Colmex Pro Review 2022
Colmex Pro is a top retail trading provider offering competitive pricing.
Colmex Pro is a Cyprus-based stock CFD and equities broker, offering several desktop and mobile trading platforms, including MT4 and MultiTrader. Before you start platform downloads, follow this review for details on commission and pricing, minimum deposits, demo accounts and more.
Colmex Pro Company Headlines
Since 2010, Colmex Pro has been providing access to over 9,000 US stocks to both private and institutional clients. The broker is based in Limassol, Cyprus, and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the South African Financial Sector Conduct Authority (FSCA).
Since its establishment, the broker has gained over 8,000 registered clients who have traded over 4 billion shares on the variety of trading platforms available. The broker also offers tiered and fixed account plans to suit different experience levels.
Colmex Pro 2.0
The broker’s proprietary platform is suitable for both beginners and seasoned professionals. The platform includes a highly customisable interface which supports simple charting as well as advanced analytical tools. Features include:
- Level 2 data from a Super DOM panel (Depth of Market)
- 14 chart styles including Heiken Ashi and Cluster charts
- 47 chart indicators plus custom indicators
- All advanced order types plus hotkeys
- Real-time stock screeners
- Stock market history
The platform is ready to download from the website for Windows PC and Mac users.
MT4 is the most popular forex trading platform, offering advanced technical analysis. Both Windows and Mac users can access a range of tools to suit their strategy, including market and pending orders, instant execution, stop orders and trailing stop.
There’s also interactive charts with 9 time periods, plus 23 analytical objects and 30 built-in technical indicators. Traders can also subscribe to signals and copy trading, or recruit algorithmic robots from the MetaTrader Market.
Colmex Pro MultiTrader
The broker’s MultiTrader offers a robust institution-grade platform for experienced traders. The platform comes with several intuitive and advanced functions, including low-latency and real-time data, order routing technology, Level 2 quotes for equities and options, as well as basket trades. Users also get access to a list of the top 20 and worst 20 performers, which is updated in real-time.
You can download MultiTrader from the website, or access it via the convenient web trader version.
Colmex Pro offers over 9,000 US stocks, including blue chip, mid-cap, small-cap, ETFs, ADR’s and hundreds of OTC stocks. There is also a selection of other assets available, including 51 major, minor and exotic currencies, precious metals, energies, agricultural commodities and 9 major indices.
Our review did note that cryptocurrency trading isn’t available.
For stock CFDs, pricing is based on tiered plans starting from $0.01 per share in the Bronze plan, which goes down to $0.005 per share in the Diamond plan. You can also choose a fixed plan, in which you pay $12 up to 3,000 shares in the Bronze plan and $9 up to 5,000 shares in the Diamond.
For equities, all tiered plans charge $0.01 per share and fixed plans start at $6.95 up to 3,000 shares. For other assets, commissions vary depending on the asset and which of the five plans you choose. Forex spreads start from 0.3 pips for major currency pairs but there is a $14.50 commission fee per 1 contract side in the Basic account.
There are also some other fees to be aware of, including a monthly inactivity fee of $30 for CFD accounts and $55 for equity accounts. This applies if there is no trading activity for 30 consecutive days. There are also overnight rollover (swap) fees, plus ECN and routing fees in CFD and equity accounts.
For retail clients, leverage is offered up to a maximum of 1:5 for stocks. For professional clients, you can leverage up to 1:20. Forex instruments can be leveraged up to 1:30.
Mobile Trading Review
Colmex Pro delivers three mobile apps for all available platforms: Colmex Pro 2.0, MetaTrader 4 and MultiTrader, suitable for both iOS and Android smartphone owners.
With Colmex Pro 2.0, traders get access to thousands of stocks, with simple order entry, real-time streaming prices and market depth, three popular chart styles, plus tens of available indicators.
MT4 offers superior trading tools and customisable features, including over 50 indicators and graphical objects, all order types and execution modes, plus a live news feed. There are also mobile adapted scale and scroll charts, which allow you to trade directly with just one tap.
The MultiTrader mobile app offers a secure portable platform that offers a range of benefits, including detailed account management, live market data, as well as watchlists. Note that this app is only available for Android users.
Deposits & Withdrawals
You can fund your account using credit/debit cards, bank transfer and online payment methods such as PayPal. Colmex Pro does not charge for deposits. For withdrawals, the first transaction of the month under or equal to $500 is free. Any following withdrawals are $40 (or €30 for Euro accounts).
Wire transfers take 3-5 business days to process. Credit card deposits are processed within 24 hours, usually within two hours after a deposit is made.
Colmex Pro offers a demo account for both beginners and experts who want to practice their trading strategies in a risk-free training environment. By default, demo accounts include a 25,000 virtual balance with 100,000 in buying power. However, you can request a higher balance to correspond to your needs.
Note that the demo is only open for 5 trading days, which is considerably less than most other brokers who offer a 30-day demo. The trader demo download can be accessed once you register for an account.
Colmex Pro Bonuses
As per CySEC restrictions, there are no deals or promotions offered at Colmex Pro at this time. You can always check the broker’s website or social media pages for updates.
Colmex Pro Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 123/10, and the South African Financial Sector Conduct Authority (FSCA) under license number 46990.
