GMI Markets Broker Review 2024

GMI Markets (Global Market Index) is a Forex and CFD broker based in London. This broker operates under FSC financial authority oversight and offers trading services to over 1 million traders in 30 countries.

In this comprehensive GMI Markets review, we'll explore the key features, pros and cons, and overall trustworthiness of GMI Markets to help you decide whether it’s the right choice for you.

Company Information & Regulation GMI Markets

GMI Markets, formerly known as GMI, has been a player in the forex and CFD brokerage space for over 14 years. The company has multiple branches registered in different parts of the world.

GMI Markets is regulated by the Financial Services Commission (FSC) in these regions, which provides a level of oversight and ensures compliance with relevant financial regulations. However, it's worth noting that these jurisdictions are not considered top-tier regulatory environments.

GMI Markets Broker Specifications

Let's take a closer look at what GMI Markets has to offer:

Markets Broker Account Types Overview

Let’s give you an overview of the account types and their features in out GMI Markets review:

It’s worth mentioning that all account types have swap free option for Muslim traders who shouldn’t pay interest based on sharia law.

GMI Markets has a demo account for beginner trader who want to learn Forex trading without risking capital.

GMI Markets Pros and Cons

Let's weigh the pros and cons of trading with GMI Markets:

GMI Markets Account Opening and Verification Guide

Opening an account with GMI Markets is a relatively straightforward process:

1. Visit the GMI Markets website and click on the "Create Account" button;
2. Fill in the registration form with your personal information;

3. Complete personal details and contact information forms;
4. Choose the Identity verification document you want to upload to verify your account (Driving license, passport, national ID)
5. Upload a good quality picture if your document;

Trading Platforms and Applications in GMI Markets

GMI Markets offers a range of trading platforms to cater to different trader preferences:

GMI Edge

GMI Edge is the Proprietary mobile trading platform in GMI Markets broker. Key features of this platform include:

• Seamless access to trading accounts
• Supports trading in Forex, gold, silver, indices,
• Easy deposit, withdrawal, and fund management
• Social trading capabilities

Links:

• Android
• iOS

MetaTrader 4 (MT4)

GMI offers the Industry-standard trading platform, MetaTrade 4. Key points about this platform:

• Advanced charting
• Supports expert advisors and custom indicators
• Variety of time frames and technical analysis tools

Links:

• Android
• iOS
• Windows
• Mac

MetaTrader 5 (MT5)

GMI market allows trader to open MT5 trading account and use this modern trading platform to buy and sell various instruments. key features of MT5 trading platform:

• Next-generation trading platform
• Enhanced analytical capabilities
• Supports a wider range of asset classes

Links:

• Android
• iOS
• Windows
• Mac

GMI Markets Broker Spreads and Commissions

GMI Markets has low Forex and CFD trading spreads. Here’s the average spread on different instruments:

• Forex: From 0.2 pips
• Commodities: 0.5 pips
• Indices: 1.5 pips

All GMI Markets accounts are commission free except the ECN account which has $4 per lot commission.

Other fees in GMI broker:

• No inactivity fee
• No deposit or withdrawal fee (except for bank transfers)
• Average currency conversion fees

GMI Markets Deposit & Withdrawal Methods

GMI Markets supports various deposit and withdrawal methods, including:

Traders should remember that not all payment methods are available worldwide and there are restrictions. It's crucial for traders to thoroughly research and understand the deposit and withdrawal processes before committing funds to a GMI Markets account.

GMI Markets Copy Trading & Investment Options Overview

GMI Markets offers social copy trading, allowing investors to automatically replicate the trades of successful traders. This feature is particularly beneficial for:

• Beginner traders looking to leverage experienced traders' strategies
• Traders seeking to diversify their portfolios
• Those who want to save time on market analysis and trade execution

The broker also provides a Multi-Account Manager (MAM) solution for money managers, enabling them to trade multiple client accounts simultaneously and automate performance fee billing. Traders can also use MT4 and MT5 Expert Advisors (EAs) to perform passive income strategies on these trading platforms

GMI Markets Broker Available Markets & Symbols

GMI Markets offers a range of trading instruments, including:

• 5 Forex instrument, including EUR/USD, USD/JPY, etc.
• 7 Commodities Including gold, silver, UK oil
• 8 Indices Popular global stock indices, including FTSE 100 and Nasdaq

The broker claims to offer over 70 instruments but there is no information about other tradable instruments in this broker.

GMI Markets Bonuses and Promotions

GMI Markets offers a 30% welcome bonus for new traders on forex, gold, energies, and indices. To claim the bonus, new traders need to:

1. Register an account
2. Deposit funds
3. Get the bonus

Besides the 30% welcome bonus traders can become GMI Markets’ introducing broker and receive commissions based on their referees.  

GMI Markets Support channels

GMI Markets offers 2 support channels for traders to reach out for help:

• Email: cs.global@gmimarkets.com
• Live chat: available on the website

The broker claims to offer 24/5 customer support, but the effectiveness and responsiveness of their support team are unclear based on the available information.

GMI Markets Broker Restricted Countries

GMI Markets doesn’t provide information about the restricted countries on its platform. However, based on its current regulatory status GMI doesn’t provide services to traders from countries listed below:

• Iran
• Iraq
• North Korea
• USA
• Canada
• Cuba
• Syria
• Palestine

While GMI Markets has been operating since 2009, the company hasn’t received positive feedback from traders community. GMI Markets has 2.7 out 5 stars on the Trustpilot website only from 22 reviews.

Potential traders should exercise caution and conduct thorough research before opening an account with GMI Markets.

TF Expert Suggestion

Although GMI Markets has over a decade of offering trading services, it hasn’t become a go to platform for Forex traders. Lack of prop regulation by top-tier financial authorities,no educational resources, and negative user reviews on the trustpilot website, make this broker not a favorable choice for many traders.

However, high leverage options, variety of account types, and social trading services could promise a potentially better future for this platform. overall, traders must do their due diligence before joining any broker and committing funds.