Colmex Pro Review 2024

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Colmex Pro is a Cyprus-based online trading broker that offers a broad selection of asset types, including CFDs, equities and options. This 2024 review will cover the defining features of the firm, such as any minimum deposit requirements, the different trading platforms available to clients, commissions, fees and supported withdrawal methods. Read on to discover whether Colmex Pro is the right broker for you.

About Colmex Pro

Founded in 2010, Colmex Pro was set up by owner Meir Barak, an Israeli-born professional day trader and CEO of the educational platform Tradenet. More than 8,000 registered clients have traded a total volume of over £3.2 billion through the various platforms supported by the company.

Like many online brokers, Colmex Pro Ltd is based in Limassol, Cyprus and regulated by the local financial body CySEC. However, the firm has run into controversy for allegedly circumventing US rules on CFDs through the Tradenet educational platform.

Markets

Colmex Pro provides over 11,000 instruments, spanning forex, CFDs, options, equities and ETFs.

Forex

Fifty-one forex products are available through the broker, including major, minor and exotic currency pairs.

At the highest commission-based account level, spread pricing reaches as low as 0.2 pips on EUR/USD.

Indices

Nine instruments make up the broker’s indices offering, with major exchange assets such as the FTSE 100 and S&P 500 supplemented by the US dollar and Euro Bund indices.

Commodities

A total of ten commodity instruments are available through Colmex Pro – four metals, two energies and four soft commodities.

Equites & ETFs

In addition to 2,000+ stock CFDs, the firm offers over 9,000 investable equities and ETFs from EU and US exchanges. Clients can also trade options on US securities through the Colmex Pro 2.0 platform.

Registered clients can take advantage of stock IPO pricing on upcoming exchange listings before they go public.

Leverage

The company disappointingly only offers 1:30 leverage for forex instruments and a lacklustre 1:5 margin on other CFD markets.

The broker’s stop-out level is 50% for retail clients. However, negative balance protection may kick in before a position reaches this level.

Account Types

Colmex Pro traders must choose between two account variants, one offering equities and equity CFDs and the other supporting forex and non-equity CFD products. However, these accounts are divided further into subtypes, which can be confusing even for the most experienced traders.

All trading accounts are available as swap-free Islamic variants for those who cannot pay interest for religious reasons.

Equities Accounts

For an equities trading account, clients must begin with a tiered plan, paying a fixed commission of between £0.008 and £0.004 per share. These fees depend on the account level, with five tiers from bronze to diamond:

• Bronze Account – £400 minimum deposit, £0.008 commission per share, £1.20 minimum order
• Silver Account – £4,000 minimum deposit, £0.0065 commission per share, £1.20 minimum order
• Gold Account – £8,100 minimum deposit, £0.006 commission per share, £1.20 minimum order
• Platinum Account – £20,500 minimum deposit, £0.005 commission per share, £1.00 minimum order
• Diamond Account – £41,000 minimum deposit, £0.004 commission per share, £0.80 minimum order

Once traders have gained sufficient experience on the platform, they can apply through the broker to upgrade to a fixed plan account. These variants allow clients to pay a fixed fee that entitles them to trade a specific number of shares for a substantial discount over a tiered account commission. Colmex Pro can refuse this request and downgrade fixed plan accounts at its sole discretion.

Here are the different levels of fixed plan accounts:

• Bronze Account – £1,600 minimum deposit, £10 flat fee to trade up to 3,000 shares, £0.005 per additional share
• Silver Account – £4,000 minimum deposit, £7.50 flat fee to trade up to 3,000 shares, £0.005 per additional share
• Gold Account – £12,200 minimum deposit, £5 flat fee to trade up to 3,000 shares, £0.0055 per additional share
• Platinum Account – £20,500 minimum deposit, £6.50 flat fee to trade up to 4,000 shares, £0.004 per additional share
• Diamond Account – £41,000 minimum deposit, £7.50 flat fee to trade up to 5,000 shares, £0.0035 per additional share

A fixed order routing charge of £0.0012 per share applies to trades on all accounts.

