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GMO Trading Review - is it scam or safe?

GMO Trading Review - Is gmotrading.com scam or good forex broker?

RATING: 2.6 / 38 REVIEWS GMO Trading
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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard Unknown 1:200 Average of 2.4 pips

 
When you hear the name GMO Trading, you may think this company competing with Monsanto, but in reality this is a forex broke. We didn’t manage to find the meaning of the abbreviation, but on the other hand found out this is a CySEC regulated broker. While this is a strong feature, there are some others which we don’t appreciate as much,


 
GMO Trading Advantages


 
CySEC regulation
GMO Trading is owned by Royal Forex Ltd., which is registered with the Cyprus Securities and Exchange Commission (CySEC). The legal environment in which a broker operates should be your biggest concern, when comparing them and the Cypriot regulatory agency is one of the most respected ones.



Up to 1:200 in leverage
Trading on margin is risky, but the only way to effectively access the forex market. That being said, the options provided by GMO Trading are rather nice. With “gearing” going as high as 1:200 no one will be left behind.


 
MetaTrader4 trading platform
GMO Trading provides access to the global financial markets via an industry leading platform. Developed by MetaQuotes, this piece of software offers a standalone desktop application, a mobile app and a web version. This may be impressive, but is nothing when compared to the amazing functionality. With excellent charting, support for automated trading systems and multiple ways to copy trade, it is second to none. Here is a prebiew of the platform provided by GMO Trading.




Click to zoom in


>>Find a better MT4 broker<<


 
Educational material on the website
There is a lot of educational content provided by this broker. It is provided in both video and e-book form. While this isn’t that impressive for experienced traders, it shows the company’s dedication to helping newbies.


 

GMO Trading Disadvantages


Demo not easy to run
When setting up an account with GMO Trading we realized the demo account is hard to run on the desktop version of the platform, as the server is not added to it by default. We didn’t wanted to bother looking up the settings (which the customer support team should be able to provide), so we registered a real account. This leads us to the next two points.
 

Questions upon registration
When setting up the account we had to fill in information about our trading experience. This isn’t a negative by itself, as it protects a newcomer to the global markets. What frustrates us, is the fact this process takes place during the account creation, instead of later on. We realize this is required by the regulators, but maybe putting it before making your first deposit will be better.


Accounts only in EUR and GBP
The second key thing we noted when creating our account is the fact USD was not option for our base currency. While this may sound ok to those of you who are based in Europe, it may not be to the rest of the world. Additionally a lot of currency pairs are quoted in USD and your trading results are actually measured in the currency. Doing the conversion on every trade can be annoying.



Some details not mentioned
GMO Trading’s overall presentation is rather nice. That being the case, several key points are not mentioned on the company’s website. They include: a full instrument list, the minimum deposit requirement and the target spreads. The last point is quite unusual for a regulated broker.


 
Rather high spreads
The fact spreads are not disclosed at GMO Trading did not stop us from revealing them, when testing the MT4 platform. During the middle of the European session, when liquidity is expected to be quite high, the EUR/USD one was fluctuating around 2.2 – 2.6 pips. This is simply unacceptable in the current day and age. While the spread shouldn’t be your main concern, other companies offer much better trading conditions. Be sure to visit our dedicated spread comparison platform for the full picture.


>>Compare spreads here<<



Deposits only done via Credit Card
We are not certain if this is also true for withdrawing funds. While credit cards offer an instant payment, some of you may prefer bank transfers ore even e-wallets, such as Neteller. The lack of support for either is rather annoying. .

 

Conclusion



GMO Trading is a CySEC-regulated forex broker. The company supports the well-known MT4 platform, but sadly the spreads provided are not that impressive. We have a few other issues with the company, but at the end of the day, the costs of trading are the biggest one.


That being said, GMO Trading still has a major advantage over a lot of other brokerages – the Cyprus regulation. While financial markets may not be your first association with the island, this sector of their economy is very healthy. The Cyprus Securities and Exchange Commission (CySEC) is among the most reputable watchdogs and we will like to briefly introduce you to the most important rules, when it comes to the security of your trading capital.


