Are you looking for a forex broker in Malaysia? If so, you’ve come to the right place.
In the world of financial markets, forex trading has gained significant attention over the years, especially in Malaysia. Investors, both experienced and novice, are constantly seeking reliable and trustworthy forex brokers to access the forex markets. One of these brokers is called GMI Markets (formerly known as GMI Edge), and it’s well-known in the forex markets.
GMI Markets offers a range of trading services, including currency pairs, commodities, and indices. GMI Markets is recognized for its expertise in forex trading and provides traders with a platform to execute trades and access market analysis tools.
GMI Markets is trusted by many in the forex community for its commitment to providing a secure and user-friendly trading environment. GMI Markets has also received several awards along its journey in the forex market including Best Forex Execution ASIA 2022, Best Forex Platform ASIA 2022, and more.
In this article, we will delve into the key aspects of this forex broker to provide you with details information on its offerings, performance, and what makes it a viable choice for traders in Malaysia. Whether you’re looking to start your forex trading journey or considering switching to a new broker, this review will help you make the decision regarding GMI Markets and its services.
Company Details
| Website | gmimarkets.com |
| Country | Boston, USA |
| Support Language | English, Malay, Chinese, and more |
| Office Locations | Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia |
| Founded | 2009 |
| Regulated By | Mauritius Financial Services Commission “FSC” |
| Min. Deposit | 15 USD |
| Bonus | Yes |
| Max. Leverage | 1:2000 |
| Platform | GMI EDGE and Meta Trader 4 |
Regulation and Licensing
GMI Markets or Global Market Index Limited is an International Business Company, registered in Saint Lucia under registration number 2023-00239. The registered address is at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia.
Global Market Index Limited is authorized and regulated by Mauritius Financial Services Commission “FSC”, license № C118023454, registered in Mauritius under registration no. 158643 C1/GBL. The registered address is at The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius.
GMI Group also has another entity which is called Global Market Index LLC. Global Market Index LLC is registered in St. Vincent and Grenadines under registration number 2763 LLC 2022. The registered address is at Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines.
GMI Markets Pros and Cons
Pros:
- 24/5 multi-lingual customer support.
- Minimum deposit as low as 15 USD.
- Fast deposit and withdrawal.
- 1-click social trading solution.
- Well-regulated.
Cons:
- Wide spreads on some accounts.
Trading Instrument
GMI Markets provides a range of trading instruments, including Forex, Gold, Silver, Oil, and Indices with leverage of up to 1:2000.
Trading Platform
GMI Markets offers three types of trading platforms that can be used to access the markets easily. The trading platform is GMI EDGE, Meta Trader 4, and Multi-Account Manager (MAM). These trading platforms can be installed on mobile phones (iOS and Android), tablets, and laptops.
The Multi-Account Manager (MAM) for experienced traders and money managers looking to handle multiple accounts, GMI Markets offers the Multi-Account Manager (MAM) solution.
Customer Support
You can contact their customer support through Live Chat, email, or by filling up the contact form on their website. Their customer support is available 24 hours a day 5 days a week and available in several languages including Malay and English.
Trading Accounts
GMI Markets offers four types of trading accounts, including a demo account. The live trading accounts offered by GMI Markets are ECN, Cent, and Standard. Each of these trading accounts has different features and trading conditions. So, I will explain each one below to help you make the right choice.
ECN Account
ECN Accounts at GMI offer liquidity from 15 major banks, hedge funds, and institutional providers, so their spread mostly starts from 0. ECN accounts are perfect for active, short-term traders, as well as long-term traders.
| Minimum Deposit | 100 USD |
| Contract Size | 100,000 |
| Base Currency | USD |
| Select Your Own Leverage | Yes |
| Expert Advisor | Yes |
| Suitable for Social Trading | Yes |
| Commission | 4 USD per lot |
| Max. Order (MT4) | 500 |
| Max. Order (GMI Edge) | 1000 |
| Leverage | 1:500 |
| Max. Lot per Trade | 50 |
| Swap Free | Yes |
Cent Account
Cent Account is ideal for both beginners and algorithmic traders due to its minimum denomination of 1 cent. It allows users to test trading strategies, Expert Advisors (EAs), and automated robots with minimal risk. Once your strategies are proven, you can transition to a Standard Account for higher-risk trading. Cent Accounts display balances in cents and have a lower opening deposit requirement of 15 USD or around RM 70.58.
