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GMI Account Types

GMI_Account types

 

Overall Rating

4.5/5

Rated #33 of
Recommended FX Brokers

💰Minimum Deposit

USD 2000

🌐 Regulators

COGDEM

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

50

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

GMI

 

GMI provides four different account types, namely the Standard Account, the Plus Account, the Pro Account, and the ECN Account. Each account type has its own set of conditions for commission, fees, margin calls, leverage, and minimum deposits.

GMI is a well-regulated ECN and STP broker headquartered in Shanghai, with strict regulation and authorization through FCA and SFC.

GMI is a technology-driven online brokerage solution that features transparent pricing, cutting-edge systems, multiple customer support, and a variety of software proposals.

Through its STP and ECN business model, GMI provides traders with fast connectivity to only top-tier liquidity providers who offer deep liquidity in addition to tailored trading solutions to suit the trading needs and objectives of a variety of traders.

GMI provides multiple platforms that perform low latency and FIX API connectivity to connect traders to numerous markets such as Forex, indices, cryptocurrencies, CFDs for Crude Oil, Metal, and Indices.

 

GMI Account Types

GMI provides four main accounts that each have unique trading conditions, three of which are designed to work in conjunction specifically with MetaTrader 4 through an STP connection, and one with ECN bridging technology.

 

GMI offers the following account types:

  • Standard account
  • Plus account
  • Pro account, and
  • ECN account.

 

Leverage and trading sizes can be adjusted according to individual trading needs, objectives, and preferences to align with different trading styles.

GMI offers tight floating spreads along with rapid connectivity to the different markets due to its business models and the trading platform offered which is superior amidst numerous others on offer namely MetaTrader 4.

 

GMI Standard Account

The features of this account include:

  • A minimum deposit of US Dollar 2,000.
  • Leverage of between 1:5 to a maximum of 1:200.
  • Spreads that start from 2.4 pips.
  • Minimum order size of 0.01 lot, and
  • No restriction about the trading type as GMI supports various trading styles and types.

 

GMI Plus Account

The features of this account include:

  • A minimum deposit of US Dollar 5,000.
  • Leverage of between 1:50 to a maximum of 1:200.
  • Spreads that start from 2.4 pips.
  • Minimum order size of 0.01 lot, and
  • Various trading styles are supported with no restrictions.

 

GMI Pro Account

The features of this account include:

  • A minimum deposit of US Dollar 30,000.
  • Leverage of between 1:50 to a maximum of 1:200.
  • Spreads that start from as little as 0.0 pips.
  • Minimum order size of 0.01 lot, and
  • Various trading styles are supported with no restrictions.

 

GMI ECN Account

The features include:

  • A minimum deposit of US Dollar 100,000.
  • Leverage of between 1:50 to a maximum of 1:200.
  • Spreads that start from 2.4 pips.
  • Minimum order size of 1,000 contracts, and
  • Various trading styles are supported with no restrictions.

 

GMI Demo Account

The majority of brokers, despite their offering and trading conditions, often offer traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore GMI’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

Generally, the sign-up for a demo account is fully digitalized and hassle-free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trading platforms have been installed on either of the following

  • Desktop PCs that use Linux, Windows, or macOS, or
  • Mobile devices such as tablets and smartphones that run Android or iOS operating systems.

 

Unfortunately, GMI does not provide traders with the option of opening a demo account to explore the tools and features on offer.

GMI caters to more professional or institutional clientele and is not suitable for beginners.

 

GMI Islamic Account

The purpose of an Islamic account is that it caters specifically to Muslim traders who strictly follow Sharia law, which prevents its followers from paying any interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

GMI does not offer Muslim traders the option of converting a live trading account into that of an Islamic Account. Thus, should Muslim traders use GMI to facilitate the trade-in of various financial instruments, there are certain conditions to avoid the accumulation of interest.

The most important would be to ensure that all positions that have been opened are closed by the time the trading day concludes to avoid being subjected to overnight fees or swaps.

 

The diversity provided by these accounts ensures that traders have access to a trading environment that is competitive and cost-effective in terms of trading and non-trading costs.

GMI traders are given the edge they need to facilitate their trading activities regardless of their level of skills, knowledge, and experience.

