GMOTrading is one of the newer brokers on the market. Taking the step into forex broking in 2017, it certainly does not have the experience that other forex brokers can offer. Based in Cyprus, it comes under the jurisdiction of the EU and as such is regulated a little more tightly than other brokers out there.
GMOTrading is currently attempting to break into the forex broking world. In this review of GMOTrading, we will look at whether it offers anything different to customers that will allow them to make a big splash in the industry.
- Based in Cyprus
- Comes under EU jurisdiction
- Has been trading for just two years
- Looking to break into the market
Depends on account type
up to 1:30
MT4, Broker-owned Software
Yes, 2 weeks
1.) Forex Trading Offer
The assets that GMOTrading has available to its customers are one of the biggest around. In fact, if it was based solely on the number of assets on offer, then the answer to the question is GMOTrading good would be a resounding yes. There are over 180 on offer to traders, which ensures that if you have a GMOTrading brokerage account, then you will have no problem when it comes to being able to trade with whatever you like.
GMOTrading covers more than just standard assets as well. The broker also covers a range of more exotic assets, such as AUD/CAD and CHF/JPY. This shows that on the whole, GMOTrading ensures that traders are able to engage with as many different aspects of the market as possible. On the whole, this gives much more opportunity to traders than a great deal of other brokers on the market.
GMOTrading also makes it easy for traders to diversify their portfolios. This is through the range of CFD instruments that GMOTrading offers to its customers. There are over 250 instruments offered in terms of CFD trading at GMOTrading, which ensures that customers can easily make up a highly diversified portfolio.
- Over 180 assets available
- Exotic assets are available too
- 250 CFD instruments are on offer
2.) Forex Trading Costs
In this GMOTrading brokerage review, we discovered that GMOTrading does not charge a commission or a fee on trades. This means that when you open a GMOTrading brokerage account, you do not have to worry about extra costs being placed on top when you make more trades. GMOTrading makes its money by a small spread that is placed on top of each trade. These change depending on what level of account you have at GMOTrading. If you have the top tier of account, then the spreads are at their lowest. The bottom tier has spread values up to three times higher than the top tier, so it is best to have a top-tier account if possible. The spreads for regular assets, such as EUR/USD, are significantly lower than the spreads for a more exotic asset such as NZD/USD.
The leverage that is available to traders also changes depending on whether you have the bottom, middle or top-tier account. For the bottom tier, the available leverage for forex is 1:200. This increases to 1:400 for the middle and top tiers. There is also a swap discount that becomes available for the higher-tier accounts. The middle-tier account has a swap discount of 25% and the top-tier account has a swap discount of 50%. There are also no costs associated with deposits or withdrawals at GMOTrading, though there is a charge for withdrawals if there has been very little activity on your account.
- No fees or commission on trades
- Spreads are lower for higher-tier accounts
- Swap discount is available for middle and top-tier accounts
There are three different accounts available at GMOTrading: silver, gold and platinum. There is no fee in place to access the higher-tier account – it is purely based on your level of trading. If you do a minimal amount of trading, then you will automatically be able to access the silver account. The more your volume of trade increases, the higher the tier of account you will be able to access. The main advantage to having a higher-tier account is that the spreads are much lower. For example, on EUR/USD, the spread for the silver account is 2.2 pips; at gold, it is 1.3 pips; and at platinum, it is 0.7 pips. This means that the silver spread is more than three times the platinum spread.
There is also an increase in leverage as the tier increases. The silver tier has a leverage of 1:200 and the gold and platinum both have an available leverage of 1:400. Added to the swap discount of 25% for the gold tier and 50% for the platinum tier, it is obvious that traders are able to trade much cheaper and more effectively when they have access to the higher tiers of accounts.
One issue with GMOTrading is that there is a significant inactivity fee in place on your account. If your account has been inactive for 60 days, then you will have to pay a monthly inactivity fee. This starts at €80 and goes all the way to €500.
- Spreads are lower at higher-tier accounts
- Leverage and swap discount increases for higher-tier accounts
- There is a significant inactivity fee on all accounts
4.) Forex Trading Platforms & Mobile Trading
There is a wide range of platforms to choose from for traders when they are undertaking GMOTrading forex trading. This means that traders can choose the platform they are most comfortable with if they have traded before. If they are first-time traders, then the choice in platforms means that they are more likely to find one that they like. When trying to find the best forex broker for you, it is important to have the best platform available.
GMOTrading offers customers access to both the WebTrader platform and the MetaTrader 4 (MT4) platform. The WebTrader platform can easily be accessed from any web browser. It is available on both desktop and mobile. It is a simplified platform that is perfect for new traders. There is a two-week demo account that allows traders to get used to how the platform works.
When carrying out a forex broker comparison, it is notable that the majority of the top brokers on the market use MT4. It is an industry leader in terms of the tools that it offers as well as the customisation options on offer. All traders are easily able to create the trading screen that they want when using MT4. It also includes a mobile app version of the platform, which means that traders can have an advanced trading platform available to them while on the go. Overall, there is everything that any trader would need when they carry out GMOTrading forex trading.
- WebTrader is available to traders
- WebTrader offers a two-week demo account
- MT4 is available for both desktop and mobile
5.) Usability of the Website
The GMOTrading website is possibly the weakest aspect of the site. At first glance, the site looks quite positive. However, once it loads up fully, it becomes apparent that it is not of the standard that it should be. The first issue is related to the menu at the top of the page. Some of the buttons overlap each other, which means that it is impossible to access some of the site areas. When undertaking this review of GMOTrading, it was quite difficult to find out exactly what the website had to offer. In relation to other brokers, it is apparent that GMOTrading is far behind in the website section of a broker comparison. While some areas of the site are accessible at the bottom of the page, not all of them are, which almost makes the site incomplete.
