GMO Trading Broker Review


Minimum Deposit
$250
Regulators
CySEC, MiFID
EURUSD Spread
Variable
US Traders
No
Platforms
MetaTrader 4
Founded
2017
Country
Cyprus

GMO Trading looks like a very solid online trading destination even at first glance. Though the operation does not seem to offer much in the way of unique selling angles, it caters to all trader categories through the account types it features and it covers an impressive-enough range of trading platforms to fulfill all needs.

When it comes to listing some of the unique attractions of the brokerage, even the official site of the operation seems to be at loss…the 24/5 customer service is mentioned, which may be great, but which is not at all unique, no matter how we turn it around.

The same goes for the global market access promised in the About Us section of the site.

Client satisfaction is again something that most brokers tout as their top focus…Indeed, in this day and age, client satisfaction is more of a must than a unique selling point.

The corporate backer of the GMO Trading brand is a company known as Royal Forex Ltd. Based in Cyprus, Royal Forex is a registered Cyprus Investment Firm. Its registration number is HE336694. The exact address of the operator is Prodromou & Demetracopoulou 2, 4th Floor, 1090, Nicosia.

Being a CIF means that Royal Forex Ltd. is a member of the investor compensation scheme, and thus it can offer its traders some rather substantial and significant protections/guarantees.

In addition to that though, GMO Trading is also a licensed brokerage. Regulated by CySEC, its license number is 269/15. This license was obviously only secured in 2015 and the brokerage is quite a bit older than that. Under exactly what legal umbrella it operated before 2015, is not known.

The CySEC license of the brokerage means that the operation is in full MiFID-compliance. On one hand, MiFID coverage provides traders with additional protections and guarantees, such as the requirement that the broker should always keep its trader’s funds in segregated accounts. On the other, it also means that the broker can freely (and legally) deliver its services in every MiFID-member country. While this “club” includes most EEA members, there are certain exception in this regard.

The broker does not accept traders from the US and Canada either.

In addition to being CySEC-regulated, the broker is also registered with an impressive number of national regulatory agencies, such as the FCA of the UK, Austria’s FMA and even Belgium’s FSMA.

Transparence is one of the key focuses of the operation. The official website of the broker offers full documentation regarding every operational aspect, including but not limited to its AML and KYC policies, its complaint procedures, withdrawals and investor compensation.

GMO Trading Platforms 

As said above, the broker offers a rather impressive selection of trading platforms, covering every device-type traders may want to use.

The Web Trader is obviously the most accessible of all the platforms on offer. It does not require a download, and through it, traders can get down to trading, within a few clicks.

One-click order execution is supported by the Web Trader, as are advanced charting options. It also offers a surprisingly large selection of technical indicators.

In addition to all the above, the GMO Web Trader features visual trends and trading cubes. The Web Trader can be put to a risk-free test through a Demo account for 14 days.

Two mobile apps are available at GMO Trading: one for Android- and another for iOS-based devices. Both of them accomplish what they are supposed to, with flying colors. Though the apps, investments and accounts can be monitored, and actual trades can be placed as well.

MT4 completes the trading platform lineup of the operator. While it is certainly not the most accessible platform option, it can safely be considered the flagship platform of the brokerage.

MT4 can be downloaded for free, directly off the site. The platform is truly peerless in just about every regard.

Its charting is certainly second to none. It offers scores of time frames, chart types and drawing tools, not to mention technical indicators, of which more than 50 are pre-installed.

Beyond doubt, the biggest draw of the platform is that it makes a fully customizable trading environment. Not only can traders create chart templates and save them for later use, they can also purchase technical indicators from 3rd parties and install them on MT4. New technical indicators can also be created from scratch by those savvy enough, directly on the platform.

The platform enables one click order entry, directly from the chart and its security features are some of the best in the business.

The feature that advanced traders like most about MT4 though is its support of EAs. EAs are expert advisors, which auto-trade away, based on a predefined strategy.

EAs usually need a proper VPS service, which allows them to run around the clock. The same way they can install 3rd-party technical indicators/create their own, traders can buy/create EAs and custom scripts and put them to the use through MT4.

GMO Trading also offer trading signals through MT4, which allow beginners to copy the trades of their more experienced (and profitable) peers.

GMO Trading Account Types

The broker only features 3 account types: Silver, Gold and Platinum. Of these, the Silver one is obviously the cheapest and the most accessible.

The minimum required deposit at the site is apparently $100.

The difference from one account type to another is made not only by the available features, but also by the spreads (trading conditions). In this regard, the Silver Account is obviously the least generous.

On the Silver Account, the spreads on the EUR/USD pair start from 2.2 pips. The account does not offer a swap discount and there is no VPS service available either. Hedging is allowed however and the account is available in an Islamic version as well. The maximum available leverage on FX pairs is 1:200.

The Gold Account sweetens the deal quite a bit. While it does not offer a VPS service either, it does feature a dedicated account manager, various webinars and videos and a swap discount of 25%.

The maximum allowed leverage is much better on this account compared to the silver one too: on FX pairs, it is 1:400. On various commodities, it is 1:100 and on stocks and equities, it is 1:40.

The spreads on the EUR/USD pair star from just 1.3 pips.

The Platinum account is the top-tier account option. The spreads on the EUR/USD pair, while using this account, start from 0.7 pips.

Needless to say, the leverages are much more generous as well; on FX pairs, the maximum is 1:500, while on various commodities, it is 1:125. On stocks and equities, the maximum leverage is 1:50.

The Platinum Account is the only one that features live news alerts and a free VPS service. The swap discount with this account option is 50%.

Like the other two account types, this account too is available in an Islamic version.

Conclusion

GMO Trading is a good-looking trading destination. While it is a bit short on unique selling points, it is well-regulated, it offers decent account-type options and its trading platform selection is good.

The market coverage of the operation is great: besides the traditional asset-classes, it offers cryptocurrency CFDs too.