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

umpar

Recruit
Messages
4
If the position size is big enough, they would do it. That's how they make the big bucks. And here they are, lying to their customers and claiming there is no conflict of interest.


Anyway, someone informed me of something interesting and i went to look into it. There is another broker named CapitalFX Pty Ltd and the website is almost a clone of the Globalprime's old website. Have a look at it yourself, the one in blue is Globalprime's, the one in red is the new CapitalFX's:

View attachment 67703View attachment 67704


Uncanny resemblence, if you ask me. Lols.

Even the address is sus. They are literally neighbours in Australia, and shares the exact same location in Vanuatu.

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But there's more. If you look below at the "Customer Notice" highlighted in yellow, you can see that CapitalFX is again just one of Gleneagle Securities Pty Ltd many offshore "retail broker arm".

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One more thing to note here is, the ABN 74 146 086 017 and AFSL 385620 listed above in the "Customer Notice" highlighted in yellow, both belongs to Globalprime, as can be seen here:

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So why is CapitalFX able to use Globalprime's ABN and AFSL without any repercussion? Unless approval has been given by Globalprime, or CapitalFX is just Globalprime's trade name.

There are many other things i found extremely suspicious as well, CapitalFX claim to have 4.7/5 stars based on 270+ reviews on FPA, but a search on FPA shows nothing of this broker. Clicking on the show reviews link is useless as it only leads you back to their homepage.

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And of course the 4.8/5 star Trust Score is fake too. Same as the one above, clicking on the link just redirects you to the CapitalFX.io website's homepage.

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And lastly, at the bottom it says, "© Copyright 2010-2020 CapitalFX Pty Ltd | Suite 604, 35 Grafton St Bondi Junction, 2022 Australia.":
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But the website was only started in 2021, so how could the copyright be from 2010-2020?
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Everything about this broker is just suspicious, and it is again linked to Gleneagle Securities? What more can I say.. Just be careful when dealing with anything related to Gleneagle Securities. Take your money and run as far as you can when you see that name.
Very suspicious indeed. I agree with the others. @Shiro21 should get picked up by FP Army.
 

cash_money_man

Private
Messages
21
I would like to briefly discuss ethical conduct and transparency regarding Global Prime. A good broker with integrity will tell you that as a Canadian resident, you cannot open an account and trade, unless the broker is registered in Canada and follows the provincial securities laws.

For example, the broker mentioned in this official Ontario Securities Commission (OSC) news release, did not follow the rules in Ontario, Canada. As a result, they were heavily fined.


“Regardless of the location of their home base, offshore platforms offering services to Ontarians are subject to Ontario’s securities laws,” said Jeff Kehoe, Director of Enforcement at the OSC. “We will take corrective action against firms that try to ‘jurisdiction shop’ and fail to comply with our laws. These companies cannot avoid their regulatory obligations by relocating their operations.”

Global Prime did something similar to residents of Canada. They opened accounts and permitted Canadian residents to trade. If Global Prime was being honest and ethical, then they would not permit any Canadian resident to register. If Global Prime wanted to do business in Canada, then they would follow the securities laws of each province that they operate in, like the many other professional financial institutions.
 

cash_money_man

Private
Messages
21
Forex Peace Army shows that Global Prime is not registered in Canada or regulated in Canada.

GP.PNG
 

Shiro21

Private, 1st Class
Messages
65
I would like to sincerely thank everyone for their contribution here. AFCA has decided to take up my case and look into the complaint. The reason it dragged for so long, was because GlobalPrime tried to stop AFCA from taking up the case by claiming they had shifted my account to Vanuatu.

However, they had made multiple false and misleading statements when trying to coerce me into accepting having my account shifted to their Vanuatu entity, and thus their attempt to stop AFCA from taking up my case was denied.

The gist of it was very well summarized by the professional AFCA case analyst, after considering all the evidence provided by me:

Complaint.png



So now the case is still ongoing. And with all the evidence that we've gather here in this thread, I'm actually feeling pretty confident and optimistic about it. Thanks again to all the members here who have contributed to the discussion, as it really had helped me immensely in terms of gathering the right information and evidence.
 

Ibma889

Recruit
Messages
4
I must admit most of this thread is way above my head, so i cant comment on how orders/trades are actually filled.
For what its worth, i have been trading since 1988, i have had several brokers, and by far global prime has been my best broker. Been with global prime about 2.5 years, yes there has been minor issues, most were something i must have done wrong, but i must say, every single time there was an issue, every person i have dealt with has gone out of there way to quickly help me and did there absolute best to resolve the issue.
I have never gotten the feeling that anyone at gp is out to get my money, in fact gp has the best mentor program i have ever seen, which is helping me to be a profitable trader.
I feel sorry for shiro21, but in my opinion, if you are not happy trading at gp, you will have a very hard time finding a broker you will be happy with.
And i must say shiro21, shame on you for picking on gp, if you had gone on gp discord, you would find a lot of happy traders, and i believe whatever issues you have with gp could have been resolved in a more positive way. In the end, i am sure gp will prove that the trades were filled the way that gp said they are filled.
Doogie
What? Picking at who? Pds were created for a reason, if u’re not working for gp then u should thank shiro21 for providing this information, FOR FREE
 
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