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IC Markets , GMI Broker Comparison

Do you want to know which is the better broker between IC Markets and GMI ?

In the table below, you can compare the features of IC Markets , GMI side by side to determine the best fit for your needs.

  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
 2 / 3   brokers in total
Rating
Score
Regulatory Status
WikiFX Guarantee
WikiFX Survey
Risk Evaluation
Exposure
Basic Information
Established
Regulatory license
MT4
MT5
Crypto
Deposit and withdrawal method
Benchmark
environment rating
Transaction Speed
Transaction speed rating
Average transaction speed
The highest transaction speed
The highest speed of opening positions
The highest speed of closing position
Slowest transaction speed
The lowest speed of opening positions
The lowest speed of closing position
Trading slippage
Transaction slippage rating
Average slippage
Maximum transaction slippage
Maximum positive slippage
Maximum negative slippage
Transaction Cost
Transaction cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Rollover Cost
Rollover cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Disconnection results
Software disconnection rating
Average disconnection frequency (times/day)
Reconnection time
Account Information
Accounts
Account name
Products
Deposit REQ
Maximum Leverage
Spread of majors
Forced Liquidation Ratio
Spread Types
Minimum Position
Crypto
Lock postition
Scalping
EA trading
IC Markets
8.92
Regulated
Under guarantee
--
--
10-15 years
ASIC,CYSEC
Credit and Debit Cards,PayPal,Neteller,Skrill,UnionPay,USDT,Wire Transfer,FasaPay
AAA
AA
414.3
2
2
2
1998
1998
1984
AA

EURUSD: -0.1

XAUUSD: 0.2

28
-8
28
AAA
7.75 USD/Lot
12.81 USD/Lot
AA

Long: -6.25

Short: 2.56

Long: -32.83

Short: 20.77

AAA
0.1
61.1
Standard,Raw Spread,cTrader
--
$200
1:1000
--
50.00
--
--
--
GMI
7.46
Regulated
Under guarantee
--
--
--
5-10 years
FCA
--
AAA
A
463.5
172
187
172
1990
1984
1990
A
--
29
-6
29
AA
10.75 USD/Lot
21 USD/Lot
AAA

Long: -5.22

Short: 1.52

Long: -0.02

Short: 0.01

A
0.6
77.2
Standard Bonus,Standard,Cent,ECN
--
$25
1:2000
--
0.00
--
--
--

IC Markets 、 GMI BrokersRelevant information

Which broker is more reliable?

You can determine the reliability and credibility of a broker by checking four factors:

1.Forex broker introduction。

2.Are the transaction costs and expenses of ic-markets, gmi lower?

3.Which broker is safer?

4.Which broker provides better trading platform?

Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:

Forex broker introduction

ic-markets

Let's start here

IC Markets is a respected and well-regulated broker, providing a wide range of trading instruments, including over 2250 options, with competitive spreads starting at 0.0 pips. You can start with a demo account to gain experience, and opening a live account only requires a $200 deposit. They offer advanced trading platforms like MT4, MT5, and cTrader. Let's now delve into this IC Markets review.

Quick IC Markets Review in 10 Key Points
Registered in Australia
Regulated by ASIC, CYSEC
Founded in 2007
Trading instruments Forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures
Minimum Initial Deposit $200
Maximum Leverage 1:500
Minimum spread 0.0 pips onwards
Trading platform MetaTrader4, MetaTrader5, cTrader
Deposit and withdrawal method Neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, klarna
Customer Service Email, phone number, address

What type of broker is IC Markets?

Pros Cons
IC Markets offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, IC Markets has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

IC Markets is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, IC Markets acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that IC Markets has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients.

What is IC Markets

IC Markets is an Australian-based online forex and CFD broker that provides traders access to the global financial markets. The company was founded in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC). IC Markets offers a range of trading instruments, including forex, indices, commodities, and cryptocurrencies, and provides traders with advanced trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. The company also offers 24/7 customer support and a variety of educational resources for traders of all levels.

In the IC Markets review, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

basic-info

Is IC Market legit?

