Broker Details
| Minimum Trade Size: | 0.01 |
|---|
| Maximum Leverage: | 200:1 |
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| Minimum Deposit: | $200 |
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| Established: | 2010 |
|---|---|
| Address: | Suite 604, 35 Grafton Street Bondi Junction Sydney, NSW, 2022, Australia |
| Customer Service: | support@globalprime.com, 61 (2) 8379 3622 |
| Regional offices: | |
| Regulations: | ASIC #385620, FSA-S #SD057, VFSC #40256 |
| Prohibited countries: |
| Trading platforms: | MT4, WebTrader, Desktop Terminal, MobileTrader (MobileApp), Trader Evolution, TradingView |
|---|---|
| Web Trading: | ✅ Yes |
| Mobile Trading: | ✅ Yes |
| ECN: | ✅ Yes |
Trading Instruments |
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| Currencies: | (45+) |
| Cryptocurrencies: | Bitcoin, Litecoin, Ethereum |
| CFD: | (25+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities |
Trading Conditions |
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| EAs/Robots: | ✅ Yes |
|---|---|
| News Spike Trading: | ✅ Yes |
| Scalping: | ✅ Yes |
Managed Accounts & Social Trading |
|
| ZuluTrade: | ✅ Yes |
| Copy Trading: | ✅ Yes |
| Deposit Methods: | Bank Wire (Bank Transfer), VISA, MasterCard, AccentPay, Boleto, BPAY, Dragonpay, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, PayPal, Poli, QR Payment, SEPA (Single Euro Payments Area), Skrill, Zotapay |
|---|
| Withdrawal Methods: | Bank Wire (Bank Transfer), VISA, MasterCard, Neteller, Skrill |
|---|
GlobalPrime.com profile provided by jemook, Aug 12, 2020
Global Prime Forex is a Forex and CFD provider specialising in low latency connectivity to tier-1 bank liquidity and ECNs.
Australian based, ASIC (Australia), VFSC (Vanuatu) and FSA (Seychelles) regulated. Offering MetaTrader 4 PC, Mac, Mobile and WebTrader platforms. Trader Evolution is also available for more advanced features.
Discord community chatroom is available with over 3500 participants, including fellow traders, owners, GM, support team and Market Insights Commentator.
Global Prime uniquely offeris trade receipts, to proving which liquidity provider filled your trade. Available for any trade. In summary, Global Prime want you to win.
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Traders Reviews
Overseas clients all shifted to a different jurisdiction in Vanuatu
Service use: Live
Length of use: over 1 Year
I have an account with them which I opened about 1-2 years ago when i was trying out their service and platform, but ended up not staying with them due to the lack of funding options in the past. They have now improved greatly on that and i was once again ready to trade with them.
Upon trying to fund my account, I noticed that the name of the bank account I was trying to transfer to is "Gleneagle Securities Pty Limited GP FX AUD Trust Vanuatu Account". I was curious as to why was it under Vanuatu instead of Australia, so I contacted the support staff through Live Chat and found out that due to the recent changes in the financial regulation in Australia, they could no longer accept clients from overseas without paying a large sum of money for legal advice. And due to these changes, all overseas clients had their account shifted to the jurisdiction in Vanuatu, which is a island nation with a population of less than 300k and GDP per capita of $2,850. Australia has an GDP per capita of $55,000. (You can search the term "Vanuatu" in Google and research it for yourself). There's no way that country can offer the same amount of protection if you're comparing it to a country as developed as Australia.
Despite the Support staff's extremely honest answer and the great service provided to me, I still could not bring myself to put my money in a jurisdiction where they do not even have a process for external dispute resolution, and from the VFSC website i could see their support for complaint is almost non-existent.
Another thing is my account used to be opened under Australia's jurisdiction, and I'm not sure if I was even informed when my account was moved to Vanuatu. If the company had to shift to a offshore location to accommodate overseas client, why not shift it to their neighboring country in New Zealand? Instead of a completely remote island like Vanuatu that most people have never even heard of.
Would be nice if there's someone from the company who can clarify on this.
Upon trying to fund my account, I noticed that the name of the bank account I was trying to transfer to is "Gleneagle Securities Pty Limited GP FX AUD Trust Vanuatu Account". I was curious as to why was it under Vanuatu instead of Australia, so I contacted the support staff through Live Chat and found out that due to the recent changes in the financial regulation in Australia, they could no longer accept clients from overseas without paying a large sum of money for legal advice. And due to these changes, all overseas clients had their account shifted to the jurisdiction in Vanuatu, which is a island nation with a population of less than 300k and GDP per capita of $2,850. Australia has an GDP per capita of $55,000. (You can search the term "Vanuatu" in Google and research it for yourself). There's no way that country can offer the same amount of protection if you're comparing it to a country as developed as Australia.
