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Global Market Index (GMI) Review - Is it scam or safe?

Global Market Index (GMI) Review - is gmimarkets.com scam or good forex broker?

RATING: 3 / 0 REVIEWS Global Market Index (GMI)
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 Trading Accounts

Account type  Minimum deposit  Maximum leverage 
Spread
Standard
Unknown 1:100 From 2.3 pips

 

Global Market Index (GMI)  is a broker, offering forex, indices and a few commodities. The company's website doesn't provide much information, about its services which is rather unusual.

 

The Company. Security of Funds

 

Company Country Regulation
Global Markets Index ltd. UK FCA

 

Global Market Index s registered in the United Kingdom an is also regulated by one of the most reputable regulatory agencies - the Financial Conduct Authority (FCA). That being the case, you should feel pretty secure for your funds at the company.

 

On the other hand, the company is part of the Global Markets Index Group. They have companies in the UK (GMIUK), New Zealand (GMINZ) and Vanuatu (GMIVN). If you plan on creating an account with this broker, you should double check which company you are signing a contract with. In the off-chance of a problem,  one may offer you better protection than the rest.

 

Of course, the best company is the FCA regulated one. All brokers under the UK's watchdog have segregated accounts - clients' funds are not accessible for company purposes. Furthermore, a compensation scheme is in place, guaranteeing your investment in case the broker goes bankrupt. In the UK, accounts are covered up to GBP 50,000 by this scheme.

 

Trading Conditions

 

Minimum Initial Deposit

There is no information on Global Market Index, regarding the minimum deposit size.This is quite strange, since most brokers try put up as much information on their websites, in order to attract new clients. For instance IG proudly claims it has no such requirements.

 

Keep in mind, this should not be a serious factor when comparing forex brokers. A serious trading plan, has to be backed by serious capital.

 

Average spreads & Commissions

Spreads at GMI are floating and again, no information about them is available on the company's website. Our tests showed the spread on EUR/USD ranging between 2.3 and 2.6 pips at the Wall Street open, one of the most liquid times in the day. This is substantially higher than offers by other brokers, with the current industry average being around 1.0-1.5 pips for this pair. You can compare spreads offered by some of the world's leading brokers in real-time here.

 

Leverage

We couldn't find any credible information on the maximum leverage, offered by GMI. Our test with the demo version showed a maximum of 1:100. This is pretty average by today's outrageous standards, but is still enough for most traders.

 

 Keep in mind, some brokers may offer even higher leverage, but this does not mean they offer better trading conditions. The only thing it offers is the ability to trade more aggressively. This is usually the nemesis of new traders and the reason why the FCA was considering limiting the maximum leverage, offered to retail clients to 1:50. Be aware of the risks you are about take, before participating in margin trading.

 

Trading Platforms

 

MetaTrader 4 (MT4) is the platform offered by Global Markets Index. It is a reliable solution, which many forex brokers prefer. The company is easy to use, has mobile and web versions and is very popular among traders. This has led to the development of numerous custom tools, such as indicators and automated systems or Expert Advisors. You can check our reviews of some of these systems here.

 

On the other hand, the platform does not have detachable elements, hence limiting multiple-monitor support. This is a limitation which some day traders really hate.

 

Methods of Payment

 

Methods of payments are yet another thing which is not mentioned anywhere on GMI's website. We are not surprised at this point, although we wonder if this lack of information isn't hurting their marketing strategy.

 

Conclusion

 

Global Market Index is a FCA regulated broker. However, the company is part of a a group, which includes other entities, which lack regulation (one of whom is in Vanuatu). If you plan on opening a trading account, be sure to check which company you are dealing with. The most specific thing about this broker is the lack of specific information on their website. This is highly unusual, especially since the company is well regulated. Trading conditions at Global Market Index are not worth writing home about. We would reassess this review, if the situation at the company changes. Here are this broker's pros and cons:

 

Pros Cons
FCA Regulation Almost no information on the website
MetaTrader4 Platform High Spreads

 

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Traders` reviews for Global Market Index (GMI)

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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