Today, we review the broker GMOTrading. We focus on the trading platform & trading conditions, we scan how tight the spreads are and look at the background of the broker.
For a start, GMO Trading is a CySEC regulated company that is in the register of all 28 European countries. The company features as any other CFD broker CFDs on forex, stocks, indices, commodities and cryptocurrencies. In what the broker, however, has an edge is in their offer for cryptocurrency traders. GMOTrading features in total 33 cryptocurrency pairs (CFDs) for which they have extremely competitive spreads.
|General Risk Warning: 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.|
Basic information about GMOTrading
- Rating: (4.7 / 5) 1st Place in our crypto ranking comparison and 1st Place in our FX/CFD ranking comparison
- Website address: www.GMOTrading.com
- Leverage: up to 1:30
- Instruments: CFDs – Forex, cryptocurrencies, commodities, stocks, indices
- Minimum deposit: $250
- Demo account: Yes, free of charge (14-day expiry)
- Broker type: STP
- Methods of deposit and withdrawal: Wire Transfer, credit and debit cards, Skrill, iDeal, Klarna, Sepa, Trustly, Poste Pay
GMOTrading features no other platform but the winning-award choice of millions of traders – MT4. This platform is accessible on all devices, including mobile phones. MT4 can be also used via a web-based platform called WebTrader, which does not require downloading any software as it can be used simply from a web browser. The trade time execution is according to GMOTrading superior:
All trades executed on the trading platform are processed within 1 second.
Cryptocurrency trading at GMOTrading
GMOTrading supports CFD trading on 33 cryptocurrency pairs. These include popular cryptos like: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Dash or even less known cryptocurrencies such as Lisk, Cardano, Qtum and many others. Most of the cryptocurrency pairs that are available on the trading platform are tradable against USD as well as against Euro or GBP.
Deposits and Withdrawals
The minimum deposit at GMOTrading is $250. The company offers different deposit and withdrawal methods that vary according to where you are based. The base payment/withdrawal methods are, however, credit and debit cards, Skrill, iDeal, Klarna, Sepa, Trustly, Poste Pay and bank transfer. Traders who provided the company with all the required documents can request a withdrawal that is processed within 1 working day. All withdrawal requests submitted before 11:00 AM GMT are processed on the same business day. With any withdrawal requests after 11:00 AM GMT is dealt with the following business day. In case you use bank transfer as your payment method, it can take between 5 to 7 working days before money appears in your bank account (depending on your bank).
GMOTrading has very convenient trading conditions as the company charges very tight spreads. The charged spread differs on the traded asset and the account type that the trader has. GMOTrading is an STP broker and this is an illustrative list of some of the floating spreads.
|Asset||Spreads (as low as)|
Data were taken from the GMOTrading website on 28.05.2019, 14:18 GMT+1.
GMOTrading supports also demo trading, but only for a limited amount of time – 14 days. During this time period, you can test the WebTrader platform and MT4 and you can practise any strategy you might want to apply when trading with a real account. Once you open your GMOTrading demo account, you are given $50,000 to sharpen your trading skills without risking your own funds.
Customer support can be reached every business day from 6:00 AM -19:00 PM GMT. For any enquiries, users can use their phone or email support.
GMOTrading is operated by the Royal Forex limited which is a Cyprus based company regulated by the Cyprus Securities and Exchange Commission under the license number 269/15 (the “Company”). The company is in the register of all 28 European countries. To see that the company is the register of each European financial regulatory authority, please visit the GMOTrading.com website, click GMOTrading info>Regulation.
The conclusion of our GMOTrading review
GMOTrading is an attractive CFD and spread betting broker with a particularly interesting offer for cryptocurrency traders. The company operates very transparently, so information about all fees and trading conditions is straightforward. The number of assets is not as large as with other CFD brokers, but spreads for available assets are very competitive. What I also appreciate is that even though GMOTrading operates on a global scale, their customer support acts as if they were a small home business and they sort out each email with a personal touch.
80% of retail CFD accounts lose money
Please rate this company based on your experience