GMI Information

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 gold, silver, crude oil, forex, and index via the MT4, MT5 and GMI EDGE platforms.

Pros & Cons

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

Is GMI Legit？

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.

Market Instruments

GMI offers popular markets across different asset classes, including gold, silver, crude oil, forex, and index. Other assets like stocks, options and cryptocurrencies are not available.

Account Types

Apart from demo accounts with $100,000 virtual fund, GMI offers two live account types, Standard and ECN.

Leverage

GMI offers fixed/adjustableleverage, up to 1:1000 for Standard accounts and 1:500 for ECN accounts. 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 & 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 Standard accounts, while the commission for the ECN account is $4 per lot.

Trading Platforms

GMI offers its clients three choices of trading platforms, the popular MetaTrader 4, MetaTrader 5, and its proprietary GMI EDGE. Both MT4 and MT5 are equipped with a variety of tools and features for technical analysis, order management, and customization. They also support automated trading with the use of Expert Advisors (EAs). GMI EDGE can be downloaded through Android and Web devices.

Copy Trading

GMI offers copy 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 copy trading platform promotes knowledge sharing and community-driven trading in a simple and accessible manner.

Customer Service

Live chat, contact form

Phone: +86 400 842 7770

Email: cs@gmimarkets.com

Conclusion

Based on the analysis of GMI, it is a regulated and reputable broker that offers competitive spreads and commissions, and a choice of different account types, as well as good customer support. One downside of GMI is its limited range of trading instruments and educational resources. Additionally, it requires a high minimum deposit to open an account. Overall, GMI is a solid option for traders who prioritize MT4/5, demo trading and competitive pricing.

FAQs

Is GMI regulated？

Yes. GMI operates legally, and it is regulated by FCA in the UK.

Does GMI offer demo accounts？

Yes. GMI offers demo accounts with $10,000 virtual capital.

Does GMI offer industry-standard MT4 & MT5？

Yes. Both MT4 and MT5 are available.

What is the minimum deposit for GMI？

$200.

Is GMI a good broker for beginners？

Yes. Overall GMI is a good choice for beginners because it offers a wide variety of trading assets with competitive trading conditions on the leading MT4 and MT5 platforms. Also, it offers demo accounts that allow traders to practice trading without risking any real money. But the minimum deposit requirement of $200 may be high for beginners.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities.

Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.

Overview of eXcentral

eXcentral, founded in 2018 and based in South Africa, is a financial services company that has had its regulation revoked. The firm requires a minimum deposit of $1,000 and offers trading in Forex, commodities, and indices.

eXcentral provides various account types including Classic, VIP, and Gold, catering to different levels of traders. The company offers leverage of up to 1:30 and boasts competitive trading conditions with spreads ranging from 0.06 to 0.1 pip, without charging commissions.

Traders have access to both MT4 and MT5 platforms, popular choices for their robust features and user-friendliness. A demo account is also available for practice trading. Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.

For deposits and withdrawals, eXcentral accepts bank transfers, debit/credit cards, and third-party payments. However, the revocation of its regulation takes about its credibility and the safety of client funds.

Is eXcentral Limited Legit or a Scam？

eXcentral, operating under the licensed institution OM BRIDGE (PTY) LTD, had its regulatory status revoked by the Financial Sector Conduct Authority in South Africa.

The company, which held the license number 48296 since June 6, 2017, was categorized as a Financial Service Corporate. The revocation of its license raises significant concerns regarding its compliance with financial regulatory standards and the overall safety and legitimacy of its operations.

The licensed institution is located at UNIT 6C3, 159 Rivonia Road Sinosteel Plaza, Morningside Ext 39 Sandton, and can be contacted at the phone number 27072 216 2542. However, given the revocation of its regulatory status, caution is advised when considering any engagement with eXcentral.

The reason for the revocation and the current operational status of the company would require further investigation for anyone considering their services.

Pros and Cons

Pros:

1. Diverse Market Instruments: Offers trading in Forex, commodities, and indices, providing a range of options for traders.

2. Multiple Account Types: Availability of Classic, VIP, and Gold accounts caters to different levels of traders, offering flexibility and tailored trading experiences.

3. Competitive Spreads: Claims to offer low spreads ranging from 0.06 to 0.1 pip, which can be beneficial for cost-effective trading.