Despite the Support staff's extremely honest answer and the great service provided to me, I still could not bring myself to put my money in a jurisdiction where they do not even have a process for external dispute resolution, and from the VFSC website i could see their support for complaint is almost non-existent.
Another thing is my account used to be opened under Australia's jurisdiction, and I'm not sure if I was even informed when my account was moved to Vanuatu. If the company had to shift to a offshore location to accommodate overseas client, why not shift it to their neighboring country in New Zealand? Instead of a completely remote island like Vanuatu that most people have never even heard of.
Would be nice if there's someone from the company who can clarify on this.
Hi CLTH77
Thanks for reaching out. ASIC recently came out with guidance that its regulated brokers need to ensure they are legally allowed to accept clients from each jurisdiction their clients come from.
It doesn't affect all countries and we may look to move certain countries back to ASIC license once we are satisfied the advice states we are permitted to do so.
It's still the same people running the show and looking after the liquidity. All client funds are held in accounts with Westpac Banking Corporation, Australia (one of the “big four” banks and Australia’s oldest banking institution).
I'm glad that we've earned the communities trust over the years. In saying all this regulation is still important - if you don't feel comfortable trading under a different regulator with the same team that has always looked after you then we fully respect your decision to jump to another broker.
As for notification, all clients were contacted via email and phone and no one was moved without accepting terms and agreeing to be moved. Clients that didn’t accept the move had their trading disabled.
If you didn’t receive anything please contact us with your email address and we can check to see why you didn’t receive it – it may have gone to junk mail for example.
We pride ourselves on honest and transparent business practice and strive to ensure that our clients best interests are always at the forefront of every decision we make, we like to think that we abide to an ethical code that is impenetrable and does not change irrespective of which body provides the licensing.
Everything is still owned by our group of companies for the last 10 years. Our formula of doing right by clients has worked for almost a decade and we intend to keep it that way.
Regards
Jeremy
Thanks for reaching out. ASIC recently came out with guidance that its regulated brokers need to ensure they are legally allowed to accept clients from each jurisdiction their clients come from.
It doesn't affect all countries and we may look to move certain countries back to ASIC license once we are satisfied the advice states we are permitted to do so.
It's still the same people running the show and looking after the liquidity. All client funds are held in accounts with Westpac Banking Corporation, Australia (one of the “big four” banks and Australia’s oldest banking institution).
I'm glad that we've earned the communities trust over the years. In saying all this regulation is still important - if you don't feel comfortable trading under a different regulator with the same team that has always looked after you then we fully respect your decision to jump to another broker.
As for notification, all clients were contacted via email and phone and no one was moved without accepting terms and agreeing to be moved. Clients that didn’t accept the move had their trading disabled.
If you didn’t receive anything please contact us with your email address and we can check to see why you didn’t receive it – it may have gone to junk mail for example.
We pride ourselves on honest and transparent business practice and strive to ensure that our clients best interests are always at the forefront of every decision we make, we like to think that we abide to an ethical code that is impenetrable and does not change irrespective of which body provides the licensing.
Everything is still owned by our group of companies for the last 10 years. Our formula of doing right by clients has worked for almost a decade and we intend to keep it that way.
Regards
Jeremy
I cannot give this broker a star rating which counts for anything as I have never live traded so I will give the 3 star for average. However I guarantee that no one who live trades with them has fully READ and more important UNDERSTOOD their PDS. If they have they would understand as soon as your money goes in, there is no protection on any of it, you are liable for unlimited loss and also liable for other clients loss in a case of insolvency etc.
Most like a rep will reply to this trying to worm their way out of it and they are very good at it, but the facts are plainly stated in their PDS, if you haven't fully read and understood it go do it now.
Review Moderation Team Note: 3 Star Rating removed.
3 stars is NOT the same as No Rating. Giving 3 stars to a well-rated company can harm it. Giving 3 stars to a poorly rated company can improve its ratings. This is why the FPA offers No Rating.
Most like a rep will reply to this trying to worm their way out of it and they are very good at it, but the facts are plainly stated in their PDS, if you haven't fully read and understood it go do it now.
