Brokers are significant firms in the world of foreign exchange. Brokers help in allowing traders to access the market. They also allow traders to buy and sell foreign currencies, above all other reasons. In the forex market, transactions are usually between a pair of different currencies. When forex traders trade in the market, it’s either a buy or a sell. Retail forex brokers is another name to call forex brokers. They could also be referred to as currency trading brokers. A significant number of forex brokers only deal with small portions in the exchange market, but of course, these portions are not so trivial to a trader. Brokers operate for about twenty-four hours, five days a week; this is because the market only opens around 5 pm on Sundays and closes Friday 5 pm (This is exclusively for the US forex market).
Brokers help give traders access to several currency pairs; USD/JPY, GBP/USD, USD/CHF, and EUR/USD. It also offers access to other G10 currencies and all exchange rates between them. Asides, trading the most common currency pairs in the market, most brokers allow traders also to trade emerging currencies in the market. The good thing about most brokers is that they enable their traders to use demo accounts or practice accounts for them to learn and understand before beginning with a live account. An example of a forex broker is Colmex. This broker also follows all necessary rules and regulations that are required for all brokers to follow.
COLMEX PRO REVIEW
Colmex is a broker centrally located in Europe. It began operation in the year 2004, and ever since, they provide access to the US stock exchange and the European stock exchange. They also offer typical forex and CFDs products for traders. Ever since it began operation in 2004, the revamping of their means of service showed a genuine interest in customer satisfaction.
The broker is supervised by the Cyprus Securities and Exchange Commission (CySEC) and has most of its offices in Cyprus. The broker is also indirectly regulated by other companies like the Financial Conduct Authority, The Commission Nacional del Mercado de Valores, the Federal Financial Supervisory Authority (BaFin), and the Autorite de Controle Prudentiel et de Resolution in the UK, Spain, Germany, and France respectively. This broker doesn’t provide its services to the citizens of the United States, although it’s able to connect to the US markets by global liquidity providers that are permitted to operate in the United States. On a more positive side, the Colmex Pro group never stops upgrading the trader’s experience by providing him/her with the best tools.
IS A BROKER A SCAM?
Brokers could have funny regulatory bodies and sometimes strange rules. An average human being doesn’t ever want to be caught in the middle of any of that. Luckily, nobody has to be caught up in something they don’t understand. Having an understanding of how a broker operates gives you a good idea of the whole process; this is why you first have to know how they make their profits.
Brokers make their profits in several ways, commonly by charging commissions. Some brokers charge the spread between the buy/sell prices and some others charge per trade. Also, some brokers make a profit by keeping the spread. Sometimes the spread is fixed and some times dynamic; this solely depends on your broker. Some brokers also charge for extra services provided. Examples of those services are; provision of signals or in-depth analysis.
As for Colmex Pro, they operate following the rules and regulations of regulated bodies. Any broker at all that is under a trusted regulatory authority can be trusted, and this includes Colmex Pro.
REGISTRATION AND AUTHORIZATION
To open an account with Colmex Pro, all you have to do is to follow the easy steps to opening an account. First, you have to go to their homepage. After accessing their website, the next step is to fill in your email address into the field provided. After doing that, you should ensure you click the “Start Now” button, this will enable you to receive an email. In the email, you’d be provided with instructions on how to complete the registration.
LOGIN AND SIGN IN
Upon clicking the “Start Now” button, you would be redirected to a page to fill in specific details. You will have to fill in your first name and last name. Note, you should fill them in just the way they appear in your accounts. After doing that, go further by filling in your date of birth, country and putting in your phone number. After filling all necessary fields in the form, you have to tick the three boxes below them to accept the terms and conditions.
After doing all that, click on the big orange “Next” button. It then takes you to a page that talks about the funding of your account, try reading through what they have to say and click “Next”. That action takes you further to fill in another form that requires you to put in the following data; your Country, your City, Address, Zip Code and ID or passport. The following form tells you to fill in specific primary data like; employment details, and some other straight forward questions. The next page also requires you to fill some fields, only that this time, they are not straightforward; they are questions that need technical knowhow to answer them correctly. They say it is to test the person’s current knowledge and experience. After doing all that, you click the “Finish” button. After this, a page opens up showing a bunch of legal agreements and all of that, click the three boxes below the main article to continue.
Verifying your account usually comes as a requirement when opening an account. To verify your account, all you have to is upload the proof of your identity. You can do this by uploading either your Passport, National ID or your Driving License. The next step is to upload your proof of residence; preferably utility bill. After doing that, please click the “Finish” button. That whole process if approved verifies the person’s identity.
To delete your Colmex account, what you have to is to render it inactive. To do this, you can stop funding the account and also you can remove payment methods attached to the account and close the account for the amount of time you want it inactive.
The good thing about Colmex Pro is that asides their twenty-four hours support, they offer their traders the opportunity to trade with demo accounts. The whole point of Colmex demo account is to allow traders to learn well before jumping into live trading accounts. This broker has done an excellent job in providing Colmex CFDs and the demo accounts for helping traders build up their knowledge.
DEPOSIT AND COMMISSION
After complete registration on the platform, you will be required to make a deposit on the trading platform. For active trading on the platform, a minimum deposit of about $500 is what’s permitted. Regarding the Colmex Pro fees, you should be aware that the ECN and SEC fees apply and also an overnight margin interest of 0.026%. The Colmex commissions are significant as this is how they make their profit off the market trades.
This broker has gone the extra mile in making their withdrawal request online and fillable. You will be able to fill in your username or account number (Note that the account number is the number provided by this broker). There are many more things that should be filled in this form asides the username. You are required to fill up the phone number, e-mail, amount to be withdrawn, and even currency type. Below your personal details, you will be asked to fill in fields in relation to your bank details. Under bank details, you will be asked to put in your account name, bank name, country, branch, bank swift code and account number. After filling those required fields, the rest are just formalities. You should note that the company will execute the withdrawal request only to the same venue of your initial deposit.
This broker has a 24 hours customer support for situations where you intend on filing complaints or making requests. They provide two e-mail addresses for the sole reason of communication with their traders and prospective traders. Please check out the other means of reaching them below:
Address for Cardholder correspondence: 8 John Kennedy Street, Kanika Enaerios Complex, Iris House, office 440C-D, 4th floor, Limassol 3106
Phone number (Cyprus): +357 25 030036
Fax: +357 25 030037
International number: +1800-213-2170
REVIEWS OF TRADERS
This broker has done well to have been able to meet the strict standards of financial stability and the correct behaviour funds. However, the Colmex Pro trader review is all that matters. Traders are very much aware of the fees, and some of them find it very uncomfortable, while some don’t. As regards their trading platforms, the majority of traders find it appealing that they can use it on the MetaTrader4 and other platforms. Although most traders aren’t comfortable with their customer support because of their slow response, a few believe strongly in the legitimacy of this broker.