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GMI Review

GMI

INTRODUCTION

Global Market Index (GMI) is a Chinese forex broker company that is based in Shanghai.

Forex brokers are companies that provide traders with access to platforms that allow them to buy and sell foreign currencies.

Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.

Forex broker services are also provided for institutional clients and large companies such as investment banks.

 

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

 

HISTORY AND HEADQUARTERS OF GMI

GMI is an online leveraged Forex trading provider, originally established in Shanghai which then expanded and opened several representative offices within China, Auckland in New Zealand and in London, Great Britain.

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

GMI’s multi-platforms perform ultra-low latency and FIX API connectivity, while the range of trading instruments includes Forex, Indices, Cryptocurrencies, CFDs for Crude Oils, Metals, and Indices.

GMI brings advanced proprietary software that includes MT4 and MT5 bridges, tailored partnership programs for Institutional Trader, Money Managers, White Label and APIs via FIX connectivity network.

Due to the highly developed technology of GMI, this broker is a better choice for professional or active traders rather than beginner traders.

 

AWARDS AND RECOGNITION

The main aim of GMI is technology and software, and this has been recognized by the many awards received for special achievements within the industry and overall ratings.

GMI has received several awards since its inception:

  • 2017 – Best IB support broker, Best liquidity provider broker, Best trading environment.
  • 2016 – Best trading platform provider, Best introducing broker service plan, Best forex broker, fastest-growing broker, best forex trading platform, best white label service provider Best EA trading platform.
  • 2014 – Best forex broker
  • 2013 – World Finance Foreign Exchange Award
  • 2012 – Best forex broker, best forex trading platform
  • 2011 – best fore broker
  • 2010 – World Finance Foreign Exchange Award

 

GMI ACCOUNTS

A forex account is a trading account held by a trader with a company like GMI that is primarily issued with the purpose of trading currencies.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader and the regulatory authorities under whose jurisdiction it operates.

 

TYPES OF ACCOUNTS AND ITS FEATURES

GMI has four account types to choose from. It has tight floating spreads, flexible leverage and flexible trade sizes that will satisfy the needs of novice and experienced traders.

Standard Account

  • Minimum deposit: US Dollar 2 000
  • Leverage: 1:50 – 1:200
  • Minimum order distance: 2.4
  • Minimum order size: 0.01 lot
  • Trading type: No restrictions

Plus Account

  • Minimum deposit: US Dollar 5 000
  • Leverage: 1:50 – 1:200
  • Minimum order distance: 2.4
  • Minimum order size: 0.01 lot
  • Trading type: No restrictions

Pro Account

  • Minimum deposit: US Dollar 30 000
  • Leverage: 1:50 – 1:200
  • Minimum order distance: 0
  • Minimum order size: 0.01 lot
  • Trading type: No restrictions

ECN Account

  • Minimum deposit: US Dollar 100 000
  • Leverage: 1:50 – 1:100
  • Minimum order distance: 0
  • Minimum order size: 1 000 contracts
  • Trading type: No restrictions

 

DEPOSITS AND WITHDRAWALS

It is not clear on their website how to open an account and you must do this first before any other information becomes available to you.

To start Live trading, you should deposit the initial balance requirement, which is set at different levels according to the account type you chose. You can do this through different payment methods like Credit and Debit Cards, Bank Transfers, and e-payment Skrill.

GMI provides investors with more than 40 currency pairs to trade with, including USD, EUR, GBP, JPY, CHF, AUD, and CAD.

The minimum deposit amount starts at US Dollar 2 000, which is high for beginning traders, but a reasonable amount for professionals.

GMI does not charge any additional fees for deposits. Traders should check beforehand whether the payment provider might treat the deposit as a cash advance which will lead to added fees.

 

COST AND FEES, COMMISSIONS AND SPREADS

The cost of trading depends on different factors like commissions, spread, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions will vary between different brokers and depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which is a broker that does not involve in any personal investment advice and gives traders complete control over how they trade the markets, tend to have lower commissions.

The contract for differences (CFDs) trading, a popular form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, on shares will incur commission.

CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

GMI’s trading accounts allow the trader to choose between flexible leverage and trading size along with tight floating spreads and rapid connectivity to the market.

GMI offers four account types. While three of them are MT4 Accounts with STP connection, the fourth one offers ECN bridging technology.

Each of the accounts varies by the initial deposit and trading size, allowing the trader to choose the best suitable version along with more competitive pricing built into the spread or with interbank spread and commission per order.

Different costs apply according to your trading account and the volumes you operate with. However, GMI’s spread is considered the lowest spread offering in the market.

Traders should also keep taking into consideration the rollover or overnight fee as a cost, which is about 2% for short positions held longer than a day.

 

LEVERAGE

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has US Dollar 1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

Leverage levels offered by GMI depends on the regulatory requirements and the entity of GMI you are trading with. This is due to the various safety measures each authority applies to eliminate the risks, specifically for retail traders.

When trading with a UK brokerage the set of rules established by the European ESMA applies and allows only lower leverage levels of up to 1:30 for Forex instruments, 1:20 for minor currency pairs, and 1:10 for Commodities.

If you, however, open an account with Hong Kong or Vanuatu entities, leverage levels jump to high leverage of up to 1:200 or 1:300. Traders should carefully check through customer support under which regulation you will fall.

 

BONUSES

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker, since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Moreover, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.

These prevent brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realised profits on any CFD provided.

This means that a Deposit Bonus is not currently applicable for retail clients.

There is no indication on GMI’s website whether they offer bonuses or not.

 

TRADING PLATFORMS, SOFTWARE, AND ITS FEATURES

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

GMI gives traders the option to choose between 5 platforms as the technology-driven executions require a sophisticated tool.

The platforms are divided by connection type. While STP supports GMI MT4 and GMI Alpine Trader platforms, the ECN connection is performed via GMI ClearPro, GMI MTF, and GMI Currenex.

 

MetaTrader4

MT4 allows stability and is the most popular retail platform globally. Adding to its powerful chart features and enabled EA trading, GMI enhanced it by VPS hosting and collocation configuration for smart order routing.

 

Alpine Trader

GMI’s Alpine Trader is an in-built interface platform with the ability to trade in fixed dollar amounts with OCO orders and server-based trailing stops pip-by-pip. This platform is not available for GMI’s UK clients.

 

CLEARPRO

ClearPro is an institutional platform with Value Weighted Average Pricing (VWAP) that allows traders to choose the order size, with the interbank daily settlement and one-click order reversal.

 

MTF

The MTF platform is designed for the ECN accounts for multiple asset classes and flexible connectivity. It is also boosted by an ultra-high order acceptance rate and low latency with no rejections.

 

CURRENEX

Currenex is an automatic matchmaking system with a wide selection of order types, ESP quote systems, and a deep liquidity pool. This platform is also not available for GMI’s UK clients.

 

MARKETS, PRODUCTS, AND INSTRUMENTS

Most brokers offer all or some of the following kind of market instruments for trading:

Forex

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

 

Indices

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

 

Precious metals

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

 

Energy

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions, and global economic growth is a typical feature of this product, making it another popular trading choice.

GMI offers trading deals in Forex, Metals, and CFDs.

SAFETY AND REGULATION

One of the first things a potential trader needs to establish is whether a broker like GMI is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

The GMI Group of companies includes the firms and entities that are registered in several jurisdictions while using the shortcut-trading name of Global Market Index Limited (GMI).

GMIUK is a trading name of the GMI company that is based in London and authorized by the Financial Conduct Authority (FCA).

Other brands including GMINZ, the trading name of the company registered in New Zealand, and GMIVN which is the company registered in Vanuatu, authorized by VFSC. GMI Limited is registered in Hong Kong and authorized by SFC.

Client’s funds are always secured, kept in leading Banks’ segregated accounts, and protected by the compensation schemes in case of insolvency.

 

CUSTOMER SUPPORT

Potential traders need to be assured that the broker company they choose can offer the necessary support and help whenever they may need it.

GMI’s website states that they offer customer support 24/5

 

RESEARCH

Potential traders should always do as much as possible research about speculative trading before commencing with a trade.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part its features when choosing the right company to trade with.