Review Moderation Team Note: 3 Star Rating removed.
3 stars is NOT the same as No Rating. Giving 3 stars to a well-rated company can harm it. Giving 3 stars to a poorly rated company can improve its ratings. This is why the FPA offers No Rating.
I have been a client of Global Prime for 3 years now and have nothing but the highest praises for them. The experience has been one that has run smoothly and withdrawals are always processed efficiently and correctly. The team is always there to help out if there are any issues or even just for a quick chat on Skype. I trade at a few other brokers and there are others that are good too however Global Prime is hands down my favourite and I recommend the team and the work they are doing in forex highly.
1 trader has found this review helpful
I came across the name Global Prime in one of my trips into the net while searching trading knowledge.
I am so very happy for that to happen because after downloading the Demo MT4 I have experienced a high degree of reliability and the few times I had some issue to sort out, the people I have dealt with so far, have proved to be very helpful.
I am so very happy for that to happen because after downloading the Demo MT4 I have experienced a high degree of reliability and the few times I had some issue to sort out, the people I have dealt with so far, have proved to be very helpful.
1 trader has found this review helpful
"Cancel Transactions or adjust their prices"
Service use: Other
Length of use: Have not used
I was really excited to find the first broker with ethical principles in the market.
I was a few hours from opening my account with them, reading the terms and conditions of the contract that I was going to sign with Global Prime, when I read the following paragraph:
• (or) we have the powers and discretion to exercise those powers, without notice or reason, to cancel Transactions or adjust their prices or terms and, although we would exercise our powers in accordance with these Terms and our legal obligations, you may incur losses (including fees and charges) and miss investment opportunities as a result of exercising our powers.
What does this mean? What broker reserves the right to adjust the prices of my positions, close them to me whenever he wants, without me being able to do anything?
How consistent is this clause of the contract, with the slogans of Global Prime, which are positioned as "Transparent Broker" and "Fair Trade"?
"We were tired of our brokers interfering with our operations, so we created Global Prime. Traders should focus on their operations, not their broker."
This is a quote from Jeremy Kinstlinger (co-founder)!
Wow!!! I'm very impressed.
Please could the broker clarify for me how I can focus on my trading, not my broker, if I legally sign that Global Prime can do whatever it wants with my trades without notifying me?
I was a few hours from opening my account with them, reading the terms and conditions of the contract that I was going to sign with Global Prime, when I read the following paragraph:
• (or) we have the powers and discretion to exercise those powers, without notice or reason, to cancel Transactions or adjust their prices or terms and, although we would exercise our powers in accordance with these Terms and our legal obligations, you may incur losses (including fees and charges) and miss investment opportunities as a result of exercising our powers.
What does this mean? What broker reserves the right to adjust the prices of my positions, close them to me whenever he wants, without me being able to do anything?
How consistent is this clause of the contract, with the slogans of Global Prime, which are positioned as "Transparent Broker" and "Fair Trade"?
"We were tired of our brokers interfering with our operations, so we created Global Prime. Traders should focus on their operations, not their broker."
This is a quote from Jeremy Kinstlinger (co-founder)!
Wow!!! I'm very impressed.
Please could the broker clarify for me how I can focus on my trading, not my broker, if I legally sign that Global Prime can do whatever it wants with my trades without notifying me?
1 trader has found this review helpful
Hi Jose,
Thanks for your post. You’re not the first client to bring this up and you wont be the last. To answer the issue you’ve raised with our terms and conditions, I’ll use a recent example where we actually used this clause.
Before we get into the weeds, please note that every single broker in the world has this clause or similar. The reason will be clear following the below recent example.
"On the xxxxx there was an error with gold pricing which caused prices to momentary spike down $100. The spike was visible on Bloomberg and it was seen at multiple brokers."
Many clients who were long gold were stopped out while many clients with short gold trades made money. It was a clear error so we immediately contacted the liquidity provider and had all the trades done as a result of the spike cancelled. Following this we restored client accounts to their original position before the spike.
The end result is no client was better or worse off as a result of the pricing error. Global Prime took a small loss as a result of ‘making everyone whole. This was the fairest outcome under the circumstances.
If we didn’t have this clause and several like it then we wouldn’t be able to adjust clients trades in the fairest possible way. Sure these clauses could be abused by brokers but that’s why FPA and regulators are here. To weed out the bad actors.
Hopefully the positive reviews that can be seen here will help to show that we always aim to be on our clients side. If you'd like to chat with our clients - easy just join our chat group and ask them yourself. There's 3000 members in there.
