Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GMT Markets is a CFD forex brokerage, based in Australia, with a wide range of trading products. It provides 8 trading platforms, including the MetaTrader 4, offers a spread of 1.5 pips on EUR/USD, and requires a minimum deposit of $500. The brokerage offers a leverage of up to 1:200 which should be seen as a big advantage, because only in Australia are brokers still allowed by the authorities to offer such high leverage. We should point out that the minimum deposit is a bit high since the industry average comes at $250.
The brokerage offers clients Free Guarantee Stop Losses which protects traders from market gapping or currency volatility. What this means is that if there is slippage, this will not affect the tradings of the clients of the brokerage. This should be seen as a huge advantage and is common among regulated and legitimate brokerages.
Furthermore, the variety of trading platforms is always a welcoming sign and speaks about the seriousness of the brokerage. Aside from a web-based trading platform, traders also have access to the MT4 platform which is the foremost trading platform at the moment. It is used by more than 80 per cent of the trading world and has many unique features which make it a complete must for any serious trader. Among them are the MQL programming language and advanced charting tools.
GMT Markets also offers free seminars for traders every month in the capital cities of Australia. Such an emphasis on education should be condoned and GMT Markets’s example should be followed by other forex brokerages as well. Participants in the seminars will learn the basics about the forex trading world and will have a chance to meet the top executives of the company and take advantage of their long years of experience.
GMT Markets regulation & safety of funds
GMT Markets is owned and operated by the company GMTK Global PTY Limited and states that it falls under the regulatory oversight of the Australian authorities. After checking with the online registry of ASIC, we can confirm this to be true. ASIC is among the most prestigious and trustworthy regulatory bodies in the world and being licensed by them carries a lot of weight. GMT Markets also provides clients with balance protection which means that clients have a guarantee that their losses cannot be bigger than the initial deposit.
Furthermore, clients have authorities to which to turn if they have grievances with the brokerage. All this cements GMT Markets’s credibility.
GMT Markets Deposit/Withdrawal Methods and Fees
Potential clients of the brokerage have a wide range of payment methods available to them. They may deposit or withdraw via MasterCard, Visa, bank/wire transfer, Unionpay, Bpay, Poli Internet Banking. We did not find any troubling withdrawal conditions in the Terms and Conditions, but we should say that there is a minimum withdrawal amount of 100 Australian dollars.