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GSI Markets Review - Is it scam or safe?

GSI Markets Review - is gsimarkets.com scam or good forex broker?

RATING: 1 / 13 REVIEWS GSI Markets
GSI Markets is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Min. trade size Maximum leverage Average Spreads (& Commission)   
Standard $250 0.01 1:100 1.5 pips
ECN $250 0.01 1:100 0.7 pips+ $40/lot

 

GSI Markets offers two basic account types – a commission-free Standard one, and ECN account. Both accounts offer variable spreads and leverage up to 1:100 and micro tradeable lots. Besides, swap-free services are offered to clients of Islamic belief.

 

The broker also provides PAMM/MAM services.

 

While the offering on the Standard account seem standard and reasonable, the commissions applicable to the ECN account seem ridiculous, to say the least. $200 per million traded or $20 bucks per lot (per side)?! This means that the average trading cost per lot for the EUR/USD pair is almost 5 pips.

 

 

Most ECN brokers apply a commission of $2 - $4 per lot per side for this pair. So, GSI Markets must be joking or it is a mistake. It doesn’t matter much, as this broker is not regulated and smells like scam anyway.

 

The Company. Security of Funds

 

According to the information on its website, GSI Markets established in London in 2003. It offers online trading in forex and various CFDs on the industry’s standard MetatTrader4 platform.

 

Now, there are three companies mentioned on the broker’s site: GSI Markets Limited, Media Soft Limited (Dominica) and Netsoft Limited (Malta). We could not figure out which one is behind the GSI Markets brand, but it doesn’t matter anyway, since neither of them is licensed or regulated by any authority (if those firms exist at all). Besides, UK's Financial Conduct Authority (FCA) has issued a warning against GSI Markets, since the broker has an office in London and provides financial services that require a license, but it does not have one.

 

In our opinion, investing with this broker is not the wisest thing to do. It is not regulated, information on its website is confusing, and to top it all, it charges ridiculously high commission fees on ECN accounts. We would advise you to select among brokers licensed by the respective authorities in the UK, or Australia for example, where financial watchdogs apply strict rules and monitor the business of forex brokers.

 

Trading Platforms

 

GSI Markets offers its services on the most popular trading platform among traders - MetaTrader 4 (MT4). It is available as a desktop, web and mobile versions.

 

It has been in use for over 10 years now and has proved to be stable and reliable. The MT4 has many functionalities and add-ons that have been developed over the years – most notably Expert Advisors, which allow full automatization of trades, and technical analysis indicators. MT4 also provides advanced charting tools and extensive back-testing environment. 

 

Social trading with Sirix is also available with this broker.

 

Methods of Payment

 

Clients of GSI Markets are offered limited payment methods: credit cards, bank wire transfers, and e-wallet WebMoney.

 

Conclusion

 

GSI Markets is a London-based forex and CFD broker that supports the popular MT4 platform and Sirix web trader. It claims to offer ECN execution, however it is not regulated, so we would not recommend it. Besides, trading costs on its ECN account types are above average. To sum up the above: 

               

Pros Cons
MT4 available      Not regulated
  Salty commission on ECN accounts average
  Confusing information on website
  Supposedly a scam

                                                                                                                                                     

Latest news about GSI Markets
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Traders` reviews for GSI Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

GSI Markets - refund of deposit?

I was mislead by a facebook add to invest in Bitcoins:
https://www.facebook.com/169826116949795/videos/507661549716589/
When I click for information, this page came up:
https://tristspace.com/los-colombianos-no-saben-esto/?ut
and from there I was guided to GSI Markets webpage to do an investment of minimum USD $300, after depositing that amount through my credit card. I received the following:


Thank you for choosing GSI Markets!
Dear Andres Felipe Mendoza Parra,
Congratulations! Your deposit has been processed successfully and credited to your GSI Markets account.
MT4 Account: 231707
Deposit Amount: 350 USD
Card / Payment Details: 451307******5568,
Then someone called me and they send the following:
Nina Volkova
Thu 12/27/2018, 12:51 PM
Hola, Andres.

Le detallo los documentos que necesitamos que nos mande para el cumplimiento, verificación.
Para cumplir con las leyes internacionales bancarias y comerciales, todos los clientes deben probar el origen y la propiedad de todos los fondos. La razón de este proceso es impedir que GSI Markets y entidades Bancarias sean utilizadas de manera intencional o involuntariamente por elementos criminales para actividades de lavado de dinero.

