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The WikiFX Score of this broker is reduced because of too many complaints!

Global Markets Group

United Kingdom|5-10 years|
Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|High potential risk|

https://www.gmgmarkets.co.uk

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
itexsys-Demo MT4
Server Location United Kingdom

Contact

+44 203 865 3306
info@gmgmarkets.co.uk
https://www.gmgmarkets.co.uk
15 Bishopgate, London EC2N 3AR, UK
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+44 203 865 3306

Broker Information

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Company Name

Global Markets Group Limited

Company Abbreviation

Global Markets Group

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 4
Previous Detection : 2024-03-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 15 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

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    Global Markets Group · Company Summary

    Aspect Information
    Company Name Global Markets Group
    Registered Country/Area United Kingdom
    Founded Year 5-10years ago
    Regulation Regulated by the Financial Conduct Authority (FCA)
    Maximum Leverage Up to 1:30
    Spreads Variable spreads starting from 0.0 pips (Forex)
    Trading Platforms MetaTrader 5
    Tradable Assets Forex (71 currency pairs), Indices (11), Commodities (6)
    Account Types Popular Account, Raw Spread Account
    Customer Support Email: info@gmgmarkets.co.uk, Telephone: +44 (0) 203 8653306
    Deposit & Withdrawal bank transfers, credit/debit cards, and potentially others depending on location
    Educational Resources Limited educational resources

    Overview of Global Markets Group

    Global Markets Group is a financial trading company registered in the United Kingdom. It is regulated by the Financial Conduct Authority (FCA), a reputable regulatory body overseeing financial markets in the UK. This regulatory oversight ensures adherence to strict financial and operational standards, providing traders with a sense of trust and security.

    The platform offers a variety of trading assets, including Forex, Indices, and Commodities, allowing traders to diversify their portfolios across different markets. With competitive spreads starting as low as 0.0 pips for Forex, traders can potentially reduce trading costs and enhance profitability. The maximum leverage available is up to 1:30, aligning with regulatory guidelines to manage risk.

    Global Markets Group operates on the MetaTrader 5 (MT5) trading platform, an advanced and user-friendly platform that offers enhanced speed, improved charting, and a range of trading tools. Traders have access to 71 currency pairs, 11 major indices, and over 6 commodities, providing a diverse range of trading opportunities.

    Overview of Global Markets Group

    Is Global Markets Group legit or a scam?

    Global Markets Group is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The FCA is a well-known regulatory agency responsible for overseeing financial markets and ensuring the integrity and transparency of financial services providers.

    Global Markets Group operates under the regulatory framework of Straight Through Processing (STP), which is a method of processing financial transactions without manual intervention, often used in electronic trading. This type of license signifies the company's commitment to efficient and automated trade execution.

    The FCA has granted Global Markets Group license with the license number 744501, effective since September 12, 2016. This license allows the company to operate as a financial institution, offering services related to trading and financial markets.

    Is Global Markets Group legit or a scam?

    Pros and Cons

    Pros Cons
    Regulated by FCA Limited maximum leverage
    User-friendly platform Limited variety of trading accounts
    Wide range of trading instruments Limited educational Resources
    Supports a variety of payment methods Limited customer support
    Wide range of cryptocurrencies available

    Pros:

    1. Regulated by FCA: The platform is regulated by the Financial Conduct Authority (FCA), a reputable regulatory body in the UK. This regulation provides a level of trust and assurance to traders, as it signifies adherence to stringent financial and operational standards.

    2. User-friendly platform: The trading platform is designed with user-friendliness in mind. It offers an intuitive interface and easy navigation, making it accessible to traders of all experience levels. This simplicity can enhance the overall trading experience.

    3. Wide range of trading instruments: Global Markets Group provides a diverse array of trading instruments, including forex, commodities, indices, and more. This variety allows traders to explore different markets and diversify their investment portfolios, catering to various trading strategies.

    4. Supports a variety of payment methods: The platform supports multiple payment methods, ensuring convenience for traders when depositing and withdrawing funds. Whether using traditional bank transfers, credit/debit cards, or cryptocurrencies, traders have flexibility in choosing their preferred payment option.

    5. Wide range of cryptocurrencies available: Global Markets Group offers a broad selection of cryptocurrencies for trading. This includes popular digital currencies like Bitcoin, Ethereum, and others. Cryptocurrency enthusiasts can take advantage of these offerings to engage in crypto trading.

    Cons:

    1. Limited maximum leverage: The maximum leverage provided by the platform may be limited, although specific details are not provided in the information. Limited leverage can restrict traders who seek higher leverage ratios to amplify their positions, potentially impacting their trading strategies.