IC Markets maintains regulatory compliance in both Australia and Cyprus, adhering to the respective financial regulatory standards in these jurisdictions. Regulatory oversight by ASIC and CYSEC helps ensure transparency and accountability in the broker's operations, contributing to a safer trading environment for clients.

Regulated Country Regulated Authority Regulated Entity License Type License Number
ASIC INTERNATIONAL CAPITAL MARKETS PTY. LTD. Market Making(MM) 335692
CYSEC IC Markets (EU) Ltd Market Making(MM) 362/18

IC Markets' Australian entity, INTERNATIONAL CAPITAL MARKETS PTY. LTD., regulated by ASIC under license number 335692, holding a license for Market Making (MM).

regulation

IC Markets' enropean entity, IC Markets (EU) Ltd, regulated by CYSEC under regulatory number 362/18, holding a license for Maket Making ( MM) as well.

regulation

WikiFX's investigation team personally visited the registered address located at Omonoias, 141, The Maritime Centre, Block B, 1st floor, 3045, Limassol, Cyprus. Notably, the IC Markets logo was prominently displayed on billboards in the vicinity of the building. Hence, their visit to the location confirmed that IC Markets was indeed operating from the officially designated regulatory address.

regulation
regulation

Market instruments

Pros Cons
Over 2250 instruments available None mentioned
Opportunity to diversify investment portfolio
Access to multiple markets and assets

IC Markets offers a wide range of over 2250 tradable instruments to trade, including forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, and futures. This provides traders with the opportunity to diversify their investment portfolio and access multiple markets and assets. The company offers competitive spreads and low commissions on all instruments, making it a popular choice among traders. With such a diverse range of trading instruments, IC Markets caters to a wide range of trading strategies and investment goals.

products

IC Markets Minimum Deposit

IC Markets, a well-known forex broker, requires a minimum deposit of $200 for traders to open an account. In the industry, many established brokers frequently impose minimum deposit requirements that surpass $500 or even reach $1,000. In contrast, certain major players such as Avatrade and Aixtrader only mandate minimum deposits of $100 and $0, respectively. So, IC Markets's minimum deposit requirement seems to be in the “middle”.

Here is the comparison of IC Markets minimum deposit with Avatrade, Exness, and Axitrader:

Broker Minimum Deposit
label
$200
label
$100
label
$1 USD
label
$100

IC Markets Account Types

Pros Cons
Wide range of account types High minimum deposit requirement
Demo account available Standard account has wider spreads
Islamic account available Commission charged on some accounts
Different trading platforms Limited information on account features
Competitive spreads on some accounts

C Markets offers traders a range of account types with different trading platforms, commissions, and spreads. The CTrader and Raw spread accounts charge a commission of $3 and $3.5 respectively but offer spreads from 0.0 pips, while the Standard account has no commission but wider spreads from 0.6 pips. A demo account and Islamic account are also available. Although the minimum deposit of $200 may be high for some traders, the variety of account types and competitive spreads on some accounts may make up for it. However, traders should note that commissions are charged on all other accounts apart from the Standard account, and there is limited information on account features.

IC Markets Demo Account

IC Markets offers a free advanced demo account for beginner traders to practice on, which lasts for 30 days.

Users who open a demo account can enjoy the following features:

  • Access to Raw Pricing

  • Spreads Starting at 0.0 Pips

  • Fast Order Execution

  • Available on MT4, MT5 and cTrader platforms

However, demo accounts aim to mimic real markets but function in a simulated environment. This means there are significant differences compared to real accounts, including not relying on real-time market liquidity, encountering price delays, and having access to certain products that may not be tradable on live accounts.

Opening a demo account is simple:

Step 1: click the “Try a Free DEMO” button on the homepage of IC Markets.

open-account

Step 2: Fill in your personal info, including your country of residence, name, email, phone number to get a verification code.

open-acoount

Step 3: Choose to demo accounts on your preferrable trading platform, MT4, MT5, or cTrader. Then choose your account currency, virtual funds, starting from $200 to $5,000,000, your desired leverage level.

