GMI Edge Broker Review

“GMI Edge provides the lowest spread, and no commission with free swap account”

Is GMI good and reliable?

Being regulated by CySec, FSA and ASIC and also have been in market for more than 11 years the chances for them to run away is quite slim. And the license they hold are more valuable.

Pros

Cons

What is the best thing about GMI Edge?

The best thing about GMI edge broker is that they provide swap free account along with which the spread values is quite low as compared to other brokers.

Which Account type you recommend and why?

The recommended account is ECN because the total service fee is the lowest, swap free, good speed along with that order execution speed is fast.

What can be traded with GMI EDGE?

GMI Edge offers to trade in forex currencies, metal, indices and energies.

“Confidence is not “I will profit on this trade.” Confidence is “I will be fine if I don’t profit from this trade.”

Platform offerings on GMI Edge

They offer only one platform that is MT4.

MT4

If you are new then then this is the go-to platform for you. However, that doesn’t mean that professionals couldn’t use it. This platform is used by various people around the world.

It has all the features and analysis tools to learn and trade. Attend Webinars, read articles, see videos provide to learn about trading and the platform is very easy to use and understand.

Features of MT4

1.Interface is reliable and user friendly. Above all can be used by both beginners and professionals.

2.Access to various currency pairs, CFDs and cryptocurrencies.

3.Customizable as per your requirement. Meaning you can select currencies in which you want to trade and analyses using any indicators as per your suitability and trade.

4.Interference is minimum, you can observe movement at every second without being interrupted

5.Compatible with windows, Linux, mac.

6.Allows to trade 24*5 days.

Mobile Platform to trade

Metatrader 4 Mobile Application

This is a common application, can be used with GMI Edge you just have to select your server’s name after which you have to enter your account id and password and you are good to go. This application is used by millions of traders to trade on mobile phones. The look of the application is shown below:

GMI Edge Mobile Application

This is their own application used for trading which is simple and easy to use but lacks in a few things while trading and may give you a hard time. The application looks like below:

Account Type Comparison

The offer three types of account in MT4 platform named as Standard, Real ECN, and Real Cent.

Let’s see the difference for our better understanding through a table.

Account typeDefinitionStandardReal ECNReal Cent
Minimum depositThe minimum amount required to start trading withUSD 25USD 100USD 2.50
Base CurrencyThis is the currency in which you can deposit your funds.USDUSDUSD
LeverageThe ratio of the amount borrowed by the broker in order to trade more with lesser deposit1. 1:2000
($25-$10,000)

2. 1:1000
($10,001-$30,000)

3. 1:300
($30,001-$100,000)

4. 1:100
($100,001 and above)
1. 1:500
($100-$20,000)

2. 1:300
($20,001-$100,000)

3. 1:100
($100,001 and above)
1. 1:1000
($2.50-$1,000)

2. 1:500
($1,001-$2,000)

3. 1:100
($2,001 and above)
Hedging
The strategy which is used to balance loss and earn more profit
YesYesYes
CommissionThe fees which is charged by broker when you open trade with themNoNoYes (USD 4 per lot)
Maximum number of ordersThe maximum number of orders which can be opened200200200
Minimum Lot sizeThe minimum volume required to open trade with0.010.010.01
SpreadThis is the difference between bid and ask price.Differ per currencyDiffer per currencyDiffer per currency

Now, if we see the specifications of the account, I find the most suitable account is Standard as the minimum deposit value is lowest along with that everything else is same to other account types except the fact that the account also has no commission value. One more thing which I found confusing is that they have mentioned that they have expert advisor, but I didn’t get any.

Opening Account Procedure

For creating account with GMI Edge one must follow the below steps:

  1. Visit their website at comand the page that will be opened would be as follows.

2. Now click on “Create Account” which is located on the top right corner of the page and you will be directed to another page

3. Fill up the required details and agree to the terms and conditions and click continue.

4. After that you will be asked for your personal details. Verify yourself.

5. Open the type of account you want; deposit funds and you are good to go. The dashboard of your account when you login would be like the below image.

What are deposit and withdrawal channels?

If we talk about the options of deposit and withdrawal, they only provide two options and that of only wallets such as Netellar and Skrill. They lack in the options as mostly every broker at least provides card payment option but they don’t provide any. The options are visible when you click on quick deposit option in your dashboard which is available in the top bar options of dashboard. The window looks like below.

Similarly, for withdrawal you have to click on withdraw funds options and you will find the below screen.

Deposit and withdrawal rate

The platform charges no fees on deposit and withdrawal no matter how much small or big the amount is. Along with that the funds withdrawn are credited to your wallet within 30 minutes to 1-hour time.

Comparison based on spread, commission and swap

Spread:

Spread matters the most while choosing the broker. We have average spread calculation for a week of data analysis. Here, the below table shows the average spread values.

Currency

Standard

Real ECN

Real Cent

XAUUSD

33.9

16.9

35.8

EURUSD

15.7

1.4

15.8

GBPUSD

19.3

4.6

19.6

AUDUSD

16.7

2.9

17.2

USDCAD

16.2

3.1

16.9

USDCHF

18.7

2.4

18.7

USDJPY

15.4

1.8

15.7

GBPJPY

25

8.3

24.4

EURJPY

19.1

4.7

17.4

NZDUSD

18.9

5.3

18.2

Even though the spread is less for ECN account, but I still prefer Standard account, because of the minimum deposit amount and also no commission.