The colour scheme for the site does improve things slightly. It is easy on the eye and does not provide anything that looks garish or out of place. Another bonus is that all of the legal information pertaining to GMOTrading is located on the homepage. It is also located in one of the menu buttons, which works perfectly.
- The website is not very easy to navigate
- The colour scheme is easy to look at
- All legal information is easy to find
6.) Customer Support
The customer support that is available for any traders who carry out GMOTrading forex trading is on the whole quite extensive. Traders are able to get in touch with GMOTrading by using live chat, telephone and email. This is among the largest number of options available to players at any broker. While carrying out this review of GMOTrading, it was found that the live chat operators were both helpful and knowledgeable about their topic area. This helps to keep small issues to a minimum and stops them from clogging up the support system. This in turn means that if there is a major issue, it is a lot easier to get that issue solved.
The customer support available at GMOTrading is open 24 hours a day, which means that you can gain access to a support agent at any time. However, it is only available five days a week. This means that during weekends, if you have an issue, your only option is to send an email to GMOTrading and wait for a member of staff to get back to you on Monday. This does take away a few points from an otherwise excellent customer service.
- Live chat, telephone and email all available
- Agents are all polite and helpful
- Only available 24/5 as opposed to 24/7
7.) Methods of Payment
Traders can use a wide range of different financial methods at GMOTrading. During this GMOTrading brokerage review, we found that it has a number of methods comparable to any other broker on the market. The first block of available methods are traditional methods. These include credit/debit cards and bank transfers. There are no fees charged when using these methods for either deposits or withdrawals, though GMOTrading may levy a fee on accounts with extremely low levels of activity and the bank themselves may charge a small fee. These methods can take between one and seven business days to process your transactions.
More modern methods that are covered are e-wallets. This allows traders the same benefits as traditional methods, and there are no fees involved. While the low-level-of-activity fee may still be charged, there will be no additional bank charges applied when using an e-wallet. Using an e-wallet is also much faster as transactions can be carried out within an hour!
- Credit/debit cards and bank transfers are supported
- E-wallets are supported
- No fees are charged for deposits and withdrawals
8.) Additional Offers
GMOTrading has a wide range of additional extras available to its customers. One of the first things that we noticed when creating this review of GMOTrading was that there is a huge amount of educational resources available to traders. There is a video on demand section, e-books, webinars, articles, tutorials and courses. This makes GMOTrading one of the best places around to learn about trading, especially if you are new to it. In addition, there is also an economic calendar on offer to ensure that traders do not miss any important dates.
GMOTrading also offers a two-week demo account that allows new traders to get to grips with both the platform and how trading works. This enables a risk-free, hands-on practice to be undertaken, which has a huge appeal to beginner traders.
- A huge range of educational resources are available
- Economic calendar makes sure that no important dates are missed
- Two-week demo account is on offer
9.) Regulation & Deposit Protection
GMOTrading is a Cyprus-based company – this means that it comes under the jurisdiction of the EU. In terms of financial regulation, this automatically means that GMOTrading has to comply with some of the strictest financial regulations. The broker is directly regulated by CySEC as a consequence of this. GMOTrading is therefore a broker that is extremely trustworthy, despite being a relatively young company.
In terms of deposit protection, GMOTrading does not offer insurance to its customers. However, the customer accounts are segregated, and the broker utilises Secure Sockets Layer (SSL) technology to increase security. This means that there is a high level of security in place for all accounts at GMOTrading.
- GMOTrading comes under EU jurisdiction
- Regulated by CySEC
- Segregated accounts are in place
Despite only having been trading for two years, GMOTrading has still managed to pick up a number of industry awards. This shows that it has managed to build up a positive reputation in a short amount of time and that both customers and their peers respect what it has achieved.
The first award that GMOTrading managed to pick up was for the best customer service broker, which was awarded by Global Brands Magazine in 2018. The company also managed to pick up the award for best trading experience from fxdailyinfo. This shows that people within the industry are starting to recognise what GMOTrading can offer to its customers.
- GMOTrading has picked up awards in a short period of trading
- Best customer service broker from Global Brands Magazine
- Best trading experience from fxdailyinfo
There are a lot of very positive features offered by GMOTrading. The broker offers customers a huge amount of assets to trade – one of the largest selections on the market. This instantly grabs the attention of traders, especially as it offers some more exotic assets. There are no fees or commissions on trades at GMOTrading, and if you have a platinum account, then the spreads are quite low. This gives traders an incentive to increase their trading volume and move up the account tiers.
On a negative note, the GMOTrading website is a low point. It is designed quite poorly, and this makes it quite difficult to make your way around the site with ease. The customer service is on the whole excellent, but it would be better if it was available seven days a week.
Overall, GMOTrading is a broker that has a lot of positives. The negative aspects are quite small and could easily be solved. The only negative that really stands out is the website. If you are intending to get involved with trading in the near future, then GMOTrading is an excellent choice.
- There are a large number of tradable assets available at GMOTrading
- There are no fees or commissions for trades at GMOTrading
- The customer support options are wide and varied
- There is a huge range of educational resources available at GMOTrading
- GMOTrading is regulated by CySEC, one of the biggest regulators
- The website is poorly designed and difficult to navigate
- The customer support is only available five days a week
- There is no deposit insurance in place