RESOLVED (AFCA findings in favor of financial firm): GlobalPrime is a dishonest scam broker too. Please don't fall into their trap.

[The Punisher]

Below is the connection between Rubix FX and FXTrading! FXTrading has the main label license with MetaQuotes (i.e. not a white label) therefore FXTrading may be selling the white labels to the other brokers you mention.

 

[Shiro21]

Hi Shiro21,

I see you've attempted the same with another broker who didn't respond on FPA and must have settled with you externally.

Regards,
Jeremy

It would be unfair to compare them with yourself. Because unlike you, they made a mistake, owned up to it, and took steps to ensure that the client is treated fairly in the end.

You guys just gave endless excuses to spin me around and waste my time like what every scam broker would do, hoping I'd give up.

Even when presented with solid facts, you turn a blind eye and pretend it didn't happen. All over you website, you've stated the fact that globalprime do not profit from client's lost, but with all the evidence we have here, we can all see now that statement is false.

The Director of Vidarr is also the Director of Globalprime FX, and the Director of Globalprime FX is also the Director of Gleneagle Securities, which globalprime execute all it's trades with.

What's the point of having the clients' trade pass through so many different parties, only to have it end up in the hands Globalprime Director's own side company Vidarr Capital? Are you taking us all for fools? That we can't see what is happening here?

 

[Shiro21]

Gleneagle Asset Management shows FXtrading.com and a profile of Ultimate Pinnacle Co. Ltd.

View attachment 65757

View attachment 65756


View attachment 65754

View attachment 65755

Thanks Punisher, you always manage to get useful informations that I could not dig up on my own.

Some of the information on the certificate looks familiar and I'll have to go look further into it.

This certificate confirms the fact that Gleneagle Asset Management and Tricom has always been related. Even after the big scandal, it just changed its name to Gleneagle Asset Management to stay under the radar and resumed it's operations after everything has blown over.

 

[jemook-old]

Hi Shilo,

You traded with us for long enough to make over 1,000 trades as you said. During this time you didn’t make a single complaint about any of your trade executions. Your complaint only came after you incurred the self-traded losses on your account.

Your basis of your claim wasn’t about performance it was about our disclosures which I will show below are incorrect.

Vidarr

Almost all retail brokers use a single source of liquidity for each CFD market. For example we use CMC as a single LP for our commodities, futures & bonds.

Every CFD provider will have slightly different prices which makes it difficult to aggregate. This wouldn’t be the case if there was central clearing through a prime broker like FX where you can aggregate 25+ Liquidity providers.

Contrary to your claims, this is disclosed on our website on the ‘How We Make Money’ page: https://globalprime.com/how-we-make-money/

“Unlike Forex and Metals which are traded via a ‘prime broker’, Indices and Commodity CFDs have no central counterparty through which trades are given up and cleared. Because of this, all trades generally go to a single liquidity provider on a per product basis. This means these products are not ECN.”

Vidarr does not hold client capital. We provide liquidity to plenty of large scale brokers who use the pricing from Vidarr and comment that the depth and pricing is the best they’ve seen.

Vidarr is also disclosed on our website along with other Liquidity providers here: https://www.globalprime.com/best-execution/

As for Global Prime FX UK entity and Mark Davison from Vidarr being attached to it – the company was incorporated to assist with payments services and since a UK director was required we chose Mark. It is a dormant company and no business has run through there since it was created.

Global Prime & Gleneagle relationship

This is disclosed on our Best Execution page: https://www.globalprime.com/best-execution/

Global Prime was created as the retail arm of Gleneagle, as such it has its own AFSL and Seychelles license. Gleneagle is the parent company with the liquidity + prime broking relationships.

The Global Prime team manages the liquidity and Prime Broker relationships for Gleneagle so we have always been in full control of the pricing, execution etc for Global Prime.

Our A-book model which does not profit from client losses

You’ve made some serious allegations about Global Prime siphoning money or b-booking trades which are quite simply slanderous and not correct.

There is absolutely no basis for your allegations.

Global Prime does not run a b-book which is where losing clients are separated into the b-book with the intent to profit from the clients losses.

Global Prime does not profit from client losses.

Global Prime does not have any counterparty relationships which run a b-book or kick us back for losses made by clients.

Gleneagle does not operate a b-book for us. All of our trades can be verified with automated trade receipts which show which liquidity provider filled the clients trade alongside the full order book at the time, including LP names and a tick chart showing where the quotes came through before and after the trade.

