It is hard for traders to settle with one Forex broker since the variety of choice is endless. If we look at the number of broker companies, it appears that it is easy to run a Forex business. Still, it takes, first of all, a lot of money to establish a Forex company, and second, experience is also needed if you want to do it right. Therefore, the many companies are run by former traders who just crossed over to the other side and enjoy Forex from a different angle. This review focuses on a broker who has been in the business for quite some time and definitely earned to be called an experienced broker. This Colmex Pro review will equip you with what you need to know about this broker.
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General Info
The broker has been in business for the last 12 years and has been bringing joy to many traders since 2004. The broker has not exposed itself through marketing too much, and that is why you might not have heard of them. The broker offers CFDs, as well as no dealing desk services and straight access to the market. The broker is regulated by CySEC, one of the best-known regulators, not only in Europe but in Asia as well. Cyprus is a desirable Forex destination since it links the Asian and the European market. Even if Colmex Pro has been in business since 2004, it got its CySEC license yet in 2010. That was a time when CySEC strengthened its regulation and reinforced the European way of trading. This means that Colmex Pro had to comply with the highest standards upon its registration. CySEC demands its subjects to cover not only actual but also potential risks and to insure traders on an additional sum of 20,000 euros. All of this gives the necessary security to traders who are already at risk due to the volatile market.
Colmex Pro Platforms
Even if the broker does not advertise its services on every step, it does not mean that Colmex Pro is underequipped. To the contrary, the broker offers several platforms:
- Meta Trader 4
- Colmex Pro Trader
- Colmex Pro Trader CFD
- Colmex Expert
Beside the standard MT4 platform which covers all needs of all traders, the broker also offers three versions of its very own in-house platform.
The proprietary Colmex Pro Trader offers fast execution, real-time market data, and displays a list of 20 best performers for that day. The platform can be operated in 11 languages and supports multi-account trading. The Colmex Pro CFD is specially designed for CFD trading and comes with features which were specifically developed to enhance the CFD trading experience. The Colmex Expert is the Colmex Pro proprietary platform aimed at professionals. The platform offers advanced features such as over 100 indicators and tools, and if traders have multiple accounts they can use the Managed Account Trading option to successfully manage multiple accounts. You can also download the corresponding Colmex Pro mobile apps for each of the platforms since the broker understands the importance of mobile trading in today’s world.
Account Types
Colmex Pro offers two accounts to its traders. It divides the accounts into a CFD and Equities account and a universal Forex account. The Forex account requires a $400 minimum deposit which requires a minimum trade size 0.01 lot. The Equities account is available at $10k, while the CFD on Equities account is available at $3k. Both accounts come with a commission, whereby the Equity/CFD on Equity comes with a $4/$1.5 commission per trade, and the Forex account 0.9 pips on the major currency pair USD/EUR plus $3 or $15 per trade volume. The Forex account has a larger leverage with 1:400, while the Equities account(s) have 1:100 at their disposal. Of course, the deposits can be higher and depend on the platform. The Colmex Expert platform requires $50,000 of deposit.
Colmex Pro Bonus
The Colemx broker is not very well known as a bonus giver, but yet the broker will not leave you empty-handed. You can count on the Colmex Pro $100 Welcome Bonus, which is pretty generous given that the majority of brokers offer $10 or $20 of bonus money. It is not known if the broker keeps any secret bonuses since no other bonuses are known to the public.
Deposits and Withdrawals
Most brokers offer several payment methods, among which a number of e-wallets can be found. Colmex Pro offers bank transfer, credit cards (Visa, MasterCard), and Skrill and WebMoney. This might not be much, but it is certainly enough to cover different preferences of traders.
Customer Support
There is one little thing that the broker lacks. The customer support is available via phone line and e-mail, but not via live chat. Live chat has become the main communication form since it is the fastest way to get a reply. We all know that e-mails and calls are not as efficient as live chat, especially in the Forex business. Nevertheless, Colmex Pro is a good broker who offers excellent service and cares for its traders.