Tiene que enviarnos copia o fotografía en color de los documentos a continuación:

1. Documento de identidad (que aparezcan sus nombres y fecha de Nacimiento)

2. Comprobante de domicilio: Lo requerido es: Estar a su nombre, claramente tener su dirección, tener 3 MESES como MÁXIMO.

3. Prueba Forma de pago: Foto de la Tarjeta (frente y parte posterior - por favor, CUBRA los primeros 12 dígitos en la parte frontal, solo necesitamos poder ver los 4 últimos dígitos y en la parte posterior CUBRIR el código de seguridad/CVV). En este caso la tarjeta terminada en 5568.

4. Declaración De Depósito: Adjunto encontrará el documento a completar, por favor firme y ponga la fecha ACTUAL en los espacios indicados (IMPORTANTE: deberá firmar también en el cuadro, al lado del depósito). (NO se aceptan firmas digitales).


IMPORTANTE: por cuestiones de confidencialidad y formalidad NO se aceptan documentos enviados por otro medio que no sea respuesta a este mail.

Gracias por su atención y pronta cooperación.

Para cualquier duda sobre este procedimiento, póngase en contacto conmigo.
--

Best Regards,

Nina Volkova
Support & Compliance Department



GSI Markets- Home
www.gsimarkets.com
GSI Markets a top level trading brokerage providing direct market access for Stocks, FX and commodities to clients of all account sizes. 24 hour customer service and assistance provided spanish.

Tel: +44-203 150 1767
27.12.2018, 17:45, "Sedran Doz amen" :
Gracias, por favor envíeme el procedimiento por este medio.
Cordial saludo,
Andres F. Mendoza P.

Following I solicited to:
[email protected]; [email protected]

REFUND OF DEPOSIT REQUIREMENT

Gentleman:
On December 23rd 2018 I opened the following:
Thank you for choosing GSI Markets!
Dear Andres Felipe Mendoza Parra,
Congratulations! Your deposit has been processed successfully and credited to your GSI Markets account.
MT4 Account: 231707
Deposit Amount: 350 USD
Card / Payment Details: 451307******5568,
I have not made any movements and wish to retire my deposit.
What do I have to do?
How much will it cost me to retire my $350 USD deposit?
How long will it take?
Thank you,
Andres Felipe Mendoza Parra
Mail: [email protected]

Buenas tardes / Good afternoon

Por favor sírvase enviar los procedimientos por escrito para el reintegro de mi depósito por USD $ 350, por este medio.

Please send the procedures in writing for the reimbursement of my deposit $350 USD, through this mail.

Muchas gracias / Thank you very much

Andrés Felipe Mendoza Parra
Mail: [email protected]

Now they are asking to fullfill their above request as to sign the following document in order to refund my deposit:
DECLARATION OF DEPOSIT

The (“Declaration”) effective_________________, is between GSImarkets [Netmedia Markets OU license number VVT000350, Estonia] (“Brokerage”) and Andres Felipe Mendoza Parra, (the client/trader). The client/trader takes full responsibility for all financial gain and loss incurred during use of the brokerages systems. The client/trader takes full responsibility for making any/ and all investments to their account in the use of credit/debit card, bank wire, etc.-------------------------------

TRADING ACCOUNT DETAILS

Client Account Username : Andres Felipe Mendoza Parra
Customer’s Trading Account Number : 231707
Nature of Account : Individual
Investments recorded to said account : $ 350 USD
Card / Payment Details : 451307******5568
Date : 23/12/2018
Cellular phone number : (57+) 320 344 6972
Address : 11th km on I-50 Highway from Bogotá to La Calera,
Condominio El Chuscal, Casa 1, La Calera, Cundinamarca,
Colombia.
E-mail : [email protected]

I, Andrés Felipe Mendoza Parra, declare that all investments were made with my agreement over the telephone / in writing through use of my credit cards/finances. All charges listed above were done with my approval. I understand the risks associated with trading and take full responsibility for my investments and my actions in the market. I hereby acknowledge and sincerely declare that the above information is true, correct and complete and all the cards do solely belong to myself and does not require the permission of others to make use of. I shall supply information/documents relating to the account that you may require in future. ----------------------------------------------------------



Andres Felipe Mendoza Parra ____________________________________________
(Name) (Signature)

I guess I lost my money!

