GSI Markets Review 2020 – All You Need To Know
GSI Markets Broker Review – Know the Facts, Trade with Confidence
One credible way of establishing if a forex broker is reliable, legit, and transparent is by testing out their services using a live account. That is a skill our experts have honed as they have reviewed lots of brokers, service and products offered in the online trading world. This GSI Markets review follows the same metrics and it is an examination of this broker’s services including real user sentiments. By going through this review, you will gain an independent overview of the broker and learn the perception of other traders about GSI Markets.
What Makes GSI Markets Unique?
GSI Markets is unique in many ways. From its robust multi-trading platforms and low spreads to its reliable customer service and numerous payment methods. Although not offered by all broker, the GSI Markets deposit bonus is unique. The bonus is only available once a month and the current deposit bonus is 10% up to USD 500 for Gold account holders and 15% bonus for Platinum account holder. There are turnover trade requirements for the bonuses and all details can be found on the site. The company also runs a $25 refer a friend bonus which is available to all customers.
The diversity of the GSI Markets trading accounts is also impressive and shows they cater to all types of trader. GSI Markets have four different account types including, an Islamic account. The accounts aren’t discriminative in the benefits as you would find with other brokers. Instead, the different accounts are differentiated to suit the trading conditions of different traders. For instance, a high roller would be best suitable for the Platinum ECN account because under that account, trades are placed in standard lots.
GSI Markets Experience Test
To be able to write an unbiased GSI Markets review, we tried out some of the products and features of this broker and can confirm that GSI Markets, met all the conditions stated in its terms and conditions and on the different pages of its website.
Our first round of investigation was on customer support. We tested out the responsiveness of the different contact methods and the knowledge and experience of the customer support team. To our surprise, our emails were responded to in less than 15 minutes, and our calls were picked on the first attempt. The live chat representatives were also immediately available after launching the live chat function. Also, worth recognition is the level of professionalism that the support team demonstrated during our engagement.
Another round of test was done on the trading platform. All the said financial instruments that were advertised on the website were also available on MT4. On conducting a sample test on live account, we noted that the execution speed was fast, and the spreads were also matching what was advertised on the broker’s spreads and margin pages. There were also no re-quotes as you would expect during volatile markets.
A final test was conducted on the banking options. GSI Markets passed the test with flying colors, in terms of speed and choice. We tested the processing speeds of both deposit and withdrawals for credit cards, Skrill and bank wire. The processing speeds of these payment methods were accurate, as outlined in the broker’s FAQs section.
From the examination of the level of service of this online trading broker, GSI Markets exceeded our expectations and has the highest recommendations from our experts.
Is GSI Markets A Scam or Legit?
GSI Markets is a legit online forex and CFD broker. From our investigation, aimed at establishing whether GSI Markets is transparent, we found out that the broker operates under a true ECN brokerage model. The broker’s spreads were sometimes zero or competitive, which only suggested that the broker was transparent. This was done practically on the order window of the MT4. Scam brokers will hardly get to this point as most of them operate under a dealing desk brokerage model, which opens rooms for spread exploitation and price manipulation.
GSI Markets is registered under the umbrella name GSI Markets Group. The latter is a registered entity under the laws of the Marshall Islands, implying the company is law-abiding and operating under the legal framework of the regulators of the country.
The online safety of a business says a lot about the question of legality. GSI Markets has a strict policy with regards to the safety of trader’s funds and its website. Traders’ money is held in different accounts separate from the company’s funds. GSI Markets uses advanced firewalls to prevent access to its private network. In addition to the firewalls, the company’s website has a secure connection encrypted by 128-Bit keys. This prevents eavesdropping or information access, while in transit between the web server and the browser. Scam brokers will hardly show any concern of your personal and financial information. They will actually do what it takes to benefit from a security breach or any vulnerability of its website security.