Step 4: Log into your demo account and start trading.

Spreads and commissions

Pros Cons
Low spreads starting from 0.0 pips Commissions may be higher than other brokers
Variety of account types to choose from High spreads on some account types
Transparent commission structure Some accounts require higher minimum deposits
No hidden fees or charges Some withdrawal methods may have fees
Scalping and hedging allowed Inactivity fees after 12 months of no activity

IC Markets is known for its tight spreads and low commissions, making it a popular choice among traders. The broker offers a variety of account types to choose from, including the Raw Spread account with spreads starting from 0.0 pips and a $3.5 commission per lot traded, and the Standard account with spreads starting from 0.6 pips and no commission. The cTrader account also offers low spreads starting from 0.0 pips, with a $3 commission per lot traded. It's important to note that while some account types may have higher commissions, the broker is transparent about its commission structure and there are no hidden fees or charges. The broker also allows scalping and hedging strategies. However, there are inactivity fees after 12 months of no activity. Additionally, some withdrawal methods may have fees.

spread-commission

Trading platforms

Pros Cons
Support for popular platforms: MetaTrader4, MetaTrader5, cTrader Limited selection of platforms
Variety of trading tools and indicators Limited customization options for cTrader
Advanced charting capabilities Steep learning curve for cTrader
Ability to use EAs and automate trading strategies MetaTrader4 and MetaTrader5 are similar, which can be confusing for some traders
Mobile trading apps available for all platforms

IC Markets offers its clients a variety of trading platforms, including the popular MetaTrader4 and MetaTrader5 platforms as well as the cTrader platform. Each platform offers unique advantages and disadvantages, and traders can choose the platform that best suits their needs. The MetaTrader4 and MetaTrader5 platforms are similar and offer a range of trading tools and indicators, as well as the ability to use Expert Advisors (EAs) and automate trading strategies. The cTrader platform, on the other hand, offers advanced charting capabilities and a variety of order types. However, it has a steeper learning curve and limited customization options compared to the MetaTrader4 and MetaTrader5 platforms. Additionally, traders should note that IC Markets has a limited selection of platforms compared to some other brokers in the industry. Overall, IC Markets offers a solid selection of trading platforms that should satisfy the needs of most traders.

trading-platform

Maximum leverage of IC Markets

Pros Cons
Allows for high potential profits with small capital Increases the potential for high losses with small capital
Provides traders with flexibility in trading Can lead to traders taking on more risk than they can handle
Can amplify the effectiveness of trading strategies Requires careful risk management to avoid excessive losses
Allows traders to access larger positions in the market May not be suitable for inexperienced traders
Enables diversification of investment opportunities High leverage may be restricted in certain jurisdictions due to regulatory restrictions.

IC Markets' maximum leverage offering of up to 1:500 can be beneficial for experienced traders who know how to manage their risks well. The high leverage can potentially magnify the profits of a successful trade, enabling traders to take advantage of larger positions in the market. However, it is crucial for traders to exercise caution when using high leverage as it also increases the potential for significant losses. Inexperienced traders may not be suited for high leverage as it requires a thorough understanding of risk management. It is important to note that certain jurisdictions may have regulatory restrictions on high leverage, and traders should comply with the relevant regulations.

Deposit and Withdrawal: methods and fees

Pros Cons
Various deposit options Intermediary and beneficiary fees for international bank wire transfers
Withdrawals are free of charge Withdrawal cut off time at 12:00 AEST/AEDT
Credit/debit card withdrawals are processed free of charge Withdrawal time may take up to 10 business days depending on bank
Instant withdrawal processing for Paypal/Neteller/Skrill Credit card withdrawals may not be available for all countries
Withdrawals must be made from same account as deposits
No additional fees charged by IC Markets for deposits and withdrawals

