Colmex Pro review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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Colmex Pro has been operating as an FX broker since 2004 and is a fairly established company in the Forex trading industry. Although the company has a vast amount of experience, it is yet to be as popular as some of the other mainstream names in the retail trading market. The main reason for a lower market penetration can be attributed to the relatively lower marketing and branding efforts made by the company, which is an essential aspect of gaining a foothold in the highly competitive FX marketplace.
|Forex, indicies, commodities, shares|
Colmex Pro Equities, CFDs, & Forex Trading Accounts
Although Colmex Pro has a comparatively smaller presence in the global markets, it is indeed a powerhouse for spot FX and CFD trading. If you are looking for CFD or Forex trading with one of the better terms and conditions, Colmex Pro offers distinctive accounts and excellent trading advantages for both markets. There are only two types of accounts provided to Colmex Pro clients; a live Equities/CFDs trading account and a live Forex trading account.
The Equities/CFDs trading account is a separate brokerage account that starts with a $250 minimum deposit and a maximum leverage of 1:12. There is a wide range of financial assets offered under this account that include CFDs, equities, indices, and bonds. The cost for equities and CFD trading start from $1.5 for CFDs and $4 for equities, which can go up to $9.95 per trade. The commissions and fees are determined by the initial deposit, as a higher deposit helps the traders to enjoy better trading conditions and lower trading costs.
The Forex account offered by Colmex Pro is a true ECN account that starts from very tight Colmex Pro spreads of 0.3 pips. Of course, ECN accounts contain commissions that start from $1.5 per round lot, but the commissions can get more expensive for accounts opened with a smaller deposit. Traders can open the ECN account for a small initial deposit of $250, which is one of the primary advantages of opening a Colmex Pro account. The maximum Colmex Pro leverage is set at 1:200 and can be used to trade almost all currency pairs and commodities available in the market.
Although $250 is acceptable as an initial deposit for ECN accounts, the company should have offered access to traders with a lower initial deposit. However, the one pricing rule for all accounts takes the confusion away from traders, and it is a straightforward choice between choosing a live FX trading account or an Equities/CFDs account.
Who Is Responsible For Colmex Pro Regulation?
Colmex Pro is a Cyprus based company, which naturally warrants all types of Colmex Pro regulation formalities to be carried out by the CySEC. Nevertheless, the company is serious about its regulatory status and wants to prove a point in the market by being authorized and regulated by multiple regulatory organizations in the EU zone. Colmex Pro is currently regulated by the FCA in the UK, BaFin in Germany, CNMV in Spain, and ACPR in France. FCA and CySEC regulation clearly states all traders to be protected under the respective FSCS and ICF initiatives, as well as require the broker to keep client funds in segregated accounts in reliable financial institutions in Europe. A strong EU regulation is a great way for establishing trust in its customers, but the lack of US regulation is clearly a drawback for a broker that has been operating for so long in the industry. US traders will certainly miss out on enjoying the benefits of a Colmex Pro account.
Choose From The Most Varied Colmex Pro Platforms
The broker took its sweet time to develop and offer multiple Colmex Pro trading platforms. Forex and commodities traders can make a choice between the Colmex Pro Expert, Colmex Pro Trader, and the MT4 platforms for investing in the markets, while CFD and equities traders can use the Colmex Pro Trader CFD version. If anything, traders can be confused by the sheer number of platform options, and each platform offers something different than the other. All the trading platforms offer multiple tools, indicators, charting options, and market depth information, which allows the trader to make an informed trading decision.
Users can also access the Colmex Pro mobile trading platforms available for both the Pro Trader and the Pro Expert versions, while MT4 users can download the respective MT4 mobile apps for their iOS and Android devices. It’s hard to choose between the multiple platforms, and as a trader, you should demo trade the different platforms before making a choice. You have the option of opening an unlimited Colmex Pro demo account, which will not only help you to evaluate the different platforms but can also assist you in understanding the basic Colmex Pro trading environment.
Are There Any Colmex Pro Account Opening Benefits
Traders don’t receive any Colmex Pro bonus if that is what excites a new trader. Instead, they have a tier based rewards program available for existing clients, which can be redeemed for cash or trading credit. Therefore, there are no incentives or promotions available for opening a Colmex Pro account.
Colmex Pro Customer Service
One of the weak points of Colmex Pro is their customer support, which is only accessible through email or phone. It does take a while for customers to get a response for their emails and the only way to get quick support is to call them directly. A live chat feature is certainly missed, and the company should pay close attention towards improving their customer service department.
Overall, Colmex Pro offers excellent services that do not get the required exposure to establish the company as a mainstream Forex broker. Nevertheless, with a bit more branding and advertising, the broker can indeed go a long way in the Forex markets.
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