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GMT Markets Review - is it scam or safe?

GMT Markets review - Is gmtmarkets.com.au scam or good forex broker?

RATING: 3.3 / 0 REVIEWS GMT Markets
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GMT Markets is an ASIC regulated Australian forex and CFD broker, offering a good selection of currency pairs, commodities and metals on the MetaTrader4 platform. Here you may check more details about the trading conditions the broker offers:

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:200 1,5, fixed

 

GMT Markets Advantages:

 

Sound regulation

 

GMT Markets is a brand, owned and operated by GMTK Global Pty. Ltd., a company registered in Australia and regulated by the Australian Securities and Investments Commission (ASIC) – one of the most respected financial watchdogs, along with the National Futures Association in the US, the Financial Conduct Authority in the UK and the Cyprus Securities and Exchange Commission (CySEC).

 

Sound regulation is key for the security of any investment on the forex and CFD markets and all legit and properly licensed brokers, like GMT Markets are obliged to follow strict fiscal and ethical rules.

 

Among others, all properly regulated brokers have to maintain a certain minimum operational capital, which in the case of  ASIC regulated brokers is in the amount of 1 000 000 AUD. In addition, all clients' funds should be kept in a segregated, protected form creditors account. 

 

Also, GMT Markets provides all its customers with a negative balance protection, which ensures that a trader can not loose more money than he or she has invested. Here you may also check our list of  ASIC regulated brokers:

 

>>Australian forex brokers<<

 

Competitive spreads

 

As tested with a demo account at GMT Markets, the benchmark EURUSD spread was fixed at 1,5 pips, which is considered competitive. Still here you may want to check our list of brokers, also offering tight spreads:

 

>> Lowest spread forex brokers<<

 

Good selection of forex pairs, including some exotic currencies

 

GMT Markets offers its clients 32 forex pairs with some exotic currencies like the Singapore Dollar and the Chinese Yuan. The broker also offers CFDs on spot metal like silver and gold, energy commodities like oil and natural gas, agricultural commodities like cotton, cocoa, sugar, and coffee, as well as the US Dollar Index. Still as we do not see any crypto assets in the list, here you may check our brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

With a leverage of up to 1:200, as offered by GMT Markets, traders can test even the most aggressive trading strategies. Still higher leverage should be used with caution as it is associated with higher risk of loosing your funds, if the market swings in the wrong direction.

 

Here we should note that as part of a broader effort to curb financial risks, form the beginning of August the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed for forex trade in the European Union to 1:30. Similar regulation caps the maximum leverage in the US to 1:50 and in Japan to 1:25. That leaves Australia the only major hub, where the regulatory regime allows more generous leverage.

 

MetaTrader4 supported

 

MetaTrader4 is the most widely used trading platform for the past decade. It is light and reliable, with user friendly interface, various charting tools and more than 50 integrated market indicators. Its best known feature, however, is the option to run automated trading sessions, with the help of specially designed, customizable trading bots or Expert Advisors, which can be easily modified on a propriety scripting language – the MQL4.

 

 

Here you may check our list of brokers, also supporting MetaTrader4:

 

>>MT4 Brokers<<

 

GMT Markets Disadvantages:

 

No information about the minimum deposit requirement

 

Unfortunately we were not able to find information about the minimum deposit requirement to open a trading account with GMT Markets. Usually, with most brokers you will be asked to deposit about 250 USD to start trading. We should note that there are some big players like FBS and IG, where you can start trading with just 5 USD or even less.

 

No information about the payment methods accepted

 

We were not able to find information about the payment methods neither. Most brokers accept major credit or debit cards like VISA and MasterCard, e-wallets like Neteller and Skrill and bank wire. Some even accept payments with crypto coins. So here you may check our list of brokers, where you may pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

GMT Markets is an ASIC regulated Australian broker, that offers competitive trading conditions – tight spreads and good leverage - on the MetaTrader4 platform. You have a choice of over 30 currency pairs and you can also enjoy the benefit of a negative balance protection. That is why we give the broker a good grade. 

Latest news about GMT Markets
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Traders` reviews for GMT Markets

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