Despite the fact that it has been around for a while, there is surprisingly little feedback available on GMO Trading. Whether this is good news or not, is difficult to tell, but it’s a fairly straightforward assumption that no negative feedback on a broker which picked up its license in 2015, is a net positive.
Indeed, the company behind the brokerage, Royal Forex Ltd. was awarded its CySEC license in May, 2015. A registered Cyprus investment firm (its registration number is HE 336694), Royal Forex is based at Prodromou & Demetracopoulou 2, 4th floor, 1090, Nicosia, Cyprus.
The fact that the broker is a CIF means certain advantages to its clients. First and utmost: as a member of the investor compensation scheme, the broker will refund monies to its traders, that end up lost due to bankruptcy or another issue of similar magnitude/nature.
The CySEC license number of the operator is 269/15. What this license means is that the operator has been found to be fully MiFID-compliant by the regulatory authority. As such, it is free to legally offer financial services to traders under the jurisdictions of all MiFID member countries. This umbrella covers most of the EEA, though there are some exceptions.
Other countries in which the services of GMO trading are not available, are the US, Canada, Australia and a host of nations not really deemed stable, such as North Korea and Syria.
Being regulated is a must these days for any self-respecting broker, but it is hardly enough to be used as a selling point. For that, operators need to impress in regards to the trading conditions they offer.
GMO Trading is an operator that is truly global in scope. As such, it offers its clients access to a global selection of markets and tradable assets. Its execution speeds are superb, and it has a more than decent selection of account types and trading platforms lined up.
In regards to tradable asset-selection: the broker features a decent lineup of cryptocurrency-based CFDs too.
The safety of funds should always be at the center of a broker’s focus and GMO Trading have this issue covered very well. Client monies are kept in segregated accounts with top-tier banks (as required by the MiFID directives) and cutting edge encryption is used to protect all financial transfers.
The trading servers of the operator are all hosted on SAS70 certified data centers.
GMO Trading Account Types
A total of 3 account tiers are offered at GMO Trading: Silver, Gold and Platinum. Detailed information is offered on the spreads available on all 3 of these account types at the website of the broker.
On the EUR/USD pair for instance, the spreads on the Silver Account start from 2.2 pips, while on the Gold Account, they start from 1.3 pips. On the Platinum one, the same spreads start from 0.7 pips.
The differences in trading conditions are not all that sets the three accounts apart. As the spreads vary from one asset/asset-class to another, so does the maximum available leverage.
Looking at the Silver Account for instance, the maximum leverage on FX pairs is 1:200. On various commodities, it is 1:50, while on equities and stocks it is just 1:20.
Being the most basic account-type, the Silver one does not offer a free VPS service, dedicated account managers or news alerts. There are no swap discounts offered either, though the account type does allow for hedging and it is available in an Islamic version too.
The Gold Account brings several improvements to the Silver package. While it does not offer a free VPS service and news alerts either, it does feature dedicated account managers and it even comes with a 25% swap discount.
As already said above, its spreads are much better than those featured by the Silver Account and its maximum available leverage is higher as well.
On FX pairs, the leverage is 1:400, while on commodities is it 1:100. On stocks and equities, it is 1:40.
Sitting pretty at the top of the account-tier ladder is the Platinum account, which is the full-extra account-type version.
The spreads are by far the best on this account-type, and so are the maximum leverages. On FX pairs, the maximum leverage is 1:500. On various commodities, we’re looking at 1:125, while on stocks/equities, the leverage is 1:50.
For Platinum Account traders, withdrawals take a single business day to process, though the same goes for Silver and Gold Account traders too.
News alerts and dedicated account managers are available to Platinum account clients, as is a free VPS service, which is indeed a must when it comes to putting MT4’s EAs to work.
The swap discount on this account option is a massive 50%. Hedging is allowed and the account is available in a Sharia-compliant, Islamic version too.
A demo account is also available for those looking to first dip but a toe into the potentially troubled waters of trading.
GMO Trading Market Coverage
As already mentioned above, the market coverage of the fx broker is quite superb. In addition to scores of FX pairs, commodities, stocks and indices, it also includes a decent selection of crypto-based CFDs.
The broker’ website features a detailed information-page on cryptocurrencies, on which all the basics are covered, including the advantages and the alleged shortcomings of cryptos.
Traders need to be aware of the fact that while the broker calls this activity “cryptocurrency trading”, it does not involve the actual purchasing and holding of cryptos. The asset-class is traded through CFDs, meaning that traders effectively bet on the difference between the entry– and exit prices of their contracts.
GMO Trading Platforms
The broker offers a full suite of options in this regard, beginning with its basic Web Trader and wrapping up with MT4.
The advantages offered by the Web Trader are obvious: the platform does not have to be downloaded and installed. It supports one-click trading and its charting capabilities are more than decent. One of the most attractive features of the GMO Web Trader is its Trading Cubes one, which allows for lightning-quick trades.
In addition to the Web Trader, the broker also features Mobile Trading Apps, which cover all Android- and iOS-based mobile devices and which allow users to trade the news on the go.
As said, MT4 is the flagship trading platform of the broker. Advanced traders love the EAs of MT4, which – coupled with a good VPS service, such as the one described above at the Platinum Account, and some custom scripts – can trade away instead of the trader, day and night.
MT4 can be downloaded and installed for free from the GMO Trading website, and it comes with more than 50 preinstalled technical indicators. Traders are always welcome to install/create more though, and to generally shape and mold their MT4 trading environment to their liking.
GMO Trading Support
Available 24/5, GMO Trading support can be contacted through live chat, phone and email, not to mention an email form on the Contact page of the official site. The direct support email is [email protected]
GMO Trading is a solid and quite reputable trading destination. Offering great platform-, asset-, and account-type selection, it is regulated and transparent in regards to its inner workings. Absolutely nothing seems to be wrong with this operation.