GMI Fees and Spreads

 

A GMI fees and spreads Review

 

GMI Fees and Spreads

 

GMI fees spreads commissions minimum deposit is $2000 with swap fees that start at 2% spreads from 0.0 pips.

The GMI website does not provide a substantial amount of information relating to the commissions, spread list and/or other fees that may be charged by this broker.

For a more definitive breakdown of fees, traders will have to contact GMI directly before considering opening an account with this broker.

GMI offers a variety of accounts from which traders can choose, with their features listed as follows:

  • Standard – minimum deposit of $2,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
  • Plus Account – minimum deposit of $5,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
  • Pro Account – minimum deposit of $30,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
  • ECN Account – minimum deposit of $100,000, leverage between 1:50 and 1:100, minimum order size is 1,000 contracts with no restriction on trading type.

 

Other Fees

 

Traders should note that certain financial instruments can only be traded during a certain time of the day, especially when considering different time zones, and additional fees may be charged should they hold these positions after they have closed.

Traders should always note that Overnight fees, otherwise known as swap fees or rollover fees, may be charged for positions held open for longer than a day. The typical fee as a cost is approximately 2% for short positions.

It is unclear whether GMI offers the option of an Islamic account to traders who are of Muslim faith and who operate under the Sharia Law.

GMI does not offer traders with spread betting and therefore spread betting fees are not applicable to this broker.

 

Broker Fees

 

GMI does not charge any deposit fees and there is no indication of withdrawal fees waived. Traders will have to contact the broker with regards to additional fees such as inactivity fees or fees pertaining to account maintenance and management.

Traders are advised to ensure that there are no fees waived by their payment provider in terms of depositing funds from their bank account to their trading account in addition to transaction costs when withdrawing funds and having it transferred to their bank account.

 

Pros and Cons

 

PROS CONS
1.      Acclaimed best broker especially for institutional clients 1.      Website is not informative with regards to fees and spreads
2.      Award-winning broker 2.      High minimum deposit
3.      Commission information not provided
4.      Additional fee information not available

 

FAQ

 

How many instruments can I trade with GMI?

You can trade the following financial instruments:

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

 

Which platforms are supported by GMI?

GMI provides the following popular trading platforms:

  • MetaTrader 4

 

Does GMI offer leverage?

Yes.

GMI offers a maximum leverage of up to 1:200.

 

What spreads can I expect with GMI?

This information cannot be gathered from the GMI website, but brokers such as GMI often offer spreads from as little as 0.0 pips.

 

Does GMI charge commission?

Yes.

Information pertaining to commissions cannot be gathered from the GMI site, but often brokers charge set commissions on ECN Accounts.

 

Is GMI regulated?

Yes, GMI is regulated by the highly reputed FCA in the UK, VFSC in Vanuatu and SFC in Hong Kong.

 

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

No, GMI only caters for institutional clients.

 

What is the overall rating out of 10 for GMI?

4/10