GlobalPrime is a dishonest scam broker too. Please don't fall into their trap.

Shiro21

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Messages
52
Global Prime Pty Ltd had claimed on its website that it has an extensive list of more than 20 Liquidity Providers, and had also claimed to source for the best pricing from these Liquidity providers for its clients. Proof of such claims can be found on the screenshot of their website as attached here:

GlobalPrime LPs.png


In March 2021, while I was going through my past trade receipts, I found out that the Company did not execute my trades in accordance with the claims they’ve made on their website. Instead, over one thousand trades on 2 of the instruments, US30 and XTIUSD, were executed solely with one counterparty only. Below is a small sample of the 1000+ trades placed on the US30 and XTIUSD:

48842095 Open.PNG48920899 Close.PNG48920899 Open.PNG48935025 Close.PNG

Since I can only have 10 attachment in one post, I will not spam you guys with similar trade receipts. If you're interested, you can see more of them here:


But as you can see from the sample trade receipts, every single one of the trades were executed with a single liquidity provider named Vidarr, and this is the case for all 1050 trades executed on the US30 and XTIUSD instrument on my account over the 5-6 months that I've been trading with them.

From its list of Liquidity providers and Counterparties, there are many who provide pricing for the US30 and XTIUSD instrument, like CMC and CFH(Finalto) for example. But Instead of sourcing for the best pricing for it’s clients like they claimed they would, Global Prime Pty Ltd had conversely chosen to forward all trades to a single liquidity provider only, and had also excluded quotes from other liquidity providers from its order book, as can be seen in screenshots above. This is what it looks like when there are other Liquidity Providers in its order book:

Trade Receipt.png


Now, the reason why they choose to only execute all clients' XTI and US30 trade with Vidarr despite its inferior pricing, is because of the connection the Director of Vidarr have with the Director of Gleneagle Securities Pty Ltd, they jointly owns GlobalPrime FX together, which I will prove to everyone here. The Directors of Vidarr can be seen here:

Vidarr Capital - Mark Davison.png


Notice the part highlighted in red. One of the Director's name is Mark George Davison. If we look into this guy:

Mark Geroge Davison.png

You can see that he is the director of both GlobalPrime FX Ltd and Vidarr Capital.

And of course, if you click into Globalprime FX, you will find that it is owned by Mark Davison and Lance Michael Rosenberg.

GlobalPrime FX.png

And if you're wondering why the name Lance Rosenberg sounds so fimiliar, he is the Managing Director of Gleneagle Securities, who is also trading as GlobalPrime FX, as can be seen here:

Global Prime License and representative.png

All in all, what we can see from this is a really roundabout way of making it difficult for someone to trace where the clients' trades and funds are going to. But through the Director Mark Davison and Lance Rosenberg, we can see that Vidarr and Gleneagle is owned by each of them respectively, who both also own GlobalPrime FX. This means that their claims about being a true ECN broker was never really true, as your trades on the US30 and XTIUSD instruments did not ever leave their hands, and is just being executed internally, regardless of what better pricing is out there from other LPs, as they never had the intention of finding the best pricing for you.

Now, if you still have doubts after seeing all this, my next post will clear all your doubt when you get to see their questionable history of the companies some of them have managed in the past.
 

Shiro21

Private
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52
If you have never heard of Vidarr Capital before, it is not surprising at all, they do not even have a proper website: https://www.vidarrcap.com/

And on their 1 page website, you can see they do not even call themselves a liquidity provider, no license number or anything. You can even be sure if they are legally licensed to be a liquidity provider. Unlike other bigger names out there like Finalto(CFH): https://www.finalto.com/liquidity/, or CMC Markets: https://www.cmcmarkets.com/en-gb/connect/solutions/liquidity-provision, who is also in GlobalPrime's list of liquidity provider.

When I asked the representatives from GlobalPrime why was the other liquidity providers not included in the order book, they said it was impossible to aggregate the pricing for certain instrument as it is priced differently by different providers and took a snapshot of the pricing provided by the different LPs.

Explanation.png
And from the snapshot above, we could see that Vidarr indeed have the highest spread for both instrument among the liquidity providers.
Untitled.png

So what happened to removing potential conflict of interest between the best execution of the clients' trades and their profitability? If that was true, they would have chosen the provider with the best pricing, and not the provider that is owned by themselves with inferior pricing.

And the fact that they had to obscure the truth that of one director(Mark Davison) owns both Globalprime and Vidarr, and another(Lance Rosenberg) having ownership in both Gleneagle and Globalprime, is already suspicious enough.