There is no research offered to any traders on the GMI website.

 

EDUCATION AND TRAINING

Before starting to trade, potential clients of GMI should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If GMI’s website itself does not provide enough means, a trader should explore other informative websites and means to obtain that knowledge.

GMI offers no educational support.

SUMMARY

GMI is a well-regulated firm, which serves offices in the world-leading financial centers and offers transparent conditions through technological connectivity.

However, there are some drawbacks, namely the lack of information on the website and no educational support or research. It also allows a high deposit of US Dollar 2 000 to start with.

The one plus point is GMI’s widely diverse platform offering, which brings numerous solutions to almost any trader, beginner or experienced, institutional, or retail.

Their systems and connectivity have granted them numerous world awards allowing them to enhance trading capabilities and adjust strategies.

 

GMI AT A GLANCE

Broker’s Name GMI
Headquartered Shanghai
Year Founded 2009
Regulating Authorities FCA, VFSC, SFC
US Clients Accepted No
Islamic Account (Swap Free) No
Demo Account Yes
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 300:1
Minimum Deposit US Dollar 2 000
Deposit Options Visa, Mastercard, Bank Transfers, Skrill.
Withdrawal Options Visa, Mastercard, Bank Transfers, Skrill.
Platform Types MT4, Alpine Trader, CLEARPRO, MTF, CURRENEX
Platform Languages English, Chinese
OS Compatibility Desktop, iPhone, Android
Customer Support Languages English, Chinese
Customer Service Hours 24/5 during office hours

 

FAQs

Trading Environment

How many instruments can I trade with GMI?

With GMI you can trade-in:

  • Forex
  • Precious Metals
  • CFDs

Which platforms are supported by GMI?

GMI provides the following trading platforms:

  • MetaTrader4
  • Alpine Trader
  • CLEARPRO
  • MTF
  • CURRENEX

Does GMI offer leverage?

Yes.

GMI offers maximum leverage of 1:300 if you trade in Hong Kong or Vanuatu. When trading with a UK brokerage the set of rules established by the European ESMA applies and allows only lower leverage levels of up to 1:30 for Forex instruments and 1:20 for minor currency pairs.

What spreads can I expect with GMI?

GMI offers variable spreads on its various accounts.

Does GMI charge commission?

No, GMI does not charge commission.

Is GMI regulated?

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

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

No, although it does offer to trade for beginners, GMI focusses more on the experienced and professional traders.

What is the overall rating out of 10 for GMI?

6/10

 

Accounts

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

A demo account is an account offered by some trading platforms, which is funded with virtual money.

This allows a potential client to experiment with the trading platform and get familiar with its various features, before deciding to set up a real account.

These accounts are offered by various online trading platforms, including stock trading platforms, foreign exchange trading venues, and commodities exchanges.

Demo accounts are also widely used by more experienced traders who want to experiment with other asset classes. For instance, a trader might be experienced in stock trading but want to start investing in futures, commodities, or currencies.

Opening a demo account is a good option before opening a live account where you trade with real money in real-time.

Does GMI offer a demo account?

Yes

Can I convert my demo account to a live trading account with GMI?

This is not clear on the website.

Which live trading accounts does GMI offer?

GMI offers four trading accounts:

  • Standard Account
  • Plus Account
  • Pro Account
  • ENC Account

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

  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • AUD
  • CAD

 

Deposits and Withdrawals

What is the minimum deposit for GMI?

US Dollar 2 000

How do I make a deposit and withdrawal from GMI?

GMI offers the following popular deposit and withdrawal methods:

  • Visa
  • Mastercard
  • Skrill
  • BankWire

Unfortunately, not much additional information is found on the website.

Does GMI charge withdrawal fees?

No: fees from financial institutions may apply

How long does it take to make a withdrawal?

This information is not available.

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DISCLAIMER

Trading forex, CFDs, and any financial derivative instruments on margin carries a high level of risk and may not be suitable for all investors, as you could sustain losses more than your deposits.

Leverage can work for you as well as against you, please be aware and fully understand all risks associated with the market conditions and trading terms

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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