| Minimum Deposit | 15 USD |
| Contract Size | 1,000 |
| Base Currency | USD |
| Select Your Own Leverage | Yes |
| Expert Advisor | Yes |
| Suitable for Social Trading | Yes |
| Commission | No |
| Max. Order (MT4) | 200 |
| Max. Order (GMI Edge) | N/A |
| Leverage | 1:1000 |
| Max. Lot per Trade | 150 |
| Swap Free | Yes |
Standard Account
GMI’s Standard Account provides tight spreads and offers a maximum leverage of 1:2000 without any commission fees.
| Minimum Deposit | 25 USD |
| Contract Size | 100,000 |
| Base Currency | USD |
| Select Your Own Leverage | Yes |
| Expert Advisor | Yes |
| Suitable for Social Trading | Yes |
| Commission | No |
| Max. Order (MT4) | 500 |
| Max. Order (GMI Edge) | 1000 |
| Leverage | 1:2000 |
| Max. Lot per Trade | 50 |
| Swap Free | Yes |
Deposits and Withdrawals
GMI Markets offers several deposit and withdrawal options to facilitate their customers in depositing and withdrawing funds from their trading accounts.
The available deposit methods include Online Bank Transfers (through Malaysian local banks such as Maybank, CIMB, RHB Bank, Bank Islam, and more), Neteller, and Skrill.
For withdrawals, clients can use the Online Bank Transfer method (via local Malaysian banks such as Maybank, CIMB, RHB Bank, and many more), Neteller, and Skrill.
How to Open a Trading Account With GMI Markets
Before opening a GMI Markets trading account, you need to have a smartphone or laptop, an internet connection, and at least 15 USD to fund your trading account. I will show how to open a trading account below:
Step 1
Click “Open Account” below to open a trading account.
Step 2
lease complete the account opening form, as shown in the picture below, by providing the requested information, including your name, country, date of birth, and email address.
Once you have done that, select the ‘Acceptance’ button and click on ‘Continue’.
Step 3
Click the ‘Complete my Profile’ button to continue the registration process.
Step 4
Please complete your trading account registration by filling in the information as shown in the picture below.
Step 5
Please upload your verification documents. You can upload a picture of your identity card, passport, driver’s license, utility bill, and bank card.
After you have uploaded your document, click the ‘Verify ID’ button to confirm your identity.
After the live trading account opening is completed, you will need to open your MT4 account. I’ll explain how to do that below.
How to open an MT4 account
Step 1
Login to the GMI Markets Member Area. Then, click ‘Open New Account’ if you are using a PC/laptop, or click the ‘+’ symbol if you are using a mobile.
Step 2
Choose your account type and leverage. Then, please fill in the IB Code as shown in the picture below, and click the ‘Open New Account’ button.
Step 3
Now that you have finished opening a GMI Markets live account, you can deposit funds into your trading account and start trading Forex (online trading).
Why You Should Use GMI Markets?
- GMI Markets is a company that follows the rules made by financial authorities. This means your money is safer when you trade with them.
- You don’t need a lot of money to start with GMI Markets. Just 15 USD can get you started.
- GMI Markets provides fast and convenient deposit and withdrawal options.
- Their trading account is suitable for both beginners and experienced traders.
- GMI Markets offers a wide range of products such as gold (emas), silver (perak), oil (minyak), and more.
- 14 years in the forex market and has received multiple awards including Best Forex Execution ASIA 2022, Best Forex Platform ASIA 2022, and more.
- GMI Markets also offers social trading and partnership as an Introducing Broker.
Conclusion
GMI Markets has earned the trust of many in the forex community. With its well-regulated status, low minimum deposit requirement, convenient deposit and withdrawal options, and a wide range of trading products, GMI Markets caters to both beginners and experienced traders. Plus, they have been around for a long time and have won awards, which shows they are a reliable choice for your forex trading adventure.