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

jemook

GlobalPrime.com Representative
Messages
20
Getting back to something earlier in the thread. Many ASIC regulated brokers did drop their claims to being ECN, quite probably out of worry of being penalized by ASIC for deceptive advertising. If you truly feel Global Prime's claims of being ECN are false, why not take that and all of your other complaints and information to ASIC? An ASIC ruling on whether or not Global Prime really is or is not ECN would be something of great interest to traders, as would rulings on everything else you brought forward.

We spoke to two lawyers, in house counsel, and external compliance about our use of the term 'ECN' when we relaunched our website in early 2020. We are very comfortable with our use of the terms 'ECN' and 'A-book' to describe our business model. The disclosures on our website were seen to be sufficient by everyone who reviewed it.

We welcome any queries from Australia's regulators over GPs status as an ECN broker.

Regards,
Jeremy
 

Peter_E

Banned for uncivilized behavior.
Messages
4
In a retail spot Fx broker I want to be sure that at the very least they do not fiddle with my price feed, orders, or account history/ balance. Global Prime is one of the few brokers that fulfils this requirement for me.

Now if it so happens that GP (Gleneagles or their LP’s) do in fact B-book my trades, well okay fine!....someone always gets my loses. It would only be offensive if they acquired those loses via interference, ie messed with my orders, price feed etc so as to encourage loss. But I’ve never experienced this in the past 5 years. For this reason I believe GP are one of the better retail Fx brokers.

Consequently, if it becomes apparent that GP is advertising as ECN when they are not a true ECN, then clearly that should cease or at the very least come with a caveat. But even if GP are not a true ECN and are B-booking my trades, it wouldn’t motivate me to find a different broker because the criterion stated at the start of this post have always been met and as long as they continue to be met I expect to remain with GP.

*All that said I am in no way suggesting you are not within your right to pursue your claim of false advertising. Who knows the regulatory bodies may agree with you.
 

Peter_E

Banned for uncivilized behavior.
Messages
4
your moderation is very slow

FPA Forums Team: Flooding a thread and the FPA abuse reporting system with complaints about the speed of moderation slows down the entire moderation process. Moderation rules relax as a user's post count increases, but in your world, this meant that you were being targeted. Every person you claim is somehow favored had posts end up in moderation when their post count was lower.

Here is a small sample of why accounts with lower post counts are more likely to face moderation...


Spammers Hall of Shame

In your case, the moderation you hate so much had an additional benefit. The language in a number of your later complaints is sufficient to show that you are an uncivilized person who throws a fit when you don't get your way instantly. This let us get rid of you before you could cause larger problems. You have been banned.
 

Shiro21

Private, 1st Class
Messages
63
We spoke to two lawyers, in house counsel, and external compliance about our use of the term 'ECN' when we relaunched our website in early 2020. We are very comfortable with our use of the terms 'ECN' and 'A-book' to describe our business model. The disclosures on our website were seen to be sufficient by everyone who reviewed it.

We welcome any queries from Australia's regulators over GPs status as an ECN broker.

Regards,
Jeremy
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.
 

The Punisher

Sergeant Major
Messages
660
We spoke to two lawyers, in house counsel, and external compliance about our use of the term 'ECN' when we relaunched our website in early 2020. We are very comfortable with our use of the terms 'ECN' and 'A-book' to describe our business model. The disclosures on our website were seen to be sufficient by everyone who reviewed it.

We welcome any queries from Australia's regulators over GPs status as an ECN broker.

Regards,
Jeremy
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!
 

Shiro21

Private, 1st Class
Messages
63
@Shiro21

The reason why we deal with you as principal is because it's a bilateral agreement between you and us. We issue the product to you as principal. All CFD providers deal with their clients as principal and this has no relation to the dealing model of Global Prime or any provider. For example, a DMA CFD provider over an exchange-traded market like shares will also enter agreements with clients as principal.
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.


We've explained that on the best execution page: https://www.globalprime.com/best-execution/

"

We trade with you as principal​

When you trade with Global Prime, we execute your trades as principal since we issue the product to you, i.e. we are the financial services provider giving you the product.

This legal relationship does not mean your trade is not executed by one of the group's liquidity providers, it just means that Global Prime is the legal counterparty to your trade. This legal relationship will be the same wherever you trade unless the broker is an ‘agent’, i.e. They’re a middleman between you and the real broker, who you will trade with as principal. This is generally how OTC markets operate.

Global Prime cannot act as an agent between a trader and the market since this would require the trader to have a relationship with the prime broker, which they could not do without tens of millions of capital behind them. Global Prime can and does facilitate such arrangements for institutional traders that have their own prime broker.

"

Regards,
Jeremy
Exactly. 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? That's just dishonest.

An ECN broker only matches trades with other market participants, they do not take the other side of the client's trade:


IMG_20210617_133226.jpg

It is completely different from Principal trading, which is what you guys are doing:

IMG_20210617_143937.jpg

You are just twisting words to try and lie your way out of this. Why not be honest and tell it like it is.

The reason is simple, if you admit to your mistakes, that would mean having to compensate the people that have been misled by your lies. And also because you wouldn't get the same amount of business as you're getting now if you had been honest. You lie to get business, to benefit yourself at the expense of your customers. Where is the honesty in that?
 

The Punisher

Sergeant Major
Messages
660
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.
But Global Prime (@jemook) hired lawyers that are on their payroll who said technically this is all legal and that it's okay to use mis-leading language and deceive investors :cool::p
 

mickaelsolomon

Recruit
Messages
9
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
 

jamho22

Recruit
Messages
4
We spoke to two lawyers, in house counsel, and external compliance about our use of the term 'ECN' when we relaunched our website in early 2020. We are very comfortable with our use of the terms 'ECN' and 'A-book' to describe our business model. The disclosures on our website were seen to be sufficient by everyone who reviewed it.

We welcome any queries from Australia's regulators over GPs status as an ECN broker.

Regards,
Jeremy
@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?
 

Shiro21

Private, 1st Class
Messages
63
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
Right on point. They are just going around in circles without addressing the real issues, just like how they handled my complaint when I brought it to their attention. They are not interested in resolving the issue to your satisfaction, despite all the boastful claims about their honesty, transparency and great customer service.

Now you see they are just a regular broker like all the other ones out there. Nothing special. Making big talks about their services, but it's all just hot-air and nothing else.

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. We all know what happens when we put all the power in someone else's hand. The problem is they don't let us know they have that power by misleading us.
 
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