GMI Markets Forex broker review - Only 20 instruments, but spreads are 0 pips

gmimarkets.com
nika
Written by:
Av
konstantinrabin
Calendar
Written on:
22 April 2023
Date
Last edit:
21 February 2024
Our rating:
5.24

5.24

GMI Markets Forex broker review - Only 20 instruments, but spreads are 0 pips

gmimarkets.com
nika
Written by:
Calendar
Written on:
22 April 2023
Date
Last edit:
21 February 2024
Our rating
5.24

5.24

General risk disclaimer: Trading forex, C F D s, 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 in excess of 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. Please carefully consider your financial situation and investment experience before trading any products offered by the Company. The Company assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within this site. The contents in this site are provided only for information purposes and they should not be regarded as an offer or solicitation to any person in any jurisdiction where such an offer or solicitation is not authorized; nor should any of the contrary to local law or regulation. Read and understand the Terms and Conditions on the Company's website before initiating your leveraged investment
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Main summary

Founded in 2009 GMI Markets is a regulated Forex and derivatives broker that holds two awards that it received in 2022. The first is for having the best Forex execution in Asia and the second is for the best Forex platform in Asia. Since its creation, GMI Markets managed to attract 1 million registered trading accounts from 30 different countries. There is a reason why this broker is attracting so much attention from traders, including ultra-low spreads from 0.0 pips and fast execution speeds, paired with excellent client support and a well-designed website. We will discuss all these in more detail, covering all the important aspects in this review, so stay tuned. 

Pros & cons of GMI Markets broker

  • Ability to deposit and withdraw with $0 fees
  • Offers access to MetaTrader 4
  • Fastest account opening/verification on the market
  • Very low minimum deposit of 15 USD
  • Offers cent accounts for beginners with low budget
  • There are accounts without spread markups
  • Only 20 total tradable assets are available as of now
  • Too many account types too few trading instruments

GMI Markets Fact sheet

Main features
Regulations Mauritius
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 10 USD after 90 days of ianctivity
Minimum deposit 15 USD
Minimum account activation 15 USD
Number of available assets 20
Leverage up to 1:2000
Available trading markets CFDs, Commodities, Energies, Forex, Indices, Metals
Account currencies USD, MYR
Demo account Yes
Live account types ECN, cent, standard, standard bonus
Islamic account -
Security
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Assets
Forex 5
Shares 0
Cryptocurrencies 0
Indices 8
Commodities 7
Total 20
Fees & spread
Forex From 0.0 pips. There are commissions of 4 usd per side per lot for 0.0 spreads
Shares N/A
Cryptocurrencies N/A
Indices From 0.6 pips
Commodities From 0.0 pips
Software
Platforms MetaTrader 4
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Neteller, Skrill
Minimum deposit Bank Transfer, Neteller, Skrill
Minimum withdrawal Bank Transfer, Neteller, Skrill
Withdrawal processing time Instant
Time to open an account 1 day
Show all

Safety & Security of GMI Markets

GMI Markets is regulated by Mauritius’ Financial Services Commission (FSC) and is registered in Vanuatu and St. Vincent and Grenadines. The broker offers negative balance protection to prevent clients from going into a minus balance in case of over-leveraged trading. GMI Markets is part of an investor compensation fund in case of insolvency and uses segregated bank accounts to keep client funds safe. These policies together with regulations makes sure the broker is legit and treats its clients fairly. 

GMI markets main page.png

Account types available for traders on GMI Markets

GMI Markets offers very diverse account types to appeal to all kinds of traders including scalpers and beginners, as well as low and high-budget traders. The account types are ECN, CENT, Standard, and Standard Bonus. Each account offers slightly different minimum deposits and other terms, but all account types come with spreads from 0.0 pips. Since only the ECN account has a commission of 4 USD per side per lot, we assume the spreads are fixed for this account and others are dynamically changed. The minimum deposit required for the ECN account is 100 USD and has the lowest maximum leverage possible of up to 1:500. The maximum lot size is set to 50 lots. It seems this account is targeted at scalpers who want to trade with large positions, without spread markups, but with average commissions. Let’s switch to CENT accounts that offer very attractive terms for beginners with a low budget. The minimum deposit is 15 USD, the maximum leverage is 1:1000, and the contract size is 1,000. No commissions are charged for trading with CENT accounts and spreads start from 0.01 pips and are dynamic. For the other remaining account types, the Standard and Standard Bonus, the terms are very similar with maximum leverage of 1:2000 and a minimum deposit of 25 USD. 

