GSI Markets has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Addresses: The Broadgate Tower 20 Primrose Street London EC2A 2EW This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: gsimarkets.com.
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. GSI Markets recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Instant funding|Social trading features|Two-factor authentication|Detailed reporting
Cons: Some tools only available on higher tiers|Limited social trading features
GSI Markets had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Instant funding|Stable platform|Two-factor authentication
Cons: Mobile app could be improved|Limited social trading features
The spread at GSI Markets is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them after comparing multiple platforms and initially thought the platform was good - until I started trading seriously.
Pros: Clean UI|Good mobile app
Cons: Could offer more webinars
My withdrawal from GSI Markets was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for about five months of being strung along.
Pros: Comprehensive tools|Economic calendar
Cons: Wait times can be long during peak hours
I wanted to transfer my portfolio from another broker to GSI Markets. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Good mobile app|Personal attention|Good analytical tools|Smooth onboarding
Cons: No phone support on weekends|No live chat on mobile
GSI Markets has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Automated trading options|Intuitive for beginners|Customizable dashboard
Cons: Search feature is basic
The only good thing about GSI Markets is that they remind you why regulation matters. I found them through my accountant's suggestion. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Detailed reporting|Transparent fees|Clear documentation|Easy withdrawals
Cons: Limited social trading features|Onboarding videos are outdated