WikiFX Review: Is Colmex Pro Reliable?

In todays article, we are going to show you what Colmex Pro looks like. WikiFX conducted a comprehension review on this broker to assist you in better understanding the truth. If you want to know whether Colmex Pro is a reliable forex broker or not, please continue to read.

What is WikiFX？

Evaluate the reliability of Colmex Pro based on its general information and regulatory status

To understand Colmex Pro better, we explore it by analyzing three main perspectives:

A. General Info of Colmex Pro

B. Regulatory Status

A. General Info of Colmex Pro

Colmex Pros general info has been shown below:

About Colmex Pro

Founded in 2010 and based in Limassol, Cyprus, Colmex Pro is a broker that provides Forex, Equities, and CFD trading services to private and institutional investors. Colmex Pro offers investors access to popular trading products in the financial markets, mainly Forex (major, minor, and exotic currency pairs), metals, indices, stock CFDs, and commodities.

Account Types

To meet different traders' trading needs and experience, the broker offers five different types of accounts: Bronze, Silver, Gold, Platinum and Diamond, with minimum deposit requirements of $500, $5,000, $10,000, $25,000, and $50,000 respectively, and the minimum fee is $1.5, $1.5, $1.5, $1.25, and $1 separately. The broker also offers free demo accounts.

Leverage

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.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Trading Platform

Colmex Pro offers traders its proprietary trading platform Colmex Pro 2.0, which supports both desktop and mobile versions and is highly customizable for both novices and seasoned professional traders.

Features of Colmex Pro 2.0 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.

There is also the powerful MT4 trading platform, which offers plenty of opportunities for traders of all levels: advanced technical analysis, flexible trading systems, algorithmic trading, and expert advisors, supporting the desktop version for mobile. Finally, there is the Multi trader trading platform, which supports web, desktop, and mobile.

Besides, 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 baskets trades.

Deposit & Withdrawal

Colmex Pro allows traders to fund their accounts through deposit and withdrawal methods including Visa/Mastercard credit cards, wire transfers, and PayPal. The minimum initial deposit requirement is said to be $500.

B. Regulatory Status

What is a Legitimate License？

• The legitimate license is the business license issued by the financial regulatory institution of each country/region.

• Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under protection to some extent.

• Whether a forex brokerage firm holds a legitimate license or not is one of the important factors in evaluating the reliability of forex brokers.

• The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of Colmex Pro

Colmex Pro is currently regulated by the Cyprus Securities and Exchange Commission (CYSEC, No. 123/10) and is subject to the MiFiD (Markets in Financial Instruments Directive), and is a long member of the Investor Compensation Fund.

The Story About This Broker

In 2019, CySEC reached a settlement with Colmex Pro. CySEC (Cyprus Securities Regulatory Commission) said last week that the agency has spoken with Colmex Pro Ltd over its irregularities

In order to reach the settlement agreement, the latter agreed to pay a fine of 50,000 euros

Comments About Colmex Pro on WikiFX

On WikiFX, the comments consist of feedback from traders. A bad track record of brokers can be checked via Exposure and comments. WikiFX helps you get feedback from other traders and reminds you of the risks before it starts.

Special survey about Colmex Pro from WikiFX

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is. Colmex Pro has been given by WikiFX a decent rating of 7.31/10.

Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

WikiFX did make an on-site survey on Colmex Pros address in Cyprus in September 2020 and successfully found the office.

Conclusion

The WikiFX score of a broker can be increased or decreased if the broker is constantly running the business in a good or bad direction. Before deciding to invest with Colmex Pro or any other broker, it's crucial to stay updated with the latest information on WikiFX and conduct your due diligence. Market conditions and broker reputations can change, so make sure to make informed decisions to avoid potential regrets in your trading journey.

If you want more information about brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find your most trusted broker.