Since we back-to-back hedge all trades and don’t internalise any risk (excluding small tickets which are batch hedged), plus we provide trade receipts to prove exactly how every order was executed and with whom, we’re confident we’re doing the right thing by our clients and delivering a genuine ‘retail broker ECN’.

We've literally spent the last 10 years harping on about our A-book model and disclose more on our website than any other broker alongside trade receipts and a public facing Discord. Your accusations that we run a b-book somewhere in the setup goes contrary to everything we stand for.

How we offered to compensate you

We don’t think it’s fair to ask us to compensate you for the entirety of your self-traded losses incurred from over 1000’s of trades based on what you claim are non-disclosures. We executed your trades according to the information on our website as has been shown above.

We offered for you to compare your trade executions to other venues to help build a better case for a rebate but you did not take us up on the offer.

That offer still stands.

Regards,
Jeremy

 

[Shiro21]

I noticed something interesting in what The Punisher have previously shared on a few of his screenshots and was looking into it. The screenshot he shared showed that the company profile of FXTrading.com, which is the trading/business name of Gleneagle Securities, show the company profile of Ultimate Pinnacle Co. This is what i found:

Ultimate Pinnacle Co. is a company in Belize, and it is very likely Gleneagle Securities' offshore counterpart. For what purpose you ask? Well, I have a feeling it is to funnel money to areas where the financial regulation is less strict.

Other than the Company profile "Ultimate Pinnacle Co.", one other thing that caught my eye is this:

Glenn Forex. The name of one of the Director of BBY, who was one of the cause of the company's eventually downfall, is Glenn Rosewall:

Is it just a coincidence that this new scam company FXTrading.com under Gleneagle Securities, which was renamed from scam broker RubixFX, is somehow named Glenn Forex?

Notice how many different names BBY have. BBY Holdings, BBY Ltd, BBY Advisory Services, Broker Service Australia, BBY Nominees, Option Research, BBY Hometrader. I'm seeing a pattern here. Didn't we just discovered Gleneagle is doing the same thing too?

Gleneagle Securites, Gleneagle Capital, Gleneagle Asset Management, Gleneagle Funds, RubixFX, FXTrading, FusionMarkets, Gleneagle Capital Management, Gleneagle Funds Management, Globalprime FX, and did I mention they have a Gleneagle Markets and Gleneagle Securities Nominees too?

Oh, and some of Directors from the failed BBY is now over at the Gleneagle Securities and Gleneagle Asset Management, and there might be more hiding under the radar. Below is a list of the previous director of BBY hometrader:

Right of the bat, I could already regconize some of the names:

And did you know BBY Hometrader was previously named HomeTrader Tricom?

Which explains why Lance Rosenberg is there too. After destroying Tricom, he moved in with BBY, and BBY got trashed afterwards. Now most of them have moved to Gleneagle's Group of companies. Well, you guys know what's going to happen next.

 

[Shiro21]

There is however one coincidence that is noteworthy. In the investigation report that was submitted by the Administrator who took over BBY to investigate instances of fraud and how the remaining assets is to be distributed among BBY's creditor, they have concluded through their intensive investigation that one of the factor that caused the eventual downfall of BBY was this:

Now, is anyone else seeing what I'm seeing? Why would BBY, an Australia company get the idea to invest as huge a sum as $25 millions into a company with its mining operations in South Africa? Let's look at the same list of Director of BBY HomeTrader, this time with some emphasis:

The coincidence is truly uncanny. Lance Rosenberg's Birth Details: Johannesburg South Africa. Now, I'm in no way suggesting that he induced them into investing in a failing company, which inevitably caused BBY's collapse. But this guy's got The Sadim Touch, seriously. He somehow got the mysterious power to steer the companies that he is a part of into some sort of serious trouble, one way or another.

Now, with the fake ECN broker Globalprime executing a 100% of your trades with Gleneagle Securities, and then having Gleneagle Securities siphon your money into their own pockets, where do you think that leaves you, the investors, if the same thing happen to Gleneagle eventually, as with Tricom and BBY, since the company is being run by the same crooks?

BBY's collapse left investors in the shortfall of double-digit millions. Roughly $78,000 got written off, with small investor having no claims to any repayments, and many investors getting lesser than what they had initially put in, thanks to the mismanagement of the company by the Directors, and several misconducts.

 

[Shiro21]

Hi Shilo,

You traded with us for long enough to make over 1,000 trades as you said. During this time you didn’t make a single complaint about any of your trade executions. Your complaint only came after you incurred the self-traded losses on your account.

