Hi Shilo,
You traded with us for long enough to make over 1,000 trades as you said. During this time you didn’t make a single complaint about any of your trade executions. Your complaint only came after you incurred the self-traded losses on your account.
Your basis of your claim wasn’t about performance it was about our disclosures which I will show below are incorrect.
Vidarr
Almost all retail brokers use a single source of liquidity for each CFD market. For example we use CMC as a single LP for our commodities, futures & bonds.
Every CFD provider will have slightly different prices which makes it difficult to aggregate. This wouldn’t be the case if there was central clearing through a prime broker like FX where you can aggregate 25+ Liquidity providers.
Contrary to your claims, this is disclosed on our website on the ‘How We Make Money’ page:
https://globalprime.com/how-we-make-money/
“Unlike Forex and Metals which are traded via a ‘prime broker’, Indices and Commodity CFDs have no central counterparty through which trades are given up and cleared. Because of this, all trades generally go to a single liquidity provider on a per product basis. This means these products are not ECN.”
Vidarr does not hold client capital. We provide liquidity to plenty of large scale brokers who use the pricing from Vidarr and comment that the depth and pricing is the best they’ve seen.
Vidarr is also disclosed on our website along with other Liquidity providers here:
https://www.globalprime.com/best-execution/
As for Global Prime FX UK entity and Mark Davison from Vidarr being attached to it – the company was incorporated to assist with payments services and since a UK director was required we chose Mark. It is a dormant company and no business has run through there since it was created.
Global Prime & Gleneagle relationship
This is disclosed on our Best Execution page:
https://www.globalprime.com/best-execution/
Global Prime was created as the retail arm of Gleneagle, as such it has its own AFSL and Seychelles license. Gleneagle is the parent company with the liquidity + prime broking relationships.
The Global Prime team manages the liquidity and Prime Broker relationships for Gleneagle so we have always been in full control of the pricing, execution etc for Global Prime.
Our A-book model which does not profit from client losses
You’ve made some serious allegations about Global Prime siphoning money or b-booking trades which are quite simply slanderous and not correct.
There is absolutely no basis for your allegations.
Global Prime does not run a b-book which is where losing clients are separated into the b-book with the intent to profit from the clients losses.
Global Prime does not profit from client losses.
Global Prime does not have any counterparty relationships which run a b-book or kick us back for losses made by clients.
Gleneagle does not operate a b-book for us. All of our trades can be verified with automated trade receipts which show which liquidity provider filled the clients trade alongside the full order book at the time, including LP names and a tick chart showing where the quotes came through before and after the trade.
Since we back-to-back hedge all trades and don’t internalise any risk (excluding small tickets which are batch hedged), plus we provide trade receipts to prove exactly how every order was executed and with whom, we’re confident we’re doing the right thing by our clients and delivering a genuine ‘retail broker ECN’.
We've literally spent the last 10 years harping on about our A-book model and disclose more on our website than any other broker alongside trade receipts and a public facing Discord. Your accusations that we run a b-book somewhere in the setup goes contrary to everything we stand for.
How we offered to compensate you
We don’t think it’s fair to ask us to compensate you for the entirety of your self-traded losses incurred from over 1000’s of trades based on what you claim are non-disclosures. We executed your trades according to the information on our website as has been shown above.
We offered for you to compare your trade executions to other venues to help build a better case for a rebate but you did not take us up on the offer.
That offer still stands.
Regards,
Jeremy