Colmex Pro review
About the company:
Colmex Pro is a trading name of Colmex Pro Ltd. regulated by CySEC. The company provides the NDD (No Dealing Desk) technology for trading currency pairs, CFDs, equities, futures, and options.
Company. Security of Funds
Colmex Pro Ltd. operating as Colmex Pro, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Besides, the company is also registered with FCA and a number of other EU regulators.
CySEC applies certain rules to license holders, for example, the requirement to hold a minimum of EUR 1,000,000 in order to prove the company’s financial stability.
Furthermore, the Cypriot regulator implements a compensation scheme as an additional guarantee of clients’ funds security. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers may receive a compensation amounting to a maximum of EUR 20,000, if the broker ceases operating or becomes insolvent. Similar compensation schemes are applied in other jurisdictions: FCA-regulated brokers in the UK, for example, are participants of the Financial Services Compensation Scheme, where the maximum compensation cover is GBP 50,000 per person.
The broker has two accounts depending on chosen trading instruments: Equities/CFDs and currency pairs. Both account types offer different trading conditions based on the deposited amount and trading platform used. For instance, if an Equities/CFD account holder wishes to use the Expert platform, a minimum initial funding of $50,000 will be required.
Minimum Initial Deposit
Colmex Pro accounts require a minimum deposit of $500, which is above average. There are brokers who require a mere dollar.
Average Spreads & Commissions
This broker offers variable spreads. At first sight, spreads are relatively low – 0.9 pips on EUR/USD. However, a commission fee ranges from $3 to $15 per lot per side on the Equities/CFD account. The commission on the Forex account is $8 per lot, so an average spread is around 1.7 pips on EUR/USD with the commission included which is considered comparatively high.
According to the agreement specifications on the Colmex Pro’s website, if the maximum spread amounting to 2 pips on EUR/USD applies, commissions will be excluded.
The maximum leverage with this broker is offered on the MT4 platform and is 1:400 for the Forex account. Some jurisdictions set limitations on leverage which are significantly lower. For instance, in the USA, the maximum leverage allowed is 1:50. The reason for these restrictions is that higher leverage levels may not only multiply profits of traders with a small deposit but also lead to heavy losses. Nonetheless, if you have great confidence in your trading, then you can use the higher leverage with other brokers, for example, 1:1,000.
Colmex Pro offers several platforms.
The Colmex Pro Trader platform ensures real-time, streaming data, fast order execution and, what is more, users may see a daily list of top 20 performers. Besides, this platform allows you to manage several accounts and is available in 11 different languages. Furthermore, the broker renders Colmex Pro Trader CFD, a version of the platform specializing in CFDs trading.
The Colmex Expert platform is a significant upgrade to Colmex Pro Trader offering great opportunities for professional traders.
This platform is equipped with the chart including over 100 built-in indicators, studies, tools, and testing system. It also features the Managed Account Trading (MAT) tool for traders managing multiple accounts and is available for mobile devices.
Furthermore, Colmex Pro provides the MetaTrader 4 platform. The software offers a number of technical indicators, extensive testing environment, advanced charting package and Expert Advisors (EAs). By downloading ready-made or creating their own EAs, traders are able to fully automate their trades and just sit back and let the program do all the work.
Colmex Pro supports the following payment options: wire transfer, bank cards (Visa, MasterCard), and e-wallets (WebMoney, cashU, MoneyBookers).
Colmex Pro 1/10 (votes 2184)