Your basis of your claim wasn’t about performance it was about our disclosures which I will show below are incorrect.

Vidarr

Almost all retail brokers use a single source of liquidity for each CFD market. For example we use CMC as a single LP for our commodities, futures & bonds.

Every CFD provider will have slightly different prices which makes it difficult to aggregate. This wouldn’t be the case if there was central clearing through a prime broker like FX where you can aggregate 25+ Liquidity providers.

Contrary to your claims, this is disclosed on our website on the ‘How We Make Money’ page: https://globalprime.com/how-we-make-money/

“Unlike Forex and Metals which are traded via a ‘prime broker’, Indices and Commodity CFDs have no central counterparty through which trades are given up and cleared. Because of this, all trades generally go to a single liquidity provider on a per product basis. This means these products are not ECN.”

Vidarr does not hold client capital. We provide liquidity to plenty of large scale brokers who use the pricing from Vidarr and comment that the depth and pricing is the best they’ve seen.

Vidarr is also disclosed on our website along with other Liquidity providers here: https://www.globalprime.com/best-execution/

As for Global Prime FX UK entity and Mark Davison from Vidarr being attached to it – the company was incorporated to assist with payments services and since a UK director was required we chose Mark. It is a dormant company and no business has run through there since it was created.

Global Prime & Gleneagle relationship

This is disclosed on our Best Execution page: https://www.globalprime.com/best-execution/

Global Prime was created as the retail arm of Gleneagle, as such it has its own AFSL and Seychelles license. Gleneagle is the parent company with the liquidity + prime broking relationships.

The Global Prime team manages the liquidity and Prime Broker relationships for Gleneagle so we have always been in full control of the pricing, execution etc for Global Prime.

Our A-book model which does not profit from client losses

You’ve made some serious allegations about Global Prime siphoning money or b-booking trades which are quite simply slanderous and not correct.

There is absolutely no basis for your allegations.

Global Prime does not run a b-book which is where losing clients are separated into the b-book with the intent to profit from the clients losses.

Global Prime does not profit from client losses.

Global Prime does not have any counterparty relationships which run a b-book or kick us back for losses made by clients.

Gleneagle does not operate a b-book for us. All of our trades can be verified with automated trade receipts which show which liquidity provider filled the clients trade alongside the full order book at the time, including LP names and a tick chart showing where the quotes came through before and after the trade.

Since we back-to-back hedge all trades and don’t internalise any risk (excluding small tickets which are batch hedged), plus we provide trade receipts to prove exactly how every order was executed and with whom, we’re confident we’re doing the right thing by our clients and delivering a genuine ‘retail broker ECN’.

We've literally spent the last 10 years harping on about our A-book model and disclose more on our website than any other broker alongside trade receipts and a public facing Discord. Your accusations that we run a b-book somewhere in the setup goes contrary to everything we stand for.

How we offered to compensate you

We don’t think it’s fair to ask us to compensate you for the entirety of your self-traded losses incurred from over 1000’s of trades based on what you claim are non-disclosures. We executed your trades according to the information on our website as has been shown above.

We offered for you to compare your trade executions to other venues to help build a better case for a rebate but you did not take us up on the offer.

That offer still stands.

Regards,
Jeremy

I had already explain in our previous exchange that the reason i did not complaint was not because i was satisfied with the execute, it's the fact that I did not pick up on the fact that every single one of them would be executed with only one counterparty.

"Almost all retail brokers use a single source of liquidity for each CFD market. For example we use CMC as a single LP for our commodities, futures & bonds."​

Now this statement is clearly false, as all my commodity trades were executed with Vidarr as well, not CMC as you have claimed.

I certainly did not imply you guys are running a b-book. The fact is all my trades went to Vidarr despite it's inferior pricing, as proven by your own reply.

Regarding disclosures,

"Contrary to your claims, this is disclosed on our website on the ‘How We Make Money’ page: https://globalprime.com/how-we-make-money/"
​

This is exactly what makes it misleading, is it not? You call youself an ECN broker on the Homepage and Account-Opening page of your website, and then on some subpage where most people would not navigate to, you then say "oh, but half of our products are actually not ECN". So are you an ECN broker or not?

The trade receipts are just gimmicks or feature to show us how Globalprime price the product that they are making a market for. Which is why a few person had pointed out the fact that in the end, Globalprime is still trading with us as principal:

"We don’t think it’s fair to ask us to compensate you for the entirety of your self-traded losses incurred from over 1000’s of trades based on what you claim are non-disclosures. We executed your trades according to the information on our website as has been shown above.

