GMOTrading Broker – Is This The Right Broker to Partner With?
GMOTrading has been recognized as one of the best online trading services provider over the past few years, giving global traders access to a wide range of global financial assets. The platform prides itself on providing an unparalleled trading environment and effective services, enabling people from all parts of the world to access global trading arenas with great comfort and ease. The simple user-interface, excellent banking options, robust security measures, and the various trading tools available make GMOTrading a reputable trading platform. This broker is regulated and authorized by the relevant international regulatory agencies, which ensures that their services are top-notch and secure. In addition to all these features, GMOTrading has an excellent customer support team, and order execution is fast. As a result of this, it makes it much easier to trade currency pairs, cryptocurrencies, stocks, indices, and commodities.
GMO Trading Review
License and Regulation
GMOTrading is owned and operated by Royal Forex Ltd. It is a leading Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), with license number 269/15. As an authorized entity, Royal Forex, and in extension GMOTrading, complies with strict regulations designed to protect user funds and information and to boost transparency in the financial markets. GMOTrading employs strong Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes, and they also follow the Counter-Terrorism Financial Act on their platform. Thanks to these regulations, traders are required to verify their accounts by providing certain crucial documents to back up their information. Without verifying your account, you will not be able to carry out some operations, like fund withdrawals.
As CySEC is a member of the Committee of the European Securities and Markets Authority (ESMA), GMOTrading’s license allows it to provide its services to other countries within Europe. It also provides access to the financial markets in other countries around the globe. GMOTrading strictly complies with the MiFID II, a unified European financial markets regulation, that ensures the highest level of investor protection and transparency amongst service providers. GMOTrading works with some leading banks in Europe to provide swift and efficient banking services to its clients.
GMO Trading Scam – Is This Broker Legit
GMOTrading is not a scam. The platform is a legit forex and CFD brokerage that operates under the regulation and authorization of the CySEC. Its license number is 269/15, and it is permitted to offer its services to customers all over Europe and other parts of the world. As a regulated and authorized broker, GMOTrading strictly adheres to by the AML, KYC policies, and the Counter-Terrorism Financial Act, ensuring that traders are protected. In addition, the broker’s services are transparent at all times. The separation of customer funds with that of the company’s operational funds, and banking with some leading financial institutions in Europe, means that user funds are always safe. Furthermore, the tight security measures put in place by GMOTrading makes it impossible for hackers to attack the platform. Overall, GMOTrading is a legit forex and CFD brokerage platform.
GMOTrading offers three account types to its clients. The account types available here are; Silver, Gold, and Platinum accounts. The minimum deposit amount for all three account types is $250, however, they differ in some respects. The variables when trading forex pairs reduces as you go from the Silver to Platinum accounts. The Platinum account also has higher leverage for FX trading but lower leverages when it comes to commodities and indices trading. The Gold and Platinum accounts get dedicated account managers and have access to webinars and tutorial videos. Each of the three account types support Islamic accounts, to make it easier for Muslim traders to use the platform. Discount swaps and spreads are available only on the Gold and Platinum accounts. However, all three account types get full 10-hour customer support, fifth decimal trading, and hedging. Overall, the Gold and Platinum account types enjoy more services although, as stated above, all three account types have the same minimum deposit sum of $250.
GMOTrading Demo Trading
GMOTrading supports demo accounts. The demo accounts are useful since they enable customers to practice their trading strategies using virtual funds. That way, they can learn everything they need before staking real money in a live trading account. For new users, the demo account gives them the opportunity to learn how the GMOTrading system works and how to navigate the platform properly.
GMOTrading supports the MT4 (MetaTrader) and WebTrader platforms. The available WebTrader on GMOTrading is a sophisticated, user-friendly, and advanced trading platform that grants traders access to the financial markets from any device browser with an internet connection. The WebTrader platform features all the trading tools available on GMOTrading and doesn’t require you to download any software. It is compatible with both computers and mobile devices. The WebTrader offers visual trends, live analysis, and charts that help traders keep in touch with the latest market trends. Orders can also be executed with just a click.