IC Markets offers a variety of deposit and withdrawal options, including neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, and klarna. IC Markets does not charge any additional fees for deposits and withdrawals, however, additional fees may occur at some banking institutions. Withdrawal requests have a cut off time at 12:00 AEST/AEDT, and may take up to 10 business days to process depending on the bank. International bank wire transfers may take up to 14 days and incur additional intermediary and/or beneficiary fees. Credit/debit card withdrawals are processed free of charge and may take 3-5 business days to reach your credit card. Paypal/Neteller/Skrill withdrawals are processed instantly and free of charge, but must be made from the same account as the initial funds were sent from.

deposit-withdrawal

Educational resources in IC Markets

Pros Cons
Wide range of educational resources available, including economic calendar, market reports, video tutorials, and calculators. Some of the educational resources may not be suitable for beginners.
IC Markets' educational resources are updated regularly to ensure the information is relevant and up-to-date. The resources may be overwhelming for beginners due to the large amount of information available.
The glossary is useful for understanding forex terms and concepts. Some of the educational resources may require prior knowledge of forex trading.
The video tutorials cover a wide range of topics, from basic concepts to advanced strategies. IC Markets' educational resources may not be as comprehensive as some other brokers.
IC Markets' blogs provide insights into the forex market, which can be useful for making informed trading decisions. The educational resources may not be tailored to individual traders' needs.
The calculators are helpful tools for calculating risk, margin, and position size. The educational resources may not be as interactive as some other brokers.

IC Markets offers a comprehensive range of educational resources that cater to traders of all levels. These resources include an economic calendar, market reports, video tutorials, a glossary, blogs, and calculators. The educational resources are updated regularly to ensure the information is relevant and up-to-date. The glossary is particularly useful for understanding forex terms and concepts, while the video tutorials cover a wide range of topics, from basic concepts to advanced strategies. The blogs provide insights into the forex market, which can be useful for making informed trading decisions. The calculators are also helpful tools for calculating risk, margin, and position size. However, some of the educational resources may not be suitable for beginners and may require prior knowledge of forex trading. Additionally, the educational resources may not be as comprehensive or interactive as those offered by some other brokers.

You may also watch videos on their official YouTube channel. For example, this is a video named 7 Common Mistakes New Traders Make, which would be useful for newbies.

educational-resources

Customer service of IC Markets

Pros Cons
24/7 customer support available No live chat option for immediate assistance
Multiple ways to contact support (phone, email) Phone support may have international charges
Prompt response times to email inquiries

IC Markets provides a strong customer care dimension with 24/7 availability for customer support. Clients can reach out to the support team via phone or email, and can expect prompt response times to email inquiries. However, there is no live chat option available for immediate assistance, and phone support may have international charges, which could be a disadvantage for some clients. Overall, IC Markets provides a reliable and responsive customer support experience.

educational-resources

Conclusion

IC Markets is a reputable forex broker that offers traders a wide range of instruments, account types, and trading platforms to choose from. With low spreads, competitive commissions, and high leverage options of up to 1:500, traders can enjoy a flexible and customizable trading experience. The company's educational resources, including market reports, video tutorials, and a glossary, are extensive and informative, providing traders with valuable insights into the forex market. Additionally, IC Markets' customer support is available 24/7, ensuring that traders can always receive timely assistance. The company's variety of deposit and withdrawal methods also makes it easy for traders to manage their accounts efficiently. Overall, IC Markets is a reliable and trustworthy broker for both novice and experienced traders alike.

Frequently asked questions about IC Markets

  • Q1. What is the minimum deposit required to open an account with IC Markets?

  • A1. The minimum deposit required to open an account with IC Markets is $200.

  • Q2. What are the available deposit and withdrawal methods on IC Markets?

  • A2. IC Markets offers various deposit and withdrawal methods, including neteller, skrill, bank transfer, VISA, Mastercard, paypal, credit card, debit card, unionpay, poli, wire transfer, rapidpay, and klarna.

  • Q3. What trading platforms are available on IC Markets?

  • A3. IC Markets offers three trading platforms: MetaTrader4, MetaTrader5, and cTrader.

  • Q4. What is the maximum leverage offered by IC Markets?

  • A4. IC Markets offers a maximum leverage of up to 1:500.

  • Q5. Does IC Markets charge any additional fees for deposits and withdrawals?