>>Looking for another CySEC broker?<<


All brokers registered with this particular agency have to keep client funds in the so called segregated accounts (i.e. special bank accounts which they can’t access at will). Additionally, they offer a compensation schemed. This is a system, which protects client investments, up to €20.000, in case their broker goes bankrupt.

 
Here are the pros and cons of GMO Trading:

Pros Cons
CySEC Demo not easy to run
Up to 1:200 in leverage Questions upon registration
MetaTrader4 trading platform Accounts only in EUR and GBP
Educational material on the website Some details not mentioned
  Rather high spreads
  Deposits only done via Credit Card

 

Latest news about GMO Trading
No news about GMO Trading. Check back later.
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Traders` reviews for GMO Trading

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Solved

I got Some money back.

Nabuurs 12/06/2018

GMO - 1 big scam

Put €250 on my gmo acount never trade whit iT and the money is gone, got many phonecalls for more deposito the only thing what im happy about is iT was only 250. People be carefull dont do buisnes whit gmo you Will loze all tour money!!!

Ralph van bergen 11/25/2018

Warning DONT DO IT!!!!!

A group of thieves choose your owner and say you can recover it at any time and this is a lie because when you want to recover money they ask you for a lot of information and ask for a lot of papers and cut 50 euros do not put your money with them Warning

Warning 11/15/2018

Its a dirty company

I deposited the requested starting money. All fine by then. You have to answer a couple of questions and I get asked to send some copies for my Passport and my billing address. Still fine by now. Then I got blocked from trading by them because my answers weren't good enough for them. I asked my money back because it got aggressive to me and they charge me for 50 euro withdraw fee. I called and asked for an answer. They told me that that was the case because I didn't trade with my account.

Madness, really crazy in my opinion.

Fabian Gödecke 11/14/2018

Very aggressive account manager

Don' trust them they are gambling with your money, they push you to do deposits you don't really want they promise you wins like nothing can go wrong. When you do it and it goes wrong they hide themselves behind the rules. The senior account manager Idan D which I had to with is a real over your dead body guy.

Think very long before you do anything with this guy and maybe all the other employees are also like him.

When you feel he wants to push you in a direction your nog comfortable in, STOP BEFORE IT'S TO LATE YOU WILL LOSE EVERYTHING YOU HAVE.

Hans Nabuurs 11/12/2018

Scum of the earth

Something has to be done to these people they are the scum of the earth, they took me 47000 euro.

I'm busy to do something to this scum and all help is welcome.
They belong in prison, they will make victims every day.

hans 11/12/2018

Let's go solid

Yeah let's go solid, we can do it together. It has to be done for the future of other people. They have to be stopped as soon as possible.

Hans Nabuurs 11/12/2018

If you gonne give your money away, give it to the poor

I can insure you. There is no cheap way to get rich.
Because if there were... then everyone would be rich.
All the money you give them, you'll never see it back.

sammy smeitink 11/09/2018

GMO=Scam!

I warn for Company GMO Trading who fines the client for his own mistakes. They stolen my 240 euro. No contact. Do not due any business with em!!
PS I lost money without any trading. Do not transfer own money to their platform! NOT SECURE! YOU CAN LOST YOUR MONEY BEFORE YOU CAN START THE TRADING!

MTP 10/30/2018

Very unfair/dodgy

I was not looking for GMO got connected to them tho' and I found they pestered me all the while, it made me ill, there is an extremely bossy woman,who was in fact abusive, they never seemed to make money, always wanted more money, I lost a good 9000 and then they told me off for putting the phone down as they would ring my bank and say ask for such and such, I live alone and got swept up by intimidation, I now look for someone help me recover, it was a dreadful experience.

Jill Jones 10/25/2018

Call to attack!!!

Let's get solid. They dont give a damn. They don't payback. They don't answer. They don't post our opinions. Kick them in hell.

Timo Schindler 10/22/2018

Identityfraud scam

After first creating a deposit through a Skrill account then you can trade. But if you want your money back then it has to go through the Skrill account which of course you don’t have. Then the only way to get your money back is through the sending of your ID-card, passport or any other ID plus a colored copy of your bank details etcetera. This is simply so they can order anything from weapons to residence to start a new terroristic attack in Europe or the USA. Of course some Russian name on the email to divert the real location of their born identity. I think it’s the Islamic liberation front starting a Jihad against the free people.

