I had the chance to test out Colmex Pro after getting a number of good recommendations from other fellow traders. My curiosity about this broker’s credibility led me to discover that they have been in operation since 2009 and that they are licensed by the Cyprus Securities and Exchange Commission or CySEC. Most of the trusted reviews and actual user feedbacks that I have read were generally positive and this is a good indication that they can be trusted.
The demo account was excellent for practice trading because the quotes that they offer are already in real time. It didn’t take long before I decided to open a live trading account where I had to deposit $250. I had the chance to test out most of the platforms which all have some very nice and advanced trading features. Communicating with their customer service team was fairly easy and the quality of the support was great. In general, I was satisfied with my trading experience with this broker so if you’d like to get into the finer details then you may continue reading this review.
Demo Account: Train under real market conditions
Practice trading is possible with this broker and the great thing about the demo account is that the platform still provides real-time quotes so training is more efficient as it offers live trading price and real time charts.
Bonuses: Increased trading equity
For initial deposits of $250 to $500, they will provide a welcome bonus of $200. Deposits of $501 to $3,000 will earn $500 while newly opened accounts with first deposits ranging from $3,001 to $8000 will receive $750. Initial payments above $8,000 are eligible for the $1,000 welcome bonus.
They also provide a protected account in which their clients can lose their money and Colmex Pro will for cover the losses. In order to avail of this perk, a minimum deposit of $1,000 is needed. They also provide free education for clients who have deposited a minimum of $500. This includes self-study courses, live webinars and a $500 bonus!
Platform: Tailor-made trading solutions
They have a diversity of offerings for traders of different skill levels and these would only require just a few clicks for easy access. They have the Colmex Expert which offers robust charting features, the Colmex MT4 which has built-in customizable indicators, Colmex Pro Trader which have advanced trading features and the Colmex Pro Trader CFD which is capable of executing trades instantaneously.
Mobile Trading: Keeping up with the trend
For smartphones and tablets, they have the Colmex Expert Mobile and the Colmex MT4 Mobile which are ideal for traders on the go. These platforms run smoothly on mobile devices and consume minimal system resources.
Minimum Lot Size: Minimal risks
The risks are more controlled with Colmex Pro since the minimum allowed lot size is 0.01. This value is at par with other brokers as well.
Maximum Leverage: Average fraction
The maximum margin is 1:200 which is generally on the average side. A much higher ratio though would have been better though.
Spreads: Low and competitive
They have very competitive spreads on all of their currency pairs. Their spread on the EUR/USD ranges from 0.6 to 1.5 pips.
Tradable Instruments: From stocks to options
You’ll find a wide variety of products from their multi-asset online platforms. You can trade on stocks, forex, CFDs, futures and even options.
Deposit & Withdrawal
Minimum Deposit: A bit on the high side
The initial minimum deposit requirement to open live trading account is $250. It may be a bit on the high side but if you’re a real serious trader then this really won’t matter much to you.
Deposit Methods: The common payment options
Credit and debit card, Wire Transfer and E-Payments are the supported methods for transferring funds into the account.
Withdrawal Methods: Same as the deposit method
Funds that are withdrawn from the account are returned back to the original payment method that was used to fund the account.
Withdrawal Processing Time: Impressively quick
The withdrawal processing time can take up to 3 days. It was pretty fast and hassle-free as I was able to send the proper documents that they need to authenticate my account.
Channels: All the possible means of communication
They have a phone support, an email support, a premium live chat support and even a remote support.
They are available from 07:00 to 21:00 Monday to Friday GMT.
Supported Languages: English
Average User Rating: 9.0
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Very simple yet very organized
Simplicity is the one word that best describes the design of their platforms. It doesn’t have any unnecessary elements as the interface is very bare so users can focus on their trades.
Support: Efficient and fast customer service
Customer service was impressive as they know how to handle almost any kind of client issue. They even have a remote support which is still a rarity in this industry.
Reputation: Provides a transparent and regulated environment
They are licensed by the CySEC which means that they are following the strict regulatory standards of this financial authority. This basically means that they are able to deliver a more secured trading environment for their clients.
Editor’s Rating: 88
Colmex Pro has a suite of flexible platforms with a variety of tools that enables their clients to be more informed and in the end, make wiser trading decisions. Their compliance with the regulatory standards of the financial authorities creates a more transparent and safer trading environment.