The online brokerage market is highly competitive; countless forex and CFD broker companies are vying for your business. Some are excellent companies with powerful trading tools that can help you achieve success. On the other hand, many fail to stick out from the crowd and aren’t a good bet to place your money on. Some brokers are outright fraudulent and exist primarily to scam customers and make a quick buck for the owner.
Finding a good forex broker is akin to finding a needle in a haystack. Here at Coinlib, we see our rigorous forex reviewing as a tool to help effective, ethical traders rise above the pack. Out of these commendable traders, our experts give GSI Markets our highest recommendation.
GSI Markets is a leading online forex broker, recognized as one of the best by traders around the world. GSI Markets has over a decade of experience under its belt since it launched in 2003. The company has continuously improved the quality of its services and crafted an all-inclusive trading environment. We hope to answer all your questions about GSI Markets and to show you why it’s a top option for forex experts.
GSI Markets Broker Review – Know the Facts, Trade with Confidence
The first step to assess the legitimacy of a forex trader is establishing a live account. In the process of reviewing countless brokerages and forex services, our reviewers have honed this skill like a razor. We rigorously evaluate products and services in the world of international trading by a set of important metrics. With our proficiency in the world of online trading, we intend to lead you to make the best decisions with your money.
|Offers access to two intuitive trading platforms including the MetaTrader 4 (MT4)Leverage as high as 1:100A wide choice of secure banking optionsNo re-quotesAllows social tradingProfessional and responsive customer support||Does not accept US traders|
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What Makes GSI Markets Unique?
GSI Markets is a unique member of the forex marketplace. It boasts robust multi-trading platforms, as well as low spreads to its reliable customer service. Regardless of your preferred payment method, GSI Markets has numerous options to accommodate you. Not all brokers offer the unique deposit bonus of GSI Markets. The bonus is only available once a month and differs for Gold and Platinum account holders. Currently, the deposit bonus is 10% up to USD 500 for Gold account holders and a 15% bonus for Platinum account holders. There are turnover trade requirements for the bonuses, however; all details can be found on GSI Markets.com. Additionally, GSI Markets provides a refer-a-friend bonus worth $25 per new customer.
GSI Markets offers a diverse set of trading accounts sure to appeal to all traders. They even emphasize religious inclusivity; one of their four account types is the Islamic account. The accounts aren’t discriminative in their benefits, but rather, they offer a different experience suited to the individual needs of different traders. For instance, a high roller would be best suitable for the Platinum ECN account, which places trades in standard lots.
GSI Markets Experience Test
However, examining the on-paper features of a trader isn’t sufficient to write a full, unbiased review. We’ve used several features and products offered by GSI Markets to inform our review of the company. As a result, we can assure you that GSI Markets presents all features honestly. Additionally, all features meet the terms and conditions.
Customer support was our first target for investigation. Tests of responsiveness provided great results for email, live chat, and phone support. The GSI Markets support team answered our emails in as little as 15 minutes. We only needed to call once to connect to a support agent, and the live chat representatives were immediately available after launching the live chat function. Far be it from their excellent performance ending there; we appreciated the support agents for their professionalism, knowledge, and ability as well.
Then, we tested the trading platform and MT4 carried all advertised financial instruments. We noted several positive features in our sample test of a live account. Not only do they provide fast execution speeds, but the speeds provided matched those advertised on the website. There was also none of the re-quotes you would expect during volatile markets.
We conducted our final test on the banking markets. Here, GSI Markets performed fantastically on metrics of speed and variety of options. We tested the processing speeds of deposits and withdrawals for credit cards, Skrill and bank wire. The FAQ provides accurate estimations of all transfer speeds.
GSI Markets exceeded our expectations throughout our assessment and enjoys the highest recommendation from our experts.
Is GSI Markets A Scam or Legit?
GSI Markets is a legitimate broker for online forex and CFD needs. Our investigation revealed that GSI Markets operates a genuine ECN brokerage model. The broker’s spreads were sometimes zero or competitive, which suggests that the broker is transparent. This is available practically, on the order window of the MT4. Scam brokers rarely get this far; they generally operate a dealing desk brokerage model, which provides room for spread exploitation and price manipulation.
