
Also, the fine print says 30 days of live trading for the referred, Beware of the day trading rule if you are depositing under $25k.
Way too much work and risk for net $20 ($50 minus $30 monthly fee), and that doesn't include possible trading losses from being required to trade for 21-30 days.
Composer? Are they targeting broke musicians?
This company makes Axos look legit....
I don't remember if I ever saw DoC said "relatively risky"....
Im holding out for the Composter offer for the leaves outside benefit
I'm worried that the 30-plus days of "live trading" will create a few dozen line items of tax entries for 2022. This bother to myself and my accountant is likely enough for me to forego the $50. Good luck to those who are more ambitious than I am!