GMOTrading is a relatively new forex broker is owned and managed by a Royal Forex Ltd. Their head office is located at 224, Arch. Makarios III Avenue, Achileos Building, Office 41, CY-3030 Limassol, Cyprus. The broker just started operating on the beginning of 2018. They are offering trading services for spot forex and a wide range of CFDs including asset classes such as commodities, market indices, and international stocks.
Apart from online trading services, GMOTrading also provides ancillary services related to online trading such as safekeeping of financial instruments, foreign exchanges services.
GMOTrading just signed a partnership with German football club Borussia Dortmund.
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As a financial services provider that is based in Cyprus, GMOTrading comes under the jurisdiction of the Cyprus Securities and Exchange Commission (CySEC). It is authorized by CySEC under the CIF license number 269/15. This meant GMOTrading is MiFID compliant and is authorized to offer its services to traders in member states within the European Economic Area (EEA).
Since GMOTrading is regulated by CySEC, it is required to operate within strict regulatory guidelines and in a fair and ethical manner. Another positive aspect of being regulated by CySEC is the requirement imposed by CySEC that all its licensed brokers be a member of the Investor Compensation Fund. Under this scheme, clients of authorized brokers such as GMOTrading can file a claim for compensation is 20,000 euros.
For trading platforms, GMOTrading uses the MetaTrader 4 platform supplied by online trading solution provider MetaQuotes Software. The platform is available as a desktop client and as a WebTrader.
Also known as the MT4, the MetaTrader 4 platform is adopted by the majority of the forex brokers in the industry. This is because the platform has already established a reputation for being reliable and efficient. Since it was first released to the world in 2005, it has gone through numerous updates making it even more reliable. The popularity of the MT4 platform among online traders has also been growing over the years. With its user-friendly interface, the MT4 is suitable for beginner traders to use. The advanced integrated tools that came with the MT4 also enable experienced traders to take their market analysis one step further. With the comprehensive charting package, a large library of technical indicators, you will be able to make a more accurate assessment of the market conditions. In addition, the MT4 platform also supports one-click trading and automated trading.
GMOTrading Mobile Trading
For traders who are on the move all the time, they can also get full access to the financial markets by downloading the mobile version of the MT4 platform. The mobile trader is available as an app on Google Play Store and Apple App Store. With the app downloaded and installed on your smartphone, you can check your trading account, monitor your market positions and make trades as well directly from your smartphone.
GMOTrading Trade Types/Instruments
For trade types, GMOTrading offers access to the spot forex market and CFDs market. At present, GMOTrading coverage of the markets includes 48 currency pairs, 17 market indices, 17 types of commodities and 81 different types of international stocks.
GMOTrading Account Types
GMOTrading accounts types are starting with very high spread offers and with Platinum Account is very competitive. Their Swap comissions are much higher than the market standards. Nevertheless, from our research, they require a minimum deposit of $250 to open an account with them.
GMOTrading Deposits & Withdrawals Options
Supported payment options at GMOTrading include the following:
- Bank Wire Transfer
- China Union Pay
- Credit Card
The methods described above are available for both deposits and withdrawals.
GMOTrading Bonus & Promotions
Due to the regulatory requirements imposed by CySEC, GMOTrading does not offer any kind of bonuses or promotional offers.
GMOTrading Customer Support
For customer support service at GMOTrading, you can reach out to the support team through email, live chat or the telephone.
Pros and Cons
- CySEC Regulated Broker
- Reliable Trading Platform
- Spot Forex and CFDs trading available
- A wide range of instruments
- No FAQs
- High Swaps
- High Spreads for Beginner Accounts
Is GMOTrading regulated?
Yes, GMOTrading is regulated by CySEC under the holding company Royal Forex Ltd.
Where is GMOTrading based?
GMOTrading is based in Cyprus with its head office located at #224, Arch. Makarios III Avenue, Achileos Building, Office 41, CY-3030 Limassol, Cyprus.
How does GMOTrading make money?
GMOTrading makes its money by charging a small spread on the trades that its clients made on the broker’s trading platform.
How do I deposit in GMOTrading account?
You can fund your trading account through bank deposits, credit cards or by using an eWallet.
How do I withdraw money from GMOTrading?
Withdrawal of funds can be done through your credit cards, transfer to your bank account or to your eWallet.
How do I open an account with GMOTrading?
To open an account with GMOTrading, you need to first fill up a registration form and submit it once completed.
Is GMOTrading reliable?
Yes, GMOTrading is a reliable broker as it operates within strict regulatory guidelines.
Does GMOTrading use MetaTrader?
Yes, GMOTrading uses the MetaTrader 4 trading platform.
What is GMOTrading leverage?
The maximum leverage offered by GMOTrading is 1:500.
Is GMOTrading a scam?
No, GMOTrading is not a scam. It is a legitimate broker that is authorized and licensed by CySEC.
How safe is GMOTrading?
GMOTrading is a safe broker as it follows the industry best practices with regards to security and funds handling.
Overall, GMOTrading has been able to provide a decent level of service to its clients. However, the broker still has many areas which it can improve upon. For example, the website currently lacks an FAQ section or an explanation of the type of trading accounts which they have. Perhaps given time, the broker will be able to rectify these shortcomings to provide a fulfilling trading experience for its traders.