GSI Markets Regulation and Safety of Funds
GSI Markets is an offshore broker located at Marshall Islands. It operates under license number 19085, implying it’s a legit business operating under the jurisdiction laws of Marshall Islands. As such, the company is bound by the industry rules pertaining to transparency, integrity, and the security of funds. For instance, the company is bound to publish the spreads for all trading instruments, a thing that GSI Markets does as displayed in its spread and margins page. The spreads are also populated on the MT4 order window before placing an order.
Concerning safety of funds, the company abides by industry best practice of segregating its funds from traders’ money. By doing so, the company is able to avoid conflict of interest with the traders’ money and is able to settle traders’ dues in case the company is wound up.
GSI Markets offers its customers four account types. Below is a breakdown of each account and its features.
I. Silver ECN Account
This is a second-tier account. To obtain the account, you need to either meet a trading volume of 300 lots or make over $1,000 in deposits. Additionally, you need to trade 150 lots each quarter. Some of the benefits that come with the silver account include a dedicated account executive and entry into a $20,000 trading challenge.
II. Gold ECN Account
To obtain a gold account, you need to achieve 2000 trading lots or deposits exceeding $10,000. You will also be expected to have a quarterly trading volume of 600 lots. However, this account comes with benefits such a 10% monthly deposit bonus, weekly entry to the $20,000 challenge, full access to the academy section, faster withdrawals – 3 days, and much more.
III. Platinum ECN Account
This is the GSI Markets VIP account, and it’s attained by achieving either a trading volume of 10000 lots or deposits exceeding $75,000. The VIP account holder enjoys 15% monthly deposit bonus up to $2,000, instant access to the real traders’ live chat-room, a rebate program, and faster withdrawals, to mention but a few.
IV. Islamic Account
This account is dedicated for traders who abide by the Islamic Sharia Law, but it is not restrictive to non-Muslims. The Islamic account is a swap-free and has no roll-over charges. Except for the aforesaid benefits, all other account attributes are the same as other accounts.
GSI Markets Trading Conditions
GSI Markets has attractive trading conditions from the leverage, spreads, swaps, and much more. The maximum leverage is 1:100 and prices are fulfilled without re-quotes because GSI Markets is a true ECN broker. With the exception of Islamic account, the swap is applied in all other accounts at 2400 hours GMT+12. During moments of high market volatility, some exotic pairs may be temporarily unavailable for trading to reduce exposure to the broker as accounts are protected from a negative balance. These are part of the trading conditions of this online broker. It is advisable to go through the full terms and condition found on the website.
Fees and Spreads
GSI Markets operates under a non-dealing desk brokerage model. This means that traders’ orders are routed to liquidity providers, such as Barclays Bank, Citi, and many others. By doing so, GSI Markets and other ECN brokers are able to provide traders with real-time quotes and access to the deep market. This implies GSI Markets is able to lower down on the fees it charges its customers unlike a case if it operated a dealing desk. Further to this, the company charges only fixed spreads. The spreads are competitive and match industry prices with major currencies spreads starting from 0 and an average of 0.3 for GBPUSD, and 0.7 for EURUSD, and 0.8 for USDJPY.
Besides spreads, the company doesn’t charge any other fee in relations to trades as per its policy.
Account Opening Experience
Opening an account with GSI Markets is an easy process. Below is a breakdown of the account opening process.
Go to the GSI Markets website
Click ‘Create An Account’ icon on the top right section of the homepage
Fill in your personal details required such as Name, Email, Phone Number
Check the Accept Terms button and click on ‘create my account’
Create a password that will be prompted – preferably a strong password.
Click on the confirmation link that will be sent to your registered email address
Once this is done, your account will be activated
Deposit funds to your real GSI Markets account and begin trading.
The whole process is straightforward, and with everything ready, you will take less than five minutes to begin trading live with GSI Markets. As it the case with many online trading accounts, we recommend traders to provide their account verification documents at this stage in order to avoid experiencing any challenge when withdrawing money.
Deposits and Withdrawals
GSI Markets provides traders with numerous payment methods that are common to traders from different locations. The payment methods are diverse and vary in terms of the charges and processing speeds. Therefore, it is advisable that you examine a payment method that will be of convenience to you.