The MetaTrader 4 platform remains the most popular amongst forex and CFD brokers. Its highly advanced features are available to GMOTrading traders. It supports early order entry, provides users with daily market analysis, has built-in indicators, supports EAs, it can be customized, and has very robust security. The MT4 platform can be downloaded for Windows and iOS devices users.
The GMOTrading app is also available for Android and iPhone users. It gives traders access to the financial markets while on the move. The mobile app has multifunctional features, and its user-friendly interface makes it very easy to use. The app fits all portable devices, making it perfect for everyone who wants to trade while on the go.
GMOTrading – Educational Resources
GMOTrading provides its customers with a wide range of trading resources. To start, the educational materials on GMOTrading are vast. They have dedicated an entire section of their platform to educational resources. The eBooks and articles discuss the basics and advanced topics of online trading. You will also see discussions on issues such as beginner strategies, trading psychology, market analysis, technical analysis, capital management, and so much more. The video section contains tutorials for beginners, advanced traders, those that explain how to use the MetaTrader4 platform, and those that discuss the important trading terms. There are over 20 videos available to traders, all discussing basic trading terms. GMOTrading also organizes webinars and tutorial classes for traders. Depending on your account type, you can have access to the webinars and tutorials when you register with the platform. You can also take part in a variety of courses on GMOTrading, including; beginners course, trading strategies, CFDs and Stocks, and trading tools.
GMOTrading also has a wide array of trading tools available. The Economic Calendar highlights the important upcoming events in the markets and how they will affect the prices of assets. It is an essential tool for fundamental analysis. The platform also covers daily market reviews, showing traders the performances of the assets. The report also shows when companies will be reporting their earnings. With all this information at hand, you can keep tabs of the companies and make trading decisions based on the information. The real-time price quotes and technical analysis available on GMOTrading further help traders to make better trading decisions.
The banking system on GMOTrading is designed in a simple fashion to make it easier for customers to deposit and withdraw funds at all times. They accept five primary payment sources; MasterCard, Visa, Maestro, VPay, and bank transfer. MasterCard and Visa are the most popular payment type due to their availability in most parts of the world. For regions where the use of credit and debit cards are restricted, traders can use the bank transfer method. However, deposits and withdrawals using the bank transfer method may take roughly 2-5 working days to be completed, unlike the credit card options where transactions are approved instantly.
The minimum deposit requirement for all account types here is $250. There are no deposit fees charged to clients. However, the withdrawal fees go up to 50 EUR, depending on the transaction activity of the customer. You can also keep in mind that your financial institution could charge you for both deposits and withdrawals. Thus, it is best to get in touch with your financial institution to find out their costs for banking services.
Similarly, GMOTrading doesn’t charge commissions on trades but has an inactivity fee attached to dormant accounts after a certain period. The maximum deposit amounts for traders on GMOTrading is not specified on the site
The customer support team at GMOTrading is active and available 24/5. They are multi-lingual, making it easy for them to attend to customers from different parts of the world. You can easily contact GMOTrading via the live chat feature on the site, via email, or you can request for a call-back. GMOTrading’s customer service is known to be very responsive and they attend to issues as fast as possible. The FAQs and VOD sections are also available to get quick answers to regular questions.
Final Word – Is GMOTrading the Right Broker For You?
GMOTrading has been a leading online forex and CFD brokerage platform over the past two years. It is a legit broker that is regulated and authorized by CySEC, allowing it to provide services to traders all over Europe and other parts of the world. You can trade cryptocurrencies, currency pairs, stocks, indices, and commodities with GMOTrading. They support the MT4 and WebTrader platforms, while the broker can also be accessed via their mobile app. The security system here is robust, making it secure for users to deposit and withdraw funds whenever they wish to. The customer support at GMOTrading is also active and available 24/5.
If you wish to enjoy trading top CFDs in over 10,000 global markets, then GMOTrading is the right platform for you. Sign up with GMOTrading today and enjoy unparalleled CFD trading.