Andres Felipe Mendoza Parra 12/27/2018

bunch of robbers

Fernando's experience is a cut and paste of mine, all you have to do is change the name. Since, the account has been reinstated at 250USD. The problem is I can not trade with that amount, maybe they have to show some customer for God knows what reason. I have been assigned an account manager who does not respond to Emails nor will call back... I will not loose any sleep over this. I just classify the whole bunch of them as robbers!

Jean Levesque 11/18/2018

Stay away

Don't work with this company. They gave poor advice on trades and don't allow withdrawals. The rare scammers.

Bert 10/02/2018

Estafa

GSI Market son unos estafadores, no te dejan retirar tu dinero en el momento que la necesitas siempre te ponen una excusa o una condicion y así pasan meses y no te hacen tu depósito, vulgares estafadores

Translated by Google:

GSI Market are scammers, they do not let you withdraw your money when you need it, they always give you an excuse or a condition and that's how they spend months and they do not make your deposit, vulgar scammers

Mariangel 06/22/2018

They are no way based in London

I have worked for them in LIMA - PERU , they dont have operations in London.

Amanda 05/24/2018

SCAM! Big scam aff

I had an experience with this scam company. They are disgusting scammers.
They scammed me for 41500 USD. And all this money were not mine. I took a loan for 35K USD. I hate them.
Everything started from 500 USD. And every tme they initiated me to put more and more. And the main thing that on my balance was 94242 USD. And they asked me to pay for withdrawal 5000 USD. I was so stupid.
But the main reason was that last month I got my investments back. All of 41500 USD. It was very hard and long process. I used help of some people. But all process was made by bank. tomlutter70 (at) gmail (dot) com I can explain everyone what to do if you were scammed. We need to get our money back! They scam a lot of people all over the world. Right now i got some knowledges about scam brokers. I will try to give an advice for everyone.
It is not my first experience. But the amount was the biggest.

Tom Lutter 01/18/2018

R150,000

Because of gsi markets I lost at least ZAR150,000 and I see this as a SCAM

Johan Rautenbach 01/17/2018

Thank you for information

I saw the ads on facebook about bitcoin.gsimarkets.com and i am a trader of bitcoin and the fee rates on coins.ph is very high. When i saw the ads that there is no fees i immediately sign up. But first i google and searching for the gsi and found this. Thank you for the information. I will not buy bitcoin from them.

Dennis 12/27/2017

Possible scam

My experience with GSI Markets was disastrous. They always ask you for more money to invest and when you want to withdraw it, problems and excuses appear. I think the warning published by the Financial Supervisor (FCA) about this company is interesting: https://www.fca.org.uk/news/warnings/gsi-markets

Morgan 12/11/2017

$10250

the actions of gsi got me lost $10250 my money was put on a robot and when I asked for my money to be paid back to me, all of a sudden everything was lost.
I complained a hell of a lot about that but it fell on deaf ears, I lost and gsi scored and to me they are a big SCAM and I will NOT RECCOMEND THEM TO ANYONE.

Johan 11/07/2017

GSI MARKET IS NOT ROMMENDED

I have operated with them for 7 months, when I told them that I wanted to withdraw the money, casually the manager went on a trip and the program activated a program that opened positions without my consent and did not let me close them. He sent messages to close the positions and putting that he did not authorize the movements without receiving a reply, on the fourth day another manager contacts me and tells me that I'm going to lose the money and that the solution is to put more, which I reject.
Conclusion I lost the post and won in four days without me being able to do anything. I am still complaining and there is no one to contact me.
GSI MARKET IS NOT RECOMMENDED ..

FERNANDO 09/21/2017

GSIMARKETS

I have been trading with this company since February this year.All seams to be fine .Good relationship with a broker /financial adviser. Very helpful. Good educational sessions. The only think is i never try to withdraw the money.I don't know the reaction yet.

Irena Kupis 05/28/2017

BIG SCAM!

DON'T TRADE WITH GSIMARKETS!
THEY ARE BIG SCAM!
YOU WILL LOSE YOUR MONEY EVEN IF YOU ARE PROFITABLE TRADER!
READ MY FULL STORY HERE:
www.gsimarkets-scam-broker.blogspot.ro

Lucica ForexMan 04/17/2017
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