Google should check more what the do when advertisers make an account. If you want to place an add on pharmaceutical or against pharmaceutical products then a real check is done but for Islamic terrorists there is a free path to the people’s money. 9-11 was not enough I suppose. As long as you make money anything is going?

Well GMO trading, every euro have of me is mine, since you don’t send it back, every euro will be destroying your family and business whenever it gets transferred to any place in the world. If you leave this planet before the money is spend, it will follow you in there next life. That is my curse. Yes, they do work.

Yes, you can check my email address. You can also come and look me up.

Frank 10/21/2018

Blank promises

First they sweet talk you into making the best decision of your life after that the bank account is -100k£,blank promises of high riches left me with no food on the table.

Reprecautions will be coming

Danzel williams 10/10/2018

a loss of 30000 euro

Their analist/adviser encourage you to increase the amount of lots per currency position up to a level you are forced to cover your before closing tradingflour. Next day encourage to use the free marging to get more profit. This week the usdtry was trades could be covered by me any more. So I lost all the money with any help from GMO trading. I w aa bankrupted by then.

Jos van Doorn 10/10/2018

GMO Trading Scam alert

Advertised with auto trading.. give 215 euro to start trading. Than suddenly i had to give copies id creditcard and all other info which west African scammers also always want..
.so decided to ask for refund.. now they anyway want this info for completing the refund.. people stay away from this scam!!

Rg 10/08/2018

Very poor experience

My experience has been a very poor one. Against good advice I decided to trust the GMO advisor who persuaded me to try GMO.

I credited my account with £500 back in April. I have been travelling since April 2018. Last Sunday I decided to check the account to find the the balance was zero.

I checked today with one of the account managers who advised that my account has been cleaned of money because of inactivity. This is the first that I have heard about your inactivity policy. At no time before has anybody with GMO warned me that this would be the case. Can somebody tell me if there is any chance that I can have my money back as I can find no legal justification for your company to have earned my money in this way

Leonard Alexander 10/08/2018

Stay well away!

These fucktards never and I mean *never* stop calling you. Their product is shit. I have written trading systems for 25 years including forex/cfd/spreadB. Theirs is ludicrously poor and they do not respect your data privacy. Despite me requesting they delete my account on multiple occasions they have still not stopped calling me and their Attitude really and I mean really sucks.

Richard Pashley 10/02/2018

GMO Trading Retiradas

Sois unos ladrones retire 200 euros y luego 250 euros y sólo me a llegado 150 euros y Estoy esperando 300 euros creo que sois unos ladrones donde esta mi dinero

Translated by Google:

You are some thieves withdraw 200 euros and then 250 euros and I only got 150 euros and I'm waiting 300 euros I think you are some thieves where my money is

Raquel 09/21/2018

GMO Trading - Lesson learned


I was very disappointed with my GMO allocated account manager who begun with the Sweetly Sweetly talk but then got aggressive when I did not want to invest more than £500. I insisted I wanted training with £500 only. There was no training available.
He insisted he could arrange a £15,000 loan for me and I would double my money in a few days. When my answer was "No, it's not going to happen", he said I was "pissing him off " ! Totally unprofessional !
I logged on to my account, closed it, and lost £84 in the process. At least I got most of my £500 back.
Don't invest with them is my advice ! Don't invest with crypto companies is even better advice !!
Lesson learned.

R Faria 08/15/2018

This is a scam

They are liars. They will take ur Money and you cant do anything be Aware of ths

fotzen 07/24/2018

Asking for copy of front and back of my debit card

they took time to put one through especially newbies but why would they ask to confirm account payments by asking for snap or photocopy of front and back of my debit card,i find that worrysome cus of my protected cvv number.

agnes 07/23/2018

Avoid this one at all costs

Avoid this company and safe yourself a lot of trouble. I paid 250 pounds just to try it and they just kept asking for more and I kept saying no not interested in putting lots of money into something I know little about. They just kept calling asking for more money with aggressive sales pitch. I just sent them email and called them saying not to contact me again. They just ignored it and kept calling. They called from redirected phone lines from lots of different countries so every time I blocked them they just call from a different line.
Don’t go near this company their practice are as extremely aggressive, as far as my experience of them is they use aggressive sales pitch just to extract money from you. I will be reporting this company to their regulators.