GSI is a subsidiary under the umbrella name GSI Markets Group. The latter is a registered entity under the laws of the Marshall Islands. This implies the company is law-abiding and operates under the legal framework of that country’s regulators.
Examining the online safety of a business often answers questions of legality. GSI Markets is strictly protective of the funds that traders entrust them with. 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. Information can be most vulnerable while in transit between the web server and the browser, but the powerful encryption methods serve to protect information in transit. Scam brokers will hardly show any concern for your personal and financial information. Rather, they’ll exploit breaches in their own security to their benefit.
GSI Markets Regulation and Safety of Funds
GSI Markets is an offshore broker located at the Marshall Islands. It operates under license number 19085, yet more evidence that GSI Markets is a legitimate company operating under the laws of the Marshall Islands. As such, the company is bound by 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. The spread and margins page clearly provides this information for any concerned individual to see. Additionally, the MT4 order window populates spreads before you place an order.
Concerning the safety of funds, the company follows industry best practice by segregating company funds and traders’ money. By doing so, the company can avoid any conflict of interest with the traders’ money. Additionally, they’ll be able to return money to traders if the company goes under.
As a trader with GSI Markets, you have access to the following four distinct types of account.
I. Silver ECN Account
To qualify for the Silver Account, a second-tier option, you have to meet two criteria. First, you must trade 150 lots each quarter. After that, you’re eligible for a silver account Once you achieve a trading volume of 300 lots or make over $1,000 in deposits. The silver account offers several benefits, such as entry into a trading challenge worth $20,000 and a dedicated account executive.
II. Gold ECN Account
Those interested in a gold account should first achieve a quarterly trading volume equal to or greater than 600 lots. On top of that, you need to achieve either 2000 trading lots or your deposits should exceed $10,000. Once you’ve achieved these goals, you enjoy benefits like weekly entry into a $20,000 trading challenge, a 10% deposit bonus, full access to the GSI Markets academy and three-day withdrawals.
III. Platinum ECN Account
The Platinum ECN Account is reserved for GSI Markets VIP traders. You may gain access to the platinum account by fulfilling one of two criteria. First, you can achieve a trading volume of 10,000 lots. Alternatively, you gain access to the Platinum ECN account once your deposits surpass $75,000. Compared to the gold account, you enjoy a monthly deposit bonus of 15% up to $2,000, a rebate program, even faster withdrawals and more.
IV. Islamic Account
While the Islamic account is meant to accommodate those who follow Shariah Law, non-Muslims aren’t restricted from it. For the most part, it’s identical to other accounts. The two key differences are that the Islamic account has no roll-over charges and that it’s swap-free.
GSI Markets Trading Conditions
The trading conditions at GSI Markets are thoroughly attractive. The maximum leverage on their market is 1:100, and GSI Markets fulfills all prices without requotes. Besides the Islamic account, all accounts have their swaps fulfilled at 2400 GMT+12. On some occasions, GSI Markets may temporarily block trading certain exotic pairs. The team at GSI Markets does this during high periods of market volatility as a means of protecting accounts from a negative balance. The GSI Markets terms and conditions on their website provide easy access to this and other pieces of important information.
Fees and Spreads
GSI Markets uses its status as a non-dealing desk broker to provide several perks to traders. GSI Markets routes orders to major liquidity providers, such as Citi and Barclays Bank to provide traders with quotes in real-time. Running a non-dealing desk brokerage implies that GSI Markets can offer lower fees to traders. Additionally, traders with GSI Markets enjoy fixed, competitive spreads and deep market access. The competitive spreads GSI Markets offers include 0.3 for GBPUSD, 0.7 for EURUSD, and 0.8 for USDJPY.
With relation to trades, GSI Markets only charges spread based fees and no other type of fees.
Account Opening Experience
Opening a GSI Markets trading account is a remarkably easy process.