Forex Accounts

Investors that wish to trade forex, indices and commodities CFDs can open a forex account, choosing between spread-based and commission-based plans.

Spread-based plans have four account levels, with spreads reducing significantly at higher tiers. For example, EUR/USD spreads range from 3.9 pips on a Bronze account to 0.7 pips on a Platinum account. To qualify for each level, Colmex Pro requires:

• Bronze Account – £400 minimum deposit
• Silver Account – £4,000 minimum deposit
• Gold Account – £8,100 minimum deposit
• Platinum Account – £41,000 minimum deposit

Commission-based plans reduce spreads to as low as 0.2 pips in exchange for a set trading fee per position. The four commission-based plan levels are as follows:

• Basic Account – £400 minimum deposit, spreads from 1.0 pips, commission of £12 per side per lot
• Standard Account – £4,000 minimum deposit, spreads from 0.8 pips, commission of £3.25 per side per lot
• VIP Account – £8,100 minimum deposit, spreads from 0.7 pips, commission of £2.50 per side per lot
• Premium VIP Account – £41,000 minimum deposit, spreads from 0.2 pips, commission of £1.50 per side per lot

Demo Account

Many traders like to demo the trading conditions of a broker before committing to a full account. To this end, the firm provides a risk-free demo account to trade on the Colmex Pro 2.0, MultiTrader or MetaTrader 4 platforms.

Trading Platforms

The broker provides three trading platforms to retail clients – MetaTrader 4, Colmex Pro MultiTrader and Colmex Pro 2.0.

MetaTrader 4

Most investors will likely be familiar with the MetaTrader 4 trading platform, as the program has become almost ubiquitous with forex and CFD speculation since its release in 2005.

Programmable hotkeys and custom alerts mean MT4 traders can stay on top of the markets and react quickly to opportunities. In addition, the inclusion of 30 standard indicators, 31 graphical objects and nine time frames facilitate precise technical analysis. An integrated MQL4 marketplace allows users to add community-made custom indicators and EAs to the platform.

Colmex Pro clients can download MT4 for Mac, Windows, Linux and as a mobile app for Android and iOS. Alternatively, investors can login to MetaTrader 4 via an internet browser using the MetaQuotes WebTrader service.

Colmex Pro MultiTrader

Colmex Pro MultiTrader is another platform the broker offers, allowing traders to access options and non-CFD equities markets.

With a variety of order types allowing users to manage risk and take profits effectively, live level two market data and simultaneous chart viewing capabilities, MultiTrader is a solid platform choice for investors.

Colmex Pro MultiTrader is available as a web platform, for download on Mac and Windows desktop devices and as an app for Android mobile devices.

Colmex Pro 2.0

Colmex Pro 2.0 is a proprietary trading platform created by the brokerage and boasts a user-friendly interface, integrated account statistic data and advanced order types.

Customisable hotkeys make trading lightning-fast, while 14 chart styles and 47 chart indicators take technical analysis to a new level. The program is suitable for forex and CFD trading, options and stock investments.

Colmex Pro 2.0 is available to download for Windows and Mac, iOS and Android mobile devices and as a browser-based WebTrader platform.

Payment Methods

Colmex Pro supports several funding methods, including credit and debit card payments, bank wire transfers and PayPal. Helpfully for UK traders, the firm accepts deposits and withdrawals in GBP, using a London-based intermediary bank to eliminate international wire transfer fees.

While each account tier has initial minimum deposit requirements from £80 up to over £40,000, further deposits have no restrictions. Likewise, there are no minimum withdrawal requirements, though fees will apply for amounts over £400 (more on this later).

Deposits using PayPal or payment cards can process in up to two hours, with many transactions occurring instantly. Both deposits and withdrawals using bank wire take 2-5 business days to clear.

Deposit & Withdrawal Fees

Due to the competitive nature of the online trading industry, many brokers cover deposit and withdrawal fees to encourage active traders.

