GMI Edge review
GMI EDGE REVIEW
Global Market Index is a well-known company that provides its customers with the best Forex trading infrastructure, as well as top-tier liquidity providers. It also has offices in Shanghai and Auckland, located near financial hubs like London. The company also has offices in Shanghai and Auckland, as well as in London’s financial hub.
They offer cutting edge systems with multiple customer support options! Product offering includes ECN connections that are lightfast with deep liquidity tailored to your needs. Let’s have an in-depth analysis & get an honest GMI EDGE Review of its features.
GMI Pros and Cons
GMI Edge Account Type
GMI Forex has different account types to choose from, with tight floating spreads and flexible leverage that will be suitable for novice or experienced traders.
Accounts & Fees
GMIEdge offers 3 account types, which vary on a number of factors like the minimum deposit requirement, commission, leverage and lot size. You can choose an individual trading style or goal with these accounts. The broker also accepts all types of strategies including hedging, scalping and automated trading in addition to other account options.
Standard Account
- Minimum deposit: $25
- Leverage up to 1:2000
- No commissions
- 100,000 contract size
- 0.01 minimum lots
- 50 maximum lots
- Variable spreads
Cent Account
- Minimum Deposit: $15.0
- Leverage up to 1,000x your deposit size
- No Commissions
- 1,000 contract size option or 100 contract size option (larger lots trade at better prices)
- 0.01 minimum lot sizes on all instruments and 0.02 –
ECN Account
- Minimum deposit: $100
- Leverage up to 1:500
- Commission on a lot size of 100,000 lots or less: $4 per contract traded ($0.01 minimum)
- The maximum number of contacts allowed per day is 50; the maximum size of a trade is 0.1 minimum lot
Safety
GMI Edge is a trading name of Global Prime Limited, which is regulated and licensed by the Vanuatu Financial Services Commission. GMI Edge has been part of the GMI Group since 2009.
Regulation can give traders peace of mind that their broker will abide by strict rules to protect investors, we would prefer brokers to be using top tier regulators such as FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission) or ASIC(Australian Securities & Investments Commission).
Countries
GMIEdge is a brokerage service that can offer these services to many countries, but there are some restrictions. They do not accept clients from the United Kingdom and the United States, as well as other countries.
Trading Platforms
MetaTrader 4
GMI Forex provides traders with the MetaTrader 4 (MT4) trading platform, which is one of the most popular platforms used by millions of people all over the world. It’s easy to use and has a powerful user interface that allows you to deeply analyse financial markets for your day-to-day trade.
You can download and install the MT4 platform for free on your desktop or mobile devices, whether they are running on iOS or Android. The MT4 mobile app is useful for those who want to trade and manage their account whilst on the go from anywhere in the world as long as there is an internet connection available. Additionally, if you don’t have a smartphone but still want to use this programme, it also features a web trading program that runs directly in your web browser without any additional installation of software required.
Some of MetaTrader4’s key features include:
- A fully customizable and user-friendly interface
- Offer a wide range of charts and time frames.
- Your order will be processed on platform, commission-free. Trading directly on charts is also available.
- Save, load and create trading strategy templates.
- The market watch window displays the current bid/ask quote for trading instruments.
- Technical indicators and graphical objects are generously available for chart analysis.
- Trading that is automated with the use of expert advisors.
- A strategy tester is an application to back test EAs over historical data.
- Custom indicators, EAs and scripts can be created with the MQL programming interface.
- MQL Market Place provides downloadable tools and trading signals.
- The goal of this community is to share ideas, tools and articles with other traders.
- Send alerts about price and indicator notifications to your phone, email address, and pop-ups.
- VPS support for remotely hosting your platform.
- This content is available on desktop, web and mobile devices.
Trading Tools
GMI Edge account holders are offered free access to Trading Central and market analysis. However, we were unable to find any evidence of this on their website. When it comes to the basics of trading online, MetaTrader 4 has more than enough tools for retail traders as well as functionality.
Education
We couldn’t find any educational materials about trading on the GMIEdge website, which is unfortunate. We would have liked to have seen some tutorials and webinars that can help us improve our trading skills and knowledge along with emphasising the broker’s support for informed online traders.
Markets
GMI Edge offers over 50 pairs of currency from major, minor and exotic crosses. The broker has a modest selection of CFDs on precious metals and energies. The asset range was found to be lacking when compared with some other best trading brokers in the industry.
Forex Trading
Broker offers around 50 forex currency pairs with competitive spreads, little re-quoting, and up to 1:2000 leverage.
