GTLot Review – For Trading Multiple Assets via One Platform
With the world economy weakening and inflation and unemployment rising, it is no wonder that people are looking for ways to make money. The 9 to 5 grind is frustrating and doesn’t just give enough returns to sustain a good lifestyle, along with securing the future. These days, a greater number of people are looking for shortcuts to generate substantial returns that can help them achieve their financial goals. It is not that impossible; after all, there are stories about people making millions by making good investments. One of the best markets you can venture in for this purpose is trading.
There are thousands of financial instruments that you can trade and their constantly fluctuating prices provide a ton of opportunities for people to make money. If you have some savings and are ready to take the risk, you can also step into the trading market. Thanks to technology, this has become easier and more accessible nowadays because you can easily find an online broker instead of having to go out. Plus, you don’t need to be experienced or have a financial background to become a trader. Lots of people who made a fortune from this space didn’t have any prior knowledge or experience.
They learnt later on and were able to put their knowledge to good use. You can do the same, but you will need a broker by your side in order to embark on your journey. The market is bursting to the seams with online brokers and this might please some people because it gives them options. But, there is also a downside and that is trying to figure out which broker to work with. Obviously, no two brokers are created equal, but it can be overwhelming to have to sift through the options in order to find the one that will cater to your needs properly.
In the crowd of online brokers, you will come across GTlot as well, a broker that’s relatively new and seems to be offering comprehensive services. The team behind this broker does seem to have experience in the market, which adds some credibility to the broker. They have a physical office in Amsterdam, Netherlands and are registered to provide financial services across Europe. Then again, this doesn’t mean they can accommodate you and the only way to determine this is by doing your due diligence. Let’s see what this broker can do:
- Safety of information and investments
Since trading has now shifted online, there are some new risks that people have to contend with. The world of the internet is a diverse and open one and there are cybercriminals lurking around. When it comes to online trading, people trust brokers with some very sensitive information and their hard-earned money, both of which can be misused if it falls into the wrong hands. Thus, when you select a broker, you need to ensure they are capable of ensuring the safety of your information and your money. Otherwise, it is best not to take the risk.
How does GTlot fare in this regard? As mentioned earlier, the broker is registered, which means that it has to comply with some vital security policies and measures when providing their services to clients. To protect the money deposited with them, GTlot has chosen to maintain segregated accounts i.e. the accounts of the broker and their clients are kept separate. None of the broker’s obligations are paid through the traders’ deposits and they are only used for their trading activities. Also, the broker has deposited these funds with the top banks in Europe to ensure their safety.
But, as mentioned earlier, it is not just financial safety that’s important. Safety of information cannot be compromised either. GTlot has implemented 256-bit SSL encryption to prevent information from falling into the wrong hands. Every piece of information is encrypted as soon as it is shared for safety reasons. Apart from this, the broker is also compliant with AML and KYC policies, as per international regulatory requirements. These are Anti-Money Laundering and Know Your Customer policies, which are two of the toughest security policies in the world. Those signing up with brokers following these policies will have to verify their identity, as these platforms don’t want to be used for any illegal activities.
There are two aspects of verification; one is proof of identity and the other is proof of residence. Any document confirming identity, such as national ID card, driver’s license or passport has to be provided for the former. The latter needs a utility bill, bank statement or credit card bill for confirmation of address. If you want to use GTlot’s services, you have to comply with these measures for your own safety.
- Availing the broker’s services
What does availing a broker’s services mean? Put simply, you register with the broker in order to gain access to their offerings. Registration procedures can vary for every broker. Some may ask for detailed and extensive information while others prefer to keep it simple and minimalistic. The problem with the former is that it is time consuming and too much effort on part of the traders due to which the latter are often preferable. This is one aspect that GTlot has understood quite well because the broker’s registration process doesn’t bring any surprises.
To initiate the process, you have to log onto the broker’s website and click on the Register option. It will open up an online form that asks for some basic information from the trader. It doesn’t take longer than a couple of minutes for you to finish the form. The details that have to be shared include:
- Full name
- Email address
- Country of residence
- Phone number
- Account currency
After you have entered these details, GTlot will ask you to agree to their Terms and Conditions. You can go through these on their website to ensure you know what you are getting into. It helps in avoiding any surprises later on. Lastly, they will also ask you to confirm you are 18 or above and then the registration process will be done.
