GMO Trading is a Cypriot online broker that has been in operation since 2017. The brand offers forex/CFDs for trading on the MT4 trading platform.
|#||Broker's Features||GMOTRADING Availability||PLUS500 Availability|
|#||Accepts US traders||❌||❌|
|#||24 hour trading||✔||❌|
|#||Trading by phone||✔||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||✔|
|#||Interest charges on the balance||❌||❌|
|#||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 compare GMOTrading vs Plus500.
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, while Plus500 offers Shares, Indices, Forex, Cryptocurrencycurrency and Commodities.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. GMOTrading is STP, while Plus500 is Market Maker.
Minimum Deposit Requirement: To compare these two FX brokers, 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 N/A, while Plus500 has a Minimum Deposit Requirement of .
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, while Plus500 regulated by FCA, CySEC, MAS, IE, ASIC, AFSL, FMA, FSP. 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.
Account currencies: Next lets consider the Account currencies each broker offers. GMOTrading offers USD, EUR, GBP different account currencies for each account types, while Plus500 offers USD account currencies.
Languages Available: Next lets have a look at each broker's different Language options. GMOTrading offers English, Italian, Russian, Polish, German, Spanish, while Plus500 offers English, French, Italian, Spanish, Portuguese, German, Dutch, Polish, Arabic, Hebrew, Danish, Norwegian, Czech, Slovak, Bulgarian, Chinese Customer Support Languages.
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, while Plus500 offers Credit/Debit Cards, Bank Transfer, PayPal, Skrill payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, GMOTrading makes MT4, WebTrader available to clients, while Plus500 offers Proprietary, WebTrader.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Plus500 is more reliable based on our criteria above. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. Plus500 broker is regulated in more major hubs. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. Plus500 has a wider range of languages in which customer service is offered making the broker more accessible. As a market maker, Plus500 may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades. Only Plus500 provides training and education resources which is extremely critical to beginner traders who may not be familiar with most of what goes on in the Forex markets.
Plus500 has a simple, easy to use trading platform, the mobile one is especially well designed. The account opening process is fully digital and seamless. Spreads are competitive, and Plus500 has some innovative solutions, such as cryptocurrency CFDs.
Plus500 has limited product portfolio, provides only CFDs. It has high financing rates. Some standard research tools, like recommendations, fundamental data, or news feeds are missing from the Plus 500 platform.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.