Overview of GMI Edge

Founded in 2018, GMI Edge is an offshore trading broker that provides online trading via MetaTrader4 (MT4) on a variety of different asset classes including forex, indices, precious metals, energies and CFDs.

Traders can access leverage ratios ranging from 1:500 to 1:2000, depending on the account type. However, explicit information about spreads is not readily available on the GMI Edge website. The broker offers the popular MetaTrader 4 (MT4) trading platform, which allows traders to customize their strategies. Deposits and withdrawals can be made through various methods, including local bank transfers, Neteller, and Skrill.

Here is the home page of this brokers official site:

Pros and Cons

Is GMI Edge Legit?

GMI Edge is not regulated by a recognized financial regulatory authority. The claimed regulation by the Vanuatu Financial Services Commission (VFSC) with license number 14647 is suspected to be a clone and is not considered valid.

Market Instruments

GMI Edge offers a selection of market instruments for trading, including:

1. Gold, Oil, Silver: Traders have the opportunity to trade in commodities such as Gold, Oil, and Silver. These instruments are available for trading 23 hours a day, and GMI Edge aims to provide competitive costs in this regard.

2. Forex: GMI Edge enables traders to participate in the foreign exchange market. Major currency pairs such as the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Australian Dollar, and Canadian Dollar are available for trading. GMI Edge offers high leverage and the option of Swap Free accounts.

3. Indices: GMI Edge allows traders to access global financial markets through Contracts for Difference (CFDs) on various indices. Some of the indices available for trading include Dow Jones, NASDAQ, S&P, FTSE, DAX, CAC, NIKKEI, Hang Seng, and China A50.

Account Types

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

ECN ACCOUNT

The ECN account requires a minimum deposit of $100 and offers leverage up to 1:500. It has a commission fee of $4 per lot and allows for a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The ECN account does not offer a swap-free option.

CENT ACCOUNT

The Cent account has a minimum deposit requirement of $15 and provides leverage up to 1:1000. It does not charge any commission and allows a maximum order size of 200 lots on MT4. The Cent account also offers a swap-free option.

STANDARD ACCOUNT

The Standard account requires a minimum deposit of $25 and offers leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4 and 1,000 lots on GMI Edge. The Standard account does not provide a swap-free option.

STANDARD BONUS ACCOUNT

The Standard Bonus account also requires a minimum deposit of $25 and provides leverage up to 1:2000. It does not charge any commission and allows a maximum order size of 500 lots on MT4. The Standard Bonus account does not offer a swap-free option.

Leverage

The specified leverage for different account types at GMI Edge varies between 1:500 and 1:2000. Clients on the Cent account can experience leverage of 1:1000, the Standard and Standard Bonus accounts can enjoy the maximum leverage of 1:2000, while the ECN accounts have a leverage ratio of 1:500.

Spreads & Commissions

Unlike most decent brokers who present their pricing and trading conditions, GMI Edge has not disclosed its spreads on the website.

As for the commission, there is no commission on the Cent, Standard and Standard Bonus accounts, while 4 per lot on the ECN account.

Trading Platform

GMI Edge provides its traders with the popular MetaTrader 4 (MT4) trading platform. This widely recognized platform is available for all types of GMI Edge accounts. Traders can take advantage of the features and functionality offered by MT4 to enhance their trading experience.

MT4

With MT4, traders have the option to create their own algorithms or utilize expert advisors (EAs) to automate their trades. This allows for customized trading strategies and the ability to follow other traders. Traders can seamlessly connect to the trading platform through the GMI Edge app, ensuring a smooth trading experience across different devices. The GMI Edge app also provides a convenient way to fund trading accounts that use MT4.

Multi-Account Manager (MAM) platform.

In addition to MT4, GMI Edge also offers the Multi-Account Manager (MAM) platform. This platform is designed for money managers who wish to trade multiple accounts with ease. With MAM, money managers can execute trades across multiple accounts with just one click. The platform also allows for automated performance fees billing and offers trade allocation options based on lot size, equity, or balance.

GMI Edge mobile app

To further enhance accessibility and convenience, GMI Edge has developed the GMI Edge mobile app. This app allows traders to access their trading accounts anytime and anywhere. Traders can trade various instruments including forex, gold, silver, and indices, among others, using the app. The GMI Edge app also offers easy ways to deposit, withdraw, and transfer funds, providing traders with comprehensive account management capabilities in one place.

