GMI Demo Account
How to set up a GMI Demo Account – Step by Step
To register for, and set up a demo account with GMI, traders can follow these steps:
To register for, and set up a demo account with GMI, traders will need to contact GMI support to enquire about the availability of a demo account as there is no indication on the GMI website pertaining to a demo account or how to apply for one.
This is a clear indication that GMI caters specifically for institutional, professional traders and this broker is not recommended for beginner traders as the risk pertaining to the loss of capital is greatly increased when dealing with institutional brokers.
Trading can be a very intimidating task for beginners without prior knowledge, skill, or experience in trading and through the provision of demo accounts, brokers provide a comprehensive and risk free environment for beginner traders.
A demo account is often referred to as a practice account due to it providing traders with the ability and freedom to explore the broker’s offering without running the risk of incurring losses through the provision of virtual money with which to practice trading.
Beginner traders can use demo accounts to familiarize themselves with a live trading environment, where they can build up their trading skills by actively participating in trades and develop their own trading strategies.
Demo accounts are not merely intended only for beginners, but it provides more advanced traders the opportunity to explore what brokers have to offer and in not providing such, brokers often make it clear that they only cater for serious, professional traders.
Pros and Cons
|1. Products and services cater for institutional and professional clients||1. No clear indication of a demo account|
|2. Broker not suited for beginner traders|
What is the difference between a demo and live trading account?
A demo account provides the trader with a practice account that can be used to practice trading in a risk free environment.
Demo accounts are often suited for beginners who need to build up experience with trading as well as advanced traders who would like to test their trading strategies and explore the offering of a broker before registering a live account.
Does GMI offer a demo account?
There is no indication on the GMI website to indicate the provision of a demo account.
Can I convert my demo account to a live trading account with GMI?
There is no indication that GMI offers a demo account.
Which live trading accounts does GMI offer?
- Standard – minimum deposit of $2,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
- Plus Account – minimum deposit of $5,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
- Pro Account – minimum deposit of $30,000, leverage between 1:50 and 1:200, minimum order size is 0.01 lots with no restriction on trading type.
- ECN Account – minimum deposit of $100,000, leverage between 1:50 and 1:100, minimum order size is 1,000 contracts with no restriction on trading type.
What are the available deposit currencies for a live trading account?
This is unsure as there is no information available regarding deposits and withdrawals.