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Global Market Index (GMI) is an online broker headquartered in Boston, USA with offices in a number of countries and regions such as the United States, Spain, Mexico, New Zealand, and others. GMI is regulated by the Australian Securities and Investments Commission (ASIC) in Australia and was among the first to use Multilateral Trading Facility (MTF) for financial instrument trading.
GMI offers traders No Dealing Desk (NDD) execution with 100% automatic execution. It allows clients to trade Forex, precious metals, CFDs and other financial instruments online.
GMI STP Execution
There are three different trading accounts at GMI—a micro account, standard account and Currenex accounts. Leverage is flexible--Up to 200:1 and there is no commission charged when opening any of these accounts. An individual advisor is assigned to each account and there is welcome bonus for each account opened.
I was pleased to see that GMI offers a demo account which can be opened using any of the three accounts mentioned above. Not many details were provided.
Trading Forex can take place with GMI 24 hours from Sunday 5:00pm to Friday 4:30 (EST). CFDs are mostly trade between Sunday 5:00pm to Friday 4:30pm (EST), and the detailed trading information of each product is listed under Trading Service category.
An interesting feature at GMI is their company news which posts events taking place within the company including holidays and other major happenings.
GMI seems to take pains in making their margin policy margin requirements for Forex, CFDs and precious metal products as clear as possible. The charges are listed clearly and when changes are made, they are immediately updated on the margin chart of their website.
Institutional clients are welcome at GMI and no matter what size the institution is, it receives institutional-level FX service. Programs are tailored for introducing brokers through to financial institutions and GMI works with each introducing brokers, money managers, white label partners and trading APls to design the best program for them and their clients.
GMI offers a complete line of textual lessons for both beginners and advanced traders. Subjects range from the History of Forex to technical and fundamental analysis and ending with a lesson entitled ‘Risk Management——Creating a Trading Methodology.’
GMI Forex Lessons
Daily Commentary and Market news are provided and there is a full financial glossary. The FAQ page includes explanations on a number of different topics on trading, platforms and about becoming an introducing broker.
GMI Market News
Real-time 24h streaming news, market-depth and advanced analysis charts are available for both demo and live accounts.
In addition, an economic calendar is provided which is provided by Reuters and is a complete list of economic events taking place throughout the world. In fact, the listing is divided into macroeconomic indicators as well as their importance.
GMI is most interested in educating its clients and offers manuals for edifying traders on the different platforms offered by the broker. These guides can be easily downloaded and are helpful for traders in understanding exactly how each of the six available platforms can be used before deciding which one was the one most suitable for a particular trade.
Video instruction was not available at the time of this review but it was mentioned as something will be offered some time in the future. There were no webinars mentioned either.
There weren’t any bonuses or promotions at the time of this review. However, there was mention of winning a free iPhone6 or an iPhone6 Plus when making a deposit. There were no further details of this promotion which is unfortunate as it would certainly be a good incentive for opening an account with even the minimum deposit required.
When it comes to money, GMI seems quite behind the times.
The only method for funding an account at Global Market Index is by wire transfer. With today’s technology and with competition so tight among brokers, it is most odd that there were no other methods for making a deposit to open an account.
And before any money can be transferred over, the account must be fully registered and ongoing. This is also quite strange.
The withdrawal method is also awkward. To withdraw funds, a trader must first download the withdrawal request form and complete all applicable fields. Then he/she must print the withdrawal form, sign it and scan it or fax it to GMI.
Traders can contact a Global Market Index representative by live Chat, email, telephone or fax. Telephones are available in Boston, New Zealand and in two locations in China. Customer service is offered in many languages services including English, Chinese, Cantonese, Spanish and other languages.
GMI is a new broker in the industry and is trying to make a name for itself in Forex and CFD trading. So far, it seems to be doing the right things but there are still areas which need improvement. More information regarding their accounts should be provided and bonuses should be offered. Still, their wide choice of different trading platforms is commendable especially as one of them is the popular MetaTrader4 platform. GMI promises to be a strong Forex broker in the future.
Review info: GMI
Review Date: 2015-09-24
Rating : 4
Reviewed By : Sara Patterson (Google+)