As a CySEC-regulated firm, Colmex Pro is a member of the Investor Compensation Fund which covers client funds up to €20,000 if the broker is unable to meet its financial obligations. The broker also keeps client funds in segregated bank accounts with top-tier banks. As a result, we’re comfortable that Colmex Pro isn’t a scam.
Aside from a blog which is available in English and Spanish, Colmex Pro does not offer any additional features or tools. Compared to similar brokers such as Interactive Brokers, this is disappointing as most traders expect to see a comprehensive range of resources to support their trading needs.
Colmex Pro offers tiered or fixed plans for stock CFDs and equities. For Stock CFDs, the tiered plans on offer are Bronze, Silver, Gold, Platinum and Diamond. Minimum deposits in the Bronze plan start at $500, with a minimum order of $1.50. Fixed plans require a minimum deposit of $2,000 in the Bronze plan.
For equities, you can choose between a Bronze, Silver or Gold plan, starting at a $3,000 minimum deposit and a minimum order of $2.50 for tiered. Minimum deposits for fixed plans start at $25,000.
For forex, the minimum initial deposit is $2,000 or Euro equivalent and the minimum trade size is 0.01 lots. Spreads start from 0.3 pips in the MetaTrader 4 platform.
Benefits of trading with Colmex Pro include:
- Spreads from 0.3 pips on forex
- Thousands of stocks available
- Regulated in two jurisdictions
- Good choice of platforms
Limitations of trading with this broker include:
- No additional resources or tools
- Limited payment methods
- Only 5 day demo account
- $500 minimum deposit
- Various fees
Operating times for forex is 24 hours, from Sunday at 22:00 to Friday at 21:00 (GMT) in the MT4 platform. Spot metals and crude oil opens at 22:05 on Sunday and closes at 21:00 on Friday (GMT). Individual stock trading sessions can be found within the Colmex Pro trading platforms.
The multilingual customer support team at Colmex Pro is available from Monday at 07:00 to Friday at 20:00 (GMT), via email, telephone or live chat. There’s also a remote support service if you are experiencing any technical issues within your trading platform.
- Email – email@example.com
- Telephone – +357 25 030036 (Cyprus)
- Head office – 8 John Kennedy Street, Kanika Enaerios Complex, Iris House, office 440C-D, 4th floor, Limassol 3106
Most trading platforms, including the widely used MT4, come with standard SSL-encrypted security features and 2FA login options. These are designed to protect data exchange between client and broker servers. Colmex Pro could be more transparent around security used in their proprietary platforms.
Colmex Pro Verdict
For equity and CFD traders, Colmex Pro offers a vast range of stocks with a good choice of trading platforms. However, the variety of fees, the 5-day demo account and $500 minimum deposit may put off some beginners. Furthermore, the lack of educational resources and tools will not be enough to challenge other competitors.
Colmex Pro accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Compare Colmex Pro
Compare Colmex Pro with similar brokers that accept traders from your location. Among available brokers these are the most similar to Colmex Pro:
AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets. Crypto Trading is offered via eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. CFDs are not available in the US Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply.79% of retail accounts lose money.
Colmex Pro Comparison Table
|Colmex Pro||AAAFx||IG Group||Forex.com||eToro|
|Markets||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Crypto|
|Minimum Trade||0.01 lots||0.01 lots||0.1 lots||$1||$10|
|Regulators||CySEC, FSCA||HCMC (Greece), FSCA (South Africa)||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||CySEC, IIROC, NFA, CFTC, FCA, CIMA||FCA, CySEC, ASIC, FSA|
|Bonus||–||100% Deposit Bonus available for Global clients||–||No||–|
|Leverage||1:30||1:30 EU, 1:500 Global||1:30||1:200||None|
|Detailed Comparison||–||Colmex Pro vs AAAFx||Colmex Pro vs IG Group||Colmex Pro vs Forex.com||Colmex Pro vs eToro|
Compare Trading Instruments
|Colmex Pro||AAAFx||IG Group||Forex.com||eToro|
Colmex Pro vs Other Brokers
Compare Colmex Pro with any other broker by selecting the other broker below.
Is Colmex Pro a scam?
Colmex Pro is regulated in two jurisdictions, by CySEC and FSCA, and is a legitimate company registered in Limassol, Cyprus. The broker is unlikely to be a scam, but traders should thoroughly research any potential brokers before making a decision.
Does Colmex Pro offer a demo account?
Yes, the broker offers a trader demo where you can practice your trading skills with virtual money. Note that the account is only available for 5 trading days.
What countries does Colmex Pro accept?
Colmex Pro accepts registrations from multiple countries across Europe, Africa, Asia and the Middle East, including the United Kingdom, France, Turkey, Israel and Japan. The broker also accepts US citizens, as well as clients from Canada.
How much do I need to open a Colmex Pro account?
The minimum initial deposit required to open a Bronze plan for stock CFDs is $500. Fixed plans for stocks start at $2,000. A Basic plan for forex trading also starts at $2,000.
What can I trade at Colmex Pro?
The broker offers over 9,000 stocks, plus hundreds of options and ETFs. There are also 51 major, minor and exotic currencies, 9 major indices, plus a small selection of precious metals, energies and agricultural commodities.
|Colmex Pro is a top retail trading provider offering competitive pricing.|