GSI Markets Review: Known Facts About The GSI Markets Platform
GSI Markets is a Forex trading broker run by Media Force Limited, a company operating under the offshore jurisdiction of the Marshall Islands. This entity was founded in 2013.
After years of offering illicit and unlicensed Forex trading services to traders around the world, GSI Markets ended up on several blacklists of some pretty reputable regulators. There is no doubt that GSI Markets is a trading scam and our GSI Markets Review has all the evidence you need.
|Regulated by:||Offshore Scam Broker|
|Is This Company Safe?||No|
|Have Warnings from:||FCA, FMA, CONSOB, ASIC|
|Registered in:||Marshall Islands|
|Trading Platforms:||MT4, WebTrader|
|Minimum Deposit:||250 USD|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Crypto|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is GSI Markets Legit or a Scam
Media Force Limited is a company based in the Marshall Islands, which is an offshore jurisdiction. Thus, it operates under pretty lax and ineffective laws and regulations. Offshore domains are known for being the nests of scammers because of it.
GSIMarkets is simply not compliant with proper and credible onshore regulations, which can be seen in the warnings issued against this broker. On July 14, 2017, the UK’s FCA flagged gsi-markets as an unauthorized provider, i.e. an illicit broker. Six months later, the New Zealand FMA also issued a warning against the broker.
There are two more warnings, issued by Tier 1 financial market regulators – the Italian consob and Australian ASIC moneysmart. It’s safe to say that GSI Markets is definitely not legal, just like roldex-pro. We recommend you find a provider licensed by a well-known onshore regulator instead.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), CNMV (Spain), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are GSI Markets’ Victims?
According to godaddy.com/whois, gsimarkets com was created on August 18, 2013. Since then, the shady offshore broker has mainly been offering illicit Forex trading services to traders residing in the following countries:
So the conclusion is that GSI Markets targets mainly Spanish and Portuguese-speaking traders. All the top regulators have blacklisted GSI Markets, meaning that the broker is running a crooked scheme. It’s better to avoid this platform altogether.
Losing money to such a trading scam can be harsh. We are willing to help you recover your hard-earned funds.
For this section, we decided to check out popular trading forums such as trustpilot.com and forexpeacearmy.com. Unsurprisingly, there were several complaints against the broker. Traders are fuming at GSI Markets and regulators issued warnings against the broker. You really shouldn’t be even contemplating trading on this platform.
I have been SCAMMED by this company. They are also part of Netmedia Markets OU and Media Force Limited. I was scammed $100000 USD… I want these scammers stopped. There is definitely a laundering scheme here as others have come forward to put a class action suit against the company and the partners, employees, workers, etc….
- Trustpilot user, September 12, 2019.
I opened an account with this company and many people were involved with scamming me out of my hard earned money. I am a single parent and needed to supplement my income in order to raise my 3 children alone. They made me believe that I could. Now I am out over $100000 USD and my retirement fund…
- ForexPeaceArmy user, September 10, 2019.
Leverage, Commissions, Spreads, Fees and Taxes
The maximum leverage offered by GSI Markets is 1:100. It is crucial to know that high leverage is a double-edged sword. It increases both potential profits but also potential losses, making it a rather risky tool. Hence, reputable regulators imposed a safe leverage limit (1:30 in Europe & Australia, 1:50 in North America) to prevent such losses.
For the ECN accounts, the average spread for EUR/USD is 0.7 pips. The commission for Silver ECN is 200 USD per 1,000,000 half-turn, Gold ECN 80 USD per 1,000,000 half-turn, and Platinum ECN 50 USD per 1,000,000 half-turn Charging 200 USD per 1m equals 20 USD per lot.
So the ECN account actually has a spread of 5 pips for the EUR/USD, which is extremely wide and uncompetitive considering that the industry’s standard for this instrument is 1.5 pips. Legit ECN brokers usually charge around 4 $ per lot.
