jemook-old
Former GlobalPrime.com Representative
- Messages
- 21
I will re-iterate again these extremely important points.
We do not receive complaints or queries from clients who are confused about the information on our website.
One of the conditions from our external compliance was that we survey new clients about our use of the term ‘ECN’ to see if they were confused or disagreed with us. The results were overwhelmingly in our favour.
The confusion outlined in this thread is in relation to legal terms being misappropriated. I’ll address these separately.
You are misappropriating the term ‘principal’.
I’ll go out on a limb here and say that every FX/ECN broker / CFD provider in the world uses the term ‘principal’ to describe their relationship with their clients in their disclosure documents and terms of business. In fact, I challenge you to find a single regulated broker who doesn’t.
Why am I so confident in this? Because parties enter agreements as principals in OTC markets.
In case anyone missed my previous post, we've explained that on the best execution page:
https://www.globalprime.com/best-execution/
We have the authorization to ‘make a market’ on our Australian Financial Services License. If you contract with an ASIC licensed CFD provider then they will have this authorization. This authorization means we can issue financial products like ‘derivatives’ or CFDs to you.
The authorization to ‘make a market’ has no relation to whether a broker is A-book, B-book, ECN, DMA, STP, MM, NDD, etc... The authorization to ‘make a market’ does not mean ‘deal desk’ or ‘B-book’ or even ‘market maker’ as you understand it.
For any doubters, see this image taken from an ASIC regulatory guide. The explanation is not consistent with the theories posted and this is why lawyers had no issue with our use of the term ECN.
Since you’re a client then you’re in a perfect position to check your trade receipts and compare this to information on our website.
I’m confident nothing will be out of line and I welcome you to share your results with us on here.
If you'd like you can reach out to me personally to go through any of this
Respectfully @jamho22 we have used practical language to describe how we do business on our website and we act in accordance with this information. People on this thread are using terms that have special legal meanings like ‘principal’ and ‘make a market’ to misconstrue information in our PDS and on our website. We foresaw this happening which is why we explained all these concepts in detail on our website.
How do we execute orders? We explain it in detail here:
https://globalprime.com/trade-flow-process/
How do we define ECN and why do we call our offering ECN? Also explained in detail here:
https://globalprime.com/ecn-advantage/
How do we execute orders of different sizes across different asset classes? Glad you asked, we explain it all here
https://globalprime.com/best-execution/
Most importantly, we give trade receipts to prove all of the information above! Covered here:
https://globalprime.com/trade-receipts/
@Shiro21 has not found a fault with the information on our website or shown how his orders were executed differently to this information. His argument is based solely on the claim that we are not really an ECN provider across our Index and Commodity CFD products, however, we never claimed to be. In fact, we explicitly state that these markets are not ECN in several places across the website to avoid claims like this.
Where on the website do we say Index and Commodity CFDs are not ECN?
https://globalprime.com/disclosures
https://globalprime.com/best-execution/
https://globalprime.com/how-we-make-money/
Quite frankly if you believe we are doing that, have a chat to the regulators - ASIC knows our model as we have to report on our trading and models with them. As much as you'd love to believe the above is true, it's completely false.
#1 rated FPA broker with a 4.7 out of 5 star rating over 350 reviews over almost a 10 year span. You can read our reviews here:
We are the only broker in the world offering Automated Trade Receipts proving an A-book model and on the clients side, regardless of what people in here would like to believe.
#1 in commission adjusted trading costs across many FX pairs with our zero commission model.
The only broker with a public facing community Discord where you can hang out with the founder and team.
As the founder, I'm here in the trenches with you guys and not hiding like other brokers have in the past and I'm open to dialogue via phone, Discord, email.. whatever floats your boat.
I put my face to everything Global Prime does. We've unpacked what happens behind brokers B-books over a 10 part YouTube series. We show trade receipts on every trade so our clients can hold us accountable if the execution is not up to par. We fight for retail traders and hang out with our thousands of clients in our Discord 24/7.
I would never allow anything untoward in our business which could damage our brand.
If anyone has any questions or wants clarification on any of the above please call me directly on +61 (2) 8379 3622 during Australian business hours. I always appreciate a chat with fellow traders.
Regards,
Jeremy
- 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 run a b-book for Global Prime.
The disclosure is not straight forward therefore the definition from your company leads investors to believe one set of actions is occurring while in reality this is not the case. Unless every investor takes the time to perform the same level of due diligence as @Shiro21, then they are blindly being mislead. It seems odd that your company is comfortable with the lack of transparency until a client takes the time to point this out on a public forum. Chances are, there is other misleading information in your terms and conditions that some lawyer interpreted as technically legal!
We do not receive complaints or queries from clients who are confused about the information on our website.
One of the conditions from our external compliance was that we survey new clients about our use of the term ‘ECN’ to see if they were confused or disagreed with us. The results were overwhelmingly in our favour.
The confusion outlined in this thread is in relation to legal terms being misappropriated. I’ll address these separately.
Right, so now you call yourself a CFD provider instead of an ECN broker. If you had done that right from the start, people would not have been misled by the wrong type of service advertised.
If you're trading with the clients as principal, then you are not an ECN broker. If you are not an ECN broker, why claim to be such?
You are misappropriating the term ‘principal’.
I’ll go out on a limb here and say that every FX/ECN broker / CFD provider in the world uses the term ‘principal’ to describe their relationship with their clients in their disclosure documents and terms of business. In fact, I challenge you to find a single regulated broker who doesn’t.
Why am I so confident in this? Because parties enter agreements as principals in OTC markets.
