Independent rating of Forex broker Colmex Pro

About company

Colmex Pro is a trade name of Colmex Pro Ltd., which is regulated by the Cyprus Securities and Exchange Commission (CySEC). The company is registered by the FCA and many other regulatory authorities of the European Union. The fact that the broker is regulated by many supervisory bodies obliges it to stick to a number of strict rules. For example, CySEC requires licensed companies to have at least 1 million euros in their accounts as proof of their financial stability. In addition, the broker is a member of the Investor Compensation Fund which also ensures the safety of clients' funds. In the event of the company's bankruptcy, investors can receive compensation in the amount of up to €20,000.

Trading conditions

• trading instruments: 51 currency pairs, 9 indices, 350 ETFs and ETNs, 10 commodities, over 2,000 CFDs on stocks
• access to 20 stock markets
• automated trading
• scalping and hedging
• PAMM accounts
• orders executed within about 31 milliseconds
• free demo account
• 3 trading platforms
• 2 account types
• commission charged
• training materials in English
• bonus programs

Trading platform

Colmex Pro's clients can conduct trading through the following three platforms: MetaTrader 4, Colmex Pro 2.0, and Pro MultiTrader. MetaTrader 4 is the most popular software among traders which allows them to implement the strategies of any complexity. It features a wide range of tools: market and pending orders, chart trading, trailing stop, instant order execution, and trading history. One of the primary advantages of MT4 is its analytical functions, including online quotes, interactive charts, as well as 30 built-in technical indicators, extremely useful for any trader. Furthermore, MT4 offers an advisor that is able to manage not only trading but also analytics. The second platform - Colmex Pro 2.0 - is equipped with all advanced order types, while the procedure for sending an order to the market is still quite clear and simple. Using Colmex Pro 2.0, traders can place limit and stop orders directly on the chart, customize the quick access toolbar, and set up hotkeys for instant order entry. Colmex Pro 2.0 analytical tools are just as useful as those of the popular MT4. Traders can use trend lines, Fibonacci tools, price channels, and many other useful features for technical analysis. Besides, users are able to import custom indicators. Pro MultiTrader is a trading platform characterized by simplicity and ease of use. Pro MultiTrader offers institution-grade technology and real-time market data streaming. The platform enables users to see a list of 20 best and worst market participants that updates automatically. In addition, traders can view level II quotes for both stocks and options, as well as route orders to their preferred market center, including ECN.

Support service

The customer service is available 24/5 in eight languages. Traders can contact the support team via email, live chat, or using a phone number indicated on the broker's official website.

Traders’ reviews

The reviews of Colmex Pro are rather mixed. Some traders complain about the quality of order execution and even suspect the broker of intentional actions aimed at making trades unprofitable. Clients talk about the broker's working principle, although Colmex Pro claims that it has never used the DD technology. Still, there are some positive comments. Traders note quick cash withdrawal, as well as a wide choice of trading instruments and bonus programs the broker offers.

Advantages:

• regulated broker
• wide choice of trading platforms and instruments
• competitive spreads
• no slippage
• quick withdrawal of funds
• bonus programs
• large selection of account types
• scalping and automated trading

Disadvantages:

• no micro accounts
• high initial deposit
• high commissions
• complicated verification procedure
• negative feedback on the work of the support service from traders