Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
GMI, a trading name of Global Market Index Limited, was established in 2009 and has been operating in 8 different countries worldwide for over a decade. GMI has accumulated over a decade of experience in serving traders worldwide.
It claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:2000 and floating spreads on the mt4 trading platform via four different live account types, as well as 24/5 multi-lingual customer support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that GMI is regulated by Financial Conduct Authority - FCA, while the Vanuatu Financial Services Commission - VFSC license is offshore. That is why its regulatory status on WikiFX is listed as “Regulated” and receives a relatively high score of 7.37/10. Please be aware of the risk.
Note: The screenshot date is January 17, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
GMI provides over 50 popular financial instruments ranging from gold to forex, mainly over 40 major currency pairs, gold, oil, silver, and indices.
Account Types
Apart from demo accounts with $10,000 virtual capital, four account options are listed on the GMI platform: Cent, Standard, Standard Bonus, and ECN accounts. The minimum initial deposit for opening a Cent account is only $15, which sounds like a good option for new traders to have a try. While the other three account types have much higher minimum initial capital requirements of $25, $25 and $100 respectively.
Leverage
The specified leverage for different account types at GMI varies between 1:500 and 1:2000. Clients on the ECN account can experience leverage of 1:500, the Cent account with leverage of 1:1000, while only the Standard and Standard Bonus account holders can enjoy the maximum leverage of 1:2000. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
All spreads with GMI are at a floating type and scaled with the asset type. The minimum spread on the GMI Market is 0.56 pips for EURUSD, 0.62 pips for GBPUSD, 2.8 pips for USDJPY, and 2.8 pips for USDCHF. The spreads start at 0.6 pips for XAUUSD, 2.1 pips for XAUGBP, 2.4 pips for US Oil, 2.1 pips for UK Oil, and 0.71 pips for Natural Gas. The lowest spread on Wall Street is 2.8 pips, 22.3 pips on HIS HDK, 48 pips on Bitcoin USD, and 3 pips on Ether USD.
There is no commission on the Cent, Standard, and Standard Bonus accounts, while the ECN account clients have to pay a commission of $4 per lot.
Trading Platform
GMI offers traders the flexibility to choose from the MT4 trading platform, available for Windows, macOS, Android and Web. MT4 is a popular platform with powerful charting tools and technical analysis tools, as well as a user-friendly interface that is ideal for traders of all levels. With the MT4, you can create your algorithms or follow other traders and automate your trades through customisable EAs (Expert Advisors).
Trading Hours
GMI follows standard office hours and 24-hour trading hours Monday to Friday. With that said, trading sessions may vary by market.
Deposit & Withdrawal
The minimum initial deposit requirement with GMI is only $15. All account types accept bank or electronic transfers, and GMI does not accept third-party withdrawals. Withdrawals under $1000 are processed immediately by GMI; withdrawals between $1000 - $19999 require manual review and are sent to the payment provider for verification within 24 hours. Withdrawals over $20,000 may take up to 4 business days.
Customer Support
GMI offers a range of customer support options, available 24/5 via the online contact form, telephone: +64 9.889.3343, QQ: 4006063399, email: cs.global@gmimarkets.com, cs@gmimarkets.com, or live chat. Company address: Govant Building, BP 1276 Port Vila, Vanuatu.
Pros & Cons
Frequently Asked Questions (FAQs)
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