|Broker Name:||GMO Trading|
|Operating since year:||2017|
|Address:||City home #81, 3rd floor, 128-130 Limassol Avenue, 2015 Strovolos, Nicosia, Cyprus.|
|Languages:||English, Italian, Russian, Polish, German, Spanish, Portuguese, Lithuanian, Dutch.|
|Trading platforms:||WebTrader, MT4, MobileTrader|
|Minimum deposit ($)||: 250|
1. GENERAL INFORMATION
2. GMO TRADING REGULATIONS
3. GMO TRADING ACCOUNTS
4. DEPOSIT AND WITHDRAWALS OPTIONS
5. PAYMENT METHODS
6. DESKTOP AND WEB TRADING PLATFORMS
7. MOBILE TRADING PLATFORMS
8. MOBILE APP
9. TRADING FEATURES
10. COMMISSIONS AND SPREADS
11. BONUS AND PROMOTIONS
12. CUSTOMER SUPPORT
14. TRADER EDUCATION
15. TRADING EXPERIENCE
GMO TRADING REVIEW
GMO Trading is an online CFD and forex broker. It is located in Nicosia, Cyprus.
The brand has been operating since 2017. Thus, the broker offers up to 300 trading instruments, stock shares, commodities, crypto assets, and indices.
GMO Trading offers MetaTrader mobile and desktop platforms. GMO trading states that it uses third party execution venues to execute clients’ orders. The company’s execution venue is OBR Investments.
GMO TRADING: BROKER REGULATIONS
CySEC has licensed the broker, and it adheres to strict regulatory designated to ensure the clients’ protection. GMO Trading is the trading name of Royal Forex Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license no. 269/15. The broker ensures investor protection in the form of clients’ fund segregation. This type of encryption technology ensures that transmitted data will not get lost or stolen from its website and payment channels. The use of firewalls and SSL (secured socket layers) are used to protect all transactions to and from the data servers.
Also, the broker is a member of the Investors Compensation Fund for clients of Cyprus Investment Firms. In the case that GMO Trading goes bankrupt, ICF will pay the retail clients of GMO Trading a compensation.
GMO TRADING ACCOUNTS
GMO Trading offers three account types. However, there is one thing one should remember. Accounts are available only in USD, EUR, and British Pounds.
Here is the list of features that GMO Trading account offers:
The Silver Account provides its clients with the highest spreads on the EUR/USD coming in at 2.2 pips. Also, the maximum leverage is 1:200, which is only offered on forex pairs. However, there are no swap discounts. Also, Silver account holders will have a new alert option.
The Gold Account offers premium services and lowest spreads of the EUR/USD’s spread coming in at 1.3pips. This type of account also offers A swap discount of 25%. The maximum leverage for professional traders on forex pairs is 1:400.
The Platinum Account offers EUR/USD spread on 0.7 pips. Also, it provides news alerts, webinars, a swap discount of 50%, and a dedicated account manager.
Moreover, the accounts provide a variety of spreads and other exciting services. Demo accounts are available, and Islamic accounts can be opened on request. These types of accounts are designed for Muslim traders who want to trade swap-free. It is possible for all three account types.
The demo account is easy to create from the clients’ area. The only thing that needs to be done is to fill the registration form and prove some legal documents. Thus, this practice account is great for practicing, learning the trading process, and working on a unique strategy. The demo account expires after two weeks.
GMO does not offer its services to clients from Syria, North Korea, Cuba, Sudan, Iran, Australia, Canada, and the USA.
WITHDRAWALS AND DEPOSITS
GMO Trading follows international anti-money laundering rules. Thus, third-party deposits are not allowed.
GMO Trading accepts the following payment methods: Mastercard, Visa Card, Carta Si, Neteller, Postepay, Dankort, iDeal, Skrill, Klarna, Rapid Transfer, Nordea Solo, Giropay, Przelewy 24, SEPA, EPS, MuchBetter and Trustly.
Usually, withdrawals occur using the same transfer method initially used for the deposit.
Furthermore, GMO Trading complies with international anti-money laundering rules. So, it does not allow third-party deposits. Withdrawals must be made using the same transfer method initially used for the deposit. Withdrawal requests are processed on the same day. Also, withdrawals that are less than €100 will incur additional charges.
Here are the GMO Trading’s payment methods.
Skrill – an online wallet which allows transaction in the range of 500 – 30 000 EUR.
iDeal – the range of transactions is 500 – 50 000 EUR.
Credit and Debit card - Card payments are processed instantly. GMO Trading accepts Mastercard, Maestro, and Visa. The transaction range is mostly 500 – 15 000 EUR.
POSTEPAY - the range of transactions is 1000 – 10 000 EUR.
Netteller - the range of transactions is 500 – 50 000 EUR.
Additionally, GMO Trading has implemented industry-standard security procedures. The broker ensures that all deposits are processed and credited to the trader’s account. Moreover, no losses of funds are reported by any client of this broker.