I dug further into it and found out that Lance Rosenberg is previously the Director of Tricom Equities. That company was involved in market manipulation and got caught and fined a record $1.35million by the ASX. https://www.stuff.co.nz/business/world/australia/2592146/More-Tricom-trouble

Tricom News.png
Tricom Article.png

So after the scandal with Tricom Equity, they renamed the company to StoneBridge Securities. We can see it is the same Lance Rosenberg as written on the Gleneagle Securities website:

Lance Rosenberg Stonebridge.png

The reason Globalprime can so blatantly lie about being an ECN when they are not, and not get into truoble, is because they are backed by rich and powerful people like Lance Rosenberg. Lance himself escaped punishment while the other broker who was involved in another market manipulation case in Tricom Equities got banned for 6 years.

You can read from this article how Lance Rosenberg is backed by many rich and powerful individuals, who all have their identities hidden:
https://www.wendybacon.com/2015/how-very-private-developers-sold-welfare-street-without-title

And despite being rich, I suspect the he got some of his money by siphoning retails trader's fund through Globalprime into Vidarr, which is owned by a different person but somehow related to him.

I have been trying to map out their connections, but one more thing i can reveal for now is this:

FM Fusion Markets.png


Lance Rosenberg owns another broker named FM FusionMarkets: https://fusionmarkets.com/en
And the other director you see below his name is Phillip Edward Horner. And that guy is a director of Pepperstone Group.

Phillip Edward Horner.png
Pepperstone is now located in the Bahamas, and there's a reason why it shifted there instead of staying in a well regulated place like Australia.
 

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Shiro21

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52
Ok, next is Angus Walker, the General Manager of GlobalPrime.

Angus Walker.png

He was formally a senior executive at IC Markets, and had been there for more than 10 years. People who have traded with IC Markets in the past might have heard about him. And I assure you it's nothing good.

Angus Walker FPA.png

Just a search on FPA on his name, came up with a entire page of complaints. And so is the company he use to work in for almost 10 years, scamming people left and right of all their money. Just a search of that company and you can see pages upon pages of complaints.

IC Markets 1.pngIC Markets 2.png

So now he has moved over to GlobalPrime and continuing his deeds under the cover of a supposedly "good broker", who on the surface promises you ECN execution, best spread and transparency, but behind you back siphoning your money into their own pockets through a company named Vidarr Capital. Doing a search on that company turns up almost no information about what that company really do.
 

RahmanSL

Major
Messages
2,821
Shiro21, excellent investigative work and thank you for sharing this to raise awareness to all here at the FPA.
I have tried out GlobalPrime and I was not impressed with their spread and fair swap rates which are at the bottom of the rung. Hence, I scrap them from my broker's list.

That name "Angus Walker" is sufficient to raise hairs on the back of my neck as he is, as someone who have met him & another CEO of I-See-Bucketshop a.k.a ICMarket, a "real prick".
 

Shiro21

Private
Messages
52
It is through my encounter with another Australian Broker that I've found out the about how the ASIC has recently advised against Australian Brokers from using the word "ECN" if they are not a real ECN. That is also the reason why so many Australian Brokers have recently made changes to their website and removed the word "ECN". Examples of these are ICMarkets, Pepperstone, BlueberryMarkets and many others, who all used to call themselves ECN/STP or NDD brokers in the past, but have changed to other terms like "Raw Spread Account" or "CFD Broker".

GlobalPrime is not an ECN broker, and they are misleading clients into signing up with them through false advertising.

Misleading Conduct.jpgMisleading Conduct 2.jpg

And for clients that they have pushed to hte Vanuatu's jurisdiction, it applies as well.

Misleading Conduct Vanuatu.jpg
Examples of their false claims can be found all over their website.

Screenshot_2021-04-07-14-14-32-960.jpg

If you have lost money with them, you can lodge a complaint to AFCA or VFSC to retreive your funds as they had fraudulently misled you into investing money with them, by claiming to be something which they are not.
 

Shiro21

Private
Messages
52
One more thing I have found about Gleneagle Securities Pty Ltd, who is the parent company of GlobalPrime and also trading as GlobalPrime FX, is that it is previously a scam company known as RubixFX. Some of you might not have heard of that company before, it operated for a short while and then closed down, but continued its scamming operations is China.

Rubix FX.png

Just from the first few complaints, you can see that investors have lost almost half a million RMB with this scam broker.