- Access the GSI Markets website
- Select ‘Create An Account’ via the button on the top-right of the homepage
- Provide the usual suite of personal information such as Name, Email, Phone Number
- Agree to the terms via the Accept Terms button and select ‘create my account’
- Follow the prompt to create a strong password
- Open your email and select the confirmation link
At this point, your GSI Markets account is active and you may begin trading in as little as five minutes. It’s advisable to provide your account verification documents at this stage, to avoid any delays when withdrawing money.
Deposits and Withdrawals
Traders with GSI Markets have access to numerous common payment options from around the world. These options include, but are not limited to Maestro, Visa, Mastercard, Bank Wire, and AstroPay. Local Payments is also a popular option, including SPEI and BBVA for clients in Mexico, BCI for clients in Chile, and Efecty or RedServi for clients in Colombia. Different payment options entail different charges and processing speeds, so we advise you to select the option most convenient for you.
The specific characteristics of the options GSI Markets provides are as follows.
- Currencies – Traders with GSI Markets enjoy a variety of options with regard to tradeable currencies. Currency options include major global currencies such as the US Dollar, Euro, and the British Pound. This variety of options helps traders save on currency conversion fees.
- Waiting Period – There’s a wide range of different waiting periods for different payment methods. Skrill, for instance, enjoys instant depositions and one-day withdrawals. Card deposits are instant, but take five to ten days to complete withdrawals. A bank transfer is generally settled in 3-5 business days, and you’ll have access to the funds in approximately 5-9 business days.
- Deposit and Withdrawal Limits – There are minimum and maximum limits for deposits and withdrawals, although these vary based on the payment method. All payment methods share a minimum deposit of 250 units of your chosen currency. GSI Markets allows a maximum deposit of 10,000 via card, but bank transfers are limitless. All withdrawals are capped at USD 200, except for bank wires, which are limitless. Excess amounts will be credited to you by way of a bank transfer.
- Fees – GSI Markets has no fees related to payment processing. We guarantee that any fees applied to payments are applied either by payment processing companies or your bank.
- Security of Payment Methods – GSI Markets uses the latest security technology to ensure the security of all payment methods. Card protections are PCI compliant and GSI Markets uses modern encryption technology to protect eWallets such as Skrill. Bank transfers are also entirely secure, and an email notification accompanies all withdrawal attempts. This provides an opportunity to stop the withdrawal if you’re not the one who placed it.
GSI Markets adheres to laws and regulations against money laundering. In line with these anti-money laundering (AML) rules, the company employs a Know Your Customer (KYC) exercise. The KYC exercise allows the company to confirm that traders meet the legal requirements to trade. GSI Markets thus manages to block money launderers, underage traders, disqualified public servants, and others from unlawful trading. As part of the KYC exercise, GSI Markets requires the following documents from aspiring traders.
- Proof of Citizenship – A driver’s license, National ID, or Passport provides the necessary verification of citizenship.
- Proof of Address – A stamped utility bill stating your full name and address is necessary to prove your location. Bills such as phone, water, or electricity are suitable, though they should be recent within three months.
- Proof of Card Ownership – At the discretion of GSI Markets, they may request a colored front and back image of your credit card. You’re only required to display the first and last four digits on your card, however. On the back, your signature ought to be visible while the CVV is hidden. This is a backup resort to provide additional security and is not mandatory.
GSI Markets Trading Platform
GSI Markets trades via Meta Trader 4 and Sirix, two popular trading platforms. Meta Trader 4, or MT4 is a highly versatile platform that’s compatible with all major operating systems. Access is free across the board, whether you use iOS, Windows, Mac OS, Linux, and others. Additionally, MT4 offers support for 37 languages and a powerful suite of trading tools. This includes 50 technical indicator tools and 31 charting tools, such as oscillators, trend indicators, and volume indicators.
