GMO Trading Experience 2021 - Serious Broker or Pure Scam?
The world of cryptocurrencies is big and even bigger is the confusion among newcomers regarding the various offers on crypto exchanges. It is certainly no secret that where money is invested, sooner or later fraudulent offers also come onto the market. It is very similar with crypto exchanges.
Only those who know how cryptocurrency trading works can distinguish a fraudulent company from a reputable offer. The problem is that most fraudulent providers disguise themselves well and traders often only realise that they have fallen for a scam after making a deposit. Accordingly, in this article we will focus on the factors by which users can tell how to evaluate the offer even before investing in a digital crypto exchange.
In the case of GMO Trading, we will look at what the offer has to offer its users in general. Furthermore, we will take a look behind the scenes of the trading platform to find out whether GMO Trading operates seriously or whether it is GMO Trading fraud. What the crypto community has to say about the exchange is also important. The evaluation of testimonials and tests should therefore not be missing. Let's find out whether GMO Trading is a scam or recommendable!
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GMO Trading - Serious or to be taken with a grain of salt?
Football favourite sport and this may have brought some inexperienced traders to GMO Trading. After all, GMO Trading is a partner of BVB.
The GMO Trading website itself states that the company has made enormous efforts to create a safe trading environment. To protect clients' funds, GMO Trading manages client funds separately from operating costs. Partners for the management of the finances are, according to GMO Trading, first-class, trustworthy and globally active banking institutions.
Furthermore, GMO enforces state-of-the-art technology to secure customer transactions. The company says it uses the latest physical hardware and software. Security features include:
- A stringent firewall
- A Secure Sockets Layer (SSL) software that ensures protection of all data in transit on the platform.
- The trading servers are located in SAS-70 certified data centres.
- Encrypted transactions are subject to Level 1 PCI compliance guidelines for service processing.
GMO Trading - The offer
The offer is available via the Webtrader and the Mobile App. According to information on the GMO Trading webpage, the Webtrader trading platform is a user-friendly and advanced trading platform. Access through various internet-enabled devices should be possible without any problems with this webtrader. This means that traders can also access their account while on the move. What is practical is that accordingly no download of the software is necessary to trade.
The platform itself offers traders live analyses and live charts. Traders can use this information as basic information for their trading strategies. Users can also access information around open and closed trades.
The visual trend charts help crypto traders follow the latest trend movements in the crypto market. The trading cubes complete the offer and enable fast trading.
The Webtrader is an MT4 platform that is now used by many crypto exchanges, such as Brokerz.com or ATFX. Practical tools, such as charting tools and analysis tools, support users in their trading. The advantages of the MT4 platform are obvious:
What deposit and withdrawal options are accepted?
Depositing into the GMO Trading app is relatively straightforward. You can choose from a variety of deposit methods, such as:
- Credit card
Even if the otherwise so popular PayPal is not available, the deposit should be feasible thanks to the other options.
It should be noted that the withdrawal must be made with the same method as the deposit.
Another negative aspect is that GMO Trading charges a withdrawal fee of 50 euros if there was only one or no trading activity before the withdrawal.
GMO Trading - The Fees
With the deposit on a crypto trading platform, traders also have to deal with the fees for the first time. Custody fees and commissions do not apply at GMO Trading.
It becomes clear that the spreads depend on the three account types. Available are:
Depending on the account type, users receive other benefits, such as access to webinars and videos, the fifth decimal place and swap discount.
As a rule, transaction fees are also listed, but unfortunately this is not the case with GMO Trading. Here, users search in vain for information on the transaction fees incurred.
GMO Trading - Opening an account
Since GMP Trading could not convince us one hundred percent in the previous test, we will not provide detailed instructions on how to register with this exchange.
etoro LogoInstead, we will explain how to register with a trading platform that we can recommend without reservation to every trader: eToro. eToro is now one of the largest and most popular providers worldwide and is without doubt a reputable company. Since registration can be completed within a few minutes and is completely free of charge, here are the step-by-step instructions:
Step 1: The registration
Afterwards, eToro sends an e-mail to the specified address with a confirmation link. As soon as this link has been clicked, the account is confirmed and you have access to the platform.
