Regulators: FCA, VFSC
Minimum Deposit: $25
Maximum Leverage: 1:2000
My Score: 0.8
GMI Edge could be your brand name of GMPFX on 12th September 2018. The broker is targeting Malaysian shareholders. Because you can easily see on the site, gmiedge.com, trading requirements are all centered on Malaysian shareholders. The state internet site may be retrieved on five degrees: English, Malay, Indonesian, Thailand and Vietnam. Investors are naturally worried with brokers that are only starting to sell services.
So many traders are exploring if it really is GMI Edge scam or perhaps a dependable broker. If you’re reading this GMI Edge review; then you might be probably researching account types, deposit and withdrawal procedures, minimum deposit, then max leverage and bonus issues.
The solution to make a profit Forex is just fantastic investment psychology. If you don’t anticipate the broker and also you don’t understand specifically what trading requirements the broker provides, then you can’t create a benefit even in the event that you achieve successful trades.
For these factors, usually do not start a merchant account without scanning this GMI Edge reviews.
GMI Edge Regulation
The most important problem of newly created brokers is governed. As obtaining a permit from respectable labs such as FCA, ASIC, CySEC is quite a challenging procedure. As these regulators have strict requirements and also the brokers must sustain those conditions. Because of this argumentation, new brokers have a tendency to labs which are comparatively simple to get permits. One of those is VSC(Vanuatu Financial Services Commission) in Vanuatu Island.
GMI Edge is your trading name of Global Prime Limited. According to the advice on the site, this provider is actually a VFSC licensed broker but I never have attained the record of this permit. While I hunt to the Vanuatu Financial Services commission’s website the registration number (14647), there was no any result. Normally, VFSC-licensed brokers clearly state this on their website and put the original of this document on the relevant page. In addition, customer service can send this document as a PDF file. If they send me the document, I’ll add it to the review.
Several months after I wrote the above paragraphs, I received an email from GMI Edge. They explained the licenses and regulation in the mail. As I promised, I add here.
The GMI Group of companies includes:
- Global Market Index Limited (UK), authorized and regulated by the Financial Conduct Authority (FRN: 677530) with a registered address at 125 Old Broad Street, London, England, EC2N 1AR
- Global Market Index Limited (VN) (GMIVN), a company regulated and registered in Vanuatu, company number 14646, with a registered address at BP 1276, Govant Building, Port Vila, Vanuatu
- GMI Edge Limited with registration number 2665994, (registered address Unit 7, 10/F, Tower 1, China Hong Kong City, 33 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong) being the entity responsible for the processing of settlements for Global Prime Limited.
I’ve checked the accuracy of these licenses. However, please note that the FCA license does not cover the GMI Edge brand. When you query the license number on the official site of FCA, you will see gmimarkets.com for this license.
Account Types and Spreads in GMI Edge
GMI Edge offers a variety of account types. These are Standart, Standart (with bonus), Cent, Cent (with bonus) and ECN. When we compare the old version of the broker, GMPFX, there are more account types. There was only a Standart account before.
Almost all brokers are trying to maintain account type diversity so that investors choose the most appropriate account type. For example, you can find nano account types that is traded in nano lots on most of the other brokers on my list. ECN account types are also offered by many brokers. GMI Edge didn’t need it until they now have.
If we take a look in the Standard Account made available from GMI Edge; the maximum leverage is just 1: 2000and the spreads are offered as two pips around EUR/USD.
This leverage ratio is high and above the typical brokerage industry that’s 1:500. When you haven’t forex experience previously, trading with this type of top leverage is often quite insecure for you personally. Additionally, the spreads of 2 pips on EURUSD aren’t competitive while we compare different brokers. GMI Edge minimum deposit is $25.
Let’s Go Through the ECN account. The most leverage is 1:500 also there’s additionally commission $4 each year. The deposit is $100 to get the GMI Edge ECN account.
Another significant disadvantage of GMPFX is it isn’t rich concerning trading tools. By way of instance, cryptocurrencies aren’t designed for FX trading.
GMI Edge supplies forex and alloys just. Energy and indices are still incoming however there’s not any advice about once they’re coming. Trading services and products are extremely constrained from GMI Edge.
GMI Edge affirms the MetaTrader4 platform That’s famous by forex traders and brokers. You are able to download and utilize the stage to start trading. MT4 has many benefits besides being probably the most useful platform. The technical signs are just one of the advantages. The stage is userfriendly. Furthermore, you could automate surgeries entirely by employing EA (Expert Advisor).
GMI Edge provides its customers with a few incentives 50% and 100% deposit bonus. And there is certainly additionally GMI Edge $30 welcome bonus. There are a few terms and requirements for all these bonuses you’ll be able to check into the broker’s website.
In terms of deposit and withdrawal methods, GMI Edge offers very limited options. Many popular e-wallet systems for depositing and withdrawing are not available. Neteller is the only option you can use. According to the information on the website, Fasapay will be available soon. Another option is to use Local Bank transfers. Supported banks are Maybank, CIMB, RHB, Public Bank, Hong Leong Bank. The minimum withdrawal is MYR50 for local bank transfer. For Neteller, it is $10.
GMI Edge is a forex broker who has predominantly Malaysian clients, offers quite high leverage. GMI Edge is a brand that regulated by VFSC in Vanuatu and registered in Hong Kong. Another brand in the GMI Group has an FCA license but please note that the official site of FCA-licenced firm is gmimarkets.com. therefore, accounts you open on gmiedge.com are not subject to the FCA license.