GMO Trading Review: The Reality of This Broker Is Worse Than You Think
GMO Trading was once a good choice for traders. They were regulated, transparent, and reliable. However, the broker changed overnight, becoming unreliable and unworthy of your investments. Our GMO Trading review will discover the broker’s reality and how they became one of the worst brokers you can think of.
Currently, GMO Trading has been shut down and there are still many traders that deposited their money without realizing the next morning they wake up, their money will be gone. Unlike Flatex, GMO Trading is unsafe to trade with. Let’s start with this in-depth GMO Trading review so you can see for yourself.
Who Is GMO Trading? All About gmotrading.com
The broker was around for a long time before it was shut down. Established in early 2017, they were a reliable option for all traders. Instead of improving as time passed, they were worse, failing to provide security to their traders.
Even though GMO Trading is not operating anymore, it’s only a matter of time before the broker reappears under a different name.
|GMO Trading||Reliable Broker Must Have|
|Legal name||GMO Group||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||Cyprus||Your country or the country whose license applies in your legal jurisdiction|
|Established||2017||The older the domain – the higher the possibility the company is trustworthy|
|Website||gmotrading.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
|Contacts||+44 2039364444||Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
Before becoming unreliable, the broker was headquartered in Cyprus and regulated by CySEC. After the GMO Trading Cyprus license was revoked, they were not regulated by any financial authority. Although there are worse brokers than GMO Trading, the lack of regulation and transparency, places them closer to the top of our list.
The broker mostly aimed at clients from the United Kingdom, however, any broker operating from the UK must be regulated by FCA. Germany and the US were also there among other nations, so it’s vital to note that regulation by BaFin in Germany and SEC in the US are crucial for brokers to be operating from those countries.
GMO Trading Broker Profile
GMOTrading uses a web-based trading platform and Meta Trader 4, offering traders various trading instruments like forex, stocks, commodities, indices, and cryptocurrencies.
The maximum leverage of 1:500 was available for most and by depositing the minimum of $250, you were able to start trading by accessing your account at the GMO Trading login page.
|Trading Platform||Web trader, MT4|
|Account Types||Silver, Gold, Platinum|
|Financial Instruments On Offer||
|Education or Extra tools||None|
Is GMO Trading Safe To Trade With?
As many of you already guessed the answer, Genetic Engineering Trading is not safe to trade with. Maybe once upon a time, they were a reliable option for all traders, however, today they are nothing but a scam. Don’t risk your funds by trading with unregulated brokers, instead, reach out to us for a free consultation and we will locate a reliable alternative.
Brokers like Genetic Engineering Trading have an aggressive approach, leading you to believe depositing more money will bring you large and almost impossible profits. Once you get hooked, there is no way out and the best way to protect yourself from these attacks is to inform yourself about every possibility. Research the broker inside out and make sure to always choose brokers who are regulated and transparent, with outstanding reviews.
GMO Trading Review: Traders’ Thoughts and Opinions
A total of 11 reviewers shared their experience with Genetic Engineering Trading on Trustpilot and more than 70% of the reviews are unfavorable. The GMO Trading complaints focus on withdrawal issues and their website, as it is not accessible any longer. Experiences from other traders matter more than you think because the best way to know if a broker is reliable or not is to check their reviews.
The reviews speak for themselves and trading with this broker will only bring trouble. A reliable option you can consider is FP Markets. They are a perfect alternative for GMO Trading due to being regulated and transparent.
A Look at GMO Trading’s Traders They Serve
There are many complaints about the broker’s aggressive approach. They have unrealistically high fees and spreads and by offering traders ‘better’ deals proves to us that they would do anything to keep a client. Reliable brokers wouldn’t change their fee structure and spread just to keep a couple of clients, instead, scammers like GMO Trading and many others would do anything to get more money out of traders.
The nations where the broker mostly offered its services are the United Kingdom, Germany, the US, Spain, and the Netherlands. Since GMO Trading isn’t regulated by any financial authority, it’s needles to say that when operating from any nation, regulation is crucial.
Deposits and Withdrawal Methods
Accepted payment methods for both deposits and withdrawals are credit/debit cards, wire transfers, popular e-wallets like Neteller, and even some bank payment solutions like Klarna and Nordea. Overall, there are various payment options and the broker doesn’t charge any fees for deposits.
Withdrawals are usually processed fast, either the same or the next day. After that, it’s up to your bank on how fast it will appear in your account. The broker will charge a withdrawal fee of $50 if there is little to no trading on your account before the withdrawal request. The minimum amount required for a withdrawal is $100.
GMO Trading Pros and Cons
Long Story Short – GMO Trading
GMO Trading is a perfect example of a good broker gone bad. They went from being regulated and transparent, to having issues and becoming unreliable. Luckily for traders, the company is not operating anymore, however, there will always be brokers like GMO Trading, maybe even the same company but with a different name. That’s why knowledge and research are crucial to have a safe trading experience.
Wasting your time on Genetic Engineering Trading or similar brokers is just that, a waste. Instead, dedicate your time to researching the broker you are considering trading with and choose a broker that checks all of your boxes. Want a reliable broker by your side? Reach out today and take the first step toward a successful trading journey.
What is GMO Trading?
GMO Trading Group is a brokerage company offering trading services in various financial markets, including Forex, cryptocurrencies, commodities, and more.
Is GMO Trading A Regulated Broker?
GMO Trading was regulated by CySEC in the past, however, after their CySEC license expired, they didn’t extend it. That is why GMO Trading is considered to be unregulated.
How Do You Make Money From GMO Trading?
By participating in online trading activities, making predictions about the price changes of different financial assets, including currencies, stocks, and commodities, and maybe making money when the market conditions are favorable.