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GMOTrading is a new online forex broker on the scene which is owned and managed by Royal Forex Ltd. The holding firm is a member of the Cyprus Investment Firm and is headquartered in Limassol Cyprus. The main offerings of GMOTrading include spot forex, and CFDs which includes instruments such as market indices, international stocks and commodities. Apart from the above mentioned services it also provides supplementary services related to online trading such as foreign exchanges, granting of loans for margin trading and safekeeping of financial instruments.
As GMOTrading is based in Cyprus it by default comes under the jurisdiction of CySEC (Cyprus Securities and Exchange Commission under the CIF license no. #269/15. Being a part of CySEC makes GMOTrading a MiFID complaint broker and it is authorised to lend its services to the states in the EEA, European Economic Area.
The broker has to oblige by the strict regulatory standards set by CySEC. One of the clauses requires GMOTrading to maintain segregated accounts for company and clients funds which gives traders a sense of relief. In addition to the above, the broker is also a member of Investor Compensation Fund, which allows the traders at GMOTrading make a claim for compensation in the face of GMOTrading facing insolvency. The maximum cap on the scheme is 20,000 euros.
GMO Trading Platforms
As for trading platforms, GMOTrading relies on the best that industry has to offer. It uses MetaTrader 4 MT4 for trading which is available as a downloadable desktop version of a web-based version.
MT4’s popularity can be attributed to the fact that is a robust platform which comes with a wide range of trading tools. The platform provides scope of customization. MT4’s key features are:
- Robust activity reports
- Advanced and Intuitive charting packages
- Real time news feed
- Real time price movement feed
- Experts Advisors (EAs)
- Multiple order types
- Built in technical indicators
Many traders prefer to access the market through their smartphones and tablets as it is the norm today. To cater to this category of traders, GmoTrading also offers mobile version of the MT4 platform which is available on Android and IOS. The traders can download and install these apps on their cell phones or tablets.
GMOTrading allows the traders to deal in spot forex and CFDs. It covers upto 48 currency pairs, 17 market indices and commodities, and 81 different f international stocks in its portfolio as of today.
How to start forex trading with GMOTrading is a question that is frequently asked, the answer is simple, you just have to fill out a registration form, create a trading account with GMOTrading; make an initial deposit of $100, once approved, you can start trading. The different account types available at GMOTrading are not specified. As per our research, they have a standard account and an ECN account for the traders who wants to deal in raw market spreads.
Commissions & Spreads
The spreads at GMOTrading are quite competitive with the lowest on starting from 0.5 pips. The maximum GMOTrading leverage is 1:500, which is quite good from the industry average. The table below displays the spreads that can be typically expected at GMOTrading:
Deposits & Withdrawals Options
Withdrawals and Deposits are supported by various methods at GMOTrading; to name a few, one can transfer funds via Bank Wires, China Union Pay, Major Credit Cards, Fasapay, Neteller, Paypal, QIWI, Skrill and Webmoney.
The customer support at GMOTrading is quiet adept and can be contacted via live chat, email or over calls.
On the whole, GMOTrading at present provides an average quality of services to its traders. However, the broker has a few areas it needs to buck up on such as a robust FAQ section, more trading account offerings to name a few. Perhaps over the time the broker will expand and will be able to overcome these shortcomings to provide the traders with solutions to the best of its abilities.