colmex

scholfield

Established member
993 233
I recently came across this trading/CFD broker?
I learnt of them through watching this guys trading vids on youtube

Is anyone with them?
It appears they offer CFD trading, but with actual market spreads, and a proper fast, direct access platform.

I plan to demo their software at some point, but wondered if anyone has any experience with them.

Their service 'look's and sounds like what I'm after. I'm surprised that they seem to unknown though. Maybe even concerned!

Are there any alarm bells that i'm missing (regulations? place that they're based?) that should warn me off of the idea?
 

scholfield

Established member
993 233
Zero response, so I guess nobody's heard of them. Fair enough.

What checks do I need to make to ensure that my money is safe?

I've been waiting for a long time to see a CFD company come up with a platform than is just like a 'proper' direct access market platform with the same market spreads. I'm not sure how they do it.
People like CMC for example, have their own spreads added onto the market spread. Not these guys.

I'm tempted, but am not sure how safe it all is.
 

pboyles

Legendary member
8,072 1,303
Zero response, so I guess nobody's heard of them. Fair enough.

What checks do I need to make to ensure that my money is safe?

I've been waiting for a long time to see a CFD company come up with a platform than is just like a 'proper' direct access market platform with the same market spreads. I'm not sure how they do it.
People like CMC for example, have their own spreads added onto the market spread. Not these guys.

I'm tempted, but am not sure how safe it all is.

It's just another Cyprus registered 'broker', there's a reason these companies register themselves in 3rd world jurisdictions and it's not the weather. Your money is at risk with all of these offshore brokers. Stick to UK regulated brokers, at least if they steal your money you will have some access to compensation.
 

scholfield

Established member
993 233
It's just another Cyprus registered 'broker', there's a reason these companies register themselves in 3rd world jurisdictions and it's not the weather. Your money is at risk with all of these offshore brokers. Stick to UK regulated brokers, at least if they steal your money you will have some access to compensation.

Thanks for replying.
I guess it's not worth the risk.
Bit of a shame. I thought i'd found what i've been looking for for some time now.
I guess if I ever decide to trade equities, all have to fork up the 25k and trade with someone like IB.
 

USTRADER

Newbie
3 0
It's just another Cyprus registered 'broker', there's a reason these companies register themselves in 3rd world jurisdictions and it's not the weather. Your money is at risk with all of these offshore brokers. Stick to UK regulated brokers, at least if they steal your money you will have some access to compensation.

Not true! I have an account with Colmex since 2008. Colmex is an EU regulated financial institution, which means that when you deposit funds with them, your funds are insured up to 20,000 EUR, and held in segregated bank accounts. If your funds are EU insured - you are fine as long as the EU don't go bust.
Is it better to trade with a UK broker and see your money disappear on spreads? Is this a good insurance? This way your money will be lost for sure, with or without insurance :)
 

Hate2Lose

Active member
155 3
Not true! I have an account with Colmex since 2008. Colmex is an EU regulated financial institution, which means that when you deposit funds with them, your funds are insured up to 20,000 EUR, and held in segregated bank accounts. If your funds are EU insured - you are fine as long as the EU don't go bust.
Is it better to trade with a UK broker and see your money disappear on spreads? Is this a good insurance? This way your money will be lost for sure, with or without insurance :)

Each to their own. I wouldn’t take the risk. It’s £50k insurance in the UK.

Don’t Colmex charge a spread?
 

Jimmi.hopa

Newbie
2 0
Each to their own. I wouldn’t take the risk. It’s £50k insurance in the UK.

Don’t Colmex charge a spread?

They don't charge spreads! However, they charge 0.8 cent/share, which equals to a 0.8 cent spread. I used to trade with IG and paid an average of 10 cent spread, so it looks like I am now saving 90%+ on my commission. I moved to Colmex 3 months ago and so far very happy. One problem is: they don't have Forex on the same platform, so I still use my old IG account for FX trading. They also charge $13/month for US market data, while some other brokers don't charge at all.
 

tanvirmk

Junior member
12 0
Colmex- money insured?

Does anyone know how this 20k euro insurance work? I am with IB right now but they are super slow. Planning to move but this 'head office in Cyprus' thing itching in my head.
 

Colmex IB

Newbie
1 0
Cyprus has turned the financial services industry around in the past few years, Colmex nor its cliemts were affected during the crisis as the majority of funds were held in HSBC London. Further the Investor Compensation Fund is a Government scheme that insures non-professional investors up to €20,000 in the event of the failure of the broker. If you would like further details please feel free to contact me [email protected]
 

lexcorp

Experienced member
1,982 564
The platform is very good indeed. Much like proper direct access platforms like sterlin, instaquote etc, used by pro day traders.
Need a few little tweaks here and there in my opinion, but very impressive.
People who are used to the antiquated platforms used by popular CFD/spreadbet firms will love it in
my opinion.

The commissions are around 1c per share I think (?), but I think you can get around half price commissions from someone like IB with their CFD's (0.5c per share). Also there is a small cost for data feed. Think this might be free with IB?

There is also the concern about regulations/safety etc. More investigation required on that issue for me
 

Spread-Bettor

Junior member
49 6
I would still stick to UK CFDs brokers as they are well regulated and the funds are protected up to £50k! I am not a CFDs traders (just a forex and spread bettor) but here is a list of UK CFDs brokers with good reputation in the industry

in between, I think IGMarkets has the best platform!

All the best:)
 

lexcorp

Experienced member
1,982 564
I would still stick to UK CFDs brokers as they are well regulated and the funds are protected up to £50k! I am not a CFDs traders (just a forex and spread bettor) but here is a list of UK CFDs brokers with good reputation in the industry

in between, I think IGMarkets has the best platform!

All the best:)

Maybe for swing trading.
For daytrading, the UK brokers are unusable in my opinion.
Gigantic spreads compared to the underlying (IB and colmex have the same tiny spreads as the underlying), and the platforms are a world apart from a direct access trading platform (which is what the colmex platform has copied) in terms of speed.
 
 
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