Deposit & Withdrawal

GMI Edge provides various options for depositing and withdrawing funds from your trading account. These options include Local Banks Transfer, Neteller, and Skrill. The minimum initial deposit requirement is $10 for Neteller and Skrill, while it is $15 for Local Banks Transfer.

The deposit processing time is typically instant, allowing you to quickly start trading after funding your account.

For withdrawals, the minimum withdrawal amount is 50 MYR for bank transfers, and the processing time is between 8am to 6pm daily. There is a 4% fee for withdrawals via Neteller and Skrill, with a minimum withdrawal amount of $10. Withdrawals made through these methods are also processed instantly.

GMI Edge provides customer support through various channels. Traders can reach out to their customer support team via email at cs.global@gmimarkets.com. Additionally, a live chat option is available for immediate assistance. For those who prefer to send a direct message, an online contact form is provided.

Conclusion

In conclusion, GMI Edge is an unregulated broker with a suspicious regulatory license and is not considered a legitimate trading option. Trading with an unregulated broker carries significant risks, as they may lack investor protection and oversight. Although GMI Edge offers a variety of market instruments and different types of trading accounts with varying leverage options. Additionally, the absence of a recognized financial regulatory authority and limited customer support contact information further bring risks.

Frequently Asked Questions (FAQs)

Note: For some unknown reason, we cannot open MultibankFXs official site (https://www.multibankfx.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

General Information & Regulation

MultibankFX, a trading name of MEX Group Worldwide Limited, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with over 1,000+ tradable financial instruments with leverage capped at 1:500 and variable spreads from 0.0 pips on the leading MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of three different live account types.

As for regulation, it has been verified that MultibankFX has four different licenses, but they are all suspicious clone, that is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.42/10. Please be aware of the risk.

Field Survey

The investigators went to London, UK, to visit the foreign exchange dealer MultibankFX as planned. However, they did not find the dealers office at the publicly displayed address. The dealer may just borrow the address to register the company without a real business place. Investors are advised to choose the dealer carefully.

Market Instruments

MultibankFX advertises that it offers access to more than 1,000 trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals and shares.

Account Types

MultibankFX claims to offer three types of trading accounts, namely Maximus, MultiBank Pro and ECN Pro. The minimum initial deposit amount is $50 for the Maximus account, while the other two account types have much higher minimum initial capital requirements of $1,000 and $5,000 respectively.

Leverage

The leverage offered by MultibankFX is capped at 1:500, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

MultibankFX claims that different account types can enjoy quite different spreads. Specifically, the spread on the Maximus account starts from 1.4 pips, the MultiBank Pro account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy raw spreads from 0.0 pips. These spreads are all below the industry average of 1.5 pips.

Trading Platform Available

Platforms available for trading at MultibankFX are said to be the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MultibankFX says to accept payments with credit cards like Visa and MasterCard, bank wire, Neteller and Skrill. The minimum initial deposit requirement is said to be only $50.

Bonuses & Fees

MultibankFX claims to offer all kinds of bonuses, covering the 100% bonus, the 20% bonus, Imperial bonus and Refer a Friend bonus. Just take the 20% bonus as an example: the minimum deposit required for it is $1,000. Clients who wish to withdraw $200 of their bonus must trade 80 lots for every $200 they wish to withdraw. Additionally, clients must complete the trading requirements within 90 days of receiving the bonus. Clients who fail to meet the deadline will only receive a percentage of the bonus.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

Also, the broker also charges an inactivity fee. If a trading account stays inactive for 3 months, a monthly fee of $60 will be charged. However, other licensed brokers give a grace period of 6 months or even 1 year.

Customer Support

MultibankFX‘s customer support can be reached by telephone: +44 203 953 8381 (English), +62 02129264151 (Indonesian), +351 304 500 657 (Portuguese), +400 120 8619 (Chinese), +49 69 257377474 (German), +1 833 291 1788 (French), +7 499 609 46 73 (Russian), +34 931 220 671 (Spanish), +84 28 44581652 (Vietnamese), email: cs@multibankfx.com, cncs@multibankfx.com, cs.mys@multibankfx.com. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram, YouTube and LinkedIn. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.