Commission:

For commission, it is only charged in ECN account and it is fixed it is USD 4 per lot in which USD 2 is charged for opening bid and USD 2 is charged for closing the bid. Below is the table for commission of ECN account.

XAUUSD

USD 4/ 1 lot

EURUSD

USD 4/ 1 lot

GBPUSD

USD 4/ 1 lot

AUDUSD

USD 4/ 1 lot

USDCAD

USD 4/ 1 lot

USDCHF

USD 4/ 1 lot

USDJPY

USD 4/ 1 lot

GBPJPY

USD 4/ 1 lot

EURJPY

USD 4/ 1 lot

NZDUSD

USD 4/ 1 lot

Swap:

Overnight interest that is charged by broker is known as swap, there are two types of swap values 1. Swap long and 2. Swap short. Depending on the time-period for which your order is opened the interest is charged

Let’s have a look on the swap short value in the below table.

Currencies

Standard

ECN

Cent

XAUUSD

(-0.000245)

(-0.000245)

(-0.000245)

EURUSD

1.165187

1.165187

1.165187

GBPUSD

(-.382193)

(-.382193)

(-.382193)

AUDUSD

-0.702479

-0.702479

-0.702479

USDCAD

(-1.209651)

(-1.209651)

(-1.209651)

USDCHF

-3.82204

-3.82204

-3.82204

USDJPY

(-1.833045)

(-1.833045)

(-1.833045)

EURJPY

0.196082

0.196082

0.196082

NZDUSD

(-0.815586)

(-0.815586)

(-0.815586)

GBPJPY

(-1.587434)

(-1.587434)

(-1.587434)

Now let’s have a look at swap long values.

Currencies

Live Swap Free

Real ECN Swap Free

Real Cent Swap Free

XAUUSD

(-.002136)

(-.002136)

(-.002136)

EURUSD

(-3.046269)

(-3.046269)

(-3.046269)

GBPUSD

(-1.299456)

(-1.299456)

(-1.299456)

AUDUSD

(-1.373737)

(-1.373737)

(-1.373737)

USDCAD

(-0.617514)

(-0.617514)

(-0.617514)

USDCHF

1.696765

1.696765

1.696765

USDJPY

0.137319

0.137319

0.137319

EUJPY

(-2.241447)

(-2.241447)

(-2.241447)

NZDUSD

(-1.381503)

(-1.381503)

(-1.381503)

GBPJPY

(-0.502147)

(-0.502147)

(-0.502147)

As per the above tables you can see that the interest charges or swap is same for all types of account so no matter which account you are using the interest will remain the same. But one thing to know is that there are swap free account available for some countries and India is also one of them, you can have swap free account with this broker.

Chat Support

For getting in touch with live chat support you can click on the live chat option available on every page at the bottom right corner, but one thing to note is that the chat support is not always present. For the first time when I was trying to get in touch with the support, I didn’t get any response from support end there was no response at all.

The first issue which I faced was when I was depositing funds, I faced an issue that it was asking a pin which I haven’t created so the support guides to reset the pin and then go for deposit and withdrawal, I applied for chat support it was connected within few minutes and my doubt was also cleared.

Another thing to know about chat support is that when you will try to get in touch with the support a new pop-up window will be opened as shown below.

The pattern they are using for the chat support Is quite old fashioned, and along with that I find the overall site old fashioned.

Research and Education

GMI Edge don’t provide any material related to research and education, so with this broker if you are new then you must look for other resources to learn from.

Trading Experience

Though, MT4 platform is the simplest platform of all, and they only provide MT4 Platform so you can trade without any experience also but there are higher chances for you to lose if you have no knowledge at all. That’s why it is suggested to study before investing for real.

Conclusion

GMI Edge headquarters are located at Registered address Govant Building, BP 1276 Port Vila, Vanuatu. The broker was launched in market in the year of 2009. They are offshore broker who provide online trading service through MT4 platform. Broker provide 3 types of account in which you can trade which are Standard, ECN and Cent account. Only ECN has a fixed commission of USD 4 per 1 lot.

The broker provides low minimum deposit along with that the opening account procedure is quite easy. Support is available for 24*5 but in that time also there are times when you couldn’t reach chat support and even if you raise your query you will never be contacted back by the broker om their own. Along with that they do have mentioned about getting expert advisor in every account, but I found that false as I don’t get any advisors for my account.

To be frank, I didn’t find this platform as good as others, the website is easy to understand but it looks old fashioned. The methods of depositing and withdrawing of funds have limited options which is not favorable. The platform also doesn’t provide any educational material from where you can learn new skills.

Though the order execution speed and spread are quite decent, still they lack in a lot of things. Support is not always available, if they are not available then even if you place your request you will never hear back from them. Trading tools are limited, they don’t provide cryptocurrency and CFD to trade in.

Overall, from my experience I won’t be in favor of using this broker when there are much better options available in which you can trade.

The recommended account is ECN because the total service fee is the lowest, swap free, good speed along with that order execution speed is fast.