  • A5. IC Markets does not charge any additional fees for deposits and withdrawals. However, additional fees may occur at some banking institutions.

  • Q6. What educational resources are available on IC Markets?

  • A6. IC Markets offers various educational resources, including an economic calendar, market reports, video tutorials, glossary, blogs, and calculators.

  • Q7. What is the customer support available on IC Markets?

  • A7. IC Markets offers 24/7 customer support via phone and email, and they have an online chat feature available during trading hours.

gmi
GMI Review Summary in 10 Points
Founded in 2009
Headquarters UK
Regulation FCA
Market Instruments forex, indices, gold, oil, silver
Demo Account Available
Social Trading Yes
Leverage 1:2000
EUR/USD Spread 0.0 pips
Trading Platforms MT4
Minimum deposit $15
Customer Support 24/5 email and live chat

What is GMI?

GMI (Global Market Index) is a forex and CFD broker that offers trading services to retail and institutional clients. It was established in 2009 and is headquartered in the United Kingdom with offices in Cyprus and the UAE. The broker is regulated by the Financial Conduct Authority (FCA) in the UK. GMI offers a range of trading instruments, including forex, commodities, indices, and cryptocurrencies. It also provides the popular MetaTrader4 (MT4) platform.

What Type of Broker is GMI?

GMI (Global Market Index) is a forex and CFD (contract for difference) broker, operating as a No Dealing Desk (NDD) broker with Straight Through Processing (STP) and Electronic Communication Network (ECN) execution models.

GMI's website

Pros & Cons

GMI appears to have a number of strengths, including its low minimum deposit requirement, tight spreads, various account types, social trading solution, and competitive leverage. However, a limited range of trading instruments, educational resources, research and analysis tools may concern some traders.

Pros Cons
• Regulated by FCA • Limited range of trading instruments
• Wide range of account types • Inactivity fee after 90 days of inactivity
• Commission-free trading • Limited educational resources
• Negative balance protection • Limited research and analysis tools
• Social trading feature supported

Note: The pros and cons listed above are not exhaustive and may vary based on individual preferences and circumstances.

Overall, potential clients of GMI should conduct their own research and carefully consider the advantages and disadvantages before deciding to trade with this broker.

Is GMI Safe?

GMI is a regulated forex broker, licensed by Financial Conduct Authority (FCA), which provides some level of safety and security for traders. However, it is important to note that regulation does not guarantee the complete safety of funds and trading with any broker carries a level of risk. It is important for traders to do their own research and due diligence before deciding to trade with any broker.

FCA regulation

How are you protected?

In the table below, these measures show that GMI takes the safety and security of its clients seriously and works to provide a secure trading environment.

Protection Measures Description
Regulation FCA
Client Fund Segregation GMI holds client funds in separate accounts from its operational funds to ensure that they are protected in case of bankruptcy or insolvency
Negative Balance Protection Clients can not lose more than their account balance
Security Protocols Protect clients' personal and financial information, including SSL encryption, two-factor authentication, and firewalls
Investor Compensation Fund Provides up to £85,000 of compensation to eligible clients in case of GMI's insolvency

Our Conclusion on GMI Reliability:

Based on the information available, GMI is regulated by the Financial Conduct Authority (FCA) in the UK, which oversees the company's compliance with financial regulations and standards. The company also claims to implement safety measures, such as negative balance protection and the use of segregated client accounts, to ensure the safety of its clients' funds.

As with any financial services provider, there is always a level of risk involved, and it is essential to do your due diligence and conduct thorough research before choosing a broker.

Market Instruments

GMI offers a variety of trading instruments across different asset classes, including:

  • Forex: GMI offers a wide range of forex currency pairs, including major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs.

  • Indices: GMI offers trading on major stock market indices such as the S&P 500, NASDAQ, and FTSE 100, as well as a range of other international indices.

  • Gold: GMI offers spot trading in gold, which allows traders to speculate on the price of the precious metal without taking physical delivery.

  • Oil: GMI offers spot trading in oil, including Brent Crude and US Crude.

  • Silver: GMI offers spot trading in silver, which is another popular precious metal among traders.

