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.
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.
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.
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.
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.
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.
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.
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.
More robots where you can access GMO
There are several crypto robots where you can access GMO Trading other than CryptoSoft.
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.