4. Access to MT4 and MT5 Platforms: Both platforms are well-regarded in the trading community for their advanced features and user-friendly interfaces.

5. Demo Account Availability: Provides a demo account, allowing new traders to practice and get acquainted with the platforms without financial risk.

Cons:

1. Regulation Revoked: The revocation of its regulatory status by the Financial Sector Conduct Authority in South Africa is a major red flag, indicating potential issues with compliance and reliability.

2. High Minimum Deposit: A minimum deposit of $1,000 might be relatively high for beginner traders or those looking to test the waters with smaller investments.

3. Uncertain Operational Status: The revocation of its license raises questions about the current operational status and the safety of client funds.

4. Limited Information on Licensed Institution: Lack of detailed information about the licensed institution OM BRIDGE (PTY) LTD, including its website and email address, hinders transparency.

5. Potential Risk to Investors: Given regulatory concerns, there is a heightened risk for anyone considering investing or trading with eXcentral.

Market Instruments

eXcentral offers trading in a range of market instruments, which include:

1. Forex: This includes a variety of currency pairs, allowing traders to speculate on the changing values of currencies against each other.

2. Commodities: These typically involve trading in natural resources such as gold, silver, oil, and agricultural products. Commodities trading can be a way to diversify a trading portfolio beyond forex and indices.

3. Indices: Trading in indices involves speculating on the price movements of index funds, which represent the aggregated performance of a selection of stocks. Indices usually reflect the performance of a particular sector or the broader market.

Account Types

Classic Trading Account:

The Classic Trading Account at eXcentral is designed for entry-level traders, offering leverage up to 1:30. It features a 2.5 spread on EUR/USD and a $0.10 spread on Crude Oil, catering to those who prefer trading in major forex pairs and commodities.

This account includes negative balance protection, which can be a safety net for traders against going into debt. Additionally, it comes with free trading education, providing resources for beginners to learn and develop their trading skills.

VIP Account:

eXcentral's VIP Account is tailored for more advanced traders, maintaining the same leverage of up to 1:30. It offers narrower spreads, with 0.9 on EUR/USD and $0.06 on Crude Oil, which can be appealing for more frequent or experienced traders.

This account enhances the trading experience with added features like educational webinars, SMS MTE trading signals for timely market insights, and weekly account overviews for a regular summary of trading performance.

The VIP Account is a step up for those seeking more in-depth market analysis and educational support.

Gold Account:

The Gold Account at eXcentral is geared towards serious, committed traders, providing leverage up to 1:30. It offers competitive spreads of 1.8 on EUR/USD and $0.08 on Crude Oil.

Alongside the benefits found in the VIP Account, the Gold Account introduces a monthly account overview for comprehensive performance tracking and the services of a dedicated senior account manager for personalized trading support.

Exclusive one-on-one sessions are a standout feature, offering bespoke guidance and strategy discussion, making this account suitable for those seeking a highly tailored trading experience.

How to Open an Account？

Opening an account with eXcentral typically involves the following four steps:

1. Account Selection:

   Begin by choosing the type of trading account that best suits your trading needs and experience level. eXcentral offers Classic, VIP, and Gold accounts, each with different features and spreads.

2. Registration Process:

   Complete the registration form on eXcentrals website. This process usually requires providing personal information such as your name, address, contact details, and possibly some financial information to assess your trading experience and risk tolerance.

3. Verification (KYC Process):

   As part of the Know Your Customer (KYC) process, submit the necessary documents for identity verification. This typically includes a government-issued ID (like a passport or drivers license), proof of residence (such as a utility bill or bank statement), and possibly additional financial documents.

4. Fund Your Account:

   Once your account is verified, deposit funds to meet the minimum deposit requirement, which is $1,000 for eXcentral. Choose a suitable deposit method from the options available, such as bank transfer, debit/credit card, or third-party payment methods.

After completing these steps, youll be able to access the trading platform (MT4 or MT5) provided by eXcentral and start trading with the chosen account type.

Leverage

eXcentral offers leverage of up to 1:30 across its trading accounts, which includes the Classic, VIP, and Gold account types. This level of leverage allows traders to control a larger position with a relatively smaller amount of capital.

For example, with a leverage of 1:30, a trader can hold a position worth up to 30 times their account balance. While this can amplify potential profits, it also significantly increases the risk of losses, especially in volatile market conditions.