However, other popular asset classes such as stocks and cryptocurrencies seem to be not available. Overall, GMI provides traders with many trading instruments to choose from, enabling them to diversify their portfolios and potentially capitalize on different market conditions.

products

Account Types

GMI offers four types of live trading accounts: Cent, Standard, Standard Bonus, and ECN accounts.

  • Cent Account: This account is ideal for beginner traders who want to start with a small investment. The minimum deposit requirement for this account is just $15.

  • Standard Account: This account is suitable for more experienced traders. The minimum deposit requirement for this account is $25.

  • Standard Bonus Account: This account is similar to the standard account but comes with an additional bonus on deposits. The minimum deposit requirement for this account is also $25.

  • ECN Account: This account is designed for professional traders who want to trade with the lowest spreads possible. It offers raw spreads starting from 0 pips. The minimum deposit requirement for this account is $100.

account types

Risk-free demo accounts and swap-free Islamic accounts are also available at GMI.

Leverage

According to the GMI website, the maximum leverage offered is up to 1:2000. It's important to note that using high leverage comes with higher risks, and traders should always understand the potential risks and manage their trades accordingly.

leverage

Spreads & Commissions

GMI offers spreads from 0.0 pips. It's important to note that spreads may vary depending on market conditions and liquidity. Traders may also be subject to additional fees such as swaps and overnight financing charges.

Regarding the commission, it varies depending on the type of account. There is no commission charged on the Cent, Standard, Standard Bonus accounts, while the commission for the ECN account is $4 per lot.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
GMI 0.0 pips No ($4 per lot for the ECN account)
XM 0.6 pips No
FXTM 0.1 pips No
HotForex 1.2 pips No
Pepperstone 0.1 pips AUD $7 per lot (round turn)
IG 0.6 pips No

Note: Spreads can vary depending on market conditions and volatility. It's always a good idea to check with the broker directly for the latest information on their spreads and commissions.

Trading Platforms

GMI offers its clients the popular MetaTrader 4 trading platform, which is available for Windows, Mac, iOS, Android and Web. The platform includes a variety of tools and features for technical analysis, order management, and customization. It also supports automated trading with the use of Expert Advisors (EAs).

MetaTrader4

See the trading platform comparison table below:

Broker Trading Platforms
GMI MetaTrader4
XM MetaTrader4, MetaTrader5, XM WebTrader
FXTM MetaTrader4, MetaTrader5, FXTM Trader
HotForex MetaTrader4, MetaTrader5, HotForex WebTrader
Pepperstone MetaTrader4, MetaTrader5, cTrader
IG MetaTrader4

Note: The information in this table is subject to change and may not be exhaustive. It is recommended to visit each broker's website for the latest information on their trading platforms.

Social Trading

GMI offers social trading features that allow traders to copy the strategies of successful traders. This enables traders to learn from experienced individuals and potentially benefit from their proven track records. GMI's social trading platform promotes knowledge sharing and community-driven trading in a simple and accessible manner.

social-trading

Deposits & Withdrawals

Users from different countries can fund with different methods. Just take an example of Malaysian users, they can fund their accounts via Local Bank Transfer, Neteller and Skrill.

The minimum deposit is $15 for Local Bank Transfer, and $10 for Neteller and Skrill. The minimum withdrawal is 50 MYR for Local Bank Transfer, and $10 for Neteller and Skrill.

Malaysian deposits

No deposit fees are charged while withdrawal fees vary on the payment method. For example, there is no withdrawal fee for Local Bank Transfer, while a 4% withdrawal fee for Neteller and Skrill.

As for the processing time, all deposits and most withdrawals are instant, while Local Bank Transfer withdrawals may be slower, usually can be processed between 8am to 6pm daily.

Malaysian withdrawals

GMI Minimum Deposit vs other Brokers

GMI Most other
Minimum Deposit $15 $/€/£100

GMI Money Withdrawal

The process for withdrawing funds from GMI may vary depending on the method used for the deposit. However, in general, you can follow these steps:

Step 1: Log in to your GMI account.