    2. Limited variety of trading accounts: The platform's account options might be limited, potentially failing to cater to the specific needs and preferences of a diverse range of traders. A lack of account variety may limit traders' ability to choose an account type that aligns with their trading goals.

    3. Limited educational resources: While the information does not specify the extent of educational resources, a lack of comprehensive educational materials can hinder traders' ability to enhance their trading skills and knowledge. Quality educational resources are essential for traders looking to improve their strategies and make informed decisions.

    4. Limited customer support: Inadequate customer support can be a drawback, as it may lead to difficulties in resolving issues or obtaining assistance when required. Prompt and effective customer support is crucial for addressing trader inquiries, concerns, or technical difficulties in a timely manner.

    Market Instruments

    Global Markets Group offers a diverse range of trading assets across various markets to provide traders with opportunities in the world's most popular and liquid financial markets. Here's a concrete description of the trading assets available:

    Forex:The Forex market offers traders the ability to engage in 24/5 trading within the world's most liquid financial market. Traders at Global Markets Group can benefit from tight spreads, superior execution, and access to deep interbank liquidity across 71 currency pairs. With leverage of up to 1:30, traders have the flexibility to control larger positions, and the deep liquidity ensures seamless order execution.

    Indices:Global Markets Group provides access to the world's largest equity markets through global Indices CFDs. Traders can explore 11 major Indices from across the globe with spreads starting from just 0.5 points. This allows traders to take a broader view of equities markets while enjoying commission-free trading and the convenience of 24/5 market access. Leverage of up to 1:20 is available, and traders can choose between RAW and STANDARD Trading Account options for added flexibility.

    Commodities:For those interested in trading energy and metals products, Global Markets Group offers commodities trading in a unique manner. Traders can treat these products like currency pairs against the USD, combining tight pricing and flexible lot sizes, starting from just 10 cents per point. This approach provides a powerful trading product, with over 6 commodities available for trading, including energy and metals. Spot CFDs and leverage of up to 1:20 further enhance the trading experience.

    Global Markets Group's selection of trading assets across Forex, Indices, and Commodities ensures that traders have access to a wide variety of markets to diversify their portfolios and capitalize on trading opportunities across different asset classes.

    Account Types

    Global Markets Group offers two distinct account types: the “Popular Account” and the “Raw Spread Account,” each designed to cater to the varying needs and preferences of traders.

    The “Popular Account” is tailored for traders seeking competitive trading conditions. With a minimum deposit of $200, it offers a leverage of 1:30, which is in line with the regulatory guidelines set by many financial authorities. Traders using this account benefit from spreads starting at 0.0 pips, meaning minimal costs associated with their trades. However, there is a commission of $3.5 per lot (or $7.0 per lot roundturn). This account is suitable for traders who rely on Expert Advisors (EAs) and scalping strategies, providing the necessary tools for algorithmic trading.

    On the other hand, the “Raw Spread Account” offers traders a more traditional trading experience with spreads starting at 0.6 pips. This account type does not incur any commission fees per lot, making it a cost-effective choice for traders who prefer fee-free trading. Like the Popular Account, it also requires a minimum deposit of $200 and provides a leverage of 1:30. Traders with varying styles, including discretionary traders, can comfortably use this account.

    Both account types operate on the MetaTrader trading platform, a popular and versatile choice in the industry. Traders using these accounts have access to a wide range of currency pairs, totaling 71, offering diverse trading opportunities. The accounts also support a maximum of 200 position orders per account, providing ample room for managing various trades.

    Aspect Popular Account Raw Spread Account
    Account Type Raw Spread Account Standard Account
    Leverage 1:30 1:30
    Spread (from pips) 0 0.6
    Commission (per lot) $3.5 ($7.0 per lot roundturn) $0.00
    Minimum Deposit (USD) $200 $200
    Trading Platform MetaTrader MetaTrader
    Maximum Number of Position Orders 200 200
    Server Location London London
    Currency Pairs 71 71
    Stop Out Level 50% 50%
    Trading Styles Allowed All All
    Order Distance Restriction None None
    Programming Language MQL5 MQL5
    Suitable For EAs & Scalpers Discretionary Traders
    Account Types

    How to Open an Account?

    Opening an account with Global Markets Group is a straightforward process. Here are the steps to guide you through:

    1. Visit the Global Markets Group Website:

      1. Start by accessing the official Global Markets Group website through your web browser.

    2. Select the Account Type:

      1. Choose the account type that suits your trading preferences, whether it's the “Popular Account” or the “Raw Spread Account.” Click on the respective account type to proceed.