Paul Horsburgh 07/10/2018

Hard sell

GMO Brokers are very hard sell to people with no trading experience forcing them to put all your money into your account. Their training for novices is none exsistant and they will have novices tradisng high amounts on multiable trades with little or no help. NOVICES BEWARE!

Michael Johnson 07/06/2018

con

I put £250 in to my account and as a was give advice where to put my money by the account manger I did £/4 day later I was ask to put more in to my account which I could not afford to lose I was told that it was safe I told my account manager that I was not going to speed this money .the next day when I was in profit he said that we could buy more stick out of the profit we did .. just look at my account and its close I have £11.00 left is this the way to they do there cons ..

michael jones 07/05/2018

Automatic closure of an open trade

I am very new to this and only set up my account around 10th June 2018. I made the initial deposit of £180 and was slowly buying small trades which were maing small profits. I purchased a currency which was running at a minus so I left it, almost 10 days, but each day would log on to have a look, to my horror today I find that my minus account was closed and I have lost £233.10. I have left 3 messages and an email to David Bi at GMO trading for a call back, but heard nothing. I have not closed that account and I don't see how this can happen, very dissappointed!

Sze Cheung 06/29/2018

Oh how I wish I had seen these reviews before I got suckered and lost £10k

Oh how I wish I had seen these reviews before I got suckered and lost £10k. I fell for the Dragons Den Ad and contacted them about Bit Coin only to be advised it was not a good time abd to invest a small amount in the Market. I started with £250 and made a little profit and then the phone calls started. "you need to invest more in this sure fire trade coming up tomorrow" Without boring you too much as my pot dwindles I was told I needed to prop it up to avoid bigger losses. What a fool I was. I am now £10.000 down and regretting ever having had anything to do with these shysters. And I am still getting phone calls from them even today.
People beware and avoid these con men.

Kevin Hallam 06/28/2018

it's a scam

once you start receiving phone calls from inaccessible bank manager it's a scam, always review ,research and never believe if someone tells you.
you gonna make a lot of money today.its all lies.
even bitcoin is going down,property prices falling ,fuel price going up ,price of food becoming more expensive .
trade wars harms everyone , so don't be fooled by riches of conman.

david mann 06/28/2018

Lost a lot of money due to been prayed on and give in to them

Well I am sat here distraught that I have lost 39k through the stupidly taking there word I would make money the guys been too nice
I would like the money I invested returned to my cards as I am in such a way asi only work part time but they are after every penny they can get from you
I am absolutely gutted that they team could let me lose this money and to ask for help from friends and family no I would not ask them
I wouldn’t advise anyone to join them

Dawn hamer 06/22/2018

Still waiting for the money back

Opened an account three weeks ago but after
a lot of promises and hassle to put more money
into the account I decided to withdraw my deposit
but am still waiting for the money back. As far
as I'm concerned they are all conmen that work
forthem.

Mr. David Walmsley 06/20/2018

a/c.812 30897 (GBP) MT4

I requested u to refund my monies of £180.00 paid 7June 2018.
Iwanted to invest this money in Bitcoin. But appears it has not happened. I am a disabled 77 yrs old pensioner, and do not wish to loose this money. Thanks Anwar Ayoob
tfdzqf

Anwar Ayoob 06/11/2018

GMO trading - Be careful It's a big gamble

I opened a account about 3vweeks ago,
I was asked to deposit a lot more money to start with,and told possibly make hundreds and thousands of pounds,
It's all started great,I made a 2 grand profit in my first couple of days,
All of a sudden, things started to go downhill,
I made a couple of bad trades,and caused my equity to dwindle,
Straight away my account manager was on the phone asking me to deposit more funds,like a fool I did,
I made another couple of grand profit after that,then all of a sudden,my account started to shut down,after acquiring to many negative trades,,
I have now lost a lot of money, I wish I had never started to do this trading account,it is a big gamble,youcan win or lose with this account,unfortunately I lost,
There are a lot of reviews on the forex fraud website about GMO trading,
Making out that this is a Scam company,may be worth checking this before you open a account and make you r own mind up about them,
Do not deposit a lot of money into this account,as it's so easy to lose it,