We offered for you to compare your trade executions to other venues to help build a better case for a rebate but you did not take us up on the offer."
​

Tell me what is fair then? Executing a thousand of my trades with bad spread knowingly? Not properly disclosing the fact that so many of your product are not actually ECN when on every other part of your website you boast about being a true ECN broker?

Tell me which part of the signing up process can i see you mention about the non-ECN products. That would be misleading through omission, especially when you emphasized on the fact that the account is an ECN account.

You crooks have offered to compensate me less than 5% of the total traded amount on those so-called non-ECN instruments, and you really think there's any reason for me to accept, when i could just report such misleading conduct to AFCA and seek a fairer compensation?

If you were truly sincere in trying to resolve the issue, you would have taken the initiative to make things right, after I had raised my concern and dissatisfaction about how my trades were handled. Not ignore the issue and wait for the whole thing blew up here and then try to explain and wriggle your way out of it.

 

[Shiro21]

Vidarr

As for Global Prime FX UK entity and Mark Davison from Vidarr being attached to it – the company was incorporated to assist with payments services and since a UK director was required we chose Mark. It is a dormant company and no business has run through there since it was created.

Does this even make any sense to you? How does this disassociate GlobalPrime's relation with Vidarr? If anything, it only proves that Globalprime and Vidarr is connected. And why place 2 director, Mark Davison and Lance Rosenberg on the UK entity, if it is just a dormant company with the sole purpose of facilitating payment services?

It is more likely that it is set up for the Director of Vidarr to facilitate payments to Lance Rosenberg for passing client's trade to Vidarr Capital.

Global Prime & Gleneagle relationship

Global Prime was created as the retail arm of Gleneagle, as such it has its own AFSL and Seychelles license. Gleneagle is the parent company with the liquidity + prime broking relationships.

Really? And how many retail arms does Gleneagle have? There's RubixFX, there's FusionMarkets, there's FXTrading.com, there's GlobalPrime.

 

[Shiro21]

Hi Shilo,

You traded with us for long enough to make over 1,000 trades as you said. During this time you didn’t make a single complaint about any of your trade executions. Your complaint only came after you incurred the self-traded losses on your account.

Regards,
Jeremy

"Self Traded Losses", that's a really bold claim for you to make, knowing full well the condition my trades were executed under.

I'll take you up on your challenge and prove to everyone here if those were indeed "self traded losses".

There is a total of 2807 trades executed on my trading account:

1,761 trades were made on currency pairs (ECN products). 1,046 trades was made on Indices and Commodities (Non-ECN products)
1761 + 1046 = 2807, not a single trade missing.

Now let's take a look at how the profit and loss is distributed, and if it is really self traded losses.

First, the 1,761 trade on the ECN products:

Next, the 1,046 trades on the non-ECN products, which were all executed through the shady Vidarr Capital:

If it was indeed entirely caused by "self-traded losses" as you have claimed, I would have lost more on the ECN products already, seeing as how I've traded much more on those products. But instead, the result and evidence once again speaks for itself. All the losses where concentrated on their so-called "Non-ECN products". Coincidence much?

 

[Trader09]

"Self Traded Losses", that's a really bold claim for you to make, knowing full well the condition my trades were executed under.

I'll take you up on your challenge and prove to everyone here if those were indeed "self traded losses".

There is a total of 2807 trades executed on my trading account:

View attachment 65854

1,761 trades were made on currency pairs (ECN products). 1,046 trades was made on Indices and Commodities (Non-ECN products)
1761 + 1046 = 2807, not a single trade missing.

Now let's take a look at how the profit and loss is distributed, and if it is really self traded losses.

First, the 1,761 trade on the ECN products:
View attachment 65855


Next, the 1,046 trades on the non-ECN products, which were all executed through the shady Vidarr Capital:

View attachment 65856


If it was indeed entirely caused by "self-traded losses" as you have claimed, I would have lost more on the ECN products already, seeing as how I've traded much more on those products. But instead, the result and evidence once again speaks for itself. All the losses where concentrated on their so-called "Non-ECN products". Coincidence much?

Just to be fair!
Why do you blame them for losing trades on the non-ECN products?
What kind of manipulations exactly did they do that's affected your trading results?
Slippage, stophunt behaviors, delayed execution, or something else?