GMI Markets Review |
|
| 📅 Year founded |
2009 |
| 📈 Multiple top-tier regulation |
No |
| 📍 Headquarters |
Kingstown, Saint Vincent and the Grenadines |
| 🌍 Country of regulation |
Mauritius |
| ✅ Regulators |
FSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$15 USD |
| 🛡️ Negative Balance Protection |
No |
| 📉 Trading Platforms |
MetaTrader4 / GMI Edge |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Bank Wire Transfer / Fasapay / Skrill / Neteller / Dragonpay / USDTether |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Welcome Bonus of 30% |
| 💰 Account Currencies |
USD |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
MAM / ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
$10 USD after 3 months of inactivity |
| 💰 Withdrawal fee |
4% on Skrill and Neteller |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
2 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero / $4 USD per lot on ECN |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
Unknown |
| 🔢 Number of clients |
1 000 000 + |
| 🥇 Instruments Offered |
70 + |
| 📙 Education |
GMI Social Trading Edge |
WHAT IS GMI MARKETS?
GMI Markets, officially known as Global Market Index, is an established forex and CFD broker that began its operations in 2009.
The brokerage is headquartered in Kingstown, Saint Vincent and the Grenadines, adhering to regulatory oversight by the Financial Services Commission (FSC) of Mauritius.
Since its inception, GMI Markets has focused on providing robust trading solutions and access to a variety of financial markets around the world. It serves both retail and institutional clients, offering them the opportunity to trade a wide array of financial instruments.
The choice of Kingstown, Saint Vincent and the Grenadines as its base, coupled with regulation by the FSC of Mauritius, positions GMI Markets advantageously in terms of regulatory flexibility and financial privacy. This strategic setup allows GMI Markets to offer competitive trading conditions such as higher leverage options and access to global markets without the stringent restrictions sometimes found in other jurisdictions.
GMI Markets is committed to upholding high standards of corporate governance, transparency and client protection. Its adherence to FSC guidelines ensures that it maintains stringent financial standards, regular audits and compliance with international financial laws.
Additionally, by integrating advanced technology with user-friendly interfaces, GMI Markets aims to deliver superior trading experiences to its users.
Whether it’s through traditional trading platforms like MetaTrader4 or via their proprietary web-based platforms, the broker ensures that all types of traders have access to the necessary tools and resources to succeed in the competitive world of online trading.
INTRODUCTION
GMI Markets has established itself as a prominent player in the online brokerage landscape since its founding in 2009.
Catering to a diverse global clientele, the broker offers a comprehensive trading experience, particularly in forex, indices and commodities.
At its core, GMI Markets is driven by a mission to provide accessible, reliable and innovative trading solutions. The broker has meticulously crafted its offerings to meet the needs of different types of traders, from beginners to advanced professionals.
The broker’s commitment to innovation is evident in its continuous updates and enhancements to trading platforms and tools. By leveraging cutting-edge technology, GMI Markets ensures that its clients can engage with the markets in real-time, with robust analytical tools at their disposal to make informed trading decisions.
GMI Markets’ introduction into the brokerage industry has been marked by its dedication to providing a wide array of trading options and commitment to technological advancement. These factors combine to create a trading environment where clients can thrive and explore vast financial landscapes effectively and confidently.
PROS & CONS
PROS
- Easily accessible with a minimum deposit of only $15 USD required.
- Multiple trading platforms including MetaTrader4 and their own proprietary platform, GMI Edge.
- Competitive spreads and low trading fees.
- Provision of their own social trading technology, GMI Social Trading Edge.
CONS
- Limited range of trading instruments available.
- Only overseen by one regulatory body.
- Negative balance protection is not provided by the broker.
TRADING INSTRUMENTS
GMI Markets offers a limited range of trading instruments, allowing traders to only participate in forex, indices and commodities markets.
Although narrow, this variety not only caters to different trading preferences and strategies but also enables traders to diversify their investment portfolios effectively.
Forex
The forex market is a cornerstone of GMI Markets’ offerings, featuring a wide array of currency pairs. Traders can access major pairs like EUR / USD, USD / JPY and GBP/USD, which are known for their liquidity and tight spreads.
In addition to these major pairs, GMI Markets also provides a substantial selection of minor and exotic pairs. This includes currencies from emerging markets, offering traders the opportunity to capitalise on different economic dynamics and potentially higher volatility.