    3. Fill in Personal Information:

      1. You will be directed to a registration form where you need to provide your personal details. This typically includes your full name, email address, phone number, date of birth, and residential address. Ensure that you provide accurate information as it will be used for verification purposes.

    4. Complete the KYC Verification:

      1. Most reputable brokers, including Global Markets Group, require Know Your Customer (KYC) verification. This involves submitting identification documents, such as a government-issued ID (passport or driver's license) and proof of address (utility bill or bank statement). Follow the provided instructions for document submission.

    5. Fund Your Account:

      1. After successful registration and KYC verification, you can proceed to fund your trading account. Global Markets Group typically offers various deposit methods, including bank transfers and other payment options. Select your preferred payment method and follow the deposit instructions.

    6. Access Your Trading Platform:

      1. Once your account is funded, you can log in to the MetaTrader trading platform provided by Global Markets Group. You're now ready to start trading across the available markets, including currency pairs and indices.

      2. Open an Account

    Leverage

    Global Markets Group offers a maximum leverage of up to 1:30 for trading. Leverage is a tool that allows traders to control a larger position size than their initial capital. In this case, with a maximum leverage of 1:30, for every $1 in your trading account, you can open a position worth up to $30.

    While leverage can amplify potential profits, it's essential to understand that it also increases the risk of significant losses. Traders should use leverage judiciously, considering their risk tolerance and implementing proper risk management strategies.

    Global Markets Group's maximum leverage of 1:30 is in line with regulatory standards and provides traders with the flexibility to manage their positions according to their trading strategies and risk preferences. It's important to be aware of the associated risks and to use leverage responsibly to protect your trading capital.

    Spreads & Commissions

    Global Markets Group offers competitive spreads and commission structures to traders. Here's a breakdown of the spreads and commissions:

    1. Spreads:

      1. Forex: Global Markets Group provides access to the Forex market with spreads starting from as low as 0.0 pips. This means that traders can benefit from tight spreads, which can lead to lower trading costs and potentially increased profitability.

      2. Indices: For trading Indices CFDs, the spreads start from 0.5 points on 11 different indices. This allows traders to take positions on major equity markets with competitive spreads.

      3. Commodities: When trading commodities, traders can enjoy tight pricing with spreads from as low as 10 cents per point. This flexibility in lot sizes and tight spreads make trading commodities against the USD a powerful option.

    2. Commissions:

      1. Global Markets Group offers different types of trading accounts, including the “Popular Account” and the “Raw Spread Account.” While specific commission values are not provided in the information, commission structures may vary depending on the chosen account type and trading instrument.

    It's important to note that commission costs can vary based on the account type and trading conditions. Some accounts may offer zero commissions with the cost of trading incorporated into the spreads, while others may charge separate commissions per lot traded.

    Spreads & Commissions

    Trading Platform

    Global Markets Group offers the MetaTrader 5 (MT5) trading platform, which provides traders with a dynamic and feature-rich environment for their trading activities. Here's an overview of the trading platform:

    1. MetaTrader 5 (MT5) Platform:

      1. The MT5 platform is the successor to the popular MT4 platform and offers several enhancements and improvements. It is designed to deliver a dynamic and functional trading experience to meet the needs of traders.

    2. Key Features and Advantages:

      1. Optimized Interface: MT5 boasts an optimized and user-friendly interface that enhances the overall trading experience. The platform's layout and design are intuitive, making it easier for traders to navigate and execute trades efficiently.

      2. Improved Speed: Compared to its predecessor, MT5 offers improved speed and performance, ensuring swift order execution and responsiveness. This is crucial for traders who require real-time market data and quick trade execution.

      3. Upgraded Charting: MT5 provides advanced charting capabilities, allowing traders to conduct in-depth technical analysis. The platform offers a variety of chart types, timeframes, and technical indicators to assist traders in making informed decisions.

      4. Advanced Trading Tools: Global Markets Group's MT5 platform comes equipped with advanced trading tools that empower traders with valuable insights and analysis. These tools can aid in making strategic trading decisions and managing risk effectively.

    3. Wide Range of Tradable Assets:

      • 71 currency pairs for Forex trading.

      • 6 commodities and metals for trading against the USD.

      • 11 major indices, such as the FTSE 100, S&P 500, Dow Jones 30, and DAX 30.

      1. Traders using the MT5 platform have access to a diverse range of tradable assets, including:

    4. Industry-Leading Spreads:

      1. Global Markets Group provides competitive spreads on the MT5 platform, with typical spreads that can go as low as 0.0 pips*. Tight spreads are advantageous for traders as they can help reduce trading costs and potentially increase profitability.

