Review and traders’ feedback on the questionable broker GMO Trading.
Unique Review of GMO Trading Company
There is a broker named GMO Trading that is not often mentioned in CFD broker circles. Their peculiar approach to attracting new clients raises eyebrows. On the main page of their website gmotrading.com, we come across the statement about 87% of losing trades using contracts for difference (CFD). This cannot help but make potential clients wary and carefully weigh all the pros and cons before registering on their platform.
This rather specific welcoming note makes one ponder about the honesty and integrity of GMO Trading company. To gain better insight, we decided to conduct a thorough review and pay special attention to feedback from their real clients.
Brief Description of Broker’s Activities
Let’s provide some general information about the GMO Trading brand. This company is managed and owned by Royal Forex Ltd, registered in Cyprus. Such offshore origin does not always instill trust in potential clients. Therefore, the broker decided to enhance its reputation by obtaining a license from CySEC (Cyprus Securities and Exchange Commission).
The broker’s office is located in Cyprus, and there are no structural units in other countries. The company’s clients can seek support via email, toll-free phone, or online chat. They claim that customer support operates 24/5, just like the trading terminal.
Under the CySEC license, the broker is authorized to provide certain financial services:
- – receiving and transmitting orders for financial instruments,
- – executing orders on behalf of clients,
- – managing and administering financial instruments,
- – providing credit or loans under financial instruments,
- – providing currency exchange services as part of investment services.
The gmotrading.com website is available in 9 European languages for the convenience of clients. However, residents of certain countries such as Belgium, France, Germany, Japan, Canada, Hong Kong, and the USA cannot become their clients due to legal requirements.
Trading Conditions
Customers of GMO Trading are offered a choice of three types of trading accounts. Detailed account characteristics can be studied on the gmotrading.com website:
- – Silver. Spreads from 0.07 pips. Leverage 1:20-1:200. Hedging and swap-free trading are allowed.
- – Gold. Spreads from 0.05 pips. Leverage 1:40-1:400. Personal account manager, educational webinars, 25% swap discount.
- – Platinum. Spreads from 0.03 pips. Leverage 1:50-1:400. News alerts, free VPS, 50% swap discount.
Interestingly, the company promises round-the-clock support, but the information on the website indicates a 10-hour support from 10:00 to 20:00 GMT. Criticism regarding this issue is also reflected in the reviews.
They also praise their trading environment, calling it unique in the market. However, access to CFDs is provided through the MetaTrader 4 trading platform, which is already familiar to many traders. The lack of clearly unique features here raises doubts about their claimed originality.
One of the ambiguities identified during the review is the absence of information about the minimum initial deposit on the website. This complicates the choice for potential clients who would like to know this information in advance.
Educational Materials and Support
For novice clients, GMO Trading offers e-books and educational materials on trading and the trading platform, including the MT4 mobile application. Video courses and webinars are available to clients with a “Gold” level. However, the lack of a demo account for practice annoys many users.
Withdrawal Process and Commissions
The profit withdrawal process at GMO Trading remains somewhat opaque. They remain silent on specific commissions and fees, stating that all expenses are borne by the client. There is information about a possible withdrawal fee of 50 euros if the client used the account minimally for trading. It is unclear what the company means by “minimal trading activity.”
Reviews about GMO Trading reveal some suspicions. Clients emphasize the broker’s questionable practices, including pushing for additional deposits and withdrawal issues.
Final Verdict
After examining the details, it becomes clear that the CFD broker company GMO Trading carries certain risks. Their approach to attracting clients may seem somewhat deceptive, especially for beginners. We caution against quick enrichment and recommend carefully studying their reviews and client feedback before making a decision to collaborate.