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||XTB 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 Xtb.
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 Xtb offers Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency, Futures, ETFs.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. GMOTrading is STP, while Xtb is STP.
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 Xtb has a Minimum Deposit Requirement of 0.
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 Xtb regulated by BaFin, CNMV, CySEC, FCA, IFSC. 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 Xtb offers EUR, USD, GBP, HUF 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 Xtb offers English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, Russian 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 Xtb offers Credit/Debit Cards, Bank Transfer, PayPal, Skrill, Payoneer, Neteller 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 Xtb offers MT4, xStation 5.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, Xtb 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. Xtb broker is regulated in more major hubs. Xtb offers a wider range of Account currencies. Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged. 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. Xtb has a wider range of languages in which customer service is offered making the broker more accessible. Only Xtb 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.
XTB offers a fast deposit and withdrawal, and multiple options to deposit, including credit/debit cards. The account opening is also fast and user-friendly, will be ready within a day. XTB has good research tools, including news flow, market sentiment, and an economic calendar.
XTB has limited product portfolio, provides mostly CFD and FX, and some stocks and ETFs. Account opening is is quick, but the sales team can be very pushy. 24/7 customer support is also missing.
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.