For years, the GMOTrading has been operating in the Forex and has so far managed to be recommended by a lot of its clients. There have probably been hundreds or even thousands of such clients considering the company was founded in 2015. However, some people make GMOTrading scam claims, This is why we decided to look into it and prepare honest review for you!
Min. Deposit: $200
Trading Platform: MT4
US Clients: Not AvailableLooking for good broker? Sign up with GMOTrading now!
Is GMOTrading a scam?
You may think that it is easy to identify a scam broker, but it actually isn’t because the scammers spend a lot of time thinking about how to fool people. In the case of GMOTrading, even from the first sight, they do not look like any of the Forex scams. After a thorough GMOTrading website review, you quickly realize that there is more than enough information about the company itself from their ‘About Us’ page. Also, they do provide a license number on their ‘About Us’ page and home page as well, and that is a good place to start.
The company’s license number is 269/15 and is registered with CySEC. The license number does indeed match with the GMOtrading brokerage, and it led to the parent company. It turns out GMOtrading is the trade name for Royal Forex Ltd. that is based in Limassol, Cyprus. The pareent company has actual physical address and an office Located in Limassol. After this GMOTrading review, there were no signs of a scam, but in order to be 100% sure we went even further with the investigation.
The trading conditions themselves do look attractive. In fact, there is enough information about these conditions on the website, so you don’t have to find it out later on your own. Also they do have a demo account! Through a demo account you could have a chance to experience these trading conditions without risking any of your money. While trading, the spreads could go as high as 1.5 pips, and down to 0.1 pips when the markets were very liquid during the European trading session. A lot of brokers try to keep their spreads around 1 pip or even lower when there is no volatility on the major currency pairs, but clearly the cost of trading with GMOTrading is pretty. Then there is the broad selection of tradable instruments available in the GMOTrading review. Forex brokers offering MetaTrader as GMOTrading do usually have a wide selection ranging from currencies to stocks, indices, commodities and even cryptocurrencies.
Is GMOTrading legit?
After seeing that the company has a clear path to identify its origins and history, that was a clear sign that perhaps GMOTrading is entirely legitimate. To confirm, you should check the GMOTrading reviews that are available on various broker review websites. The general sentiment toward this broker is very positive, as you quickly realize. Many of their clients do recommend them.
Even though a company may be licensed, it is always important to learn as much as possible about its origins and trading conditions before signing up. After our in-depth review, you can be sure that the GMOTrading scam claims are not true and it is safe to sign up with this broker!