GMO Trading Review: Bonus, Platform, Withdrawals and More ByPatrick WebberPRO INVESTOR Updated: 17 August 2020 Our test result: GMO Trading is a reliable broker. In this review, you will fiind out about the main features offered by GMO and we will suggest you some of the most reliable robots you can use to trade with this broker. We have tested GMO Trading, a popular online broker licensed by CySec, to to be able to tell you what to expect from it. It certainly is a legit platform that you can make money with. The best way to trade on it is through an auto/trading bot called CryptoSoft. Keep on reading if you wish to learn more about this broker’s fees, pros and cons, trading platform education centre, registration process and especially how to trade on it through CryptoSoft. Robot Rating Features Trade 1 The Best Choice 88% Claimed Win Rate $250 Min Deposit Accepts Credit Card, Sofort Trade Now What is GMO Trading? First of all, some introductory information. GMO Trading was founded in 2017 in Cyprus. It is important that we do not confuse GMO Trading with crypto-trading robots like CryptoSoft or Bitcoin Loophole. It is actually a Forex broker offering a stock exchange for trading in a variety of stocks, market indices, commodities, CFDs and more. Investors can trade in both cryptocurrencies and other currencies. The platform also offers services linked to the safe-keeping of financial instruments. It also provides support with the granting of loans for margin trading. In general, its main function is to offer trading services. Unlike other robot brokers, it is very clear about the risks of trading and provides a wide variety of ways for customers to familiarise themselves with the crypto world. GMO trading is available on Cryptosoft robot, to try it click here. GMO Trading Regulations GMO is a CySEC-regulated company (Cyprus Securities and Exchange Commission), which also means that the platform complies with the regulations of the Markets in Financial Instruments Directive. MiFID is designed to regulate transparency in certain financial markets across Europe. GMO Trading is allowed to operate in member states of the European Economic Area (EEA). Is GMO Trading Legit or Scam? Based on our test of GMO Trading, we can say with certainty that it is a legit platform. It prides itself of prioritising customer satisfaction over anything else. We have found the claim to be truthful. The first box to be ticked when thinking about customer satisfaction in this case has to be the provision of risk disclaimer and of sufficient information concerning the dangers of trading with cryptocurrencies. GMO Trading certainly does that. Other than providing risk disclaimers across the entire platform, it also offers inexperienced users a wide set of tools to make sure that they inform themselves before starting to trade. We will get back to that later in the review. Of course, like any other platform, you may lose capital, so it is always better to have previous experience with CFD trading. That would give you the possibility to compare GMO Trading with other brokers yourself and it would probably help you make better investments. However, InsideBitcoins has found that GMO certainly is a serious platform. Before registering new customers have to go through a questionnaire designed to assess the level of trading experience of potential users. Based on the answers the system will decide what account type the customer is fitter for. The app is also easy to use and suitable for non-English speakers. The website offers many language choices to reach out to customers from all over Europe. Before depositing real money there is a chance of demo trading. Trading investors also have access to a wide variety of international financial markets. These are only some of the characteristics of GMO demonstrating its reliability and professionalism. Let’s go into more detail. Markets/ Instruments As we already mentioned, GMO Trading boasts a wide variety of foreign exchange. It allows access to CDFs and the spot forex markets. It currently includes 48 currency pairs, 81 types of international stocks, 17 kinds of commodities and 17 market indices amongst its trading options. Trading Platform GMO Trading is a broker. As such, it relies on a number of software to support trades. The main ones are MetaTrader 4 (MT4) and WebTrader. MetaTrader 4, developed by MetaQuotes, is certainly the most popular one as it is used by most of the forex brokers in the realm of digital coins. In fact, the platform is considered to be one of the most user-friendly platforms available. It is easy to use and at the same time offers a wide variety of tools that more experienced investors use when trading, like indicators or chart types. MTA also supports automated trading systems, which may be the best option for more inexperienced users who often do not have a proper investment strategy and prefer relying on automated suggestions to place investments. Therefore, it is easily accessible by all kinds of users, which is most likely one of the main reasons why most brokers use it as a platform to support trades. WebTrader is perhaps slightly less popular than MT4 but the two platforms have very similar functions. The former does not need to be downloaded or installed because it runs on browser, so you only need an internet connection and the device of your preference to be able to access it. How to trade on GMO through Cryptosoft (recommended) Trading with GMO is very simple, you just need to follow a few simple steps. You can trade with GMO through our recommended crypto robots such as CryptoSoft. The bot is a software that follows an algorithm that helps investors place safe investments in only a few minutes. Via the CryptoSoft software you will be able to access MT4, the platform used by GMO to provide trading services. Here is a quick guide on how to sign up for CryptoSoft, which connects you to the GMO trading platform. Registration Registering on CryptoSoft is very simple, simply click here to start. You will be requested to type in your