DESKTOP AND WEB TRADING PLATFORMS
The MetaTrader4 is the only desktop platform that GMO Trading offers. The broker offers the MT4 WebTrader version, which runs on web browser. Thus, no installation or download is required. The program is compatible with all operating systems if web browser applications are installed on the computer. The system is perfect for monitoring trades or market checking in a public computer or an external device.
GMO Trading’s MT4 is user-friendly and simple. Here are some of its features:
MOBILE TRADING PLATFORMS
GMO Trading offers a proprietary mobile app trading. These can be downloaded and installed from the Apple iOS Store and the Google Play store. Thus, the apps can be downloaded from the respective app stores.
GMO’s proprietary mobile trading app presents to its clients a variety of tools and options. It is available for Android and iOS mobile devices. Additionally, the app is integrated with the clients’ area of the website. It is user-friendly; the interface is simple to use and easy to operate.
Here are some of the features GMO trading app offers:
• All trading accounts connect directly to the app.
• An easy switch between the demo and real accounts.
• App offers fund trading and a view of the transaction history.
• Users can trade on the go. They can place orders, monitor, and close apps from the app.
• Live charts on nine different timelines ranging from one minute to one month.
• Live quotes of all tradable assets.
• The GMO mobile app features analytical tools: 3 Gann, four channels, six lines, 6 Fibonacci, 2 Elliot waves, and three shapes.
GMO trading brokerage offers clients the traders’ trends and the economic calendar. However, these features are more beneficial for beginner traders than advanced traders.
This trading tool shows the percentage of traders who are buying or selling an asset.
GMO trading offers Speedy server that eliminates any network fluctuations. However, only Platinum account holders can use it.
These are essential tools for fundamental analysis and is very important in trading. This schedule shows the exact dates and times of economic and financial news in different countries worldwide. GMO trading clients can choose to trade from the economic calendar.
COMMISSIONS AND SPREADS
GMO trading offers up to 300 trading instruments. The spreads are generally low on the high-end account types. However, they are quite high on the primary account types.
BONUS AND PROMOTIONS
GMO Trading has no promotions, gifts, or contests, that could encourage traders to trade. European regulatory systems prohibit these types of actions.
GMO Trading ‘s customer service operates on a 24/5-time schedule. The client support desk works from 6 am on Monday from 7 pm on Friday. It is easy to reach them through email, phone, webchat, and web form.
GMO Trading offers only one facility for research, even though the daily reviews come up on the website every weekday.
GMO Trading’s educational material offers a lot of new learning materials for its clients. The education center comprises of webinars, articles, tutorials, eBooks, and online courses.
GMO Trading’s webinars have their schedule and update traders on strategies, opportunities, and insights on the forex/CFD market.
VIDEO ON DEMAND (VOD)
GMO Trading provides its clients with 22 training videos, which have their categories.
• Beginner level: 6 videos in total that teach the art of trading, chance and risk, emotions in trading, currency pairs, and general trading.
• Advance level: 6 videos that provide traders with the knowledge of market analysis, trend, pips, engulfing pattern, breakaway, and more.
• MetaTrader: 4 videos that explain how to trade with the MT4 software.
• Additional information on Terms. These videos explain short and long, pips, and take profit orders.
GMO Trading offers traders a 50-page book introducing forex trading to beginners and a 94-page online interactive book teaching forex principle and advanced techniques. As a result, there are over 60 articles discussing terminologies, different assets, markets, investment ideas, and trading strategies.
GMO Trading has four groups of video lessons. Here is a brief list of classified lessons:
1. The beginners’ course consists of four main videos. The videos introduce the forex market, types of orders, basic terms used, and so much more.
2. The trading tools section has six videos on capital management, analysis, and trading psychology.
3. Up to 10 videos that teach trading strategies in CFD and forex trading. Most of the procedures are based on technical analysis.
These are MT4 platform tutorials, that consist of 5 videos on the MetaTrader4 desktop application. In addition, six videos are teaching how to use the MT4 mobile app.
The GMO Trading brokerage is suitable for beginner traders and maybe a handful of intermediate-level traders. However, no one forbids advanced traders from using the broker’s trading system. Furthermore, the GMO Trading made sure and created a platform that everyone could enjoy. Thus, the MT4 trading platform is the perfect platform for all traders.
The GMO Trading brokerage is entirely new in the industry. However, the broker is going strong and has chosen a promising development path.
Here we can summarize the advantages of trading with GMO Trading:
• CySEC regulates the broker.
• Award-winning customer support desk with 24/5 operations.
• Access to trade over 300 trading instruments.
• More than 30 crypto assets.
• The broker offers the popular MetaTrader4 platform.
• Competitive spreads in significant tradable assets.
• Comprehensive trader education courses.
Here is a list of disadvantages that the GMO trader has:
• Complicated Demo
• Demo accounts expire after 14 days.
• EUR, USD, and GPB are the only acceptable account currencies
• Deposits only take place via Credit Card
In summary, GMO Trading is an upcoming broker who 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.
Before trading, please consider the entire review; make sure to find additional information on the broker. Have fun, and good luck with trading!