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Is Forex Broker Colmex Pro scam? CySEC Colmex Pro €50000 settlement

Maya Mandz | Mar. 15, 2019
Is Forex Broker Colmex Pro scam? CySEC Colmex Pro €50000 settlement

March 15, 2019, | AtoZ Markets - The Cyprus Securities and Exchange Commission (CySEC) has reached an agreement with a Forex broker entitled Colmex Pro Ltd, a Cypriot investment firm, in the amount of 50,000 euros.  Whether the Forex broker Colmex Pros a scam or reliable firm?

Cysec and Colmex Pro agreement in a brief

According to the financial regulator: “Cyprus investment firm ColmexPro Ltd reached an agreement on possible violations of the Investment Services and Activities Act and Regulated Markets of 2007 ...”

The settlement was achieved after CySEC assessed Colmex Pro compliance with business obligations in the provision of investment and support services to customers, as well as the terms of its license.

Forex broker Colmex Pro was fined by Cysec 2 years ago

The achieved settlement is not related to the previous fine, which was imposed on the Cyprus company back in December 2016. At that time, CySEC imposed a company administrative penalty of 100,000 euros. The total penalty imposed on the brokerage was split into parts. Firstly, Colmex Pro had to pay €40,000 as the brokerage had not managed to properly inform its clients about trading risks. Another €30,000 were charged due to the misleading advertising. Then, the regulator imposed €20,000 fine for not properly addressing operational risks. The decision on the fine was made due to non-compliance with the requirements of the local Law on Investment Services and Activities and Regulated Markets.

Forex broker Colmex Pro scam?

Colmex Pro is Forex, CFD and equity trading broker. The Limassol-based company was founded in 2010 in Cyprus. The company offers its products throughout Europe through its license CySEC. According to the company's website, Colmex Pro offers private and institutional investors the ability to trade forex, CFDs, and stocks through a number of trading platforms such as MetaTrader 4 and a web trader.

More than half of the company’s website’s visitors are located in the United States, Germany, Malta, Israel, and Spain. Forex broker Colmex Pro is regulated by CySEC licensed as 123/10

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.