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GMOTrading Crypto Review 2019: Is GMOTrading Good for Trading Cryptos?

Last updated & tested: 2019-09-06

We’ll begin our review of GMOTrading by stating that it’s an online forex broker offering a stock exchange for trading across a range of different assets, including stocks, commodities, CFDs, cryptocurrencies, market indices and more.

GMOTrading supports CFD trading on no fewer than 33 cryptocurrencies, including the most popular and well-known ones such as Bitcoin, Bitcoin Cash, Ripple, Ethereum, Ethereum Classic and Dash.

Highlights
  • Your guide to GMOTrading stock trading
  • Excellent crypto offer with 33 cryptocurrency pairs and exceptionally competitive spreads
  • Outstanding customer support
  • Over 300 trading instruments with CFDs on stocks, indices, commodities, forex and cryptocurrencies
2.
of 18 Crypto Broker
GMO Trading
GMO Trading experiences
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
Headquarters and regulation

Cyprus (CySEC)

Tradable crypto currencies

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, IOTA, Monero, Dash

Number of crypto currencies

33

Market Model

ECN/Market Maker

Trading platform

MT4, Broker-owned Software

Mobile Trading & Apps

Demo account

Yes, 14 days available

Fees / BTC spread

varied

Minimum deposit

$ 100

Services & additional benefits

Live
Hotline
E-mail
Economic Calendar
E-Book
Videos
Courses/Seminars

1. Trading Offer

1.) Crypto Trading Offer: Trade over 30 cryptos

We’ll begin our review of GMOTrading by stating that it’s an online forex broker offering a stock exchange for trading across a range of different assets, including stocks, commodities, CFDs, cryptocurrencies, market indices and more.

33
Crypto currencies
Number
50
Other currency pairs
Number

GMOTrading supports CFD trading on no fewer than 33 cryptocurrencies, including the most popular and well-known ones such as Bitcoin, Bitcoin Cash, Ripple, Ethereum, Ethereum Classic and Dash.

There’s a good range of the less well-known cryptos as well, including Qtum, Lisk, Cardano and Verge. Most of the crypto pairs available are tradeable against US dollars, British pounds sterling and euros. And, of course, there is standard forex trading on offer with all the main fiat currencies (48 currency pairs in all, including USD, GPB, EUR, AUD, NZD).

An edge that we believe this broker has over much of the competition is its excellent crypto trading offer: the 33 pairs traded in CFDs have outstandingly competitive and exceptionally tight spreads. As one might expect, the spreads become narrower the higher up the three-tier account options you can ascend (Silver is basic, Gold is intermediate, and Platinum is GMOTrading’s premium/VIP account).

To give an example from the broker’s forex trading options, with the EUR/USD currency pair, the spread is 2.2 pips with the Silver account. This narrows to 1.3 with the Gold account, and virtually halves to 0.7 with the Platinum account.

Trader Rating
GMO Tradingreview_summary_group_1_image
  • Online CFDs on a wide range of tradeable assets
  • Supports 33 cryptocurrencies
  • Highly competitive spreads
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Risk warning: Capital can be lost. Terms and conditions apply.
2. Costs

2.) Crypto Trading Costs: GMOTrading’s costs

One way of answering the question “Is GMOTrading good?” is to explore the trading costs. Our review of GMOTrading finds, agreeably, that the costs are very reasonable. For example, there are no deposit fees charged to clients, and the company charges no commission fees. There are, however, charges for inactive accounts (€80 for more than 61 consecutive days of inactivity, €120 for more than 91 days, €200 for over 181 days, and €500 for over 301 days). These fees are chargeable for each inactive account.

varied
BTC Spread
1:2
Max Lever
$ 100
Min. deposit
ECN/Market Maker
Market Model

Fees for additional services include a withdrawal fee equivalent to €50 charged by Royal Forex Ltd if there is insignificant or zero trading activity in the client’s trading account before the submission of a withdrawal request.

Leverage (the debt you wish to incur from the broker to buy assets) is available to clients at a rate of up to 1:400. In other words, you must have in your account a minimum of 0.0025% of the total amount you wish to invest. However, to protect less experienced investors from drifting into unserviceable debts, the leverage option is available only to professional customers.

