Colmex Pro Review – Are You Dealing With A Scam Or A Genuine Broker?
Colmex Pro is a European regulated Forex broker that offers not only the traditional Forex and CFDs products but also provides access to the entire US stock exchange and the European stock exchange for a diverse range of financial instruments. Colmex Pro is a one of a kind financial company that aims to please its customers through proactive measures, which can be seen in the way they have revamped their entire brokerage services since it began operations in 2004.
Best Online Forex Brokers – List
|Broker||Min Deposit||Welcome Bonus||Rating|
|$ 5||$30 No-Deposit Bonus**||Review|
|$ 100||up to $5000||Review|
**Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd.
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- Website: www.colmexpro.com
- Support: +357 25 030036
- Office 3, 4th floor
- Megaro Panagides 1
- Chrysanthou Mylona st
Colmex Pro has its offices in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker also claims to be 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, and the Autorite de Controle Prudentiel et de Resolution (ACPR) of France. These are indeed some tall claims made by the broker, but when we investigated into the facts of these regulatory licenses, we found out that all of these agencies do not regulate Colmex Pro directly. In fact, Colmex Pro is regulated by the CySEC under the MiFID derivates of the European Union, which ensures that all other regulatory licenses are implemented under the European Economic Area (EEA) agreement. We would have liked Colmex Pro to be more honest about its regulatory status, especially since there are traders that might blindly trust the information provided on their website. Although the broker is technically regulated by these agencies, they are not directly supervised. CySEC Colmex Pro regulation does carry its fair amount of weight, as the CySEC has stipulated a high minimum capital requirement of €730,000 for all brokers. The CySEC performs routine audits and proactive supervision, which prevents the brokers from committing any illegal financial activities that may affect their customers or the integrity of the European financial markets. CySEC also provides better protection of client funds by asking brokers to keep such funds 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 its legal status such as bankruptcy or insolvency, traders are compensated up to €20,000 from the Investor Compensation Fund (ICF).
Are US Traders Accepted & What Are My Account Options?
It is easy for traders to get confused about a broker’s eligibility to accommodate US traders, especially when they advertise the fact that they offer trading access to the US financial markets. In short, Colmex Pro does not provide its services to US citizens, primarily because the broker does not have an office in the US, and is, therefore, not regulated by the CFTC and the NFA. The broker connects traders to the US financial markets through global liquidity providers that are allowed to operate in the US financial markets through SEC and other US regulatory licenses. Colmex Pro offers different types of trading accounts, which are individually tailored for equities, and FX trading. Equity trading accounts are primarily offered to access the US and EU stock markets, as well as CFDs, while the Forex trading accounts give access to Forex currency pairs and commodities. Traders can open either account for a minimum of $250, which ensures a maximum Colmex Pro leverage of 1:12 for equities and 1:200 for Forex. The company has also chosen to offer different sub-categories of trading accounts under the Equities and FX trading accounts, which are directly related to the minimum deposit requirements. Traders can opt for a Colmex Pro Standard account or a Colmex Pro VIP account according to their initial trading deposit, and these accounts have slight changes in their trading conditions such as trading costs, fees of deposit/withdrawals, and customer support options. $250 is the minimum deposit for a standard account, while a minimum of $1000 and $3000 will be eligible for a Colmex Pro ECN account for Forex and Equities respectively. Colmex Pro spreads for the VIP account start from 0.9 pips for the ECN account, which accompanies a commission of $3 per lot. The Standard account, however, has a slightly larger spread that starts from 1.7 pips, which can increase substantially according to the existing liquidity and other market conditions. The commission for the Standard account can also go to as high as $8 per round lot, which is indeed incredibly higher than other ECN brokers. Customers can make deposits and withdrawals through all forms of accepted payment methods such as card payment, wire transfer, and online e-payment gateways. Nevertheless, you should be careful about the fees of deposits and withdrawals, as the broker can charge hefty commissions every time you make a payment. Always get detailed information on the costs associated with a payment method, before choosing to make a financial transaction using the Colmex Pro user dashboard.
Colmex Pro Trading Platforms & Customer Service
Colmex Pro receives tremendous accolades in the choice of platforms aspect, as it offers numerous proprietary platforms for both equities and FX trading. The proprietary Colmex Pro Trader is the pick of all trading platforms, which offers excellent market access, better charting functionalities, and a pleasing user interface. Customers can also opt for the traditional MT4 terminal, which is still sought by a good majority of traders. Colmex Pro mobile trading should be a breeze, considering that all proprietary Colmex Pro trading platforms and MT4 are available for desktop and mobile devices. Colmex Pro has been paying attention to all the criticisms vented towards its customer service department. The broker has installed a professional live chat department along with phone numbers and much-improved email communications channel, which does indeed provide better customer service overall. It is a good idea by the company to listen to their customers’ concerns, and full marks to the broker for actually improving their services to suit their clients’ requirements.
Colmex Pro does not offer any bonus if you are in the market for some free money to trade. The minimum deposit requirements are also a bit on the higher side, especially the costs of trading, which makes it vital to browse through other brokers with far more attractive trading conditions. Colmex Pro is a genuine broker, but as far as trading is concerned, you do get better options in the market.