Step 2: The demo account & the deposit
Crypto enthusiasts can now choose between a demo account and a live account. It is advisable for every user to opt for the demo account first. After all, here you have the opportunity to get to know the platform without any financial risk and to take a closer look at the individual features.
After the extensive test run with the demo account, users can then switch to the live account. At the latest then, users have to deal with the deposit. However, this is quite simple at eToro. A variety of deposit methods are available, such as credit card, bank transfer, Paypal or Giropay. The minimum deposit amount is 200 euros, but can also be somewhat higher depending on the deposit method chosen.
Step 3: Trading
After the successful deposit, you can finally start live trading. To do this, simply select the desired cryptocurrency, share, currency or whatever you want to trade and specify the amount for which you want to buy it. In addition, various settings can be made, such as the stop-loss function.
Via the charts, users can follow the results of their trading live.
GMO Trading - The Platform
It is good that the service is available in seven different languages: German, English, Italian, Russian, Polish, Spanish and Dutch. This is a wide range of services that many other crypto exchanges cannot match.
Note: Every trader knows that trading involves certain risks. And the providers - reputable or not - know this as well. Serious and authentic providers warn users accordingly about this risk.
This is also the case with GMO Trading, because on every page there is a warning: "Online trading involves a high risk and can lead to the loss of the entire capital".
The website offers comprehensive information about the trading offer, the learning area and contact options. What users look for in vain, however, is a FAQ section.
The trading options on the platform include trading in:
Depending on the account category selected, the following levers are available:
GMO Trading - Customer support
With a reputable provider, customer support should be available 24 hours a day, 7 days a week. According to the information on the GMO Trading homepage, this is not quite the case here: "Customer service is available from Monday to Friday from 6:00 AM to 7:00 PM GMT. You can contact us via email, telephone or contact form." However, it seems that despite the webpage being available, customer support is only offered in English.
What do the testimonials look like?
Before investing in a crypto exchange, users should take the time to research the various test reports and user experiences on the internet. The user experiences in particular give interested parties a comprehensive picture of the user-friendliness, security and customer service.
Conclusion: The test reports and user experiences in the case of GMO Trading give a thoroughly mixed picture.
While many reviewers of different crypto platforms report an extremely appealing and recommendable offer, quite different voices are heard when researching the testimonials. They openly speak of dissatisfaction with the customer service, of a fraudulent offer and scam. Every potential investor must decide for himself whether these testimonials are true.
Since there are indeed many recommendable crypto exchanges on the market, such as eToro, Markets.com or Binance, there is no reason to get involved with an offer that is not really convincing.
In case of any uncertainties, users are better served to refrain from an offer. Or if an investment is to be made, never make more than the minimum deposit. In any case, traders should only deposit as much as they are prepared to lose - the risk of total loss exists at all times.
The advantages and disadvantages at a glance
GMO Trading experiences - Our conclusion
When examining the website, it is noticeable that it is extremely clear, serious and well structured. Potential users will find a lot of information about the trading offer, the trading platform and the education sector. Information about the providers and practical contact options are also provided. The trading offer is colourful and there should be something for every investor. It is good that the platform points out the risks of trading on every page and does not make this a taboo subject.
What is missing, however, are clear statements about the fees of the transactions. The customer service also has clear potential for improvement, which is also reflected in the testimonials of numerous users.
All in all, GMO Trading seems to be a serious offer that nevertheless has some gaps in customer service. GMO Trading is therefore not 100% recommendable, but this crypto exchange may be one of the good crypto exchanges.
If you want to play it safe and use one of the best providers on the crypto exchange market, you should go for eToro. Here you have the best chances even as a beginner and can benefit from the extensive service package.