Broker Trusted Point
ColmexPro has been in the market since 2010, but one cannot see any advancements in its services and functionalities. The broker is stuck right where it started. There are no educational or research tools available with the broker. In 2021, when financial service providers are matching hands with the top-notch security features and trading services, we see ColmexPro not being able to catch up.
In this review, we will give you detailed insights regarding the broker.
ColmexPro illigetimate or Safe?
The broker is only regulated by one single authority while it trades in multiple regions. Thus, we cannot say that one can register complaints and get quick redressal.
Simultaneously, the broker does not offer any security features and softwares like SSL or Firewalls. The data and transactions of the traders are not secured while trading with ColmexPro.
We can say that it is not entirely safe to pursue trade with the broker. We urge traders and investors to inspect thoroughly and think twice before investing with the broker.
The broker does not offer any account types for trading but tiered or fixed plans for equity and stock trading via CFDs. These plans are Bronze, Silver, Gold, Platinum, and Diamond. For the bronze plan, the minimum deposit is as high as 500 dollars. If you choose a fixed bronze plan, then you have to pay a hefty deposit of 2000 dollars.
Inequities, one gets to choose between Bronze, Silver, or Gold plans. The minimum deposit starts from 3000 dollars, and for fixed plans, it starts at 25,000 dollars.
The initial minimum deposit for forex is 2000 dollars.
The whole account distinction seems hugely complicated and unnecessary. The high minimum deposits charged by the broker does not suffice the basic, minimal services offered.
There are other brokers like TradeATF or PrimeFin that offer clear account types with better services at way less minimum deposits.
Fees and Commission
ColmexPro not only has a high minimum deposit but also accounts for expensive trading charges and commissions. Overnight leverage can go up to 0.50 per cent. The commission is charged per lot and can eat up a large chunk from the trader’s profit.
The monthly inactivity fee is as high as 30 dollars for CFD accounts and 55 dollars for equity accounts. This fee is imbibed when the account is not active for 30 days consecutively. Other than that, the broker also charges overnight rollover fees and ECN routing fees.
ColmexPro offers trading via the MT4 trading platform. The mobile trading application of the broker is pretty convoluted and all over the place. The whole design and interface seem challenging and unstructured.
We do not understand why the broker is banking on some old, passed technology when other financial service providers have already moved to MetaTrader 5.
Products and instruments for trading
The broker claims to offer a trade-in various instruments, but the assets under each category are rather restricted and unsatisfactory when looked closely. This can lead to poor diversification of the portfolio, and the entire risks may not be mitigated in a righteous way. Due to such a less product set, traders and investors can lose out on many profitable trading opportunities.
Education and Research Material
There are no sections based on education and research with ColmexPro. There are no VODs, courses, ebooks, blogs or webinars for clients. Educational material that is regularly updated can serve as an excellent way of enhancing trading skills.
At the same time, the broker does not render any research tools like calculators, calendars, news, etc., for its clients. Also, there are no trading signals imbibed with ColmexPro trading. Research tools aid traders to make righteous trading decisions and find the precise entry and exit points.
Deposit and withdrawal
The broker offers conventional deposit ad withdrawal methods. Moreover, the withdrawal can take up to several days. Many efficient brokers can facilitate thousands of withdrawals each day. We cannot decipher what is stopping ColmexPro?
Customer Service and Support
We think the poor customer support and service offered by ColmexPro is one of the major drawbacks after its un-secure trading functions. The response time on the phone or email is vastly elongated. The emails are not answered even in weeks.
The live chat feature seldom works. So if you want any issue or query to be solved on an immediate basis, we don’t think ColmexPro could be of any help.
The broker’s account opening process seems like a secret treasure that will unfold itself as you go on. So when you click on the “open an account” tab, the broker asks you to enter your email. Well, after that? Only God knows. There is nothing else mentioned.
This creates suspicions and hesitation on the client’s part. The broker should not leave its potential clients in such ambiguity.
Why do we think you should not go with ColmexPro?
To summarise, here are all the reasons why we think ColmexPro is not the right choice to pursue trading with:
- High minimum deposits associated with the accounts; the minimum deposit can go up to 25,000 dollars.
- The poor user interface of the mobile application
- No MT5 trading platform is offered.
- Absence of security softwares and encryption features.
- Limited educational and research material.
- Ambiguous account opening process
- Limited trading products
- Expansive trading charges and fees
ColmexPro started its operations in 2010, and one cannot see any significant advancements in its operations since then. The broker still banks on outdated softwares and functionalities. At the same time, it lacks basic research and educational material which can be a major drawback. The numerous ways in which broker charges fees can lead traders to think that it is nothing but a money minting machine. And it indeed is. All ColmexPro does it stuff up charges everywhere without any competent services insight. The entire interface is of low quality and downgraded with multiple complexities.
We would recommend traders and investors to check out other competent brokers like HFTrading, ROinvesting, PrimeFin, TrdeATF. These financial service providers are highly regulated and provide top-notch services and smooth trade functioning at lower costs.
What kind of educational and research material does ColmexPro provide?
ColmexPro does not provide any educational or research material. There are no calculators calendars, webinars trading signals, or any such tools available with the broker.
Does ColmexPro offer MetaTrader 5 trading platform?
No, ColmexPro does not render trade through the MetaTrader 5 trading platform. MT4 is available for trading with the broker.
What is the minimum deposit associated with ColmexPro?
The minimum deposit to open an account with ColmexPro is as high as 500 dollars.
What are the various trading charges associated with ColmexPro?
ColmexPro charges a commission per trade and spreads are variable depending on the asset class. Overnight leverage can go up to 0.50 per cent. The minimum deposit starts from 500 dollars and can go up to 25,000 dollars.
Other charges include inactivity charges and routing fees.
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