GSI Markets processes deposits and withdraws through globally accredited banking options, including Skrill, Local Payments, Maestro, Visa, AstroPay, MasterCard, and Bank Wire. Some of the local payment includes SPEI and BBVA Bancomer for Mexico clients, WebPay and BCI for Chile clients, and Efecty and RedServi for Colombia clients.
Below is an in-depth analysis of these payment methods.
- Currencies – GSI Markets provides traders with flexibility in terms of acceptable currencies. Traders can hold funds in their wallets and trading platforms in different global currencies such as US Dollar, Euro, and British Pound. By allowing traders to choose from a number currencies, traders are able to save from currency conversion charges.
- Waiting Period – There is no standard waiting period as the processing time varies depending on the payment method. However, Skrill deposits are instant while withdrawals are processed in 24 hours. Card deposits are also instant, while withdrawals have an average waiting time of 5-10 days for the funds to reflect into your account. Bank transfer payments are settled in an average time of 3-5 business days and take 5-9 working days to reflect into your account.
- Deposit and Withdrawal Limits – The minimum deposit and withdrawal limit is USD/EUR/GBP 250 across all payment methods. The maximum amount you can deposit using cards is USD 10,000 while bank transfers have no deposit limit. All withdrawals are subjected to a maximum withdrawal limit of USD 200 except for bank wire which has no limit. In case of excess amounts, the funds will be credited to your bank account through a bank transfer.
- Fees – GSI Markets doesn’t charge any payment processing fee. Rest assured that any charge that may result is from payment processing companies or your bank.
- Security of the Payment Methods – All the payment methods are secure and meet the latest technology security thresholds. The cards are PCI compliant, while eWallets such as Skrill, are FCA compliant and uses encryption technology. Bank transfers are also a secure deposit method. Payment requests are accompanied by an email notification which gives you a prompt to stop the withdrawal in case you are not the person who made the request.
GSI Markets abides to anti-money laundering (AML) rules. Therefore, the company conducts a Know Your Customer (KYC) exercise to its customers to be able to identify traders who meet the legal requirements of trading. Through the KYC exercise, GSI Markets is able to root out money launderers, underage traders, profiled people, such as judges and politicians. To successfully conduct the exercise, GSI Markets requires traders to supply its security department with the following documents.
- Proof of Citizenship – You will be required to submit a colored copy of your National ID, Driver’s license, or Passport.
- Proof of Address – You will be required to submit a stamped copy of utility bill containing your full names and address. The Utility bill shouldn’t be dated more than three months from the date of issue. Examples of accepted utility bills include phone, electricity, and water.
- Proof of Card Ownership – Though not mandatory, GSI Markets, upon its discretion, may request a colored front and back image of your credit card. For security purposes, you will be required to display only the first and last four numbers of your card. Your full names and the expiration date of the card should be visible. On the backside, you should only disclose the signature while the CVV should be hidden.
GSI Markets Trading Platform
GSI Markets uses Meta trader 4 (MT4), WebTrader and Sirix as its trading platforms. Meta Trader 4, popularly known as MT4, is a popular trading platform amongst many traders and brokers. Its versatility is one area this platform wins; it is compatible with all computer and mobile operating systems. Therefore, be it mac OS, Windows, Linux, iOS, and Android, they are all compatible and available for free. The MT4 robustness is demonstrated in its support for over 50 technical indicator tools, 31 charting tools, support of 37 languages and much more. Some of the technical trading tools include, oscillators, trend indicators, volume indicators, to name but a few.
As it is the norm with GSI Markets, they have provided a step by step tutorial on how to use this legendary trading platform although; from the first glimpse the platform, it has a user-friendly interface. The GSI Markets MT4 is available in desktop-client, mobile app, and web version. The GSI Markets mobile app is built for convenience as it can allow you to keep track of your trades while on the go. It has all the capabilities as the desktop version; therefore, traders can enter and stop trades, place pending orders, make trailing stops, and much more, from the comfort of their mobile devices.
