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KlimexCM Review - Is it scam or safe?

Klimex CM Review - Is klimexcm.com scam or good forex broker?

RATING: 3 / 0 REVIEWS KlimexCM
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Trading Accounts

 
Account type Minimum deposit  Maximum leverage Spread
Standard $100 1:500 1.8 pips average
Raw Account $100 1:500 From 0.6 pips + $6/lot commission
 
 

Klimex Capital Markets (KlimexCM) is an Australia-based forex broker, which offers trading in currencies, indices and commodities. There are two account types, one being STP and the other one -  ECN.The company is a representative of VantageFX and appears to be targeting the Chinese market.

 

The Company. Security of Funds

 
Company Country Regulation
Klimex Capital Markets Pty Ltd Australia ASIC
 

KlimexCM is an Australian company, which is registered with the local Australian Securities and Investment Commission (ASIC). As you may know, a broker’s regulation is key when determining its credibility. Financial regulatory agencies are institutions which impose certain rules, with the chief aim of protecting clients’ interests and creating more competitive and fair investment environment. 

 

Australia is one of South-East Asia’s financial centers and has attracted forex brokers for quite some time. The local watchdog (ASIC) is strict (unlike that in some off-shore zones) and clients can feel safe for their funds when dealing with brokers under its supervision. For instance, a company is required to have minimum holdings of AUD 1 million, as a sign of good will, before it can operate. 

 

Another key rule is that client’s funds must be kept in a “segregated account”, meaning the broker can’t spend them for its own needs.

 

Trading Conditions

 

Minimum Initial Deposit

KlimexCM’s minimum initial deposit is set at $100, which is a reasonable amount. This is a suitable number for testing their services, although creating a reasonable trading plan with such a low investment will be tricky. In order to succeed as a trader one must be willing to trade with adequate capital, among other things.

 

Average spreads & Commissions

KlimexCM offers an average spread of 1.8 pips for EUR/USD, for the standard account. We tested their claims in the most liquid time of the day, and the spread was around 1.4 – 1.7 pips, which is in line with their claim. Furthermore, it is also close to the industry averages, with most brokers offering spreads around 1.0-1.5 pips for this pair. You may look up a comparison of  real-time spreads of 15 leading brokers here.

 

The Raw Account spreads are lower, with the EUR/USD one starting at 0.6 pips. Keep in mind a commission of $6 per lot is also applied. This would bring the total cost to a minimum of 1.2 pips, which is slightly better than their standard offering.

 

Leverage

KlimexCM offers a leverage ratio of 1:500. This is a more than sufficient level, which is in line with the current industry practices, although it is a bit too high in our opinion. Other brokers also offer 1:500 or even higher levels.

 

As you may know, trading with higher leverage is more risky. This includes the possibility of losses exceeding your initial investment. Be sure to completely understands the risks involved with margin trading before you participate in it.

 

Trading Platforms

KlimexCM offers trading through the MetaTrader 4 (MT4) platform. It is a solid choice for currency traders as it feels both simple and comprehensive. Many users enjoy the automated trading environment, where systems (Expert Advisors) can easily be implemented.

 

The platform’s mobile versions for iOS and Android is also decent, but we would recommend using it only for quick updates and position management. A desktop is still preferable for full-fledged analysis. That being said, one of the disadvantages of the platform is the lack of detachable elements, which prevents multiple monitor support.

 

Methods of Payment

 

KlimexCM offers a lot of payment methods. They include: Bank Transfer, Credit/Debit Card, China Union Pay, Neteller and Scrill. Keep in mind Bank transfers can take up to several business days days, while other methods are instant (at least when it comes to deposits).

 

Conclusion

KlimexCM is an ASIC regulated broker. This immediately adds to their credibility. The company is a representative of VantageFX, which is also a reputable company. Spreads are slightly higher than what you would expect. That being said the prime broker is a stable company, which is always a good sign. Here are the advantages and disadvantages with regards to this broker:

 
Pros Cons
ASIC Regulation No choice of trading platform
MetaTrader 4 platform available  
Lots of payment methods  
 
 

 

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Traders` reviews for KlimexCM

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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