Metals Trading
They specialize in precious metals through both silver and gold trading.
Indices Trading
GMI Forex offers 8 different global stock indices, each with 1:50 leverage and no commission on the standard account. The available indices are US30, SP500, US100, UK100 (FTSE 100), GE30 (DAX), FR40 (CAC 40) HSIHDK and CHN.
Energies Trading
Trade long or short on oil and gas with a leverage of up to 1:100.
GMI Edge MAM Account
GMI Edge offers a managed account option for money managers. This can help you to complete orders in a timely and synchronized manner, with all accounts having the same ROI. It’s also possible to connect your MAM account with MT4 on multiple devices.
Islamic Account
The broker offers a swap-free option with no charges for holding a position overnight. They are also Muslim friendly and offer trading accounts that comply with Sharia law.
Demo Account
Demo trading accounts are available upon request if you want to practice your trading strategies using virtual funds and get used to the platforms.
Deposit & Withdrawal
GMI Edge offers a selection of payment methods for depositing and withdrawing funds from your trading account. Bank transfer or online systems like Neteller, Skrill, and Perfect Money are available as options.
Bitcoin is also accepted as a deposit option – however not all withdrawal methods are supported by the broker (e.g., cryptocurrency). To make deposits into your trading account first gmi edge login to the member’s area then click on “deposits” in the menu before selecting which method you prefer to use; follow the instructions given based on your decision above.
The same applies if making withdrawals- choose withdrawal instead of deposit before following similar steps outlined above.
Withdrawals under $1,000 will be processed instantly and sent to the payment provider for verification. Withdrawals from $1,000 up to $19,999 will require manual approval and be sent to the payment provider for verification within 24 hours depending on what method you choose by your client.
You need both an appropriate risk assessment and anti-money laundering(AML) requirements for withdrawals over 20k USD or other currencies which are converted into US dollars at a predetermined rate chosen by GMI Edge (eg: EUR). Some fees may apply when using certain methods of payments but we can’t guarantee that all withdrawal times will match those stated above due to third party limitations in some countries.
As always with GMI Edge there is no such thing as third party payments accepted here – only deposits made through your trading account should go under your name.
At this time, you can only transfer funds to and from your account once the appropriate documents have been submitted and verified in accordance with our standard account opening procedures/KYC.In order to comply with Anti-Money Laundering (AML) measures, all deposit and withdrawal transactions are also subject to internal controls.
These transfers will be done on a USD account, so if another currency was available for our broker it would be useful as there is no foreign conversion fee when using an account in one’s own currency.
LEVERAGE
Leverage in forex is a trading tool that gives an investor much more exposure to the market than they put in, which magnifies profit but also increases potential losses. The amount of leverage you use is expressed as a ratio- for example, 50:1, 100:1 or 500:1. If an investor has US Dollar 1,000 in their account and trades ticket sizes of 500 000 USD/JPY
with leverage at 50 to 1 (50 x 1000), this will be equivalent to Trading Units of 250 000 USD/JPY ((500*1000)/50). Leverage levels offered by GMI depend on regulatory requirements as well as what entity you are trading with (GMI). This depends on various safety measures each authority applies to eliminate risks specifically for retail traders.
When playing best Forex instruments like EUR JPY there are set rules established by European ESMA where only lower leverages can apply – up until 30 times per trade or 20 times per minor currency pair and 10 times per Commodities respectively when dealing with UK brokerage firms.
If you are considering opening an account with Hong Kong or Vanuatu entities, be aware that leverage levels jump to high places! You should carefully check through customer support and find out which regulation you will fall under.
Account Opening
In order to open a trading account with GMI Edge, you will need to complete an online application form. During your application, you’ll be required to submit personal information and documents so that they can verify them.
This is not a challenge for brokers as they are used in KYC and AML procedures before opening an account. Once the details have been verified by one of our team members at the GMI Edge accounts department, you will be able to fund the account which enables trading both online or via telephone operations with.
Conclusion
GMI Edge has a reasonable online brokerage offering with competitive trading conditions and the backing of the GMI Group of companies.
The GMI Edge MT4 platform is easy to use on multiple devices, though there could be more educational materials or other features available such as additional tools or integration with social trading sites.
Leverage caps when your account reaches a certain amount but they do not offer stocks nor cryptocurrency instruments themselves, which leaves something to be desired for some clients- especially those who want options beyond forex/commodities futures.
There is no regulation from any well-known authority in place due to this being an offshore broker – although these regulations would likely benefit customers anyway if enacted by the company itself.