Therefore, it's important for traders to use leverage cautiously and understand its implications fully. Leverage is a powerful tool in trading, but it requires a good understanding of risk management to use effectively, particularly for less experienced traders.

Spreads & Commissions

eXcentral offers trading conditions with competitive spreads and no commission fees. The specifics of their spreads and commissions are as follows:

• Spreads

eXcentral advertises spreads as low as 0.06 to 2.5 pip, which is quite tight and can be beneficial for traders looking to minimize their trading costs.

For example, the spread for EUR/USD ranges from 0.06 pip in the VIP account to 2.5 pips in the Classic account. Similarly, the spread for Crude Oil varies from $0.06 in the VIP account to $0.10 in the Classic account.

Such low spreads are particularly advantageous for high-frequency traders or those who trade large volumes.

• Commissions:

The company states that it charges no commissions on trades. This means that traders don't have to pay a separate fee for each trade they execute, which is a cost-effective feature for active traders.

While these trading conditions appear attractive, especially for those looking to keep their trading costs low, it is crucial for traders to consider the overall context of the brokerage, including its regulatory status and reliability.

Trading Platform

eXcentral offers its clients two well-regarded trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

1. MT4 Platform: MT4 is one of the most popular trading platforms in the forex and CFD trading community. It is known for its user-friendly interface, robust technical analysis tools, a wide array of charting options, and support for automated trading through Expert Advisors (EAs).

2. MT5 Platform: As the successor to MT4, the MT5 platform offers extended features and capabilities. It supports more types of trading orders and has additional timeframes for analysis. MT5 also provides access to more indicators and analytical tools, along with enhanced charting capabilities.

Both platforms offer mobile versions, allowing traders to manage their accounts and trade from anywhere. The choice between MT4 and MT5 typically depends on the trader's preference, trading style, and the specific instruments they wish to trade.

Deposit & Withdrawal

eXcentral offers various options for deposit and withdrawal, including a specific minimum deposit requirement:

1. Minimum Deposit: The minimum amount required to open an account with eXcentral is $1,000. This sets a relatively high entry barrier, especially for novice traders or those who prefer to start with a smaller capital investment.

2. Payment Methods:

1. Bank Transfer: Allows for direct transfer of funds from a trader's bank account to their trading account. This method is typically secure but may take several days to process.

2. Debit/Credit Card: Offers a quick and convenient way to deposit funds using widely accepted cards like Visa and MasterCard.

3. Third-Party Payment: Accepts deposits via various third-party payment systems, which could include digital wallets or online payment services. These methods often provide quick and easy transactions.

Customer Support

eXcentral provides customer support through multiple channels, aiming to assist clients with their queries and issues. Customers can reach out via email at inquiriesaexcentral-int.com, offering a direct line of communication for support, queries, or feedback.

Additionally, they provide phone support at +278 71 951005, which can be beneficial for immediate assistance or for discussing more complex issues. The availability of these support options suggests a commitment to maintaining accessible customer service.

Conclusion

In summary, eXcentral, based in South Africa and founded in 2018, offers Forex, commodities, and indices trading on both the MT4 and MT5 platforms, with account options including Classic, VIP, and Gold. They provide leverage up to 1:30 and competitive spreads with no commission fees.

However, a significant concern is their revoked regulatory status, which poses serious questions about the firm's credibility and the safety of client investments.

While they offer a minimum deposit of $1,000 and multiple channels for customer support, potential clients should approach with caution and thoroughly evaluate the risks due to the regulatory concerns.

FAQs

Q:What trading platforms does eXcentral offer？

A:eXcentral provides the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for trading.

Q:What is the minimum deposit required to open an account with eXcentral？

A:The minimum deposit required to open an account with eXcentral is $1,000.

Q:What types of trading accounts does eXcentral offer？

A:eXcentral offers three types of accounts: Classic, VIP, and Gold, each with different features and spreads.

Q:What leverage does eXcentral offer？

A:eXcentral offers leverage up to 1:30 across all its trading accounts.

Q:How can I deposit or withdraw funds from eXcentral？

A:Deposits and withdrawals can be made via bank transfer, debit/credit card, or third-party payment methods.

Q:How can I contact eXcentral's customer support？

A:Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.