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GMT Review - Is it scam or safe?

GMT Review - is gmtis.com scam or good forex broker?

RATING: 1.8 / 1 REVIEWS ForexBrokerz GMT
GMT is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads (& Commission)
Classic $10 0.01 1:100 0.4 pips + $3.5 / lot (per side)
Pro $10 000 0.01 1:100 0.4 pips + volume-based commission
VIP $50 000 0.01 1:100 0.4 pips + volume-based commission

 

GMT offers its clients a choice of three account types, all of which offer tight variable spreads volume-based commission fees and leverage up to 1:100. Besides, micro lots are available for trade and the broker also offers PAMM investment services.

 

In fact, we checked the spreads on the broker’s MT4 platform and they are pretty good, averaged 0.4 pips on EUR/USD. If we add the commission of $3.5 / lot (per side), typical trading costs on this pair amount to around 1.1 pips per lot, which is on the lower end of average. According to the information on GMT’s website, clients who trade in larger volumes can use commission fees as low as $2 per lot per side. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.

 

Another thing worth mentioning about this broker is that it offers deposit insurance for investments of at least $100 and also claims to pay interest on deposits (2% per month).

 

Despite the above said, we do not recommend GMT, because it lacks the most important feature for a forex broker – trustworthy regulation.

 

The Company. Security of Funds

 

Company

Country

Regulation

GMT ltd.

Russia

N/A

 

Active since 2014, GMT is a forex and CFD broker targeting Russian investors, as its website is available only in Russian. It offers online trading in a number if currency pairs, and various CFDs (in indices, stocks and commodities) on the good old MetaTrader 4.

 

The company behind the brand GMT ltd. and it is not regulated in Russia, nor anywhere else. At least the broker does not make any falsе claims that it is licensed, like many others.

 

We do not recommend investing with non-regulated (and offshore) brokers, because no authority is overseeing their activity, they are not obliged to keep client money in segregated accounts, nor to meet any capital adequacy requirements.

 

Investing with such brokers is extremely risky, as traders do not get any client protection, and that is why we advise traders to choose among brokers regulated by the FCA, CySEC or another trustworthy regulatory body.

 

Trading Platforms

 

GMT supports MetaTrader 4 (MT4) trading platform, available as a desktop download and mobile apps.

 

The MT4 terminal is a perfectly equipped trading terminal which provides all the necessary tools and resources to analyze price dynamics of financial instruments, execute transactions and create & use automated trading strategies (Expert Advisors).

 

GMT’s desktop MT4. Click for a larger image.

 

Promotion

By the time of writing this review, GMT offers up to $100 No-Deposit Welcome Bonus for Russian clients. In order to withdraw the profits from it, clients must trade 2 lost per each $10 of the bonus funds.

 

Methods of Payment

 

GMT offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, or e-wallets WebMoney, OKPay, Yandex and Деньги Online.

 

Conclusion

 

GMT is a broker targeting Russian-speaking investors, whose trading conditions on the popular MT4 platform appear to be quite attractive. Besides, it offers some additional benefits for its clients such as bonuses, deposit insurance and also claims to pay interest on deposits. In spite of this, we do not recommend trading with GMT, because it is not regulated. To sum things up:

 

Pros  Cons
Competitive spreads Not regulated
Insurance and interest on deposits offered Website in Russian only
MT4 available  
Rich product portfolio   

 

Latest news about GMT
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Traders` reviews for GMT

Spread

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Slippage

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Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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