Step 2: Click on the “Withdrawal” option in the menu.

Step 3: Select the preferred withdrawal method from the available options.

Step 4: Fill out the withdrawal form with the required details.

Step 5: Submit the withdrawal request.

GMI may require additional verification documents before processing the withdrawal request. The time it takes for the withdrawal to be processed and the funds to be received may also depend on the chosen withdrawal method.

Fees

GMI charges various fees to its clients, including:

  • Overnight Financing: GMI also charges an overnight financing fee on positions held overnight. This fee varies based on the instrument traded, the account type, and the prevailing interest rates in the market.

  • Inactivity Fee: GMI charges an inactivity fee of $50 per quarter for accounts that have been inactive for more than 90 days.

  • Other Fees: GMI may charge other fees related to account maintenance, data feeds, and other services. These fees are disclosed in the account agreement and may vary depending on the client's location and account type.

It's always recommended to review the complete fee schedule and terms and conditions on the broker's website or by contacting their customer support team.

See the fee comparison table below:

Broker Deposit Fee Withdrawal Fee Inactivity Fee
GMI Free Free $50/quarter if no activity for 90 days
XM Free Free $15/month after one year of inactivity
FXTM Free Free (except bank wire) $5/month after six months of inactivity
HotForex Free Free (except bank wire) $5/month after six months of inactivity
Pepperstone Free (except credit card) Free (except bank wire) $0 after 12 months of inactivity
IG Free (except bank transfer) Free $18/month after two years of inactivity

Please note that fees may vary based on account type, payment method, and other factors. It's important to check with each broker directly for the most up-to-date and accurate fee information.

Customer Service

GMI provides customer support to its clients through various channels, including email and live chat. Customer service is available 24/5, which means that traders can get in touch with the company's representatives during business days. GMI's customer support team is multilingual, which is helpful for clients who speak languages other than English.

Customer Service

You can also fill in the online contact form to get in touch with GMI. However, the availability and quality of customer support may vary depending on the specific region and the volume of inquiries.

Pros Cons
• 24/5 customer support via phone, email, chat • No 24/7 customer support
• Personal account managers • No physical offices in some regions
• Multilingual support • No social media support
• Quick response time

Note: Pros and cons may vary based on individual experiences and opinions.

Conclusion

Based on the analysis of GMI, it is a regulated and reputable broker that offers the low minimum deposit requirement, competitive spreads and commissions, and a choice of different account types, as well as good customer support.

One potential downside of GMI is its limited range of trading instruments and educational resources. Additionally, it offers only one trading platform-MetaTrader4. MetaTrader5 is not available.

Overall, GMI is a solid option for traders who prioritize MT4, demo trading and competitive pricing.

Frequently Asked Questions (FAQs)

Q 1: Is GMI regulated?
A 1: Yes. GMI is regulated by Financial Conduct Authority - FCA.
Q 2: Does GMI offer demo accounts?
A 2: Yes. GMI offers demo accounts with $10,000 virtual capital.
Q 3: Does GMI offer industry-standard MT4 & MT5?
A 3: Yes. GMI supports MT4.
Q 4: What is the minimum deposit for GMI?
A 4: The minimum initial deposit at GMI to open a Cent account is just $15.
Q 5: Is GMI a good broker for beginners?
A 5: Yes. GMI is a good choice for beginners because it offers a wide variety of trading assets with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

Are the transaction costs and expenses of ic-markets, gmi lower?

To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).

To get a comprehensive understanding of how cheap or expensive ic-markets and gmi are, we first considered common fees for standard accounts. On ic-markets, the average spread for the EUR/USD currency pair is -- pips, while on gmi the spread is --.

Which broker between ic-markets, gmi is safer?

To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.

ic-markets is regulated by ASIC,CYSEC. gmi is regulated by FCA.

Which broker between ic-markets, gmi provides better trading platform?

When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.

ic-markets provides trading platform including Standard,Raw Spread,cTrader and trading variety including --. gmi provides trading platform including Standard Bonus,Standard,Cent,ECN and trading variety including --.

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