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

[Ibma889]

Within 3 days from now, if he still can't provide evidence to prove the material damage that GP had caused to his trading!
I think this thread should be closed and renamed or deleted, so new members would not be misled.

FPA should not be abused this way!

Why the worry? U’re gp’s IB?

 

[mickaelsolomon]

Why the worry? U’re gp’s IB?

And you, why the worry about his message? U’re Shiro’s friend?

 

[Ibma889]

Now, the legal documents as promised. Took me hours reading through over 100 pages of those tiny words and trying to understand it. But here it is, the juiciest part of the documents that everyone would be interested in:

View attachment 66066


For people who wants to read more about Principal trading and Agency trading, just google those terms and you should be able to find the answer you are looking for. Now, on to the next piece:

View attachment 66067

From it's PDS and other legal documents, we could see them clearly declaring that they are taking the other side of your trade. But what about on its website?

View attachment 66069

Claiming the complete opposite, calling itself ECN when it did not pass your trade to the market and is taking the other side of your trades, saying it will find the best counterparty for your trade when their only counterparty is Gleneagle, claiming no conflict of interest when it is present, and lastly claiming that they do not create their own price when they already said in their legal document that they are a market-maker.

View attachment 66070



Yes indeed! You're a smart one, doing your own research and not jumping in blindly like me based on just good reviews.

If I've at least helped some people be more well-informed and prevent them from falling victim to this dishonest broker, then this thread have served it purpose.

Is there any way so we could talk in private? I would like to ask if u have found the true ecn broker for u, or maybe if u recommend any true ecn broker for minimum depo under 5000$ , I’m new to this forum, sorry if this comment not related, but it’s rather confusing because from the overview, it shows ecn

 

[Ibma889]

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.

So u’re actually confessed that even tho it’s not what public knows of what usually a true ecn is, u’re stating it’s legal because of asic regulatory guide? But this is not about legal term, we’re talking about customer who were choosing u as their broker because they thought u are a true ecn (act as an agent) which u stated not possible because it needs million to do so. Well that’s literally the only reason why people choose u, because for the first time we think it’s possible. Because we thought u’re special. So it’s not about just is it legal or not it’s because the expectation about what people think they are getting on, and sir ur website is misleading. And u even emailed me this, u keep talking about prime broker and make people think ur definition of prime broker is actually a “Prime broker” while actually the prime broker u’re reffering to is GLENEAGLE who which we could saw on the detailed proof by shiro21 is actually a market maker themselves. Is everything I’m stated above is true? I know u’re not b book, but is it true of what I stated above? That when u said about sending our order through prime broker is actually sending it to ur lp provider which is GLENEAGLE? And u’re legal stating so on ur website because u’re lawyer(legal team) said it’s legal based on ASIC regulatory?

 

[Ragnar64]

Hello guys, I would like your opinion about this, I tried GlobalPrime for a few weeks and I noticed something very strange trading NASDAQ.. the price action was very different compared to other brokers,
im attaching 2 screenshots.. one from a reference broker that Im being working with for 2 years already and confirmed it matches other big brokers like AMERITRADE.. the other screenshot is from Globalprime...
this is just 1 day as an example but it happened almost every day... sometimes its a few pips and other days the difference is huge.. to the point that while I have winning trades in my other brokers with GLOBAL my trades would lose... same trades values but in global the price wouldn't reach my orders...

 

[digweed34]

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.

View attachment 65678
And from the snapshot above, we could see that Vidarr indeed have the highest spread for both instrument among the liquidity providers.
View attachment 65679

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

View attachment 65681
View attachment 65682

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:

View attachment 65685

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:

View attachment 65686


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.

View attachment 65687
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.

Pepperstone has a license in Bahamas but it is also licensed in Australia and in multiple different jurisdictions, UK, Cyprus, Kenya, Germany, Dubai. Phil Horner used to work at Pepperstone, however he left 3 years ago and is not a director.

 

[The Punisher]

Hello guys, I would like your opinion about this, I tried GlobalPrime for a few weeks and I noticed something very strange trading NASDAQ.. the price action was very different compared to other brokers,
im attaching 2 screenshots.. one from a reference broker that Im being working with for 2 years already and confirmed it matches other big brokers like AMERITRADE.. the other screenshot is from Globalprime...
this is just 1 day as an example but it happened almost every day... sometimes its a few pips and other days the difference is huge.. to the point that while I have winning trades in my other brokers with GLOBAL my trades would lose... same trades values but in global the price wouldn't reach my orders...

@Shiro21 - here is more proof for you

 

[Ragnar64]

@Shiro21 - here is more proof for you

btw forgot to mention I brought this up to their support and they said this was due to their liquidity providers not being able to fulfill the orders... which doesn't make any sense to me..

 

[The Punisher]

btw forgot to mention I brought this up to their support and they said this was due to their liquidity providers not being able to fulfill the orders... which doesn't make any sense to me..

If you go back to the first three pages of this thread, @Shiro21 shows proof of this happening and why. He even invites this company to this thread and they try to defend their actions!

 

[Ragnar64]

im being working with ameritrade and XTB for almost 2 years already, and their price action (chart movement in pips/ticks) doesn't really differ much from one to another.. just 1-2 pips which is logical..
now I can't understand how some brokers would just make up their own price action moves... that can be legal? doesn't sound legit and would be too easy for those brokers to make money off traders investments.