GMOTrading is a CFD and Forex brokerage owned and operated by Royal Forex Ltd. The company is located at 224, Arch. Makarios III Avenue, Achileos Building, Office 41, CY-3030 Limassol, Cyprus and is regulated by the Cyprus Securities And Exchange Commission (CYSEC) under licence number 269/15. The brokerage can be contacted at their UK phone +44 2039364444 and email [email protected]
Is GMOTrading A Scam?
Of course not! One of the main ways to see if a brokerage is a scam or not is to check their regulation. A brokerage with full regulation is constantly audited, asked to submit compliance documents and has to maintain strict capital requirements among other things. An unregulated company doesn’t answer to anyone and many times they don’t even list their address or company name. The chance of scam among unregulated brokerages is very high, while among regulated brokerages is very low. GMOTrading is fully regulated by CYSEC, which is a well-respected financial watchdog 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.
Why Doesn’t GMOTrading 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 GMOTrading Sucks In 50 Words
This is really a nitpicky con but it still sucks, so I have to mention it: when you open a Demo account (which by the way, takes just a few seconds), a ticket will automatically appear, showing your user and password that is randomly generated. If you close this ticket, you cannot bring it back up (or at least I don’t know how) so your user and pass will be lost. Of course, you can open another account in seconds, but I told you I’m nitpicking.
Should I Open An Account With GMOTrading?
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? This feels like a solid broker, one who doesn’t rely on buzzwords and hype to attract clients but rather on functionality and transparency.
Education comes in 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.
Overall the website has a nice presentation and feels professional but I would like to see more information about trading conditions, including spreads, minimum deposits, and a full asset list. That being said, I believe GMOTrading has a major 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.). So, to answer the title question, if you are looking for a new CFD/FX broker, GMOTrading is a solid choice due to their regulated status and their choice of trading platform: Meta Trader 4, which is one of the most popular trading platforms ever made and my personal favorite.
At the time of writing, we couldn’t find any complaints regarding GMOTrading’s services. The brokerage is fairly new on the scene and this surely contributes to the lack of feedback from users. We will update this section if any complaints emerge in the future.
GMOTrading Regulatory Warnings And Announcements
GMOTrading’s regulatory authority – CYSEC – hasn’t issued any warnings or fines against the brokerage. The same is true for all the other financial regulators across the globe.
Withdrawals have a very fast processing time: same day if the request is sent before 11:00 am GMT or the next day if the request comes after 11:00 am GMT (this doesn’t apply to weekends and holidays). Then it depends on your bank how long it takes to transfer the money. Also, the fees will be decided by the banks involved as GMOTrading doesn’t charge any.
CYSEC has put a ban on trading bonuses, so GMOTrading doesn’t offer bonuses due to their CYSEC regulation.
Usually I am very content to see a brokerage 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 GMOTrading’s CYSEC regulation an extra.
User Friendliness 17/20
The website is translated into 6 languages and is easy to navigate, with lots of tutorials and educational material. The trading platform is very user-friendly but it has a learning curve. Demo accounts are freely and easily available.
Range of Markets, Spreads And Leverage 17/20
GMOTrading offers over 250 trading instruments across 4 asset classes (currencies, indices, stocks, and commodities), with floating spreads that are somewhere in the low range. Because they are floating, they change according to market conditions so we cannot give exact numbers. The leverage goes up to 1:200, which is very good even for aggressive traders who like taking risks.
Deposits And Withdrawals 17/20
Deposits can be made through credit cards (Visa, MasterCard, Maestro). It is unclear whether withdrawals can be made via wire transfers or cards only but either way, the processing time is very fast (same day for requests made before 11:00 am GMT).
Fees And Support 17/20
GMOTrading doesn’t charge any fees to open an account or to make deposits and withdrawals. However, keep in mind that the banks involved may charge fees. Support is available via phone, email and Live Chat; response times are fast and the representatives are knowledgeable.
Meta Trader 4, CYSEC regulation, fast processing times and an overall professional look. All these add up to a solid brokerage, with possibly a bright future.
GMOTrading Overall Ratings 83 + Regulated (+3) = 86/100
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