In fact, it would be remiss of us not to mention in our GMOTrading brokerage review that the company is commendably transparent about the risks of trading.

Trader Rating
GMO Tradingreview_summary_group_2_image
  • No deposit charges
  • No commission fees
  • Charges on inactive accounts
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
3. Account

3.) Accounts: GMOTrading’s account types

GMOTrading brokerage account types come in three tiered categories. The more experienced in investing the client becomes, the higher up the tier system they may progress. The VIP account, designed for seasoned investors, is the Platinum account. Novice investors are best advised to begin with the most basic account, the Silver account. In between the basic and VIP accounts is the intermediate-level Gold account. That said, some experienced traders choose Silver and Gold accounts because they cater to specific investment needs.

The key differences between the accounts are the spreads mentioned earlier (the higher the tier of the account, the tighter the spread) and the services offered. Platinum accounts offer news alerts and free VPS, while Silver and Gold accounts do not. Gold and Platinum account holders will have a dedicated account manager supplied and will have access to educational webinars and videos, neither of which are available to Silver account holders.

Holders of each type of account, however, will have access to Hedging, Fifth Decimal, and Islamic trading, as well as access to full customer support on an 11 hours per day, five days per week (Monday to Friday) basis (opening hours are 6.00am to 7.00pm, GMT).

Finally, a Swap Discount is available to Gold and Platinum account holders, but not to Silver account holders.

Trader Rating
GMO Tradingreview_summary_group_3_image
  • Leverage is available in all three types of account, but only for professional investors
  • Silver, Gold and Platinum accounts available
  • Islamic trading, Hedging and Fifth Decimal available on all accounts
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Risk warning: Capital can be lost. Terms and conditions apply.
4. Platform

4.) Crypto Trading Platforms: MT4 and WebTrader

No review of GMOTrading would be complete without mention of the trading platforms on offer. Happily, GMOTrading stock trading uses two of the most popular, versatile, trusted and sophisticated trading platforms available: MetaTrader 4 (MT4) and WebTrader.

MT4
metatrader
MT5
metatrader
IOS
Android
Broker owned Software

MT4, the world’s most popular online trading platform, features impressive charting and analysis tools that allow traders to monitor and manage their transactions as well as analyse, process and hone their trading techniques. The platform boasts exceptionally strong encryption and has a highly user-friendly interface that allows traders to pursue their trades with minimal effort.

WebTrader is a hassle-free online platform that requires no downloads and installations and can execute orders in a single click, while providing live analysis and charts to let traders view all their trades, whether open or closed. It also provides visual trends depicting recent market trends.

Both platforms are available to prospective clients as a risk-free demo account to practice trading for 14 days.

Clients can also get full access to the GMOTrading stock trading service while they’re “on the hoof” via the company’s mobile app, available from the Apple App Store and Google Play. The app boasts a highly user-friendly interface and is packed with multifunctional features. These allow traders to access and run their accounts, track their investments, start new transactions, and keep abreast of both micro and macro global financial trends at any time, from any location.

Trader Rating
GMO Tradingreview_summary_group_4_image
  • MT4 and WebTrader trading platforms available
  • Mobile app
  • Demo account available for 14 days
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
5. Usability

5.) Usability of the Website: GMOTrading’s appealing website design

GMOTrading stock trading has undoubtedly invested in a talented web designer for its visual appeal. The website boasts attractive, richly coloured and sharply defined photos; a striking but subtly positioned logo; clear, well-sized fonts that are a pleasure to read; and an appealing layout for each page.

Navigation is easy, with drop-down menus at the top of the page that lead you to explanatory pages that load instantaneously. The colours on the pages are inviting as opposed to dazzling and jarring, and the menu navigation is sensibly and logically structured.

At the foot of the homepage, you will easily find clear information about the company’s terms and conditions, its legal documentation, its available trading platforms and accounts. At the click of a mouse from the homepage, five drop-down menu titles will lead you swiftly to details about the trading platforms, the range of assets that the broker trades across, a “News and Updates” page, information about the company (including how it is regulated, when it began operating, the safety of client funds, and company contact details), and the educational resources that it provides for clients in the form of webinars, video on demand (VOD), eBooks, articles and courses.