Hope that's clear! Let us know if anything further.
Thanks for your post. You’re not the first client to bring this up and you wont be the last. To answer the issue you’ve raised with our terms and conditions, I’ll use a recent example where we actually used this clause.
Before we get into the weeds, please note that every single broker in the world has this clause or similar. The reason will be clear following the below recent example.
"On the xxxxx there was an error with gold pricing which caused prices to momentary spike down $100. The spike was visible on Bloomberg and it was seen at multiple brokers."
Many clients who were long gold were stopped out while many clients with short gold trades made money. It was a clear error so we immediately contacted the liquidity provider and had all the trades done as a result of the spike cancelled. Following this we restored client accounts to their original position before the spike.
The end result is no client was better or worse off as a result of the pricing error. Global Prime took a small loss as a result of ‘making everyone whole. This was the fairest outcome under the circumstances.
If we didn’t have this clause and several like it then we wouldn’t be able to adjust clients trades in the fairest possible way. Sure these clauses could be abused by brokers but that’s why FPA and regulators are here. To weed out the bad actors.
Hopefully the positive reviews that can be seen here will help to show that we always aim to be on our clients side. If you'd like to chat with our clients - easy just join our chat group and ask them yourself. There's 3000 members in there.
Hope that's clear! Let us know if anything further.
Really appreciate the live chat they have on their website and them helping me get everything set up properly. Definitely would suggest them, especially if you're new like me they have great customer service that really helps you.
2 traders have found this review helpful
Best broker
Service use: Live
Length of use: over 1 Year
Global Prime is what evolved to be a best one what trader can today partner with. The quality of service, transparency and willingness to help traders to succeed are the values everyone looks for. Thanks for being here for us, traders Global Prime.
Milan
Milan
1 trader has found this review helpful
Awesome broke, always upfront and fair to deal with.
Service use: Live
Length of use: over 1 Year
I have been trading with Global Prime for 3 years and not once have I had a bad experience. The owners of Global Prime are approachable and responsive to any and all requests. I find it easy to make a deposit and also easy to withdraw money to my accounts.
1 trader has found this review helpful
Hi all,
Just a quick note to say don't forget to scroll down and select 'Show All' reviews. There's quite a few to go through but you'll get a good feel of how our clients feel about Global Prime.
All the best
Jeremy
Just a quick note to say don't forget to scroll down and select 'Show All' reviews. There's quite a few to go through but you'll get a good feel of how our clients feel about Global Prime.
All the best
Jeremy
Looks like a market maker, not an ECN
Service use: Demo
Length of use: 0-3 Months
I opened a Demo account and place n order on GPBNSD, On October 13th there was a huge candle which I did not see it in other two platform that I had and eventually, t hit my take profit, but it was not triggered, however, few days later eventually the price did hit my target. This sort of the activity you can see only with a Market Maker, not an ECN Broker, so I wonder how this happened. I will monitor more and provide an up-date.
Hi Farhad,
Limit orders would not be triggered over the daily 3 minute trading break at rollover. MT4 only shows the bid price and the bid price may have hit your Take Profit but the ask price would have to hit it to trigger. These are some examples of what may have happened. Please contact us if you'd like your trade reviewed.
Regards,
Jeremy
Limit orders would not be triggered over the daily 3 minute trading break at rollover. MT4 only shows the bid price and the bid price may have hit your Take Profit but the ask price would have to hit it to trigger. These are some examples of what may have happened. Please contact us if you'd like your trade reviewed.
Regards,
Jeremy
Frequently Asked Questions
Is Global Prime a good broker?
GlobalePrime is an ASIC-regulated forex broker, offers MetaTrader 4 forex trading platform.
The best way to understand if Global Prime is a good broker is to read the unbiased traders reviews on ForexPeaceArmy. https://www.forexpeacearmy.com/forex-reviews/9018/www.globalprime.com.
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Additionally, we'd recommend to check recent Global Prime community discussions: https://www.forexpeacearmy.com/community/tags/globalprime.
Is Global Prime regulated?
Global Prime is regulated by the Australian Securities & Investments Commissions (ASIC), holds an Australian Financial Services License (AFSL): 385620.
What is the leverage for GlobalPrime?
GlobalPrime offers 3 types of leverages.
- Standard leverage is 1:100
- Maximum leverage is 1:200
- XAUUSD leverage is 1:100 regardless of the account leverage setting
5 star review by Anand R Avakanvar, Australia
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