Detailed GMOTrading Broker Review
GMO Trading Brokerage Company has a negative online reputation among users. You can read dozens and even hundreds of negative feedback, which indicates problems with the withdrawal of funds from this forex broker, which describes the fraudulent schemes of the company.
A broker is registered in Cyprus. In this case, the legal entity is a certain company Royal Forex. The site of the fx broker at first glance does not cause suspicion. True, in the “basement” of the site some important information is not shown in the text, but in the format of the cut out image. It is very strange. Perhaps the legal address is not written in text so that users cannot copy it and find information on it? The site is made in different languages, you can select them on the main page. 7 languages of European countries are available, including English and Russian.
Trading conditions from GMO Trading
The first difficulties in opening an account will arise for citizens of many countries, including the CIS, America and Asia. For example, from the United Arab Emirates, China, Ukraine, Russia and a number of other countries it was not possible to open an account. On the page when entering the contact phone number it will be indicated that the registration service is not available in the selected region. At the same time, an exact list of available countries is not indicated anywhere. This suggests that the company has no loyal conditions and is not even interested in registering users from some regions.
Account types and minimum deposit remain unknown, as this is not indicated anywhere.
General trading conditions:
• Maximum leverage up to 1: 500;
• Size of spreads – about 1-2 points;
• Number of financial assets – more than 100;
• Swaps – not listed.
The terms of depositing and withdrawing funds use one source (for example, a bank card or a bank account). On average, it takes from 1 business day to process applications for withdrawal of a deposit. This is also affected by the requirement of a free margin of 100%. Requests are successfully processed only by verified users. This means that only clients who have passed a personal identity check on previously scanned copies of documents can withdraw money.
Withdrawal fees are quite large for GMO Trading. For example, if managers find account activity too low, they will charge a 50 euro fee for each withdrawal transaction (even if it is an amount of 100 euro). The bank commission for processing payments is paid by the client.
GMO Trading broker offers users to use two types of trading terminals:
• Web terminal, accessible directly from the browser;
• Desktop version of Metatrader.
Also download the Metatrader mobile app for permanent access to your personal account.
Another absolutely useless section of the GMO Trading broker is training. The idea of the creators was to compile a number of useful webinars, articles, instructions, trading. But in fact, there is nothing like that. The only useful block is the economic calendar. But it is noticeable that it was simply copied from a third-party service.
In addition, daily and weekly news from partners is published in a separate block. Their information value is truly minimal.