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ComoFX is a forex broker located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).
ComoFX accepts clients from all over the world, excluding USA and some other countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
| 40+ Currency Pairs | Based on major and minor world currencies. |
| 4 Crypto Pairs | Based on Bitcoin, Ethereum, Litecoin, Ripple. |
| 15 Indice CFDs | Based on baskets of different blue-chip stocks. |
| 4 Metal CFDs | Based on Gold, Silver, Platinum, Palladium. |
| 3 Energy CFDs | Based on Crude Oil (WTI, Brent) and Natural Gas. |
ComoFX is a forex broker based in South Africa that offers trading on the MetaTrader 5 (MT5) platform with very high trading leverage. The broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which gives it a higher degree of credibility than offshore-registered forex brokers that sometimes are completely unregulated.
ComoFX accepts clients from nearly all countries in the world, and allows clients to fund their accounts with crypto if they choose to.
Among the most notable things with ComoFX is the huge educational section found under the “Knowledge Hub” tab on its website. Here, new traders can learn everything from technical and fundamental analysis, to trading psychology, which are all essential concepts for anyone who wants to succeed in trading. The same section also includes useful calculators for traders, including a margin calculator, a P&L calculator, a pip calculator, and a calculator to help determine correct position sizes.
As with most brokers, ComoFX offers its clients the choice between different types of trading accounts. What's interesting in this case, however, is that all of the accounts appear more or less identical, with no account offering true ECN-style trading with commissions and tight spreads (not even the broker's so-called “ECN account”):
– Micro account, with a minimum deposit of $25, spreads from 1 pip, and no commissions.
– Standard account, with a minimum deposit of $25 (but $100 minimum balance “recommended”), spreads from 1 pip, and no commissions.
– ECN account, with a minimum deposit of $25 (but $100 minimum balance “recommended”), spreads from 0.1 pip, and no commissions.
All of the accounts give access to the same 1:500 max leverage, and trading across all markets that are supported by the broker.
The tradeable instruments include more than 40 forex pairs, a few popular crypto pairs, some 15 major indices, as well as precious metals, oil (Brent and WTI) and natural gas. As with most brokers we have reviewed, all of these assets are offered as CFDs, which is a type of derivative that makes it very easy to profit from both falling and rising prices without having a lot of capital for margin.
With ComoFX, all trading takes place on MT5, which is the only platform this broker supports. The platform can be used in its classic downloadable version (available for Windows and Mac), in a web version or as a mobile app for Apple and Android phones. The MT5 platform is widely known in the forex trading community, having been around since 2010 and still remaining one of the most popular retail trading platforms. Among other things, the platform is popular for its huge selection of custom technical indicators and trading strategies (Expert Advisors) and its ease of use.
For any inquiries, ComoFX's support team can be reached via live chat, WhatsApp, email or phone. The broker states on its website that its support team is available Monday to Friday, 9 AM to 6 PM (UTC+2), which equals 7 AM to 4 PM UTC time. Support is available in multiple languages, but it is unclear exactly which languages that includes.
All in all, we see ComoFX as an interesting forex broker to consider for new traders who want access to a broad range of assets with high leverage available. We also take note of the fact that this broker accepts crypto deposits while remaining fully compliant with regulations in South Africa, which we know is important for many traders.
I'm based in South Africa and started using ComoFX recently. Wasn't expecting much at first but it's actually been alright.
Getting started was simple, deposit was quick and I didn't have to deal with anything complicated. I've mostly traded forex pairs and spreads seem decent. Orders go through without any weird delays, so no complaints there.
Using MT5 like usual, nothing different, it runs fine. I also tried depositing with crypto once and it worked without issues.
Not saying it's the best broker out there, but for now it does the job. Haven't had any serious problems so I'll keep using it and see how it goes.