- Trading in financial markets
Why do you want a broker? The only reason people turn to trading is to invest their money in the financial markets to make a return. You can start with just one trading instrument, but it is better to choose a combination because this improves your chances of making a profit. How? Most of the financial markets are interrelated, which means that when one instrument goes down, the other is moving up. Thus, even if you are making losses in one, you can make up for it by profiting in another. Then again, this only happens if the broker gives you enough options to choose.
At GTlot, you will be able to trade more than 300 financial instruments and this can give you plenty of room to diversify. The asset offerings begin with the notable foreign exchange market, the world’s biggest financial market. Traders are given the option of choosing from major and minor currency pairs, which are quite stable and can give some good returns. But, if you don’t mind some volatility, you can try your luck with some exotic pairs as well. EUR/USD, AUD/CHF, GBP/USD and USD/JPY are just some currency pairs to explore.
Next up is the indices market, which allows people to trade on the health of the entire economy. Dow Jones, NASDAQ, Nikkei and S&P 500 are some indices that GTlot is offering to you. Those who prefer individual companies rather than the economy as a whole can try the stock market. It is also known for giving good returns to investors, particularly when you go with companies like Amazon, Facebook and Google. But, the risks are also high and if you are not comfortable with that, commodities are a good choice. These include soft commodities like corn, coffee, wheat and rice and hard commodities like crude oil, gas, silver and gold.
- Trading plans that are available
Brokers are known to provide several trading plans to their clients for them to choose from, especially when they are offering their services to traders from different backgrounds. If they accept all traders, regardless of whether they are newcomers, intermediate or professional traders, they have to come up with unique trading plans for each. GTlot has done the same and you will find three trading plans offered by the broker when you are signing up with them. The account options include:
The Beginner Account
The first trading account that you can open at GTlot is for beginner traders, as obvious from the name. Those who are new to the trading world can open this account easily because it has a minimum deposit of €250. They can trade the top assets offered by the broker, attend online live webinars and go over daily market research reports that are available for free.
The Advanced Account
The second trading plan that GTlot has come up with is the Advanced account and they have aimed it at intermediate traders who have some experience in the financial markets. The minimum deposit required for opening this account is set at €5,000 and it provides additional features, on top of the Beginner account. Traders can use a dedicated account manager, access the online academy, get an expert advisor for three months and get 3 one-on-one live sessions as well.
The Experts Account
The third and last trading plan that you will find on GTlot is the Experts account and as the name indicates, it is for expert and professional traders. The minimum deposit requirement for this account at €20,000. It gives traders complete access to the trading room and your sessions with an expert advisor are no longer limited.
While these account types are certainly different, they could use some additional features as well, but overall they provide traders with a good experience in the market.
- Deposits and withdrawal options
To begin your trading journey with GTlot, you will have to invest your capital. The amount you deposit can depend on the trading account you open. You can start with as low as €250 and increase your investment gradually. But, how will you deposit your funds? For this, you need to check what options are offered by the broker. The options are a combination of traditional and modern, which is convenient for traders. You can deposit through credit cards including Visa and MasterCard or you can go with bank wire transfer option as well, in which your bank account is directly used.
However, it should be noted that as per AML policy rules, you cannot use third party accounts or cards for funding your account or making withdrawals. Other than these options, GTlot has also added modern e-wallets like Neteller and Skrill for facilitating their users. As long as you have provided the documents needed for verification, you will be able to add and withdraw funds without any issues.
- Customer support and assistance options
It is normal for traders to have questions and queries when they are trading and it is the broker’s job to provide them assistance. GTlot has given an email address and a phone number on their website, both of which can be used for getting in touch with their customer support team, depending on the urgency of your query. They are available 24 hours a day and you can also use the Contact Us form for contacting them. The option of live chat is missing, which is disappointing, but their team tries to be as responsive as possible to make up for it.
Considering the features that have been mentioned above and the effort the broker has put in to create a safe environment, GTlot can prove to be a good choice. This is true for traders who want to trade multiple assets and prefer to do it from a single and intuitive trading platform rather than using several platforms to do so.