name, last name, email address, password and phone number. You will then get a verification code on your email to finalise your registration. Deposit At this point you will officially have a CryptoSoft account. However, in order to start trading, you will have to make a minimum deposit of $250. To do so, you simply have to click on the “deposit” green button on the bottom right of the page and you will be redirected to another webpage. There you will be able to deposit your funds to start trading. The deposit can be made through Bitcoin, Neteller, Pay Retailers and of course credit or debit cards. MT4 Both before or after you make a deposit, you can access MetaTrader 4 on the right side of the page. By clicking on “Download Link” you can download the software on your computer and start trading. Trading The platform is easy to use and simple to understand for inexperienced users as well. You have quick access to trading history, financial news and trading options. Once the funds are deposited into your account you simply choose where you want to place your investments. On the left side of the screen you will be able to look at all the assets available. At the bottom you can find the trading history and on the left side you can see the trading charts. From the charts you can simply trade by click on an asset and decide whether you want to buy or sell. Alternatively, you can select an asset from the left side and make your investment decisions. Try GMO Trading on Cryptosoft How to sign up on GMO trading directly (not recommended) Now that we have talked about the trading aspect of the platform, let’s move on to discuss a more practical side of GMO Trading, the sign-up process. Registration We recommend trading on GMO trading by going through Cryptosoft. Cryptosoft is an auto-trading robot with 98% accuracy which automatically places trades for you using GMO Trading as a broker. This is a much easier option for users who may be new at trading or who find the process complicated. All you need to do is click here. By going through this robot, you will avoid the lengthy registration process and go straight to letting the robot place profitable trades for you. However, if you wish to trade on GMO directly, you must go on their website and sign register first. The website will ask for a name and last name, phone number, address, zip code, country of residence, email and date of birth. Questionnaire As we briefly mentioned earlier on, you are then requested to fill in a questionnaire asking questions about taxation, investment prospects, availability of funds, trading knowledge and experience. Depending on the answers given and how much experience you have, the system will set up an account that is suitable to your level of experience. If your experience is not high enough, you will be suggested to try a demo account and to have a look at the “education” material before investing real money on the platform. Even though it takes some time to fill in the questionnaire, its purpose is to protect inexperienced users from the risks of crypto-trading. Account Types The GMO Trading website has three different types of accounts. The more experienced a user is, the more their account can be upgraded. Professional customers can have access to services that the more basic account holders do not have access to, such as the leverage option. The accounts are divided into Silver, Gold and Platinum. As mentioned earlier, in some cases, after the questionnaire, the system suggests familiarising with the trading processes through the education material and a demo account before getting one of the above-mentioned accounts. Test Account Again, opening a demo account is an option on GMO Trading. On the top right of the webpage you will see an “open demo account” button. The system will provide you with a username and password to use in order to access the demo account. Once you enter the account, you will be able to have a clear view of what the trading experience looks like. You will have 3000 euros to spend in demo trading. Of course, you will not be able to make profit while trading in demo mode, but you will have access to all the features of a proper account. You will be able to see the trading history and options as well as the charting, indicators and all the other features investors use whilst trading. Once you will feel familiar with the trading procedure you can start trading with actual money. Leverage In case you are unfamiliar with the term, leverage refers to the debt a person or entity uses to buy assets. In the forex market, investors basically use loans issued by the broker, GMO in this case, to make money from the changes in exchange rates between two countries. GMO Trading offers a leverage of up to 1:400. This means that the investor has to have at least 0.0025% of the total amount he is investing available on his trading account. The website specifies that the option of leverage is available for professional customers only. Commissions and Spreads Based on the type of account a user has, the spreads vary. The higher the upgrade of the account, the lower the spread will be. For example, if we take EUR/USD, the spread is at 2.2 pips with a silver account but 1.3 with a gold account and 0.7 with a platinum one. The same goes for all other instruments. Deposits and Withdrawals For deposits and withdrawals GMO Trading accepts a wide variety of payment methods. The platform accepts debit or credit card, both Visa and MasterCard. It also accepts Neteller, Skrill, Webmoney, China Union Pay and others. If you run into any trouble of have doubts whilst depositing funds into your account, make sure you contact customer support immediately, they will certainly be able to help. Mobile App A mobile version of GMO Trading is available. You can download it from both Google Play and App Stores. Like the online platform, the app is well designed and easy to use, with simple access to trading the history, your personal account and trading options. The app is certainly suitable for users with more active