Indices
For those looking to trade on a broader scale, GMI Markets provides access to a variety of global indices. This includes well-known indices such as the U30USD, NASDAQ and CHN50U amongst others.
Trading indices allows investors to speculate on the overall movement of an entire stock market or a specific sector without the need to analyse the performance of individual companies. It’s an effective way for traders to gain exposure to different economies and leverage macroeconomic trends.
Commodities
Commodities trading is another crucial component of GMI Markets’ portfolio. The broker offers trading in gold, silver and oil, against various currencies such as the USD and the EUR.
These markets are influenced by global economic developments, geopolitical tensions and changes in supply and demand, providing numerous trading opportunities.
GMI Markets ensures that traders have access to up-to-date market data and insights, which are crucial for navigating the fast-paced and ever-changing financial markets. This holistic approach to offering a diverse range of trading instruments, supported by high quality trading platforms, positions GMI Markets as a preferred broker for traders looking to explore and excel in the global financial markets.
TRADING PLATFORMS
GMI Markets is dedicated to providing its clients with robust and intuitive trading platforms that cater to varying levels of trading expertise and preferences. The broker offers two main platforms in the widely respected MetaTrader4 (MT4) and its proprietary platform, GMI Edge.
Each platform is designed with specific features that enhance the trading experience, whether for analysing markets, executing trades or managing risk.
MetaTrader4 (MT4)
MT4 remains one of the most popular trading platforms in the forex and CFD industry due to its powerful analytical tools, user-friendly interface and flexibility.
GMI Markets harnesses these strengths by offering MT4 to its clients, who benefit from a range of features including:
- Advanced Charting Tools: MT4 provides a comprehensive set of charting tools that allow traders to analyse price movements, identify trends and craft their strategies based on historical data.
- Automated Trading: Through the use of Expert Advisors (EAs), traders can automate their trading strategies on MT4, allowing for the execution of trades according to predefined parameters without the need for manual intervention.
- Customisable Indicators: Users can access a wide array of technical indicators on MT4, plus the ability to customise and create their own indicators for more tailored analysis.
- Multi-Lingual Support: MT4 caters to a global audience with support for multiple languages, making it accessible to traders around the world.
GMI Edge
In addition to offering MT4, GMI Markets provides its proprietary platform, GMI Edge, which is designed to meet the specific needs of its clientele with innovative functionalities including:
- User-Friendly Interface: GMI Edge is known for its clean, intuitive interface that simplifies the trading process for new traders while still offering the depth required by experienced professionals.
- Enhanced Mobile Trading: Understanding the need for mobility in today’s trading environment, GMI Edge offers a robust mobile app that ensures traders can manage their accounts and trade from anywhere at any time, without losing functionality.
- Advanced Risk Management Tools: GMI Edge incorporates advanced risk management features, including various order types and real-time alerts, to help traders minimise losses and protect profits.
- Integrated News and Analysis: The platform provides integrated access to market news and professional analysis directly on the platform, aiding traders in making informed decisions quickly.
Both platforms provided by GMI Markets are designed to integrate seamlessly with the broker’s trading environment, ensuring that clients have access to all necessary resources for effective trading.
Whether opting for the industry-standard power of MT4 or the tailored innovations of GMI Edge, traders at GMI Markets can expect a reliable and enriching trading experience.
These platforms demonstrate GMI Markets’ commitment to technological advancement and customer satisfaction.
By offering both a popular industry-standard platform and a bespoke, innovative alternative, GMI Markets ensures that all traders, regardless of their preference or level of experience, have the tools they need to succeed in the world of online trading.
ACCOUNT TYPES
GMI Markets offers a diverse range of account types tailored to meet the varying needs and preferences of its traders. This variety in account types allows traders to select the one that best fits their trading style, financial goals and risk tolerance.
The main account types offered by GMI Markets include Standard, Standard Bonus, Cent and ECN accounts, each designed with unique features and benefits, with each accounts enjoying swap-free benefits.
Standard Account
The Standard Account is ideal for traders who are new to the forex and CFD markets or those who prefer trading with no additional commissions. It offers competitive spreads and no commissions, making it simpler for traders to calculate costs and manage trades.
The Standard Account also allows traders to utilise leverage of up to 2 000:1, depending on the trade size.