Yes, that's the very same Gleneagle Securities owned by the wealthy Lance Rosenberg. Who is known to make his money through unscrupulous means, for himself and his rich friends hiding their real identities behind nominees:

Lance Rosenberg Welfare Street.png


You can read the full article here: https://www.smh.com.au/national/nsw...led-in-on-welfare-street-20141224-12ddlw.html

After scamming millions of investor's money, they have gotten themselves a new trading/business name now: FXTrading

FXTrading.png

Gleneagle Securities Business names.png

Now, if anyone is still trading with any of these companies, I suggest you take your money and run while you still can. It is operated by the same few scammer that keeps renaming their company once their jig is up, from Tricom Equities to Stonebridge Securities. From Tricom Investment management to Gleneagle Asset management. From RubixFX to FXtrading. And it goes round and round.

Fusion Market.png

And behind FusionMarkets as you can see, is Gleneagle Asset Management and Gleneagle Securities. Behind GlobalPrime FX is Gleneagle Securities too. Now they are behind RubixFX and FXTrading too?! Now if you think about it, why would a honest company try to open so many different brokers all under different names instead of focusing on one? Other than to spread its tentacles far and wide to catch as many victims as possible, and have a few of them as a backup in case people caught on to one or two of the scam brokers like RubixFX?

The reason it's hard to find the link that connects them all together is due to the fact that they are registered in different countries like Australia, Vanuatu, Cyprus, Seychelles and even China. Another reason is they are really experience in this, and is very good at concealing their tracks, through the use of different trading/business names to associate with each of the different brokers, and setting up new companies through nominees and incorporators.

But I think I've done a decent enough job to uncover as much of it for you guys as possible so no one else is going to fall into this elaborate trap that they have set up to catch unknowing victims into their scams.
 

jemook

GlobalPrime.com Representative
Messages
14
Hi Shiro21,

Lots to unpack here, will come back shortly so I can give a detailed and nuanced response to the points you've raised.

Global Prime has one of the highest ratings on FPA from almost 10 years of service and I doubt we could have achieved that by being a dishonest scam broker as you've classified us.

Global Prime FPA Review Page

We are the only brokers in the world offering automated trade receipts to clients which disclose which liquidity provider is behind the clients trade and we do so because we have nothing to hide. Everything is also disclosed on our website as I will show in my response.

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

Either way, you should be a private investigator or something as you definitely have some skills. Each of the points you've made can be addressed transparently so I look forward to showing our side.

Thanks for taking the time to put this together.

Regards,
Jeremy
 

Shiro21

Private
Messages
52
Below is a snapshot of the 3 companies: Gleneagle Securities, Gleneagle Asset Management and GlobalPrime. You can see how the they have registered for so many different trading names and also how all 3 companies have the same exact address.

3 companies.png


Now, let us shift our attention to the Authorized Representative of the 3 companies:

3 companies AR.png


A few familiar names came up here, Phillip Horner, director of Pepperstone Group appears to be under the list for Gleneagle Asset Management. Basil Macris, was a previous director of BBY Pty Ltd, who got its AFS license suspended. Jason Battistessa was a executive at BBY Pty Ltd as well. BBY Pty Ltd collasped leaving client a lost of $23 milllion.

BBy Pty Ltd.png
 

Shiro21

Private
Messages
52
Hi Shiro21,

Lots to unpack here, will come back shortly so I can give a detailed and nuanced response to the points you've raised.

Global Prime has one of the highest ratings on FPA from almost 10 years of service and I doubt we could have achieved that by being a dishonest scam broker as you've classified us.

Global Prime FPA Review Page

We are the only brokers in the world offering automated trade receipts to clients which disclose which liquidity provider is behind the clients trade and we do so because we have nothing to hide. Everything is also disclosed on our website as I will show in my response.

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

Either way, you should be a private investigator or something as you definitely have some skills. Each of the points you've made can be addressed transparently so I look forward to showing our side.

Thanks for taking the time to put this together.

Regards,
Jeremy

If by good reviews, you mean labelling people who is dissatified about your service as "not a real client" or "unable to find any record of this client", and every good review as 'real' ones, then yeah sure. Look though other scam brokers with low score, that's the same excuse they always come up with too, every time they get a complaint or bad review.


GP reviews.png

People can see for themselves. There are others who have raised concerns regarding your indices, but you don't really care, do you? Did you execute all of that fellow's GE30 trades with Vidarr Capital as well? Lols

Slippage reviews.png

And like all other scam brokers, giving the same excuse and blaming the news, claiming no control over the spread when messing with the spread to take out client's positions. But in the end, the LP for indices and XTIUSD is owned by the same people who runs Gleneagle Securities and GlobalPrime FX too. Ironic.

