GMI group includes 3 related companies.
GMI SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
GMI MU - located in Mauritius, regulated by the Financial Services Commission (FSC).
GMI VU - located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).
GMI group accepts clients from all over the world, excluding USA, Canada, European Economic Area, Australia, New Zealand and some other countries.
Forex broker offers the following underlying assets for trading.
|40+ Currency Pairs
|Based on major and minor world currencies.
|10 Indice CFDs
|Based on baskets of different blue-chip stocks.
|2 Metal CFDs
|Based on Gold and Silver.
|2 Energy CFDs
|Based on Crude Oil (WTI, Brent).
GMI is a forex broker set up in 2009 with registered offices currently in Saint Vincent and the Grenadines, Mauritius, and Vanuatu. The broker is, in other words, fully based offshore, and is therefore only covered by very light regulations in those jurisdictions. This is something that all traders should keep in mind before depositing money with GMI.
As many offshore forex brokers, GMI offers high trading leverage. However, we must admit that the leverage GMI offers is exceptionally high even by these standards, with up to 1:2,000 in leverage available on the most liquid trading instruments. As should come as no surprise, such high leverage is almost impossible to trade with safely, and we clearly do not recommend using all the available leverage here.
One area where GMI is a bit disappointing compared to its competitors is in terms of the number of trading instruments it offers. With this broker, the available instruments include just over 40 forex pairs, 10 major stock indices, as well as gold, silver and crude oil. All of the assets are traded as CFDs, which makes it as easy to go short as it is to go long, with or without leverage.
All of the assets can be traded on the classic MetaTrader 4 (MT4) platform, or on the broker’s own mobile trading platform GMI EDGE. For MT4, GMI supports both the desktop and web versions, as well as the versions for Mac, and Apple and Android mobile devices. For those managing several accounts on MT4, GMI also supports the Multi-Account Manager (MAM) feature.
Besides these standard trading platforms, GMI has a social trading tool known as Social Trading Edge. The tool allows users to automatically copy trades made by others, as well as share one's own trades with other traders. The solution is web-based, and simple enough even for beginners to use.
The trading accounts users can choose from include an ECN account with tight spreads and commissions on trades, a CENT account for users with as little as $15 to trade with, and a Standard account with commission-free trading but wider spreads. In addition, GMI offers a free demo account for those who want some more practice without taking risk with real money.
The minimum deposit requirements range from $15 on the CENT account to $100 on the ECN account, and all accounts use USD as the base currency.
To reach customer support, GMI clients can try either the live chat option on the broker’s website (the live chat button did not work at the time we tested it), or send the support team an email. Unfortunately, there is no phone number listed anywhere on the website. Still, the website promises that support is available 24 hours a day, 5 days per week, which we are happy to see.
All in all, GMI is a forex broker that has done many things correctly, although we still feel like some things are missing in order to make this a truly attractive broker. Perhaps most important in that regard would be a greater selection of trading instruments to give traders more choice. Secondly, having a direct phone number to customer support that clients can call is also always a good thing. With that in mind, we urge everyone to do their own proper due diligence and trade safely!