GMOTrading Review 2019 | Is GMOTrading a Scam or Legit Forex Broker?

Read our GMOTrading review to find out if GMOTrading is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

2.8/ 5

Rating breakdown

Protection & Regulations
40% Complete (danger)
2.0/5
Trading platforms
100% Complete (danger)
5.0/5
Tradable Products
20% Complete (danger)
1.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
# Broker's Features GMOTRADING Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review GMOTrading.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. GMOTrading offers Online Financial Trading and Investment Services Such as N/A.

Tradable Products: GMO Trading offers 50 currencies pairs, 33 Cryptocurrency pairs, 16 indices, 17 commodities and 194 stock shares from US, Europe and Australian stock exchanges. This provides a reasonable number of forex and CFD assets to trade.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. GMOTrading is STP.

Features: The traders’ trend and the economic calendar are featured by the GMO trading brokerage in order to assist traders. These features favour beginners but may not be suitable for advanced traders

Executing Trades:

GMOTrading allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As GMOTrading offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. GMOTrading recommended minimum capital is $250.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. GMOTrading is regulated by CySec. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: GMO Trading is regulated by CySEC in Cyprus. Investor protection comes in the form of clients’ fund segregation and deployment of modern digital encryption technologies to protect transmitted data on its website and payment channels.

Account currencies: Next lets consider the Account currencies each broker offers. GMOTrading offers USD, EUR, GBP different account currencies for each account types.

Account Openning: Silver, Gold and Platinum accounts are the live account types offered by GMO Trading. The accounts provide variation in spreads and other services. Islamic accounts are also available on request. Practice demo accounts can easily be created from the clients’ area.

GMOTrading offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. GMOTrading offers English, Italian, Russian, Polish, German, Spanish.

Payment methods: Next lets have a look at each broker's payment options. GMOTrading offers Credit/Debit Cards, Bank wire transfer, Skrill, Webmoney, different payment methods for each account types.

Deposit and withdrawal: GMO Trading accepts the following payment methods: Mastercard, Visa card, Carta Si, Dankort, Skrill, iDeal, Klarna, Nordea Solo, Giropay, Przelewy 24, Rapid Transfer, SEPA, Neteller, Postepay, EPS, MuchBetter and Trustly.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, GMOTrading makes MT4, WebTrader available to clients.

Web & Desktop Trading Platforms: The MT4 is the only desktop platform offered by GMO Trading. It is available as a ‘WebTrader’ and as downloadable windows application software.
Mobile Trading Platforms: The MT4 and the GMO trading mobile apps are the available mobile apps. These can be downloaded and installed from the Apple iOS Store and the Google Play store.

Other

Trader Education
The education centre comprises of webinars, VOD, eBooks, articles, courses and tutorials.

Promotions
There are no promotions, bonuses or trading contests on GMO Trading, which is in compliance with a CySEC ban on what it terms “incentivized trading bonuses.

Support
The customer care unit operates on a 24/5 time schedule. They can be reached via email, phone, web chat and web form.

Recup
GMO Trading is an upcoming broker which is still on the path to breaking into the market and has to effect some improvements to be able to compete with other established CySEC-regulated brands.

Final Thoughts
There are no comprehensive technical analyses tools and market research is deficient.

Trading Experience
GMO Trading brokerage is suitable for beginner traders and maybe a handful of intermediate-level traders. The MT4 trading platform is the perfect platform for these categories of traders.

People Also Asked

Is GMOTrading regulated?
Yes, GMOTrading is regulated by top-tier regulators, CySec inclusive.
Where is GMOTrading based?
GMOTrading is based in , Cyprus
How does GMOTrading make money?
GMOTrading charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in GMOTrading account?
With GMOTrading you can deposit money via the following means; Credit Card, Moneybookers, Neteller, Skrill, Webmoney.
How do I withdrawal in GMOTrading account?
GMOTrading lets you request a withdrawal of funds from your account via the following means; Credit Card, Wire Transfer.
What is the minimum deposit for GMOTrading?
GMOTrading has $250 minimum deposit.
What are the available account base currencies with GMOTrading?
GMOTrading trading accounts are offered in USD, EUR, GBP. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in GMOTrading?
GMOTrading has a maximum leverage is 1:500 for professional traders.
How do I open an account with GMOTrading?
Opening an account with GMOTrading is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does GMOTrading use MetaTrader?
GMOTrading platforms: Yes, GMOTrading use MetaTrader as well as the following platforms: MT4, WebTrader
What type of broker is GMOTrading?
GMOTrading appears to be a STP broker which offers market access to a variety of traders.
Does GMOTrading accept US clients?
No
Does GMOTrading offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with GMOTrading: You can trade a wide variety of instruments with GMOTrading: N/A

Are you Satisfied with what They Offer?