At least one or two guys was smart enough to get it right though:

Market Maker.png

And that is the fact that GlobalPrime is just another market-maker lying about being an ECN broker. And I'm sure you are going to give the standard explanation that all bucketshops like to give when convincing clients it is perfectly safe to sign up with you guys, but I'm here to let everyone know that it is not. They may try to convince you with pretty words and show you nice reviews to get you to sign up with them as a client, but once your money is gone, it will be too late.

Scam brokers always have many tricks up its sleeve, and most of the time, it's too late when you see it, as with my case.

Some good reviews can be bought, but thorough investigation on the background of the company will speak for itself.

How the same people are allowed to keep getting away with dishonest conducts is what I can't seem to wrap my head around. First is Lance Rosenberg with his Tricom saga of market manipulation over a period of 3 years on the shares price of multiple different companies, and failing to maintain proper record of trading and financials, signing at least 27 inccorect statements about the broker's capital adequacy:

Tricom fines.png

And then Basil Macris, a former Director and Secretary of BBY, with the company dipping into clients' funds that is suppose to be kept in a seggregated account, causing investors to lose huge sums of money. Now these two are working TOGETHER at Gleneagle Securities and Gleneagle Asset management? Simply appalling.

I can't even feel safe putting my money anywhere near these people, and now I find out that Globalprime is not only heavily involved with Gleneagle Securities, having many identical names on both companies' list of authorized representative, but also lying about being an ECN Broker. And on top of that, executing clients' trade with favouritism for one its own affiliated counterparty Vidarr Capital, even at the expense of the clients' profitability. Completely disappointing.

I'm not going to force my opinions on others, but they are free to see the evidence I've gathered up here and judge for themselves.

Now, excuse me as I go dig for more information on the directors of Vidarr Captial. As my previous investigation have led me to believe there are more to be uncovered, as many of the companies owned by Vidarr Capital's Director seemed to have liquidiated with insane amount of debts, only to have another one pop up right after, debt-free. I've heard that the phoenixing of company is illegal in Australia: https://asic.gov.au/for-business/small-business/closing-a-small-business/illegal-phoenix-activity/

But I've got to collect more evidence first, before presenting it here to you guys. If you guys feel safe putting money with such people running the company, I really have nothing more to say, other than: "Don't say I didn't warn you".
 

The Punisher

Sergeant Major
Messages
589
One more thing I have found about Gleneagle Securities Pty Ltd, who is the parent company of GlobalPrime and also trading as GlobalPrime FX, is that it is previously a scam company known as RubixFX. Some of you might not have heard of that company before, it operated for a short while and then closed down, but continued its scamming operations is China.

View attachment 65724

Just from the first few complaints, you can see that investors have lost almost half a million RMB with this scam broker.

Yes, that's the very same Gleneagle Securities owned by the wealthy Lance Rosenberg. Who is known to make his money through unscrupulous means, for himself and his rich friends hiding their real identities behind nominees:

View attachment 65725


You can read the full article here: https://www.smh.com.au/national/nsw...led-in-on-welfare-street-20141224-12ddlw.html

After scamming millions of investor's money, they have gotten themselves a new trading/business name now: FXTrading

View attachment 65728

View attachment 65729

Now, if anyone is still trading with any of these companies, I suggest you take your money and run while you still can. It is operated by the same few scammer that keeps renaming their company once their jig is up, from Tricom Equities to Stonebridge Securities. From Tricom Investment management to Gleneagle Asset management. From RubixFX to FXtrading. And it goes round and round.

View attachment 65731

And behind FusionMarkets as you can see, is Gleneagle Asset Management and Gleneagle Securities. Behind GlobalPrime FX is Gleneagle Securities too. Now they are behind RubixFX and FXTrading too?! Now if you think about it, why would a honest company try to open so many different brokers all under different names instead of focusing on one? Other than to spread its tentacles far and wide to catch as many victims as possible, and have a few of them as a backup in case people caught on to one or two of the scam brokers like RubixFX?

The reason it's hard to find the link that connects them all together is due to the fact that they are registered in different countries like Australia, Vanuatu, Cyprus, Seychelles and even China. Another reason is they are really experience in this, and is very good at concealing their tracks, through the use of different trading/business names to associate with each of the different brokers, and setting up new companies through nominees and incorporators.

But I think I've done a decent enough job to uncover as much of it for you guys as possible so no one else is going to fall into this elaborate trap that they have set up to catch unknowing victims into their scams.
Gleneagle Asset Management shows FXtrading.com and a profile of Ultimate Pinnacle Co. Ltd.

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