GSI Markets places a high priority on accessibility and ease of use. The company provides a tutorial for the use of this venerated trading platform. Additionally, there are optimized versions of GSI Markets MT4 for desktop, mobile app, and a web version. Each of them provides the full range of trading benefits in an intuitive, customer-friendly user interface. While the mobile app is aimed at convenience, it doesn’t suffer any cut features and provides the full suite of trading tools and options on the go.
Besides perks for beginners, experienced traders have many advantages via the GSI Markets MT4 platform. They can embed expert advisors on the platform, try out the various tools the platform provides, and perform backtesting among other options. On top of that, GSI Markets provides an integral reports section that helps to organize and record your performance. The reports section includes an equity curve, expected payoff, largest profit trade, and many more options in a conveniently prepared package.
MT4 is a fantastic platform, and Sirix complements it nicely. Both are equally useful, and Sirix provides unique benefits for those interested in social trading. Sirix allows traders to copy real positions of other traders manually or automatically open trades. As a result, traders who lack an interest in financial markets may profit automatically through Sirix while spending their time elsewhere. The only charge for this is a small fee, paid to the trader you’re copying. Social trading is a fantastic, mutually profitable way for new traders to learn winning trade strategies from veterans.
All in all, GSI Markets provides an unbeatable combination of platforms well suited to beginner and experienced traders alike.
Education and Resources
The foundation of success in forex trading is a deep understanding of the market. The GSI Markets educational section is another valuable tool that aims to empower beginner traders. However, the section provides a range of material that’s sure to benefit traders at all levels of experience. Our analysis implies the company has spent a fortune in the process of creating one of the finest forex trading resources available.
The education section includes content for beginners covering forex fundamentals, step-by-step. This six-lesson guide helps provide beginners a fruitful start to their time in the forex trading market. Topics discussed here include Leverage, Trades & Charts, and other aspects of forex fundamentals.
A section covering trend lines, pivot points, support and resistance, and other points is sure to aid the intermediate trader aspiring to greater things. Content related to expert advisors, backtesting, and other advanced elements of forex trading is well suited to the veteran trader. Additionally, periodic webinars and seminars conducted by market experts offer a learning opportunity to all traders. Other tools suitable for all traders include an economic calendar and a Bitcoin buy/sell meter that functions as a signal provider.
GSI Markets provides an excellent customer service experience. The company culture emphasizes the need of providing customers a great experience, and their teams of well-trained, well-mannered support agents offer around the clock support. If you need any assistance while using GSI Markets, you have four options to contact customer support:
Additionally, the FAQ is an excellent destination to seek solutions. Even if you aren’t currently afflicted by a given problem, you’ll gain an idea of common challenges faced by traders. Additionally, you’ll be prepared for them when you do face them. Examples of FAQ content entail account & banking, account verification, and more.
Frequently Asked Questions (FAQs)
Is GSI Markets a regulated broker?
Media Force Limited is the owner and operator of Gsimarkets.com. As such, GSI Markets is regulated under the laws of the Republic of the Marshall Islands.
How do I open a GSI Markets account?
There are six steps to open a GSI Markets account:
- Access the GSI Markets website
- Select ‘Create an Account’
- Provide all necessary personal information
- Check the box next to ‘Terms and Conditions’ and click ‘create an account’
- Access your email and open the confirmation link
- Place the minimum deposit into your account and start trading.
How Reputable is GSI Markets?
GSI Markets is a respected brokerage with over a decade of experience. Industry experts, veteran traders, and our reviewers offer the company the highest recommendation.
How does GSI Markets Work?
Through the GSI Markets platform, traders enjoy access to financial markets and may buy and sell assets. GSI Markets runs off of modest fees charged on the difference between the asking price and bid prices.
Who has Experience with GSI Markets?
Financial trader and investors in need of a reliable broker to trade currencies and other assets flock to GSI Markets.
Is GSI Markets secure?
GSI Markets employs the latest technology such as SSL encryption to guarantee security. Additionally, GSI Markets is compliant with GDPR and PCI regulations.
Where is GSI Markets Based?
GSI Markets is physically located at the Trust Company Complex on Ajeltake Road at the Marshall Islands.
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