All of the brokerage’s top products are clearly and prominently advertised. All in all, it’s a pleasure to navigate and effortlessly informative.

Trader Rating
GMO Tradingreview_summary_group_5_image
  • Clean, visually appealing webpage design
  • Easy, swift navigation to relevant information pages
  • Pleasing HD colour images
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Risk warning: Capital can be lost. Terms and conditions apply.
6. Support

6.) Customer Support: GMOTrading’s highly rated customer service

No review of GMOTrading would be complete without mention of its customer support features.

E-Mail
Telephone
Live-Chat
On the spot

Customer service is available for 11 hours per day (6.00am to 7.00pm, GMT) from Monday to Friday. Customers have three contact options: email, online contact form (live online chat) or telephone.

The telephone option is usually the quickest way to resolve a problem or have a query answered, and there is no charge for the customer support phone number. Email, meanwhile, is probably the best option for issues that arise outside of customer support hours.

We consider customer support availability as an important plus when we conduct reviews, and our GMOTrading review has to give a positive verdict for this service. Support is given a prominent spot on the website, is easy to find, and delivers a courteous, professional and efficient service. We therefore rate it highly.

Although headquartered in Cyprus, GMOTrading is permitted to operate in each of the member states of the European Economic Area. The company is well-equipped to offer customers the best support across this multilingual repertoire of nations. Customer support staff are fluent in each of the languages, including English, Spanish, German, Italian, Polish, Dutch and Russian.

Trader Rating
GMO Tradingreview_summary_group_6_image
  • Live Chat
  • Telephone Support
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Risk warning: Capital can be lost. Terms and conditions apply.
7. Payment

7.) Methods of Payment: GMOTrading’s payment options

GMOTrading’s reputation as a reliable broker is enhanced by the generous array of payment methods available for making deposits and withdrawals. The platform accepts bank wire transfers and Visa and Mastercard credit and debit cards, as well as a wide range of other payment channels. These include:

  • PayPal
  • Neteller
  • Skrill
  • FasaPay
  • WebMoney
  • China Union
  • Qiwi
  • iDeal
  • Klarna
  • Sepa
  • Trustly
  • PostePay

The platform has a minimum deposit requirement of $100, a tiny fragment of the minimum deposits required by high-end financial advisors working for elite clients.

  • banktransfer
  • creditcard
  • paypal
  • neteller
  • skrill

As noted earlier, GMOTrading charges no fees for deposits and takes no commission fees. However, it does make charges on accounts that have been inactive for more than the threshold number of days. These are €80 for accounts that have been inactive for more than 61 consecutive days, €120 for over 91 days and €200 for over 181 days. These inactivity fees are charged on each inactive account.

All withdrawal requests that are submitted before 11.00am, GMT will be processed on the same business day. Requests submitted after that time will be processed the following business day. Bank transfers will usually take between five and seven working days before money arrives in bank accounts.

Trader Rating
GMO Tradingreview_summary_group_7_image
  • Accounts can be funded by credit/debit card and bank wire transfers
  • Wide array of electronic payment processors also available
  • No fees for making deposits
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
8. Offers

8.) Additional Offers: GMOTrading’s demo account

Prospective investors wondering “Is GMOTrading good?” may find a convincing answer to their question by taking advantage of the site’s excellent demo account.

E-Mail
Economic calendar
E-Book
Videos
Courses or Seminars
Demo Account

Our review of GMOTrading is in line with all our other broker reviews on the topic of demo accounts: don’t miss the opportunity to try out a demo account with zero financial commitment, and fully test the reliability and efficacy of the trading platform.

The demo account automatically grants you an “imaginary” €3,000 with which to practice. Don’t get too excited if you start to make money: your deposit is strictly for demonstration purposes and you won’t be able to keep any profits you make. However, you’ll gain invaluable insights into whether or not this trading platform is for you.

You’ll gain full visibility of the trading history and all the other multiple features investors use when they’re trading. We suggest using the free 14-day window to practice with the demo account to get a proper “feel” for it. You’ll be in a much better place to make a decision about whether or not to opt for GMOTrading stock trading afterwards. And you’ll already be familiar with key aspects of trading before you start investing your own real money.

GMOTrading also offers excellent educational packages online but does not offer any promotions or bonuses due to limitations imposed by its regulator, CySEC.

