GMOTrading Forex Review – Choose from 10,000+ Global Markets
GMOTrading is a brand name of Royal Forex Ltd, which is a regulated firm licensed by the Cyprus Securities and Exchange Commission (CySEC). The company provides a wide range of financial instruments for its clients to trade it. It uses the latest technology to ensure complete security of your funds and data.
Types of Accounts
GMOTrading provides two different types of accounts – Professional and Retail account. Under each account type, three different types of accounts- silver, gold, and platinum are offered. Each of these accounts are designed for traders with varying trading experience and expertise. The details of account types offered by GMOTrading is as follows:
The minimum deposit amount for professional account is $5,000.
The professional silver account gives you spread of 2.1 for EUR/USD, 2.2 for GBP/USD, and 2.4 for USD/JPY. As a professional account holder, you get Forex leverage of 1:200. The silver account is the basic account offering from GMO Trading which provides you 24/5 customer support, hedging, and fifth decimal. You also get the option of choosing an Islamic account.
The gold account offers you better spreads and leverages compared to the silver account. The EUR/USD spread is 1.2 while you get spreads of 1.4 for GBP/USD and USD/JPY. The gold and crude oil spreads are 0.48 and 0.04 respectively. The leverage for Forex is 1:400. In addition to the services of the silver account, you also get access to dedicated account manager, webinars and videos, discounted swaps, and discounted spreads with the gold account.
Platinum account provides you the best deals on spreads and leverages. The EUR/USD spread is 0.6, while you get spreads of 0.7 with GBP/USD and USD/JPY. You get attractively low spread of 0.37 for gold and 0.02 for crude oil. The Forex leverage is 1:500. All the features and services provided in the gold account are available in the platinum account.
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The retail account is designed for retail traders and comes with a minimum deposit of $250.
The silver account is the most basic account offering from GMOTrading and is ideal for beginners. The EUR/USD spread with this account is 2.4. The GBP/USD and USD/JPY spread are also 2.4. The spread for gold and crude oil is 0.2 each. The Forex leverage is 1:30. You are provided 24/5 customer support, hedging, fifth decimal, and the option of choosing Islamic account.
The gold account is best for the intermediate traders who know the basics of trading. The spread for EUR/USD, GBP/USD, and USD/JPY is 1.4. You get spread of 0.15 for gold and crude oil. The Forex leverage is 1:30. In addition to the services and features of the silver account, you get the services of dedicated account manager and webinars and videos. You also get discounted swaps and discounted spreads.
Platinum account is meant for expert professional traders who know the finer details of trading. You get the most attractive spread and leverage with the platinum account. The spread for EUR/USD, GBP/USD, and USD/JPY are 0.7. You also get spread of 0.15 for gold and crude oil. The Forex trading leverage is 1:30. You are provided all the features which come with the gold account.
If you wish to withdraw funds from your account, you must place a request through email or through client portal. Your withdrawal amount should be less than or equal to your account fund balance. The withdrawal will be made only to your bank account and not to any third-party bank account. You may be charged a withdrawal fee of up to $50. If you want to withdraw less than $100, then additional withdrawal fee may be levied. All withdrawals submitted until 9 AM GMT on working days will be processed on the same day. Requests submitted after the cut-off time will be processed the next day. Requests submitted on holidays or weekends will be processed on the first working day following the holiday.
Safety of Funds
Safety of funds of their clients is a top priority for GMOTrading. In order to achieve it, they maintain separate accounts for their business and client’s funds. This means that you funds with them are maintained in a separate account from their business funds. Your funds are deposited and maintained in the top global banking and financial institutions. All transactions on GMOTrading are completely secured and encrypted to prevent leakage of your sensitive data and money. Strong firewalls and secure sockets layer (SSL) are used for all transactions. All trading servers of GMOTrading are located in SAS70 certified data centers.
Why Choose GMO Trading?
GMO Trading is a popular and leading online trading service provider. It has built a niche and name for itself in a fiercely competitive industry. The following factors help to differentiate it from the competition and should compel you to choose it over other players:
You get access to MetaTrader 4 and WebTrader when you open an account with GMOTrading. These are world-renowned and award-winning trading platforms which provide you the best features and security while trading. With their mobile trading app, you can trade from virtually anywhere in the world and on the go. This ensures you are constantly connected even when you are moving around. You also get access to detailed insights and reports which help you to make informed trading decisions and maximize your profits.
Rich Educational Resources
Client education has been at the core of GMO Trading’s business model. You are provided with host of educational resources like webinars, videos, tutorials, courses, articles, eBooks, etc. for providing you a better understanding of trading. This helps you prepare to become a better and successful trader.
Variety and Safety in Trading
GMOTrading provides you a wide array of financial instruments to trade in. You can trade in instruments like CFD, Forex, stocks, commodity, oil, gold and metals, etc. on the GMO Trading platform. In addition to the wide trading choices, you also get the best security measures which ensure complete protection of your sensitive information and hard-earned money.