Colmex Pro Review
Colmex Pro is a forex broker which offers online trading services to their clients in forex, stocks, CFDs and more through No Dealing Desk (NDD) execution. It is the trading name of Colmex Pro Ltd. It is regulated by CySEC however as we have mentioned before in previous reviews and articles, a broker’s regulation does not guarantee high quality service. If you are interested in registering with this broker, take some time to read our Colmex Pro forex review before you make your decision.
Colmex Pro Customer Support
You can contact Colmex Pro’s customer service agents through email, telephone, or fax. We have found that the absence of a livechat has resulted in tardy replies.
Their response time to email is extremely poor as well. This presents a major problem to clients because email is the preferred mode of communication for most when dealing with an international broker and the poor response time drastically reduces its effectiveness.
If you have an issue, it is of the utmost importance that you are able to speak with a customer service agent as quickly as possible. However with Colmex Pro’s current response time, you are guaranteed to be waiting for weeks before you receive any actual response.
This is where the livechat option would have been a major asset in Colmex Pro’s arsenal of communication tools. Its absence is a serious hindrance namely for clients who need questions answered quickly or an issue resolved without much time wasted. We understand that time is valuable hence why we wrote an informative Colmex Pro review so you can get the information you need without wasting time or money.
We also know that while a broker’s features are indeed important, their customer support is also of vital importance. You need a broker who will be available to answer your questions and help you resolve problems as quickly as possible. However it seems that Colmex Pro lacks the capability to do so.
We would never recommend you register with a broker that treats their clients poorly.
Colmex Pro Accounts
Colmex Pro currently offers only two account types which are:
- Live Equities/CFD on Equities
- Live Forex
The Live Equities account has a number of different plans. The plans range from A1-D and they each have different charges and minimum deposits. Colmex Pro also has a rather above average minimum deposit. The Live Equities option’s minimum deposits range from a minimum of $10K to a maximum of $50K. The costs of trades range from a minimum of $4 to a maximum of $9.95. The shares available range from 400 to over 10,000. Fees are also applied to these shares.
The CFD account plans have similarities with the Live Equities account plans in terms of the minimum deposits and shares. The main difference is that ECN and Sec fees are not applicable. The minimum deposit however ranges from a minimum $3k to a maximum $50k. The shares available for plans range from 400 to over 10,000 like the Live Equities plans. But the cost per shares is lower starting at from $1.5 to $9.95. Now that you seen our brief Colmex Pro CFD review, let’s move onto the Live Forex.
The Live Forex subcategories are:
- Colmex Pro VIP
- Colmex Pro Standard
- Colmex Pro Semi-Standard
Colmex Pro does not disclose the cost of their minimum account deposits on their website but we did some digging and found out that deposits start at $400.
A major drawback of Colmex Pro’s accounts is the high minimum deposit which is actually much higher than numerous other brokers currently on the market.
Another thing that does not sit right with us is that they do not give you details about what you receive when you register and make your first deposit. Nor do they offer any bonuses.
While trading does have its own risks, we do not think Colmex Pro is worth it.
Colmex Pro Platform Review
Colmex Pro uses their own exclusive platform known as the Colmex Pro trader along with the MT4 Platform.
The claims made about this exclusive trader is that it offers faster executions, access to market data and faster trades.
But in reality, these claims carry no weight whatsoever. It is actually quite frustrating because Colmex Pro promises so much but fails to deliver.
We also wish to point out that Colmex Pro, along with not offering any bonuses, deducts $15 from your first deposit and charges you $40 for every single withdrawal. To make things worse, these fees are not disclosed upfront.
Colmex Pro may be regulated but their price along with hidden fees and lack of transparency leaves a feeling of distrust along with unnecessarily high costs. Save yourself time and money and avoid them. Thanks for reading our Colmex trading review.