GSI Markets Review
GSI Markets offers two basic account types – a commission-free Standard one, and ECN account. Both accounts offer variable spreads and leverage up to 1:100 and micro tradeable lots. Besides, swap-free services are offered to clients of Islamic belief.
The broker also provides PAMM/MAM services.
While the offering on the Standard account seem standard and reasonable, the commissions applicable to the ECN account seem ridiculous, to say the least. $200 per million traded or $20 bucks per lot (per side)?! This means that the average trading cost per lot for the EUR/USD pair is almost 5 pips.
Most ECN brokers apply a commission of $2 – $4 per lot per side for this pair. So, GSI Markets must be joking or it is a mistake. It doesn’t matter much, as this broker is not regulated and smells like scam anyway.
The Company. Security of Funds
According to the information on its website, GSI Markets established in London in 2003. It offers online trading in forex and various CFDs on the industry’s standard MetatTrader4 platform.
Now, there are three companies mentioned on the broker’s site: GSI Markets Limited, Media Soft Limited (Dominica) and Netsoft Limited (Malta). We could not figure out which one is behind the GSI Markets brand, but it doesn’t matter anyway, since neither of them is licensed or regulated by any authority (if those firms exist at all). Besides, UK’s Financial Conduct Authority (FCA) has issued a warning against GSI Markets, since the broker has an office in London and provides financial services that require a license, but it does not have one.
In our opinion, investing with this broker is not the wisest thing to do. It is not regulated, information on its website is confusing, and to top it all, it charges ridiculously high commission fees on ECN accounts. We would advise you to select among brokers licensed by the respective authorities in the UK, or Australia for example, where financial watchdogs apply strict rules and monitor the business of forex brokers.
GSI Markets offers its services on the most popular trading platform among traders – MetaTrader 4 (MT4). It is available as a desktop, web and mobile versions.
It has been in use for over 10 years now and has proved to be stable and reliable. The MT4 has many functionalities and add-ons that have been developed over the years – most notably Expert Advisors, which allow full automatization of trades, and technical analysis indicators. MT4 also provides advanced charting tools and extensive back-testing environment.
Social trading with Sirix is also available with this broker.
Methods of Payment
Clients of GSI Markets are offered limited payment methods: credit cards, bank wire transfers, and e-wallet WebMoney.
GSI Markets is a London-based forex and CFD broker that supports the popular MT4 platform and Sirix web trader. It claims to offer ECN execution, however it is not regulated, so we would not recommend it. Besides, trading costs on its ECN account types are above average.
GSI Markets Review Conclusion
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