In case anyone missed my previous post, we've explained that on the best execution page:
https://www.globalprime.com/best-execution/
The lawyers you spoke to gave the approval for market makers to call themselves an ECN? Are you sure? Feel like showing any proof of the statements made by those lawyers?
"In house counsel" is pretty much an invalid point, it's as good as saying it's self-approved.
And who is this external compliance you spoke of? CySEC? VSFC? Or is it ASIC? I think I will submit an enquiry to ASIC and seek their opinion on this and update you guys on this.
We have the authorization to ‘make a market’ on our Australian Financial Services License. If you contract with an ASIC licensed CFD provider then they will have this authorization. This authorization means we can issue financial products like ‘derivatives’ or CFDs to you.
The authorization to ‘make a market’ has no relation to whether a broker is A-book, B-book, ECN, DMA, STP, MM, NDD, etc... The authorization to ‘make a market’ does not mean ‘deal desk’ or ‘B-book’ or even ‘market maker’ as you understand it.
For any doubters, see this image taken from an ASIC regulatory guide. The explanation is not consistent with the theories posted and this is why lawyers had no issue with our use of the term ECN.
mmm... Jeremy seems to be a nice guy but he doesn't answer to any evidence posted here about GP not being ECN, he just repeats that his broker has great reviews and that some lawyers said that, technically, it's legal. so what one should think when he reads that?
I've withdrawn my funds from my GP account and don't wish to trade anymore with them as long as this case doesn't get clearer, and I encourage Shiro to update his review on FPA with the elements he submitted here and spread the news on other websites if GP representatives refuse to justify themselves concerning all that
Since you’re a client then you’re in a perfect position to check your trade receipts and compare this to information on our website.
I’m confident nothing will be out of line and I welcome you to share your results with us on here.
If you'd like you can reach out to me personally to go through any of this
@jemook With all due respect, that doesn't exactly inspire confidence. It seems like you guys are trying to play loose with what an ECN actually is by hiding behind legal technicalities that may satisfy your lawyers. You have to satisfy us. Can you please walk us through, step by step, how a client order is executed, how is the product electronically delivered, is it drawn from inventory or do you have to buy it from your LP on our behalf, how and where is it cleared and how does it pass through to the liquidity provider without the brokerage firm taking the opposite side of the trade? From my understanding, an ECN is a bridge linking clients to other market participants through a network. How exactly does GP function as an ECN when it acts as the principal for all its clients trades? Are we trading with you or are we directly trading with the banks?
Respectfully @jamho22 we have used practical language to describe how we do business on our website and we act in accordance with this information. People on this thread are using terms that have special legal meanings like ‘principal’ and ‘make a market’ to misconstrue information in our PDS and on our website. We foresaw this happening which is why we explained all these concepts in detail on our website.
How do we execute orders? We explain it in detail here:
https://globalprime.com/trade-flow-process/
How do we define ECN and why do we call our offering ECN? Also explained in detail here:
https://globalprime.com/ecn-advantage/
How do we execute orders of different sizes across different asset classes? Glad you asked, we explain it all here
https://globalprime.com/best-execution/
Most importantly, we give trade receipts to prove all of the information above! Covered here:
https://globalprime.com/trade-receipts/
@Shiro21 has not found a fault with the information on our website or shown how his orders were executed differently to this information. His argument is based solely on the claim that we are not really an ECN provider across our Index and Commodity CFD products, however, we never claimed to be. In fact, we explicitly state that these markets are not ECN in several places across the website to avoid claims like this.
Where on the website do we say Index and Commodity CFDs are not ECN?
https://globalprime.com/disclosures
https://globalprime.com/best-execution/
https://globalprime.com/how-we-make-money/
Either way, they can't deny the fact that they are trading against you. It's all fact. Gleneagle Securities is making a profit from clients' loss. They don't pass all your trades to the market. They decide whether they want to do it or not at their sole discretion.
Quite frankly if you believe we are doing that, have a chat to the regulators - ASIC knows our model as we have to report on our trading and models with them. As much as you'd love to believe the above is true, it's completely false.
- 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 run a b-book for Global Prime.
Dealing Model
- World Class Trading
- Ethical Dealing Model
- Best Execution
- How we make money
- ECN Advantage
- Trade Flow Process
- Trade Receipts
#1 rated FPA broker with a 4.7 out of 5 star rating over 350 reviews over almost a 10 year span. You can read our reviews here:
Global Prime review: Is it a legit or scam forex broker?
I have been using Global Prime for almost a year now. GlobalPrime (GP) is one of the very few brokers in the industry who actually provides receipt for trades I took. I am really impressed by their prompt customer support and honest brokerage service.
www.forexpeacearmy.com
We are the only broker in the world offering Automated Trade Receipts proving an A-book model and on the clients side, regardless of what people in here would like to believe.
#1 in commission adjusted trading costs across many FX pairs with our zero commission model.
The only broker with a public facing community Discord where you can hang out with the founder and team.
As the founder, I'm here in the trenches with you guys and not hiding like other brokers have in the past and I'm open to dialogue via phone, Discord, email.. whatever floats your boat.
I put my face to everything Global Prime does. We've unpacked what happens behind brokers B-books over a 10 part YouTube series. We show trade receipts on every trade so our clients can hold us accountable if the execution is not up to par. We fight for retail traders and hang out with our thousands of clients in our Discord 24/7.
I would never allow anything untoward in our business which could damage our brand.
If anyone has any questions or wants clarification on any of the above please call me directly on +61 (2) 8379 3622 during Australian business hours. I always appreciate a chat with fellow traders.
Regards,
Jeremy