Minimum Deposit: $500
Maximum Leverage: 1:200
My Score: 6.0
Today I am going to present you to GMT Markets. GMT Markets is an Australian Forex & CFD trading services provider.
According to the website of the broker, GMT Markets was founded in 2011 by a group of forex veterans and technology experts with extensive industry experience.
So, in this GMT Markets review, you will learn all the information about this broker. Is GMT Markets regulated? What are the account types of GMT Markets? How are the trading conditions such as spreads, leverage, and minimum deposit? Is GMT Markets scam or reliable?
Regulation of GMT Markets
GMT Markets is the registered business name of GMTK Global Pty. Ltd. GMT Markets is licensed by the Australian Securities and Investment Commission (ASIC) with license number 400364.
GMT Markets is also a member of the Australian Financial Ombudsman Service (FOS). FOS is the External Dispute Resolution Scheme in Australia which handles all clients’ complaints.
Also, the funds of all Australian clients in GMT Markets are deposited in the segregated client trust account of National Australia Bank.
GMT Markets also provides clients with balance protection. It guarantees that clients’ losses cannot be more than their initial deposit.
ASIC is the regulator of the Australian financial services and markets. The regulator requires some strict fiscal rules to the brokers. For example, ASIC regulated brokers must hold $1,000,000 minimum net capital.
ASIC is one of the most reputable financial regulators, along with the National Futures Association (NFA) in the US, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Conduct Authority (FCA) in the UK.
These regulatory watchdogs force a broker to reduce the risk of scam and to assure the security of the client’s funds.
The broker also offers free stop losses on FX, XAUUSD (Gold) and XAGUSD (Silver) tradings. It helps protect your trades from market gapping or currency volatility.
Account Types and Spreads
There is only one Standard account type. Let’s look at what the broker offers to its clients with this.
The minimum deposit is $500 which is higher than the sector average. Most of the brokers require $250 minimum deposit.
The spreads are fixed 1.5 pips on EUR/USD. The maximum leverage is 1:200. I can say that the trading conditions are competitive.
However, if the wind blows in the opposite direction, you should use the higher leverage more carefully because of the risk of losing your funds.
But you should note that the Australian Securities and Investment Commission is the only major regulator who let more leverage ratio.
The European Securities and Markets Authority (ESMA) reduced the maximum leverage allowed for forex trade in the European Union to 1:30. Similar regulators reduce the maximum leverage ratio in the US to 1:50 and in Japan to 1:25.
The broker provides the most popular trading platform MetaTrader 4. This platform is available for Windows, Apple devices, and Android devices. You can also use the MT4 without downloading anything.
MT4 is still the most popular trading platform because it is light and reliable, it has a user-friendly interface, various charting tools and more than 50 market indicators.
MT4’s best-known feature is the ability to make automated trading with specially designed, customizable trading boots or Expert Advisors.
GMT Markets offers a wide range of trading products including forex, CFDs, commodities, metals, energy, Cryptocurrencies and agricultural instruments.
There are 32 forex pairs with exotic currencies such as Chinese Yuan, Singapore Dollar. Metals are gold and silver, energies are oil and natural gas. There is no information about the Cryptocurrencies.
There are various deposit and withdrawal options offered by the broker. You may deposit or withdraw via MasterCard, Visa, bank/wire transfer, UnionPay, Bpay, Poli Internet Banking.
Some popular e-wallet systems are missing such as Neteller, Skrill, and Paypal. There is no Bitcoin and other cryptocurrencies option too.
GMT Markets is a reliable forex broker who regulated by ASIC. Thanks to this regulation, the broker provides safety to protect the clients’ funds.
It seems the trading conditions are competitive, however, the minimum initial deposit is a little bit high. The maximum leverage is high.
If you want to find a better broker who offers better trading conditions you can check my top forex brokers list above the page.