Mark 06/11/2018

New Account

Hi
Last Tuesday or Wednesday I apparently opened a account with you.Unfortunately I have no recollection of this transaction nor do I which to do trading,my credit card company has contacted me about this transaction and will stop any more if someone from your account department can give me a call to sort this transaction out I will be most grateful.If you send a email to me I will then send you my phone number
Many Thanks
Ian Ball

Ian Ball 05/29/2018

Refund

I am still waiting for my £250 refund?

Bryan Green 05/28/2018

Be Very Careful!! I have now lost over £30K

I have recently been using GMO trading and my experience has been one of full regret.
From the start, I inquired about Bitcoin trading, on the back of an ad from the Dragons Den.
I was then introduced to a manager who was very pleasant and polite. I explained what I wanted, but I was soon convinced to trade in the forex market.
The accounts manager convinced me, to my absolute regret, to invest an additional £9k onto my original £250 'introductory fee'.
Unfortunately, this was the beginning of nearly 2 months of constant badgering and unfulfilled promises of unlimited riches.
I have now lost over £30K, due to poor strategies and advise.
I would definitely advise anyone who is thinking of using this as a way of trying to earn extra cash, to seriously rethink and steer well clear.
Yes I do regret being as gullible and naive as I have been, but its an expensive warning to others to be very very careful.

Lawrence 05/08/2018

trying to close account that was never activated

Is GMO Trading a scam - Encouraged to join through experiences of Dragons Den stars appearing on Google - all positive comments . At the end of their spiel you are given the 2 steps to join in the trading. This is where it all goes wrong. GMO trading take you money set up an account but then you can't trade until you give them further information including your credit card details. The first day you receive an email from someone purporting to be your account manager but then when you start asking questions about some of their requirements all dialogue ceases.
I then sent an email asking for the account to be closed and the return of my investment no one comes back to you
Do not get involved !! The whole article purporting to be from the Dragons should be removed from Google but does anyone have any idea how to go about this?

ernest hargreaves 05/04/2018

Beware of GMO Trading

My husband first saw this firm on Dragons Den and it was made to look so easy that even a moron could trades after talking it through we decided to invest £250 which was all we were willing to gamble.We sent them the money and then the phone calls started wanting me to invest more money (which I didn't have)so was advised to get a bank loan and was talked through the process and before I knew where I was my bank was willing to give me a £25000 pound loan over 7 years and the trader was all for me to take this loan in fact she became quite vocal when I told her that I wasn't going to accept the bank loan.Well she did everything but put a gun to my head to get me to take this bank loan but I point blank refused as the original amount we had invested (£250) now no longer was enough and I was told that to buy just 1 bitcoin was just over £9000 so I could afford to buy 2 and have some change.She made it all sound so easy and said within a week or two I would be able to pay my bank back the money I had borrowed and then the world would be my oyster, but there was no mention of things that may go wrong like losing all of the £25000 and having to pay this back over the next 7 years.She became very agitated and really really tried to get me to accept the bank loan but something was holding me back and she was not impressed that I would not bend over backwards to let her take control of this money.Yes it would have been wonderful if everything went as it was supposed to BUT what if things had gone wrong....I dread to think.

June Ratcliffe 05/04/2018

Disaster

After the initial welcome aboard and minimal advice no contact from the advisor when things started to slide on a downward trend and the investment dwindled, only 1 more phone call from a different advisor asking for more money, its a con stay away !!!!!!

Robin Wood 04/30/2018

Trying to close account and withdraw my money

I was rang up after opening an account online following Dragons Den however they rang me and after an hour on the phone they could not find my account details and said they would get back to me,they didn't the customer support nuber is not accessible and I have sent 2 emails requesting closure and money back £500 but no reply!!!

Michael Alex Bennett 04/04/2018
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