Monday, July 15, 2013

Commex FX Review

Today we will take a look at another forex broker operating out of Cyprus; Commex FX. They are a legit forex broker operating out of the business friendly Cypriot island nation and accept traders from all over the world except U.S. citizens. This is due to the fact that the U.S. government ensured that U.S. citizens are not allowed to trade with good brokers and punish their population in every way they can. It is sad to preach freedom, but practice near dictatorship.

Anyway, Commex FX is open for business for all other traders which is exactly what they should do. Their website was not bad from a design perspective, at least not above the fold. As you scroll down they either ran out of money in their development budget or the designer got bored and decided to just not care. So overall we would encourage Commex FX to invest a bit more and create equal quality below the fold as they have above the fold.

Commex FX offers traders the industry standard MT4 platform as well as cTrader for more advanced as well as professional traders. You can get your MT4 account started with as little as $200 and a maximum leverage of 1:400 which should be just fine to please most traders. They do not have an adjusted minimum funding for their cTrader platform, but they offer four different account types:
  • Classic Account – Minimum deposit $200, max leverage 1:400 and min contract size 0.10 lots which is terrible for serious traders and equally bad for new traders
  • Standard Account – Minimum deposit $2,000, max leverage 1:200 and min contract size of 0.01 lots which is what you want from your forex broker
  • Premier Account – Minimum deposit $25,000, max leverage of 1:200 and min contract size of 1.0 lots which just makes no sense to take freedom away from your better funded clients
  • Institutional Account – Minimum deposit $100,000, max leverage of 1:100 and min contract size of 1.0 lots

It makes no sense to force an account with $25K and $100K to an equal lot size which shows that management is not experienced enough to understand professional trading. We are not sure how many institutional clients or even Premier Accounts Commex FX currently has, but common sense allowed us to take an educated guess of 0.

No serious forex trader would want to trade here. They do claim to be an ECN/STP forex broker which is a positive, but unless they do not better manage their offering it will not lead to fruition. Their spreads reportedly start at 0.1 pips, but we are not sure how liquid this forex broker is and how many trades and lost sizes you can actually clear at this spread.

Conclusion

We had high hopes about Commex FX and initially thought we would rank this forex broker much higher, but their non-sense account classifications made us change our mind and we have to settle with two claws down despite them being an ECN/STP broker. They have potential, but we would like severe improvement on many fronts mentioned above; the Last Bear has roared!

UPDATE

Commex FX has made an adjustment to their Classic Account and the minimum lot size is now 0.01 lots rather than 0.10 lots. We have to improve our initial finding of two claws down to one claw up and one claw down with a positive outlook. We always love a broker who does not stand still and betters itself for the benefit of its traders.


8 comments:

I think the lot sizes you quoted are off. Please check the account classifications and you'll see our Classic account has minimum contract sizes of 0.01 lots.

Many thanks
CommexFX

Dear Anonymous aka Commex, yes I see that you have changed it and I have updated the post. Thanks for getting in touch.

John.
Always a pleasure to help where we can. If there is anything else we can be of assistance with, please don't hesitate to get in touch. I won't post any emails or links here, but our contact details are available on the CommexFX website.
Many thanks for the impartial review.
CommexFX

Dear Commex FX, you are welcome. The initial two claws down was also improved.

The demo account available on CommexFX provides traders a stimulated experience of trading in the forex market. Apart from this, traders can choose from some of the best trading platforms available in the market. This site is also known for special segregation and security provided to the client’s account.

Thanks for your feedback William.

Even though there are times when novice traders will fin different types of educational documents on the internet but they will not find a website where they can find various types of prediction software. CommexFX is a platform where you will find different types of ECN/STP trading environment, which is very helpful for any forex trader.

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