Standard Bonus Account
Similar to the Standard Account but with the added benefit of bonus offerings. This account type enjoys the same features as the Standard Account but allows traders to receive a deposit bonus of 30% when they first deposit.
Cent Account
The Cent Account denominates balances in cents, allowing traders to trade with significantly lower stakes compared to other accounts. This account is particularly appealing to novice traders due to its lower risk profile.
Traders can access the Cent Account with a low minium deposit of only $15 USD, while enjoying leverage of up to 1 000:1.
ECN Account
The ECN (Electronic Communication Network) Account offers direct access to other market participants through electronic currency networks. It typically comes with tighter spreads but includes a commission on trades of up to $4 USD per lot traded.
The ECN Account is also ideal for scalping and high-frequency trading strategies, while leverage of up to 500:1 is available to traders. This account type can be accessed with a minimum deposit of $100 USD.
Each of these account types is integrated with the trading platforms offered by GMI Markets, ensuring that traders have access to all necessary tools and functionalities.
Additionally, GMI Markets provides detailed information on the trading conditions for each account type, such as minimum deposit requirements and leverage options, helping traders make informed decisions about which account best suits their trading needs.
The variety in account types reflects GMI Markets’ commitment to catering to a broad spectrum of traders, from beginners to professionals, each with different trading volumes, investment sizes and strategy preferences.
This inclusive approach ensures that all traders, regardless of their level of experience or trading style, can find an account that enables them to pursue and reach their financial goals effectively.
HOW TO OPEN AN ACCOUNT
Opening an account with GMI Markets is a straightforward online process. Prospective traders need to fill out an application form on the website, provide identification documents for verification and once approved, they can deposit funds and begin trading.
DEMO ACCOUNT
GMI Markets offers a demo account for beginners to practice trading strategies without any financial risk. The demo account features real-time market conditions and is an excellent way for new traders to gain familiarity with trading platforms and instruments.
While the broker’s website does not state which account types are simulated in the demo account, it does state that the demo account aims to simulate live market conditions, giving traders an accurate experience of the trading environment offered by GMI Markets.
SOCIAL TRADING AND COPY TRADING
The broker provides opportunities for social trading and copy trading, enabling less experienced traders to replicate the positions of more seasoned traders. This is facilitated through the variety of features available on MT4 and the GMI Edge platform.
Additionally, the broker provides its own social trading technology, the GMI Social Trading Edge, which traders can use to follow professional traders and copy their trades onto their own accounts. This feature is available to traders who are able to make a minimum deposit of $500 USD.
COMMISSIONS AND FEES
GMI Markets is known for its competitive pricing structure. The broker charges low spreads and commissions, which vary by account type.
The broker does not charge commissions on any of their account types, besides the ECN Account which charges commission at $4 USD per lot traded. Additionally, the broker does not charge any swap-fees which is great news for any trader concerned about trading costs.
As most other brokers do, GMI Markets does charge an inactivity fee of $10 USD per month, which is applied once accounts have been inactive for a period of 3 months. The broker also states that withdrawal fees of 4% are charged when using eWallets such as Skrill or Neteller.
LEVERAGE
Leverage options at GMI Markets vary depending on the size of the trade. The broker makes a leverage table available on their website, ensuring transparency and clear communication with their traders.
For example, on the Standard Account, the broker provides leverage as follows:
- 2 000:1 on trades from $25 – $10 000 USD.
- 1 000:1 on trades from $10 001 – $30 000 USD.
- 500:1 on trades from $30 000 – $50 000 USD.
- 400:1 on trades from $50 001 – $75 000 USD.
- 300:1 on trades from $75 001 – $100 000 USD.
- 200:1 on trades from $100 001 – $200 000 USD.
- 100:1 on trades above $200 001 USD.
WITHDRAWALS AND DEPOSITS
The broker supports a range of methods for deposits and withdrawals including bank wire transfers, Fasapay, Skrill, Neteller and USD Tether. GMI Markets strives to process withdrawals quickly, typically within 24 to 48 hours, ensuring that traders can access their funds promptly.
The broker does not charge fees on deposits, however, there is a withdrawal fee of 4% charged when using eWallets such as Skrill and Neteller.
CUSTOMER SERVICE
Customer service at GMI Markets is available 24/5 and accessible via live chat and email. While the broker provides adequate support, the service could be enhanced by offering phone support and faster response times, as this has been brought up in some customer reviews.