The GSI Markets MT4 platform is suitable for both beginners and experienced traders. Beginners are able to benefit from the platform’s easy to use set up, with guides and tutorials available on the GSI markets educational center. On the other hand, experienced traders are able to embed expert advisors (EAs) on the platform, perform backtesting, try out the different technical indicator tools, and hedge their positions. Still, GSI Markets has an inbuilt reports section that will help you track your performance. The reports have detailed information such as drawn down information, an equity curve, expected payoff, largest profit trade, and much more.
Sirix complements MT4 and is an equally useful trading platform, especially for traders who are into social trading. Through Sirix, traders are able to copy real positions of traders who demonstrate solid trading skills from their profits. You can copy them manually or configure the Sirix trading platform to the GSI Markets terminal and the trades will open automatically. Sirix provides traders who are not into financial markets with a chance to make profits without necessary indulging in trading themselves for only a small fee payable to the person you are copying the trades from. Not only has social trading been proven to work, it has also given inexperienced traders a chance to learn winning strategies, portfolio management, and much more.
There is no doubt that the GSI Markets trading platforms are second to none and best suitable for serious traders.
Education and Resources
The basis of successful forex traders is the in-depth understanding of the forex market. An internet resource that guarantees you a level playing ground with successful traders is the GSI Markets educational section. You will find resourceful materials aimed at empowering traders of all levels, be it beginner, intermediate, and veteran traders. From our analysis, during this GSI Markets review, the company has spent a fortune to assemble one of the best forex trading resources available in the internet.
Forex beginners have baby step content covering topics on forex fundamentals. Thoroughly discussed in a six lesson guide, beginners are guaranteed of a smooth landing in the financial markets. Some of the topics discussed in the beginner section are lots, candlesticks, Leverage, and Trades & Charts.
Intermediate traders too have a section covering trend lines and pivot points, Support and Resistance, and indicators. Veteran traders also have content relating to expert advisors, Backtesting, and much more. The video format found under the traders’ education center is the most preferred by many traders as it contains over 15 videos covering forex topics in detail.
GSI Markets has additional sets of tools that will make trading easier. These include an economic calendar, calculator, and a Bitcoin buy/sell meter that acts as a signal provider. There are also periodic webinars and seminars that are conducted by financial markets experts.
Customer service is one area that GSI Markets wins without much effort. The company has a culture of embracing their customers as it one of the missions of the company and it doesn’t take you long to realize how the customer support team treats its customers. The customer support is available round the clock across most contact methods. In case you stumble upon a hurdle while using GSI Markets services, you can reach the customer support team via the following options.
Apart from the above options, you can also visit their frequently asked question section and you will get answers to some of the common challenges experienced by many traders. Examples of topics covered in this section include account & banking, account verification, account opening and much more.
Frequently Asked Questions (FAQs)
Is GSI Markets a regulated broker?
Gsimarkets.com is operated and owned by Media Force Limited. The broker operates under the laws of the Republic of the Marshall Islands.
How do I open a GSI Markets account?
To open a GSI Markets account, follow the steps below
1) Visit the GSI Markets website
2) Click on create an Account
3) Fill in the personal details required
4) Accept the terms and click on create account
5) Confirm your email
6) Deposit money into your account and start trading with GSI Markets real account.
How Reputable is GSI Markets?
With experience spanning over a decade, the company has passed the test of time. It has a solid reputation in the industry and has the highest recommendation from veteran traders.
How does GSI Markets Work?
GSI Markets provides traders with market access to financial markets by offering them a platform they can buy and sell assets as a small fee charged on the difference between the ask and bid prices.
Who has Experience with GSI Markets?
GSI Markets is suitable for financial market traders and investors who are in need for a reliable broker that provides a suitable trading environment for currencies and other assets.
Is GSI Markets secure?
Yes, GSI Markets is a secure site. The company uses the latest technology, such as SSL encryption and globally accepted and secure payment methods. The company is GDPR and PCI compliant.
Where is GSI Markets Based?
GSI Markets is based at Trust Company Complex, Ajeltake Road, Marshall Islands.