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Scammed by GSI Markets Broker?

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Is GSI Markets a scam broker?

Overview:

 The offshore broker GSI Markets provides four types of accounts. These account types namely are Silver ECN, Gold ECN, Platinum ECN, and Islamic account.   All accounts are considered commission-free. The minimum deposit required is $ 250 and in accordance with market averages. All the account shows leverages of up to 1:100 and is quite favorable to traders. Also, the average spreads offered between 0.7 pips to 1.5 pips. These spreads are also acceptable to many traders. The spreads are also variable according to the account types. It also offers PAMM/MAM services.

About GSI Markets:

The charges and fees on standard accounts are affordable and workable. On the contrary, ECN accounts are hard to work with. The commission on each lot of trade is about $20 for euro/dollar pair and it is ridiculous. In the present market condition commission offered by broker’s is around $2-$4 for the same pair. Apart from all this, the broker seems unlicensed.

From the information collected the website is operational from the year 2013. It also provides traders with the famous MetaTrader trading platform. We have also come across other firms like Media-Soft Limited (Dominica) and Net-Soft Limited (Malta) while researching about this broker. Sadly we are not sure about who actually owns this brand name. Also, none of these firms are listed on any registry of world popular financial regulatory bodies. Fortunately for us, we traced this broker’s name in FCA, the UK based financial body in its blacklisted list.

 The broker GSI Markets provides its services on MetaTrader platform. It is also available on desktop-based, web-based and mobile-application-based variables.  

The MetaTrader provides its services now for more than 10 years. Its functionality is the main attraction like Expert Advice, Automated Trading, charting, etc. The broker also facilitates Sirix the social trading platform. The payment methods available are all kinds of cards, bank wire transfer, and many e-wallets.

Is GSI Markets scam or legit?

The broker GSI Markets is an offshore-based FX and CFDs broker. It runs on the most popular trading platform called MT4 platform and also supports Sirix web trader. The major claim of this broker comes from ECN execution and its cost of trading is quite high. Unfortunately, GSI Markets unlicensed and not regulated. Considering all this we do not consider GSI Markets as a reliable broker. According to our research, it is a potential scam broker and must be neglected.