 

Overall Rating

4.5/5

Rated #33 of
Recommended FX Brokers

💰Minimum Deposit

USD 2000

🌐 Regulators

COGDEM

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

50

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

GMI

 

GMI account types are designed to facilitate all styles of trading.

Now that you know what to expect in terms of the account types offered by GMI, let’s look at some of the pros and cons of trading with them.

 

Pros and Cons

✔️Pros ❌Cons
Well-regulated No US Clients
Variety of accounts offered High minimum deposits
STP and ECN models Wide spreads on some accounts
MetaTrader 4 offered Limited tradeable instruments
No demo account and no Islamic Account option offered
Not recommended for beginners

 

GMIprovides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders despite their level of understanding and expertise.

To conclude this article, here is a brief overview of GMI containing all essential information:

 

GMI at a Glance

Broker’s Name GMI
Headquartered Shanghai
Year Founded 2009
Regulating Authorities FCA and SFC
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:400
Minimum Deposit US Dollar 2,000
Deposit Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • Skrill
Withdrawal Options
  • Bank Wire Transfer
  • Credit/Debit Cards
  • Skrill
Platform Types MetaTrader 4
OS Compatibility Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, indices, cryptocurrencies, CFDs on Crude Oil, metals, and indices.
Languages supported on Website English, Simplified Chinese
Customer Support Languages English, Simplified Chinese
Customer Service Hours 24/5

 

Conclusion

GMI offers four flexible account types that accommodate any style of trading, but these accounts cannot be used as demo accounts or Islamic accounts.

To find out more about GMI, read one of the articles below.

 

Good luck with your trading!

 

You might also like: GMI Sign Up Bonus

You might also like: GMI Demo Account

You might also like: GMI Fees and Spreads

You might also like: GMI Minimum Deposit

 

FAQs

Trading Environment

How many instruments can I trade with GMI?

You can trade the following instruments:

  • Forex
  • Indices
  • Cryptocurrencies
  • CFDs on Crude Oil, Metals, and Indices.

Which platforms are supported by GMI?

MetaTrader 4.

Does GMI offer leverage?

Yes. GMI offers flexible leverage between 1:100, 1:200, and 1:400.

What spreads can I expect with GMI?

Spreads from as little as 0.0 pips on the Pro and ECN Account.

Does GMI charge commission?

Unclear, this information cannot be ascertained from the GMI website. Commissions may be charged on some accounts such as the ECN account when compared to other brokers who offer charge commissions on ECN Accounts.

Are there additional charges on the Islamic account?

No. This does not apply to GMI as the broker does not make provision for an Islamic Account for Muslim traders who follow the Sharia Law.

Is GMI regulated?

Yes. GMI is regulated by FCA and SFC.

Is GMI a recommended forex trading broker for experts and beginners?

No. GMI is not recommended for beginners, the broker only seems to cater to expert, professional and institutional traders.

What is the overall rating out of 10 for GMI?

4/10.

 

Accounts

What is the difference between a demo and a live trading account?

A Demo Account is a risk-free account that is funded by virtual money and allows traders to either practice trading, explore the broker’s offering, or test trading strategies in a mimicked live trading environment.

Does GMI offer a demo account?

No.

For how long is the demo account valid?

This does not apply as GMI does not offer a Demo Account.

Does GMI offer the option of an Islamic Account?

No. GMI does not make provision for an Islamic Account for Muslim traders who follow the Sharia Law.

Which live trading accounts does GMI offer?

GMI offers the following trading accounts:

  • Standard
  • Plus-Account
  • Pro Account, and
  • ECN Account

What are the available deposit currencies for a live trading account?

This information is not available, but traders can expect common currencies such as USD, EUR, GBP, and more.

 

Deposits and Withdrawals

What is the minimum deposit for GMI?

US Dollar 2,000.

How do I make a deposit and withdrawal from GMI?

  • Bank Wire Transfers
  • Credit/Debit Cards
  • e-Wallets such as Skrill.

Does GMI charge withdrawal fees?

This information cannot be substantiated as the broker website does not indicate any information about deposits, withdrawals, or the respective fees charged, or whether GMI charges such fees or whether they are covered by the broker.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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