GMI Minimum Deposit
GMI Minimum Deposit
The GMI minimum deposit amount that GMI requires is $2000.
The minimum deposit amount of $2,000 when registering a live account is equivalent to ZAR37,017.20 at the current exchange rate between US Dollar and South African Rand on the day that this article was written.
GMI is a Hong-Kong-based broker which is authorized and regulated by some of the strictest and most demanding regulating entities namely the FCA, VFSC, and SFC, and as a regulated broker, one of the requirements is that client funds be kept in segregated accounts.
In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.
In addition to ensuring client fund security through segregated accounts, regulated brokers such as GMI are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.
Deposit fees and deposit methods
GMI does not charge deposit fees and despite the lack of information with regards to deposits and withdrawals, it is safe to assume that GMI will provide the following methods in which the minimum deposit amount can be paid:
- Bank Wire Transfers
- Credit/Debit Cards
- e-Wallets such as Skrill.
There is no indication on the GMI website pertaining to the accepted and supported deposit currencies in which traders can deposit the minimum amount.
Step by step guide to deposit the minimum amount
Once the trader has completed the process of registering a live account, the trader can make the initial minimum deposit by making use of supported and approved payment methods such as Bank Wire Transfer, Credit/Debit cards or e-Wallet facilities.
The GMI website does not provide any guidelines as to how funds can be deposited or withdrawn from a trading account and provision is not made for a deposit/withdrawal section or a FAQ section which can be consulted.
Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, and day of the week.
Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week.
Pros and Cons
|1. Deposit fees are not charged||1. Extraordinarily little to no information pertaining to deposits|
What is the minimum deposit for GMI?
How do I make a deposit and withdrawal with GMI?
Prior to registering an account with GMI, you will have to contact customer support to obtain more substantial information as the GMI website does not make provision for such.
Does GMI charge withdrawal fees?
There is no indication on the website pertaining to whether withdrawal fees are charged.
How long does it take to make a withdrawal?
- Normally withdrawals done by using Bank Wire Transfer can take one to several business days whereas Credit/Debit Cards and e-Wallet payments can take from one business day up to five depending on any delays from either the broker or the bank’s side.