Trading Platforms Available
GSI Markets offers MetaTrader 4, arguably the best trading platform in the game. Aside from the desktop version, there is also a web-based version and a mobile trading app. MT4 features a user-friendly interface, automated trading tools, lightning-fast order execution, 21 timeframes, etc. It’s perfect for both beginners and advanced traders.
The inclusion of MT4 is definitely a big advantage about this broker but it still cannot compensate for the fact that GSI Markets is unregulated and blacklisted. Offshore brokers such as jafx often manipulate the platforms they offer.
Having GSI Marketswithdrawal issues? We can help you recover your trapped funds.
Mobile Trading App
The GSI Markets mobile app allows traders access to the mobile version of MT4. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded for both Android and iOS systems. However, we must reiterate once more that the platform is unregulated.
Available Trading Assets
Here’s a quick overview of the trading assets that the GSI Markets platform offers:
- Forex currency pairs – EUR/USD, AUD/CAD, GBP/USD…
- Indices – S&P 500, DAX 30, NIKKEI 225…
- Commodities – gold, silver, crude oil, natural gas…
- Stocks – Apple, Netflix, BMW…
- Crypto – BTC, ETH, LTC…
GSI Markets offers traders three different live account types:
- Silver ECN account:
- Minimum deposit of 250 USD;
- Withdrawal time – 7 days;
- Gold ECN account:
- First deposit bonus of 10% up to 1,000 USD;
- Withdrawal time – 3 days.
- Platinum ECN account:
- First deposit bonus of 15% up to 2,000 USD.
- Withdrawal time – 3 days.
The minimum deposit requirements were not disclosed. We know from the FAQ section that the minimum deposit for this broker is 250 USD. It seems that the essential difference is the withdrawal processing time, bonuses, and spreads.
The maximum leverage is the same for all accounts – 1:100. As we already mentioned, the trading costs are not favorable at all.
GSI Markets also promises a risk-free demos account. However, the website does not offer a clear demo account registration page. Supposedly, you first have to register and then choose a demo option.
Regardless of whether there really is a demo account available or not, the problems start appearing once you decide to withdraw your actual real money.
GSI Markets Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, Visa);
- Wire transfers;
The minimum deposit and withdrawal limit is 250 USD for all payment methods. The maximum amount you can deposit using cards is 10,000 USD while bank transfers have no limit.
All withdrawals are subjected to a maximum withdrawal limit of USD 200 except for bank wire withdrawals. It’s pretty shady that the broker is imposing such a low limit for withdrawals for card payments.
It’s important to note that funds deposited via MasterCard and Visa cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Customer Support – AnyDesk and TeamViewer
GSI Markets provides customer support through an inquiry form that allows clients to submit their questions and inquiries. There is also a live chat, a FAQ section, and remote support.
Remote support is supposedly given via the AnyDesk or TeamViewer app. These apps allow one user to access the PC of another. Here, it’s a cunning trap; GSI Markets wants to gain access to personal and finance-related information you keep on your computer. Do not allow the scammer to fool you!
Key Information To Consider About GSI Markets
To sum up, GSI Market is a fraudulent offshore trading platform. Active since 2013, the Marshall Islands broker has mainly been offering unlicensed Forex trading services to users from Colombia, Ecuador, Brazil, Peru, and Mexico. Also, this scammer is blacklisted by the FCA, FMA, ASIC, and CONSOB.
We don’t recommend you trade on this platform simply because it’s an offshore scam. If you lost money to the GSI Markets scam, book a free consultation with our team. We will gladly explain how the chargeback works and guide you through the process.
If you were scammed by GSI Markets, let us know.
What is GSI Markets?
GSI Markets is an offshore broker based in the Marshall Islands. This platform is a trading scam. If you’re a victim of this scam, we can help you recover your funds.
What Are GSI Markets Account Types?
GSI Markets offers three live account types - Silver ECN, Gold ECN, and Platinum ECN.
Is GSI Markets Regulated?
GSI Markets is not regulated. This fraudster is blacklisted by reputable financial regulators - the FCA, FMA, ASIC, and CONSOB.