Min Deposit
USD 100
Regulators
CySEC, MiFID
Trading Platform
Colmex Pro Expert, Colmex Pro Trader, MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
According to research in South Africa, Colmex Pro is an established online broker, offering their clients trading accounts in Forex, CFD, and Stocks.
A Quick Overview of our Colmex Pro Review:
- ✔️Who is Colmex Pro?
- ✔️Safe or Scam
- ✔️Pros and Cons
- Leverage
- Accounts
- Market Instruments
- Fees
- Deposit and Withdrawal
- Trading Platforms
- How to open an account
- Customer Support
- Education
Colmex Pro has been operating since 2004 and is a fairly established company by now.
Who is Colmex Pro?
Owned and operated by Colmex Pro Ltd, the broker is located in Limassol, Cyprus where it capitalizes on the advantages Cyprus has in the international business arena as a highly regulated jurisdiction.
Colmex Pro is regulated by the CySEC in Cyprus under the MiFID derivates of the European Union, which ensures that all other regulatory licenses are implemented under the European Economic Area (EEA) agreement.
This enables Colmex Pro to provide clients with a transparent, sincere operating structure in a flexible, but respected regulatory environment.
Many Europeans like Colmex Pro for the ability to trade on the USA stock markets. Colmex Pro is a member of the Investor Compensation Fund (ICF) too.
Safe or Scam
One of the best means of determining the safety of a broker like Colmex Pro, is to establish which regulating authorities are watchdogs over its actions.
Colmex Pro is licensed and regulated in European Union by CySEC with license number 123/10. Additionally they are licensed in South Africa by the Financial Services Board with license number 46990.
It also indirectly regulated by other regulatory organizations in the EU such as:
- The Financial Conduct Authority (FCA) of the UK
- The Federal Financial Supervisory Authority (BaFin) in Germany
- The Commission Nacional del Mercado de Valores (CNMV) of Spain
- The Autorite de Controle Prudentiel et de Resolution (ACPR) of France
Although the broker is technically regulated by these agencies, it is not directly supervised by them.
CySEC does however stipulate a high minimum capital requirement of €730,000 for all brokers, performs routine audits and proactive supervision, which prevents brokers from committing illegal financial activities that may affect their customers.
CySEC also provides protection of client funds by requiring it to be kept in segregated accounts, which can only be used to maintain a trader’s order in the market.
If a broker undergoes any abrupt changes in legal status, traders can be compensated up to €20,000 from the Investor Compensation Fund (ICF).
Colmex Pro does not provide services to US citizens, because the broker does not have an office in the US and therefore is not regulated by the CFTC and the NFA.
Min Deposit
USD 100
Regulators
CySEC, MiFID
Trading Platform
Colmex Pro Expert, Colmex Pro Trader, MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Pros and Cons
| PROS | CONS |
| 1. Used by over 10,000 traders | 1. Doesn’t allow scalping |
| 2. Holding company established in 1990 | 2. Not FCA Regulated |
| 3. Regulated by SySEC | |
| 4. Minimum deposit from $100 | |
| 5. Allows hedging | |
| 6. Offers STP | |
Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.
With Colmex Pro the Equities/CFDs trading account is a separate brokerage account that starts with a maximum leverage of 1:12. For Forex trading the leverage is up to 30:1 and for stocks 5:1.
The maximum Colmex Pro leverage is set at 1:200 and can be used to trade almost all currency pairs and commodities in the market.
Accounts
A forex account at Colmex Pro is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
In the case of Colmex Pro, there are only two types of accounts provided: a live Equities/CFDs trading account and a live Forex trading account.
Equities/CFD Account
The Equities/CFDs trading account starts with a $250 minimum deposit and maximum leverage of 1:12 with a wide range of financial assets offered, like CFDs, equities, indices, and bonds.
Forex Account
The Forex account is a true ECN account that starts from very tight spreads of 0.3 pips and contains commissions that start from $1.5 per round lot. Traders can open the ECN account for a small initial deposit of $250.
Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading, currency trading, or FX trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodities
Along with currency exchange markets, commodity markets offer many investment opportunities for traders.
Indices
Equity indices, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
Colmex Pro provides access to the world’s most trusted markets, including NASDAQ and the New York Stock Exchange.
Traders can access American stocks, European stocks, Forex, more than 50 CFDs Currencies, more than 30 gold, silver, other precious metals, stocks, stock indexes, oil, and other commodities, and cryptocurrencies.
Fees
Due to its account types that may differ according to the regulated entity to which it complies, Colmex Pro may offer different fee structures too. Cost depends on different factors, like spread and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
Colmex Pro’s levels of accounts determine your commission rate structure. Rates for CFD trading is from $1.50 – $9.95 per trade and for stock trading from $4 – $9.95. Colmex Pro spreads for the VIP account start from 0.9 pips for the ECN Account.