    5. Instrument Specifications:

      1. It's important to note that instrument specifications, including spreads, can be subject to change based on market conditions and other factors. Traders are advised to refer to the most accurate and up-to-date details displayed on their accounts through the MT5 Platform.

    Trading Platform

    Deposit & Withdrawal

    Global Markets Group offers convenient payment methods for deposits and withdrawals, with specific details and processing times as follows:

    Payment Methods:

    • Global Markets Group provides account holders with various payment methods for deposits and withdrawals. These methods include bank transfers, credit/debit card payments, and potentially other options, depending on the client's location and preferences.

    Minimum Deposit:

    • The minimum deposit requirement for Global Markets Group accounts is not specified in the provided information. Traders are advised to refer to the company's official website or contact customer support to determine the current minimum deposit amount, as this can vary depending on the account type and region.

    Payment Processing Time:

    • Withdrawals are processed promptly by Global Markets Group, typically within 24 hours of receiving the withdrawal request. The speed of fund transfer to your bank account depends on several factors:

      • If your sterling bank account is domiciled in the UK, the funds will almost instantly reach your account via the Faster Payments method, ensuring swift access to your funds.

      • For international transfers, the processing time may vary and can take approximately 2-5 business days. The actual duration may depend on the procedures and processing times of your bank.

      • It's essential to note that if the fund transaction involves intermediary banks, you may incur additional fees. These intermediary banks may charge fees for their services, which you will be responsible for covering.

    Deposit & Withdrawal

    Customer Support

    Global Markets Group is committed to delivering excellent customer support to assist its clients at every stage of their trading endeavors. For inquiries and assistance, clients can easily get in touch with the company through two primary channels. First, via email at info@gmgmarkets.co.uk, where clients can submit their questions and concerns. The company is dedicated to providing timely responses, typically addressing emails within a reasonable time frame, often within 2 hours of receipt. Second, clients can opt to contact Global Markets Group by telephone, using the number +44 (0) 203 8653306. This multi-channel approach ensures that clients have convenient options to seek help or clarification whenever they need it, contributing to a positive and supportive trading experience with Global Markets Group.

    Educational Resources

    Global Markets Group Limited lacks educational resources, which can make it difficult for new users to learn how to use the platform and trade cryptocurrencies.

    Some of the educational resources that are missing from Global Markets Groupinclude: a comprehensive user guide, video tutorials, live webinars, blogs and etc.

    The lack of educational resources on Global Markets Groupcan make it difficult for new users to learn how to use the platform and trade cryptocurrencies. This can lead to mistakes and losses, which can discourage new users from trading.

    Conclusion

    In conclusion, Global Markets Group offers a regulated trading environment, providing traders with a level of trust and security through its regulation by the Financial Conduct Authority (FCA). The platform boasts user-friendliness and a wide range of trading instruments, including cryptocurrencies, accommodating traders of various levels and preferences. Furthermore, it supports diverse payment methods, enhancing convenience.

    However, limitations such as potentially restricted maximum leverage, a limited variety of trading accounts, insufficient educational resources, and potential limitations in customer support responsiveness are aspects to consider. Traders should weigh these advantages and disadvantages carefully based on their individual trading requirements and risk tolerance.

    FAQs

    Q: Is Global Markets Group a regulated brokerage?

    A: Yes, Global Markets Group is regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

    Q: What is the maximum leverage available on Global Markets Group?

    A: The maximum leverage provided by Global Markets Group is limited and typically reaches up to 1:30.

    Q: Are there educational resources available for traders on the platform?

    A: While Global Markets Group offers a wide range of trading instruments, educational resources may be limited.

    Q: What are the available deposit and withdrawal methods?

    A: Global Markets Group offers several deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets.

    Q: What trading platforms does Global Markets Group offer?

    A: Global Markets Group provides traders with access to the MetaTrader 5 (MT5) trading platform.

    User Reviews

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    FX1047939251
    more than one year
    Do not trade with GMG Markets! Totally a scam company. Please stay away from it! I hope more people can see my review and stay away from this scammer. I have been ripped off almost $10,000!
    2022-11-27 09:43
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    Lizzie
    more than one year
    Don't go near this broker. Or you will be unfortunate. Their customer service is terrible, my withdrawal has not been processed for one month. I’m so helpless that the only I can do is to expose them on the Internet.
    2022-11-23 15:57
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    刘大伟13567
    more than one year
    Terrible platform! poor customer support! They are just a group of shameless people. After you’ve made an investment, everything changed suddenly, they began to try all means to take your money to their own pockets. How shameless! I lost $1,000, and until today, they haven’t given me a reason!
    2022-11-23 12:18
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