Regulators: FCA, VFSC
Minimum Deposit: $25
Maximum Leverage: 1:2000
My Score: 0.8
GMI Edge is the new name of GMPFX as of 12th September 2018. The broker is targeting Malaysian investors. As you can see on the website, gmiedge.com, trading conditions are based on Malaysian investors. The official website can also be accessed on five levels: English, Malay, Indonesian, Thailand and Vietnam. Investors are naturally concerned about brokers who are just starting to offer services.
So many investors are researching whether it is GMI Edge scam or a reliable broker. If you are reading this GMI Edge review; you are probably researching account types, deposit and withdrawal methods, minimum deposit, maximum leverage and bonus issues.
The way to earn money in Forex is a good investment psychology. If you do not trust the broker and you do not know precisely what trading conditions the broker offers, you can not make a profit even if you do successful trades.
For all these reasons, do not open an account without reading this GMI Edge reviews.
GMI Edge Regulation
The most crucial problem of newly established brokers is regulated. Because getting a license from reputable regulators like FCA, ASIC, CySEC is a very challenging process. Because these regulators have strict requirements and the brokers must maintain these requirements. For this reason, new brokers tend to regulators that are relatively easy to obtain licenses. One of these is VFSC (Vanuatu Financial Services Commission) from Vanuatu Island.
GMI Edge is the trading name of Global Prime Limited. According to the information on the website, this company is a VFSC licensed broker but I have not attained the document of this license. When I search on the Vanuatu Financial Services Commission’ website the registration number (14647), there was no any result. Normally, VFSC-licensed brokers clearly state this in 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 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 registered address at BP 1276, Govant Building, Port Vila, Vanuatu
- GMI Edge Limited with the 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 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 variety 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 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 can be traded in nano lots on most of other brokers on my list. ECN account types are also offered by many brokers. GMI Edge didn’t have before them but now have.
If we look at the Standard Account offered by GMI Edge; the maximum leverage is 1: 2000 and the spreads are offered as 2 pips on EUR/USD.
This leverage ratio is quite high and above the average of brokerage industry which is 1:500. If you have not forex experience before, trading with such a high leverage can be quite risky for you. Also, spreads of 2 pips on EURUSD is not competitive when we compare other brokers. GMI Edge minimum deposit is $25.
Let’s look at the ECN account. The maximum leverage is 1:500 and there is also commission $4 per lot. The minimum deposit is $100 for GMI Edge ECN account.
Another major disadvantage of GMPFX is that it is not rich in terms of trading instruments. For example, cryptocurrencies are not available for FX trading.
GMI Edge offers forex and metals only. Indices and energy are incoming but there is no info about when they are coming. Trading products are very limited in GMI Edge.
GMI Edge supports the MetaTrader4 platform which is well-known by forex traders and brokers. You can download and use the platform to start trading. MT4 has many advantages besides being the most used platform. The technical indicators are one the advantages. The platform is user-friendly. What is more, you can automate operations entirely by using EA (Expert Advisor).
GMI Edge offers its clients some bonuses. %10,%50 and %100 deposit bonus. And there is also GMI Edge $30 welcome bonus. There are some terms and conditions for these bonuses you can check on the broker’ 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 banks transfer. For Neteller, it is $10.
GMI Edge is a forex broker who has predominantly Malaysian clients, offers a 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.