Colmex Pro levies no deposit charges on any method, while clients can make one fee-free withdrawal of £400 or less per month. However, for amounts exceeding this or subsequent withdrawals, a steep £32.50 charge applies.

Trading Fees

Trading fees are often a key consideration for retail investors, with high commissions and account charges potentially eating into hard-earned profits.

The trading commissions levied by Colmex Pro vary drastically depending on the account tier. Charges range from an astronomical £12 per side per lot with the entry-level forex account to a highly competitive £1.50 per side per lot for the Premium VIP account.

For equity and ETF investments and stock CFDs, a commission of between £0.008 and £0.004 per share is charged with a tiered account. However, clients can apply for a fixed plan account offering better pricing to high-volume traders.

Holding CFD positions overnight will incur swap fees, which vary from asset to asset and can be previewed on any of the three supported trading platforms.

Happily, the company does not charge any fees on inactive accounts.

Security & Regulation

One of the best methods to protect against scams online is selecting a regulated and secure broker. Colmex Pro is regulated by CySEC, the prominent financial regulator in its home country of Cyprus. However, this body does not provide equal protection to regulators like the FCA and ASIC.

The company offers negative balance protection and is a member of the International Investor Compensation Fund (IICF) fund protection scheme. However, this only covers clients for up to £17,000 in case of company insolvency.

Colmex Pro does not provide two-factor authentication (2FA) protection for its client login portal. Furthermore, there is very little information regarding the security of the proprietary platforms, though MetaTrader 4 does support single-use passwords.

Customer Support

The backing of a solid customer support team helps clients trade with confidence, knowing that assistance is just a few clicks away. Colmex Pro provides various options to contact customer support, including email, phone and live chat.

Unfortunately, there is no UK-based phone support and an international call to Cyprus is required.

• Phone – (+357) 2503 0036
• Support Email – support@colmexpro.com
• General Enquiries – info@colmexpro.com

While many online brokers feature an FAQ section to provide quick answers to common queries, the Colmex Pro website is uncharacteristically lacking in this area.

Educational Content

Colmex Pro runs a blog with daily market and premarket updates for all of its tradable assets as well as larger macro trends. However, there is no general trading education provided by the broker, so beginners must look elsewhere for content on market basics.

Advantages Of Colmex Pro

• GBP funding
• Free deposits
• US IPO access
• Lots of equities
• Options trading
• Low fees and commissions
• Range of trading platforms

Disadvantages Of Colmex Pro

• No 2FA
• Sparse website
• Limited leverage rates
• No additional features
• Large withdrawal charges
• Complicated account tier system
• High trading fees on entry-level accounts

Additional Features

Many top trading firms offer margin calculators, economic calendars with market news, and free VPS access to provide clients with the best possible trading environment.

Unfortunately, Colmex Pro offers none of these additional features, even for its highest-tier account holders.

Trading Hours

Colmex Pro provides access to the markets 24/5, mirroring the forex market schedule. However, instruments such as indices and equities will follow the trading hours of their local exchanges.

This being said, clients can log in to the Colmex Pro website and make deposits and withdrawals at any time.

Colmex Pro Verdict

Whether Colmex Pro is right for you depends primarily on your available capital, with higher funded traders able to access competitive spreads and commissions across all of the broker’s asset classes. Access to IPO pricing on new US exchange stock listings may attract traditional investors. At the same time, fee-free deposits and GBP funding are also positives for UK users. However, the sparse information on the broker’s website and the recent controversy surrounding the company may dissuade more cautious traders from signing up with Colmex Pro. The needlessly convoluted account types and the high spreads and commissions on low-tier accounts make it difficult to recommend the firm.

FAQ

Top 3 Colmex Pro Alternatives

These brokers are the most similar to Colmex Pro:

1. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
2. Swissquote - Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
3. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.

Colmex Pro Feature Comparison

Trading Instruments Comparison

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