SAFETY AND SECURITY
GMI Markets places a high priority on the safety and security of its clients’ funds and personal information.
Understanding the importance of trust in the financial trading environment, GMI Markets adheres to strict regulatory standards imposed by the Financial Services Commission (FSC) of Mauritius, under which it is registered and regulated.
The FSC of Mauritius is recognised for its rigorous approach to oversight of financial services. It ensures that its licensed entities, like GMI Markets, adhere to international best practices and local regulations designed to protect investors and maintain the integrity of the financial markets.
GMI Markets is required to comply with a range of regulatory requirements including capital adequacy norms, regular auditing and transparent financial reporting. These measures are designed to ensure that the broker operates with a high level of financial stability and integrity.
One of the critical aspects of FSC regulation is the requirement for brokers to segregate client funds from the company’s operational funds. This segregation protects clients’ funds in the event of the broker’s insolvency, ensuring that the traders’ capital is not used for operational purposes and can be returned to them.
To protect clients’ personal and financial information, GMI Markets employs advanced encryption technologies. This ensures that all data transmitted between clients and the server is kept secure from unauthorised access.
GMI Markets also implements robust risk management protocols to safeguard its clients from unexpected market volatility and trading risks. This includes offering tools like stop-loss orders and margin calls which are essential in helping traders manage their exposures effectively.
While the broker’s risk management tools can be improved by offering negative balance protection, the responsibility is on traders to ensure that they manage and protect their own capital.
By aligning its operations with the stringent standards set by the FSC of Mauritius, GMI Markets demonstrates its commitment to upholding the highest levels of safety and security. This regulatory oversight, combined with proactive security measures and a commitment to transparency, ensures that GMI Markets provides a secure and reliable trading environment for its global clientele.
PROMOTIONS
Currently, the broker offers a Welcome Bonus of 30% for clients who make their first deposits. This promotion is only applicable to trades who select the Standard Bonus Account when they begin trading with GMI Markets.
RESEARCH
While GMI Markets does not offer its own research tools, traders still have the option to utilise the research tools available on the MT4 and GMI Edge platforms.
Although this is an aspect of the broker’s offering which could be improved, there are more than enough resources available on the internet for traders to utilise when doing their own research.
EDUCATION
GMI Markets does not offer educational tools such as videos and webinars, however, it does provide the GMI Social Trading Edge, which when utilised properly, can assist traders in learning how to trade by following and learning from professional traders’ trades.
GLOBAL AWARDS
Over the years, GMI Markets has been recognised with several awards, reflecting its commitment to excellence in forex and CFD trading. Some of their most recent awards include the following:
- Best Global Forex Broker (2023) – Forexing.
- Most Innovative Broker (2023) – Forexing.
- Best Global Forex Broker (2023) – All Forex.
- Best Trading Platform (2023) – All Forex.
- Best Forex Execution Asia (2022) – World Business Outlook Magazine.
- Best Forex Platform Asia (2022) – World Business Outlook Magazine.
SAFE OR SCAM?
GMI Markets is regulated by the FSC of Mauritius, which is a reputable regulatory body known for enforcing strict financial standards and protocols to protect investors.
The FSC’s oversight ensures that GMI Markets adheres to international financial laws and practices, which significantly reduces the risk of fraudulent activities.
In compliance with regulatory requirements, GMI Markets maintains client funds in segregated accounts separate from its own operational funds. This critical safeguard ensures that client assets are protected and can be returned to the clients in the event of the broker becoming insolvent.
Additionally, GMI Markets operates with a high level of transparency, providing detailed information about its trading services, account features and fee structures. This openness is a hallmark of reputable financial service providers and is essential in establishing trust with clients.
While the broker could benefit from additional regulatory oversight, based on these factors, GMI Markets is considered safe for trading. The broker’s commitment to regulatory compliance, client protection and transparent business practices strongly indicate its reliability as a trustworthy financial service provider.
CONCLUSION
GMI Markets represents a solid choice for traders looking for a reliable and comprehensive trading platform. With its competitive fees, robust platforms and strong regulatory framework, GMI Markets caters well to traders of all experience levels.
While there is always room for improvement, particularly in areas like the range of trading instruments available, the overall offering remains strong and competitive in the market.
For traders who don’t mind a narrow range of trading instruments and are looking for competitive prices, the team at Brokersuggest.com can safely say that GMI Markets is a solid brokerage partner.
