Note: GSMs official site - https://www.gsmfx.net/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
General Information & Regulation
Registered in the United Kingdom, Global Signal Markets (short for “GSM”) is an online forex broker offering its clients trading services on Foreign Exchange, Metals, energies, and Digital Currencies. GSM offers three types of trading accounts to choose from, with the maximum leverage available up to 1:200.
GSM is not authorized or regulated by any regulatory authorities, please be aware of the risk involved.
Note: The screenshot date is February 10, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Negative Reviews
Many forex traders shared their terrible trading experience with GSM, saying this broker defraud them by stealing their deposited money and rejecting their withdrawal requests.
Typical forex scams work like this: they get you to deposit a lot of money, then manipulate your trading accounts, steal your money and disappear. Visit WikiFX for more feedback from actual traders.
Market Instruments
GSM advertises that it offers access to a wide range of trading instruments in financial markets, including Forex, Metals, Energies, and Digital Currencies.
Account Types
GSM offers three trading accounts to suit different traders trading needs, namely Classic, Pro, and VIP accounts. The Classic account is suitable for all types of traders, with an initial deposit of acceptable $100. The Pro account is more suitable for professional accounts, and to open this account, only $100 is enough. The VIP account is ideal for institutional clients, and traders who want to try this account need to fund at least $5,000. The Swap-free Islamic account option is applicable with all these three trading accounts.
Leverage
Problematically, GSM permits traders to use the leverage of up to 1:200, which is higher than the levels regarded as appropriate by many regulators. Although leverage is considered an amazing tool for clients to increase their potential profits. However, it can also cause serious fund losses, especially to inexperienced traders. Thus, it is important for clients to choose the proper amount that they feel most at ease.
Spreads & Commissions
Spreads and commissions are determined by what trading accounts you are holding. The Classic account is offered a commission-free trading environment, accompanied by average spreads from 1.6 pips. Spreads start at 0.0 pips and commissions are $2 per side for every $100,000 traded on the Pro and VIP accounts, respectively.
Trading Platform
GSM provides its clients with access to a popular MT5 trading platform that can be available for PC and Mobile devices. Traders can quickly analyze market activity, place trades, and integrate automated systems thanks to this powerful platform's convenient workspace (Expert Advisors). Everything you need to begin trading on the financial markets, including all of the above features, is available in a single, convenient interface.
Customer Support
Traders can reach out to GSM about any questions or concerns they may have about their accounts or their trading through the following methods:
Telephone: +44 2084 323 088
Email: info@gsmfx.net
Registered Company Address: 41 DEVONSHIRE STREET, GROUND FLOOR OFFICE 1.
Pros & Cons
Frequently Asked Questions (FAQs)
2022-11-04 21:09