Pros & cons of GMI Markets account types

ProsCons
There is a very low minimum deposit of $15Commission for fixed 0 spreads account is 4 USD per side per lot
Enables traders to use demo and cent account typesLimited number of tradable instruments
There is an account without spread markups 
Offers both fixed and dynamic spreads 

Fees & commissions review of GMI Markets

Comparing GMI Markets fees with other brokers

GMI Markets fees compared to Interactive Brokers fees

Type of FeeGMI MarketsInteractive Brokers
EUR/USD SpreadFrom 0.0 pipsFrom 0.6 pips
Fees on Deposits0 USD1%
Inactivity fee10 USD per month after 90 days of inactivityNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

GMI Markets fees compared to CM Trading fees

Type of FeeGMI MarketsCM Trading
EUR/USD SpreadFrom 0.0 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD per month after 90 days of inactivityYes, 15 EUR/USD per month after 60 days of inactivity

GMI Markets fees compared to plus500 fees

Type of FeeGMI Marketsplus500
EUR/USD SpreadFrom 0.0 pipsVariable
Fees on Deposits0 USDNo
Inactivity fee10 USD per month after 90 days of inactivityYes, 10 USD per month after 3 months of inactivity

GMI Markets fees compared to XM fees

Type of FeeGMI MarketsXM
EUR/USD SpreadFrom 0.0 pipsFrom 0.6 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD per month after 90 days of inactivityYes, 15 USD after 12 months, +5 USD/m

GMI Markets fees compared to AvaTrade fees

Type of FeeGMI MarketsAvaTrade
EUR/USD SpreadFrom 0.0 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD per month after 90 days of inactivityYes, 50 USD after 3 months, 100 USD administration fee after a year

GMI Markets fees compared to Capital.com fees

Type of FeeGMI MarketsCapital.com
EUR/USD SpreadFrom 0.0 pipsFrom 0.9 pips
Fees on Deposits0 USDNo
Inactivity fee10 USD per month after 90 days of inactivityYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at GMI Markets

MetaTrader 4 (MT4) is the main trading platform provided by GMI Markets. The broker offers GMI Edge as a secondary trading platform which has a feature for syncing with the MT4 platform. With this, traders will be able to use GMI Edge to fund the MT4 platform, and the broker claims that the connection is fast and seamless. Furthermore, GMI Markets allow for Expert Advisors (EAs) and custom indicators. GMI offers a Multi account manager which enables you to control several trading accounts with one click. GMI Edge is a mobile app that enables trading and comes with charting capabilities; all accounts can be accessed and managed from one app which is a great plus. 

Education and research tools offered by GMI Markets

Unfortunately there are no educational materials available for now and we hope the broker focuses its attention on this matter soon. As for trading and market research tools, there are a few advantages when using the GMI Markets app. Investor accounts are available and it is possible to manage several accounts within one application which offers social trading abilities as well. 

Customer support of GMI Markets

GMI Markets' customer support is among the best out there. The live chat offers the fastest way to connect with broker representatives in mere seconds. The support is very polite, responsive, and knowledgeable. They always try to offer the most accurate information on questions and help traders find the best solutions in case issues arise during trading. There are other options available including an online form to leave a message and email support. Both the website and support are available in 8 different languages which is very useful for international traders. 

Conclusion

GMI Markets is a regulated Forex and derivatives broker that has managed to attract a large number of traders from different countries. The broker offers ultra-low spreads from 0.0 pips and fast execution, paired with excellent client support and a well-designed website. The broker is regulated by the Mauritius Financial Services Commission and is registered in Vanuatu and St. Vincent and Grenadines. Negative balance protection, segregated bank accounts, and being a part of an investor compensation fund ensure that GMI Markets is legitimate and treats its clients fairly. While GMI Markets only offers 20 tradable assets, it provides very diverse account types to cater to all kinds of traders, including scalpers, beginners, and low and high-budget traders. The broker's fees are competitive when compared to other brokers in the industry, with no fees on deposits and only a small inactivity fee of $10 per month after 90 days of inactivity. Overall, GMI Markets is a broker that provides a good trading experience, especially for traders who prioritize low spreads and fast execution.

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FAQs about GMI Markets

Is GMI Markets a trustworthy broker?

Regulated by Mauritius’ FSC and registered in Vanuatu and St. Vincent and Grenadines, GMI Markets seems a legit broker that emphasizes simplicity and offers a few tradable instruments with competitive spreads. However, the commission is a bit higher than the industry-average 7 USD round turn. But GMI Markets offers negative balance protection preventing its traders from going into a negative in case they abuse 1:2000 max leverage possibilities. 

What is the minimum withdrawal amount and can I withdraw within 24 hours?

The minimum withdrawal amount starts from 10 USD for Neteller and Skrill payment methods, and 50 MYR for local bank transfers. It is possible to withdraw funds within 24 hours of requesting as online payment systems are known to be fast and reliable and the broker processes withdrawals within 24 hours.