The Standard account has a slightly larger spread starting at 1.7 pips which can increase substantially based on market conditions and the commission for this account can go as high as $8 per round lot.
Some online reviews claim that there’s a $15 deposit fee, a $40 withdrawal fee and a $55 non-activity fee per month.
Other requirements include overnight daily margin interest of 0.026% and overnight daily penalty of 0.5% for unauthorized balances over 1:2 on a client’s opened trade.
Deposit and Withdrawal
Colmex Pro provides services globally, hence it allows deposits with US dollars and Euros. The platform accepts deposits through Bank Wire, VISA, and MasterCard as deposit methods.
Withdrawals can also be received through Bank Wire, VISA or MasterCard. To withdraw funds, clients have to fill out a withdrawal form and send it by fax or email to the company’s back-office department.
Colmex Pro then executes the withdrawal request to the same venue of the initial deposit. If a deposit was made via a credit card, the deposited amount will be credited to that credit card.
The remaining amount (i.e. profits/earnings) will be credited to a nominated bank account. If the deposit was made via bank transfer, then the withdrawn funds will be sent via bank transfer.
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Trading Platforms
A forex trading platform is in essence the software provided by Colmex Pro to its clients to carry out their trades.
A multi-asset trading platform is one that allows clients to trade forex but other asset classes, including CFDs on stocks, stock indices, precious metals, and cryptocurrencies as well.
The decision about which platform to choose will always depend on what a client would like to trade.
Colmex Pro offers clients access to several trading platforms and demo accounts (CFD and equities). They are:
- Colmex Pro MT4
- Colmex MT4 mobile
- Colmex Pro Trader
- Colmex Pro Trader CFD
- Live Forex
Forex and commodities traders can choose between the Colmex Pro Expert, Colmex Pro Trader and the MT4 platforms for investing in the markets. CFD and equities traders can use the Colmex Pro Trader CFD version.
Each platform offers something different, but all offer multiple tools, indicators, charting options and market depth information.
The Colmex Pro mobile trading platforms are 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.
Traders can open an unlimited Colmex Pro demo account, which will not only help to evaluate the different platforms but can also assist in understanding the basic Colmex Pro trading environment.
How to open an account
The Compex Pro review process of opening a new account is fully digital, hassle-free, and fast.
Similar to a bank, if you want to register a forex trading account with Colmex Pro for the first time, you will be required to go through a basic “know your customer” process.
This will allow Colmex Pro to make sure that your submitted personal details are correct and the safety of your funds and your account details are ensured.
Colmex Pro offers a quick and easy registration process for new customers. The registration screen on the homepage requires the following:
- Provide your email address
- Click “Start Now,” and you’ll receive an email with instructions for setting up your free account.
- Choose which account you’d like from the offerings
- Fund your account so that your trades can begin
Customer Support
Potential traders need to make sure the broker company they choose will offer support whenever they may need it, in order to help customers to easily find the exact answers to their questions and offer them the best user experience.
In the case of Colmex Pro, their customer support is offered around the clock twenty-four hours a day, five days a week, excluding weekends, and includes trading tutorials, email, call and live chat support.
Customers can use the “Live Chat” feature on the website or call them for live support from a dedicated, multi-lingual customer service representative.
Education
Before starting to trade, potential clients of Colmex Pro should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
If Colmex Pro’s website itself does not provide enough means, a trader should explore other informative websites and means to obtain that knowledge.
Colmex Pro offers some training tutorials from which new traders can learn more about the art of trading and they can first practice with a demo account before taking up the challenge of live trading.
Research
To be able to trade with confidence and success, potential traders should do as much possible research about this kind of speculative trading before commencing, but also preceding every daring deal.
This will ensure that they don’t lose money unnecessarily but make their trade as profitable as possible.
Colmex Pro customers can access free research tools on the respective trading platforms and also find an extensive range of stops, limits and alerts on the website.
There are also unique and flexible account solutions for traders, and 24-hour support from an international dealing desk team.
Awards
Being an awarded company instills extra confidence in traders, but Colmex Pro doesn’t give any information about any awards accumulated during its years in business.
Conclusion
Colmex Pro can be summarily described as a worthwhile company for potential traders, as it has been operating on global currency markets since 2009.
Colmex Pro has grown to a major global provider of online CFDs, shares, forex, commodities, and indices trading.
Colmex Pro offers online trading platforms intended to suit both professional stock traders and novice currency traders, offers customers segregated accounts, trading signals and analysis services, professional account managers and many other advantageous services.
Colmex Pro does not offer any bonuses if you are in the market for some free money to trade. The minimum deposit requirements are also a bit high, especially the costs of trading.
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Disclaimer
Colmex Pro warns all potential customers that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.
Before deciding to trade the products offered by Colmex Pro, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
Colmex Pro warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.
Therefore Colmex Pro cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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