lifestyles. The MetaTrader 4 app can also be downloaded for both androids and iphones. Education and Resources Education is in the foreground of the GMO Trading website, which proves that there is a willingness to protect customers from the risks of losing capital. GMO makes sure that potential customers are aware of the dangers linked to making investments in the world of cryptocurrencies. The official website offers a variety of tutorials, e-books, videos and calculators. Bonuses Unfortunately, GMO Trading does not offer bonuses or promotions due to the CySEC-imposed regulations but the platform has plenty of other customer-friendly characteristics that would still make trading on it worth your while. Customer Support Customers have a wide range of ways to reach out to customer support staff. They can be contacted through email, live chat and phone calls. As GMO Trading is allowed to operate in the member states of the EEA, customer support is also available in several European languages, including Italian, Polish, German, Russian, Dutch, Portuguese, Spanish and English. Customer support is available from 9am to 10pm Monday to Friday and from 11am to 8pm on weekends. They also provide an option to email or fill in a contact form if customers encounter issues outside customer support hours. Giving the customer support section sufficient relevant is an important element we take into account when testing a platform. Considering that there is a wide variety of contact options, in many languages and that the customer support section occupies a relevant spot in the website, we consider this additional evidence supporting the claim that GMO is a reliable broker. What makes GMO unique? As we have mentioned throughout this review, there are certain aspects of GMO Trading that make it stand out among other trading brokers. Pros: Is easy to use. Offers the possibility of demo trading. Provides a wide variety of foreign exchange. Offers a significant amount of trading options. Provides customer support in many different languages and 24 hours a day. Has a mobile app. Offers great tools to educate customers on the specific of the world of crypto. Is transparent about the risks of trading. Is a regulated broker. Offers spot Forex and CFDs trading. Cons: The website does not provide FAQs available to answer doubts that customers may have. It takes some time to fill in the questionnaire and create an account. The platform does not offer any bonuses or promotions. Robot Rating Features Trade 1 The Best Choice 88% Claimed Win Rate $250 Min Deposit Accepts Credit Card, Sofort Trade Now More robots where you can access GMO There are several crypto robots where you can access GMO Trading other than CryptoSoft. Robot Minimum Deposit Demo Option Trade $250 Yes Trade on GMO Trading with Bitcoin Loophole $250 Yes Trade on GMO Trading with Bitcoin Code $250 Yes Trade on GMO Trading with Bitcoin Profit $250 No Trade on GMO Trading with Cryptosoft Remember that all investment opportunities carry a certain risk. This especially applies to cryptocurrencies, which are still relatively young in the financial markets. FAQs Since GMO Trading does not provide any FAQs, we took the liberty to make some ourselves to help you decide whether or not you want to use the platform. Is GMO Trading reliable? Yes, InsideBitcoins tested the platform and found it to be reliable. We believe that GMO has a user-friendly interface for both inexperienced and professional investors. It is also very transparent when it comes to acknowledging the risks linked to trading with cryptocurrencies. We certainly recommend the broker. Is GMO Trading regulated? Yes, GMO is regulated by the Cyprus Security and Exchanges Commission. The organisation is one of the main supervisors of the market of investment services. It is also thanks to the regulations imposed by CySEC that we can be certain that GMO Trading is not a scam. How do I open an account with GMO Trading? To open an account, you will have to type in your name, email address, home address, phone number and DOB on the official website. You will then be asked to fill in a questionnaire that will take 5-10 minutes to complete. After that, you will be able to finalise the creation of your account. Is GMO Trading a trading robot? No, GMO Trading is a broker. You can trade with brokers via trading robots like Bitcoin Loophole, CyptoSoft, Bitcoin Code and Bitcoin Profit. Can you open a demo account before depositing real funds? Yes, you can open a demo account that will allow you full access to all the trading functions offered by the platforms used by GMO Trading to support trades. These include trading history, asset list, chartings and so on. How much money can I earn? With the right investments, users can reach significant amounts of money in short periods of time. Even though the earnings may not be as high for everyone, GMO Trading certainly has the potential to bring significant profits to its users. Are there risks when trading with GMO Yes, like all trading platforms, there is always a risk of partial or total loss of capital. The official website is very clear about this and offers educational tools such as e-books and videos to inform users on the risks linked to trading with digital coins. These measures are taken to make sure users are fully aware that they may lose funds whilst trading. What supporting platforms does GMO Trading use? GMO uses MetaTrader 4 and Webtrader, two reliable and efficient software on which users can trade safely. Both platforms are user-friendly and have functions that appeal to both experienced users and beginners. In fact, they support autotrading but they also offer the possibility to add features such as indicators that professional investors use while trading. Is customer support available? Yes, you can contact support staff every day of the week by telephone, email or live chat. Customer support runs from 9am to 10pm Monday to Friday and 10am to 9pm on weekend. You can still send email or fill in a contact form if in need outside these hours.