Colmex Pro is essentially a No Desk Dealing service provider in stocks, commodities, forex and CFDs. The website itself is the gateway to all these features and investment vehicles, and on this website, the claim is made that Colmex Pro gives its traders access to the US market too. This is where things just don’t seem to add up.
By accessing the US markets, Colmex Pro apparently mean NASDAQ and the New York Stock Exchange. One can assume that they are talking about various stocks, forex pairs and commodities listed there, on which they do indeed offer trading services. They cannot possibly accept traders from the US though, given how their regulatory status confines them to the EU, even in the best possible case.
Regulated by CySEC, under license #123/10, and based in Cyprus (at Office 3, 4th floor, Megaro Panagides 1, Chrysanthou Mylona st, 3030, Limassol ), Colmexpro is indeed regulated in the EU. According to their website, they’re also entitled to provide financial services in South Africa, where the local Financial Services Board has issued a license for them too (#46990).
None of this means though that they can legally offer similar services in the US, too. Special authorization is required for that, and Colmex Pro are not registered with any of the competent US authorities, such as the CFTC and the SEC. The website also mentions that Colmexpro make sure there’s no conflict of interest between the trader and the broker, which is great, but in and of itself insufficient to qualify the operation as a US brokerage.
To answer the question you’re probably itching to ask: yes, Colmex Pro are indeed legitimate, in the sense that they don’t scam people straight out of their investments, and there is indeed real trading going on at the site, through a real trading platform. On the other hand, Colmexpro may not be the best destination for your trading. They’re not particularly trustworthy – despite being regulated – and they are surprisingly expensive too. The extra costs are apparently incurred upon depositing ($15 is allegedly deducted from one’s initial deposit from the get-go), and withdrawals (which each cost $40). To make matters worse, the broker does not fill its traders in on this state of affairs anywhere.
Colmex Pro Products
Colmex Pro are focused on offering their customers full-time access to the worldwide markets, through Desktop, Mobile and a Web-based trading platform. They couple this with a wide range of research tools, stops, limits and alerts.
The products offered by Colmex Pro include stock trading, stock-based CFDs, as well as Forex trading.
The leverage offered on the Colmex Pro products is 1:12, which is not particularly impressive. On the other hand, there are no restrictions on shorting at the site, which means that traders won’t have to worry about penalties on short selling.
It has to said though that for stocks, the maximum margin level is 1:20 and for Forex, it’s the industry-standard 1:200.
Colmex Pro boast the largest liquidity in the European markets and they tout their instant execution as one of the main draws of the operation.
The minimum required deposit is $1,500 ($3,000 for equities). According to the site, ECN and SEC fees apply, so this is where the above mentioned “hidden fees” may reside.
As far as per-trade fees go, there are a few intricate plans laid out at the Colmex Pro site, so traders can check there what the exact costs are on their preferred investments.
Colmex Pro Platforms
Colmex Pro boasts some 6 trading platforms, including MT4. The web trader is the handiest and easiest to reach and use. The Colmex Pro MT4 platform on the other hand, takes trading to the next level, with its selection of analytic tools and powerful MetaEditor, which allows traders to develop and build their own auto traders for the Forex or equity markets. Scores of technical indicators are available, and users can create their own technical indicators too.
The Strategy Tester can then be used to put the newly developed tools to the test.
The MT4 platform is available for mobile too.
In addition to the above, there’s a Colmex ProTrader and Colmex Pro Trader CFD available as well.
The Live Trading Platforms section includes a Live Equity and Equity-based CFD trader and a Live Forex one.
Colmex Pro Account Types
Account type-wise, only good things can be said about Colmex Pro. They feature only two, but each account type is meant to address very specific trader needs.
The Live Equities/CFD on Equities account for instance, features a minimum required deposit of $1,500. For this price, traders will only be able to access the CFD part though. The Equities account requires a $3,000 minimum deposit.
The Live Forex account comes with a number of perks for traders, such as lot-size flexibility, rapid execution, flexible leverage and fractional pricing. The spreads start from as little as 0.3 pips on this one. Forex trading does indeed seem to be one of the strengths of the operation.
For both account-types, demo account versions are available as well.
The Colmex Pro customer support can be reached through the live chat feature, directly off the homepage. In addition to that, a traditional email messaging service is available too, as well as a live support phone number: 357 25 030036.
The most interesting support feature is the Remote Support one, through which, Colmex Pro support staff members can help clients directly on their computers, through TeamViewer.
According to SimilarWeb, the global rank of ColmexPro.com at the time of posting this review was 1,275,065, indicating the site is only slightly popular. Most of its traffic is Spanish. Only about 20% of their traffic is referral traffic.
The reviews on Forex Peace Army are quite harsh. According to some people, Colmex Pro is an outright scam.
Colmex Pro Review Conclusion
Everything accounted for, Colmex Pro looks like a serious and sturdy operation. Regulated and licensed, it is considered somewhat shady by the community nonetheless. Complaints abound about the support side of the brokerage, as well as about the trading platform, with some traders proclaiming it hands-down “the worst” trading platform they ever used.
While legitimacy is not really in question here, profitability certainly is. Called “unnecessarily expensive” by some, Colmex Pro is not the ideal destination equity- or forex trading-wise. Charging $40 for a single withdrawal is quite a bit over the line indeed…
Looking for legit alternatives? Check out our Recommended Forex Brokers.
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