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

RahmanSL

Major
Messages
2,845
@Shiro21, which broker is a true ENC anywhere?
Reading your case reminds me of my case against that scrumbag broker REMOVED (another ASIC regulated broker) who not only is not ENC as advertised, but will manipulate your trades with false spikes, temporary lowering your leverage, etc to wipe out your trading account. All these are very difficult to prove and ASIC basically told me, if I wish to do so and with their assistance, to file my case against that scumbag broker from my country outside of Australia.
Just knowing that Angus fella (who is a real prick as someone here mentioned at the FPA who has met him) has moved from REMOVED to Globalprime is more then enough to turn me off permanently from using Globalprime as one of my brokers.

Honestly, I do not think you will be able to solve your case here at the FPA because it deals with the governing rules & regulations of ASIC which most of us here have no real in-depth knowledge of their workings.
I would suggest you compile all the excellent research material which you have carried out (plus other material from our esteemed FPA senior members), and attach them with your complaint case letter to the ASIC who should be able to follow-up with your case against Globalprime.
Goog luck!
 

Shiro21

Private, 1st Class
Messages
63
@Shiro21, which broker is a true ENC anywhere?
Yep. I'm just here to expose them for what they are, and is mostly relying on AFCA to provide a resolution through their abitration process.

But I have to say that some of the members here, like yourself and a few others, have really provided me with many useful information which have helped me greatly on my case. Even the simple act of asking a genuine question had directed me to look for meaningful answers which prove to be more useful than I first thought.

I'm currently looking through their PDS and other legal documents, and I'm going to share them here once I've assembled them into a more readable format. It's going to be very interesting, because many of the terms written in those legal documents actually contradicts with what they're saying here and on their website.

I've actually went and look through some of your older posts. It seems like you had a long hard fight with that dishonest broker you mentioned, and it really did have a lot of resemblance to this case here.
 

Shiro21

Private, 1st Class
Messages
63
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:

Gobalprime's relationship with customer.png


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:

Globalprime Conflict of Interest.png

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?

Globalprime website conflict of interest.png

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.

Globalprime makes a market.png


Heard bad things about them before this post, but this just summarises it. Thanks for sharing your thoughts.
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.
 

Shiro21

Private, 1st Class
Messages
63
This thread is going to keep running around in circles with your baseless accusations and insinuations. If anything it's helping to give more attention to the #1 rated forex broker with over 300 reviews on FPA over almost 10 years of business.
Would you like to elaborate how any of this is baseless?


Globalprime Pricing model.png


This seems to contradict information from your website:


Globalprime Transparency.png


Why is so many of the claims on your company's website so contradictory to the terms of the PDS and other legal documents? What are you trying to achieve by doing this? Where is the transparency in all this?

Globalprime DMA.png

We are signing up to an ECN account, but we get automatically put under the Non Direct Market Access model without being informed of it? I'm sure most of Globalprime's clients do not know their accounts are under the non-DMA model. How can you say we are signing up to an ECN account when you, without asking for our preference, put us under a model where our trades never goes to the market? Lols. What then, is the point of signing up to an ECN account in the very first place? What a joke this broker is.
 

umpar

Recruit
Messages
2
Would you like to elaborate how any of this is baseless?


View attachment 66075


This seems to contradict information from your website:


View attachment 66076


Why is so many of the claims on your company's website so contradictory to the terms of the PDS and other legal documents? What are you trying to achieve by doing this? Where is the transparency in all this?

View attachment 66077

We are signing up to an ECN account, but we get automatically put under the Non Direct Market Access model without being informed of it? I'm sure most of Globalprime's clients do not know their accounts are under the non-DMA model. How can you say we are signing up to an ECN account when you, without asking for our preference, put us under a model where our trades never goes to the market? Lols. What then, is the point of signing up to an ECN account in the very first place? What a joke this broker is.
Long time lurker on this board. Just created a profile today to post this. I was about to open an account with them. How can they brazenly mislead their customers like this? I was prepared to give GP some benefit of doubt even after learning about how GlobalPrime, the brokerage firm that has tenaciously built its brand around integrity and transparency, has chosen to surround itself with highly questionable individuals. Now I read that their PDS is chock-full of statements that run contrary to their claim of being a True ECN. Thanks for the heads up @Shiro21. Great detective work.
 

Peter_E

Banned for uncivilized behavior.
Messages
4
what about all the trade receipts we receive, are they fake?
note: mine are not with the same LP as you stated at the start of the thread
 

Shiro21

Private, 1st Class
Messages
63
what about all the trade receipts we receive, are they fake?
note: mine are not with the same LP as you stated at the start of the thread
Yup. It's all fake receipts in the sense that your trades only went to Gleneagle, and what they decide to do with your trades after it is in Gleneagle's hand is entirely up to them. Which is stated here:
IMG_20210616_075338.jpg

I'm not surprised that most people seem to think that the receipts they are showing us means our trades are being placed in the real markets. I used to thought the same before I found out. But someone was kind enough to educate me on this and what Globalprime's receipt is actually showing, is just how they derived the price that they are willing to deal with you at.

It is no different from any other market-makers or bucket-shop that looks at the underlying market and pricing their own product based off of that. The only difference is Globalprime invested in an automatic technology to show you how they price their products.
 

jemook

GlobalPrime.com Representative
Messages
20
@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.

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
 
Top