GMI Markets Review – Licensed Broker With a Warning

GMI Markets has multiple registered entities, mostly offshore ones. For example in St. Lucia, St. Vincent and Grenadines and Mauritius. 

The company operates since 2009 without any restrictions worldwide. However, 2023 will be marked as the year when everything went south for this broker. And our comprehensive GMI Markets review will show you why.

Legal info: Is GMI Markets Legit?

Gmimarkets.com is a completely offshore entity and should be diversified from the UK one. Even though they have a license from FSC Mauritius, that’s not enough for experienced traders. In fact, why would they have separate offshore entities if they have highly regulated ones? Thus, besides this offshore regulation, there is no other Tier 1 license linked to this entity. Neither FCA, BaFin, ASIC nor CFTC.

On the contrary, this offshore entity is slapped with multiple warnings. In this case, trusted Spanish CNMV and Malaysian SC.

Who are GMI Markets’s clients?

Global Markets Index Limited is present everywhere. But mainly in Asia with their offshore entity. Some of the highly targeted countries are: 

• Malaysia
• Thailand
• Indonesia
• Singapore
• United States

Yet, the broker claims not to provide services in the countries where such an offer or solicitation is not authorized. For that reason, feel free to contact our team in case you want your money back.

Traders Reviews

Another key warning sign is GMI Markets reviews. For the company that operates since 2009, there are only a few. Quite surprising, if you like. 

Nevertheless, out of 15 comments on Trustpilot, already 53% is with the worst rating. In fact, many of those pointed out withdrawal issues. Quite a common thing for offshore brokers.

Leverage, Commissions, Spreads and Fees with GMI Markets

After registration and completing the GMI Markets login procedure, you can get access to the demo account. This way we can check spreads and it’s quite costly ones. 

While the industry average is 1.5 pips, this broker offers higher than 2 pips. With leverage of 1:2000 maximum and missing negative balance protection, you can easily get in trouble.

GMI Markets Trading Features

One of the main potential advantages is the social trading option. However, with suspicious broker and multiple warnings, it can be quite a costly experience. After all, we are wondering why is GMI Markets regulated. Practically just to falsely present a trusted broker.

Is GMI Markets legit?

GMI Markets regulation is quite a weak one. On the contrary, Tier 1 licensed brokers must offer funds protection features. Such as negative balance protection, compensation schemes or segregated bank accounts for deposits. None of these features you can get with GMI Markets broker.

Available Trading Assets

Another downside of this broker is a lack of key instrument classes. Especially the one that traders understand the most – stocks. Yet, another popular category missing is crypto. Instead, you can trade with

• Forex            USD/GBP, AUD/NZD
• Commodities    Gold, Oil, Silver
• Indices          DAX30, ASX200

Check what licensed brokers offer in our Fortrade Review. After all you will wonder if is the GMI Markets legit at all.

Account Types

With GMI Markets broker you can choose between 4 account types. It’s quite an interesting offer. Yet, doesn’t match with any worldwide trusted regulations due to high leverage. Anyway, the accounts are

• ECN
• Cent
• Standard
• Standard Bonus

The GMI Markets minimum deposit varies between $15 and $100 while only the ECN account has $4 commissions.

Mobile Trading App

Considering the availability of MT4 it’s understandable that they have dedicated mobile apps. It’s quite a positive thing. Yet, it’s useless if you can’t withdraw the money.

Demo Account

Another positive thing is that the broker offers a demo account. This way you can get insight into their trading costs and decide to go with another broker. Because a spread of 2.4 for major pairs is a rip-off.

Education

Important to realize is that GMI Markets doesn’t offer any kind of education. Practically, you are left on your own with extremely dangerous conditions. Instead, you can check our FXTM review and see what else you can get with other brokers.

GMI Markets Withdrawal

As it seems, GMI Market withdrawals are questionable. On top of that, the broker only accepts irreversible payment options. Such as wire transfers, Skrill and Neteller. Allegedly they have only a 4% withdrawal fee and instantly process the transfer.

If that’s the case we are wondering how they got so many negative reviews and warnings. To avoid similar scenarios you better read our Vestle Review.

Customer Support

One of the key warning signs is GMI Market’s customer service. It’s only available via e-mail, web form and live chat. Practically, if they don’t want to respond they don’t need. Yet, they advertise 24/5 multi-lingual support.

Key Information To Consider About GMI Markets?

The key thing to have in mind about this broker is to avoid it. Without high security and trusted regulation, you can’t expect much. At least with this offshore entity. On top of all, there are multiple warnings issued. Which is rarely the case with licensed brokers. But when it is the case, you know it’s serious.

In case you had any trouble with this broker, feel free to share it with us. Our specialized team can have a consultation with you about the next steps. Sometimes it’s easier to file a chargeback or use alternative refund methods than bother with the withdrawal. Most importantly, our first consultation is free of charge. We are waiting for your message.

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