Why GMO Trading Doesn’t Suck In 50 Words
Regulation plus Meta Trader 4 equals “A Match Made in Heaven” when it comes to brokers and GMOTrading has both. On top of that, they offer the web version of Meta Trader (Webtrader), which brings you all the features of MT4 without the need to download or install anything.
Why GMO Trading Sucks In 50 Words
The range of trading assets available on their Demo account is limited compared to the full asset list on the Real account. The purpose of a Demo account is usually is to emulate real market conditions and to offer the client a glance at the broker’s services and trading conditions but if they don’t have all assets, how can the client make a proper assessment? If I were to judge them based on the Demo experience, I would say the offering is too small. This is not a deal-breaker, we’re talking about Demo, after all, just something to keep in mind.
Is GMO Trading A Scam?
One of the main ways to see if a broker is a scam or not is to check their regulation. A broker with full regulation is constantly audited, asked to submit compliance documents and has to maintain strict capital requirements among other things. GMO Trading is regulated by CYSEC, and so far there haven’t been any reports of misconduct so we don’t have any reason to suspect them of being a scam.
That being said, I don’t like their “we are the best” approach. A quick glance at their “About GMO Trading” section and all you’ll see are buzzwords and self-praise. The best, “unparalleled trading environment and services” and more… feels a bit cheesy but it doesn’t make them a scam.
Should I Open An Account With GMO Trading?
GMO Trading is a regulated and transparent CFD and Forex broker owned and operated by Royal Forex Ltd. The company is supervised by the Cyprus Securities And Exchange Commission (CYSEC), with licence number 269/15. Although GMO Trading is not the oldest or the biggest broker around, their offering is solid and the trading conditions fair, with extra security coming from their regulated status.
Regulated by CYSEC, Meta Trader 4 for desktop, browser, and mobile, lots of education material, and a relatively low deposit. What’s not to like? Well, a couple of things: this broker relies on buzzwords and hype a bit too much so I would say their marketing team is a bit overzealous.
They have three types of accounts – Silver, Gold, and Platinum – but they don’t say how much you need to deposit for each one and they only list leverage information for Professional traders on the Accounts page. Leverage info for retail clients is available under Trading Conditions (1:30 max).
Education comes in the form of videos, e-books, courses, and tutorials, which are all great for newbies but of little interest to advanced traders. Let’s be honest, advanced traders will not find anything to learn from any broker, mainly because the education material on brokers’ websites is geared towards the entry-level user.
Overall the website has a nice presentation but I would like to see more information about trading conditions, including spreads, minimum deposits, and a full asset list (such a list is available under “Swap Charges” but that’s not the first place you would think to look). That being said, I believe GMOTrading has an advantage over its competitors: the CYSEC regulation, which comes with extra perks and safety features (transparency, segregated accounts, compensation fund in case the broker goes bankrupt, etc.). But on the other hand, you can find a lot of regulated brokers nowadays, so this is not such a rare feature.
The company can be contacted at their toll-free phone number +80050026003 and email [email protected]. The registered address is 128-130 Limassol Avenue, 3rd Floor, 2015 Strovolos, Nicosia, Cyprus.
GMO Trading Complaints
Many GMOTrading clients have complained about “bully” tactics and high-pressure marketing. This is in line with what we’ve said about their overzealous marketing team, so it’s probably time for them to cut back a little on all that pressure. We’ve also found people who say the brokerage spends the clients’ money without permission (by opening trades, presumably), but we couldn’t confirm any of that and after all, this type of complaint was made at one time or another against the majority of brokers.
GMO Trading Regulatory Warnings And Announcements
CYSEC hasn’t issued any warnings or fines against the broker.
GMO Trading Withdrawal
Withdrawals have a very fast processing time: same day if the request is sent before 9:00 am GMT+2 or the next day if the request comes after 9:00 am GMT+2 (this doesn’t apply to weekends and holidays). Then it depends on your bank how long it takes to transfer the money.
The company will charge a 50 EUR (or equivalent) withdrawal fee if there’s little or not trading on the client’s account before a withdrawal request is submitted. Also, withdrawals below 100 EUR will incur additional fees, which will be specified to the client in advance.
GMO Trading Bonus
CYSEC has put a ban on trading bonuses, so this broker doesn’t offer bonuses due to their CYSEC regulation.
GMO Trading Extras
Usually, I am very content to see a broker that offers Meta Trader 4, and GMOTrading offers not one but 3 versions of this platform – desktop, web, and mobile. Also, seeing how many unregulated brokers still operate, we can surely consider these brokers’ CYSEC regulations an extra.
GMO Trading Ratings
User Friendliness 17/20
The website is translated into 9 languages and relatively easy to navigate, with intuitive tabs and pages. The trading platform is user-friendly but it has a learning curve. Demo accounts are freely and easily available, as well as mobile trading platforms for Android and iOS
Range of Markets, Spreads, And Leverage 17/20
GMOTrading offers a huge array of trading assets across 4 classes (currencies, indices, stocks, and commodities), but not all of them are available on the Demo account (full list available on Real accounts). Spreads are a bit steep on the Silver account (2.2 pips for EUR/USD) but they become tighter for Gold and Platinum accounts. The leverage goes up to 1:500 for currency pairs for Professional traders but it’s difficult to qualify as a Professional according to ESMA rules. The max leverage for retail traders is 1:30 for currencies and lower for everything else.
Deposits And Withdrawals 18/20
They offer little information about deposit and withdrawal methods but we’ve managed to find out the minimum deposit is $250, which is average for the industry. According to the logos that appear on their website, they allow Visa, MasterCard, Maestro, and V Pay. They also mention banks but additional information will be available to registered users. The processing time for withdrawals is fast: same day if the request comes early in the morning or the next day if the request comes later in the day.
Fees And Support 16/20
GMOTrading doesn’t charge any fees to open an account but they charge 50 EUR if you wish to withdraw before trading at least one time. There’s also an unspecified fee if you wish to withdraw less than 100 EUR. However, keep in mind that the banks involved may also charge fees. Support is available via phone, email, and Live Chat, with polite and helpful reps.
Meta Trader 4, CYSEC regulation, fast processing times, and an overall professional look. All these add up to a solid broker, but nothing unseen before.
GMO Trading Overall Ratings (86) + Regulated (+3) = 89/100