Trader Rating
GMO Tradingreview_summary_group_8_image
  • Demo account provides 14-day access to trading platform
  • Allows risk-free trading experience
  • Regulatory body bars promotions and bonuses
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Risk warning: Capital can be lost. Terms and conditions apply.
9. Regulation

9.) Regulation & Deposit Protection: CySEC regulated

GMOTrading was founded in Cyprus in 2017 and is headquartered in Nicosia. The European partner of legendary German football giant Borussia Dortmund (BVB), the brand is operated by the leading Cypriot investment firm Royal Forex Ltd and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the financial regulatory agency of Cyprus.

CySEC
Regulatory Authority
MIFID II
Yes
20.000
Dep. Protection

GMOTrading places all client deposits in premium, trusted banks, clearly segregating client bank accounts from its own business account. The brokerage maintains that it will never use client funds for its own internal operations, which are financed from its own profits.

All client transactions are secured by state-of-the-art technology, with the trading servers housed in SAS 70 data centres. Firewalls and Secured Sockets Layer (SSL) technology robustly protect all transactions to and from these centres.

To protect minors and prevent identity theft, financial fraud, terrorist financing and money laundering, GMOTrading requires all clients to submit identification documents to verify their identity under its “Know Your Customer” (KYC) policy. Required documents include a coloured copy of a valid passport, a coloured copy of a utility bill, a coloured copy of the credit card being used to fund the client account, and a copy of the confirmation of a deposit made through wire transfer.

Trader Rating
GMO Tradingreview_summary_group_9_image
  • Regulated by respected financial regulatory agency CySEC
  • Strong deposit protection and segregated client accounts held securely in premier banks
  • Strong anti-fraud policies and protection against identity theft
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Risk warning: Capital can be lost. Terms and conditions apply.
10. Awards

10.) Awards: GMOTrading’s industry honours

Despite the fact that GMOTrading has only been operating since 2017, it has managed to scoop two prestigious industry awards to date.

In 2018, it won Global Brands Magazine’s “Best Customer Service Broker, Europe” award, and in 2019, it won FX Daily Info’s “Best Trading Experience” award.

Our own review of GMOTrading concludes that these are well-deserved recognitions. While the brokerage is still a relatively new player in the industry, it has managed to position itself on a promising path. Regulation by CySEC, an established body that is trusted and respected throughout the world, and the digitally secure trading environment that the brokerage offers its clients both underline the brokerage’s trustworthiness and commitment to safety.

The asset list of over 300 trading instruments may not be outstanding, but it is certainly solid and versatile.

The website is exceptionally well-designed and easy to navigate, and customer service is excellent – features that may have contributed to Global Brands Magazine’s decision to honour GMOTrading with its coveted “Best Customer Service Broker, Europe” award.

Trader Rating
GMO Tradingreview_summary_group_10_image
  • Winner of Global Brands Magazine’s “Best Customer Service Broker, Europe” award, 2018
  • Winner of FX Daily Info’s Best Trading Experience” award 2019
  • Awards are well-deserved
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Risk warning: Capital can be lost. Terms and conditions apply.

Conclusion:

After compiling our GMOTrading brokerage review, we believe that this firm is a potential rising star in the online CFD and spread betting brokerage industry and has an especially interesting crypto offer for cryptocurrency traders. The asset list of over 300 trading instruments isn’t as extensive as other more established CFD brokers, but it makes up for this with the spreads available for assets. These are exceptionally competitive.

Even though the brokerage operates globally, the customer support feels far more friendly and helpful than one might expect from a global enterprise. Each email, live chat and telephone conversation is handled with an engaging personal touch, as though it was a small family business.

Strengths

  • Regulated by internationally respected agency CySEC
  • Provides access to more than 300 trading instruments on the popular and versatile platform MT4
  • Impressively competitive spreads in major tradeable assets
  • Excellent trader education courses for all levels of experience
  • Award-winning customer support operating on a 24/5 basis

Weaknesses

  • Signing up is time-consuming due to the client questionnaire
  • No bonuses or promotions
  • Demo account only available for 14 days
Test result
Total

Ratings
0
Broker
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Risk warning: Capital can be lost. Terms and conditions apply.
GMO Trading
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.

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