Posted the previous review in haste. Turns out it was all just a miscommunication.
The email I received from GP said that I had to "close all positions as they could no longer server me as a client" - but their management clarified that this timeframe for ending the service is not immediate and may be long into the future. In the meantime, GP is happy to keep me on as a client, so I'm happy :)
Apparently, it stems from some legal suit of an unrelated firm with Ontario, making Ontario a high-risk venture for brokers.
As the saying goes, "it's not the mistakes you make, but how you resolve them that matters" and GP did an excellent job of resolving this.
5 stars and A+ !!!
Mar 26, 2022 - 1 Star I have been using a Global Prime Live Account for over 5 years - since they were a small, unknown broker. In this time I have had a mostly positive experience with them and have contributed on their Discord forums, etc. Was even interviewed about my trading Algo and methodology to create content for their YouTube channel.
Recently, they emailed me to inform that I should "wind down all my trades and close my account", since they cannot serve clients in Ontario, Canada.
They apparently stopped taking applications from Ontario many years ago (after I applied), but were happy to take my commissions and my contributions to their growth this whole time without letting me know that one day my account would be axed.
I feel so used and swindled. You have been warned.
Jan 4, 2019 - 5 Stars Was with Questrade for 2 years (because I had other investments with them, so it was easy to get MT4 setup). They shut down their MT4 support in mid-2017 so I did quite extensive research before settling on Global Prime (GP).
I was immediately struck by how much more tick data came through - almost instantaneous updates of market conditions. I also liked the structure of low-spreads + a commission instead of the fees bundled into the spreads like most brokers do. Way more transparency that way.
I also liked the funding method (through NAB I believe) which allows me to fund with a credit card.
The icing on the cake was this past week with the JPY "flash-crash". GP stayed open the whole time and I was able to trade around the event. I read horror stories of users with other brokers being locked out of their accounts, etc. It seemed that all of my stops were also honored with minimal slippage - fantastic! Lastly, although I came out ahead after the crash, there was a period where my account was in negative balance and GP did not force close my trades - unlike other brokers.
So after a year+ with GP, I would say I am thoroughly pleased.
Reply by jemook submitted Jan 24, 2019 Hi afeudale,
Glad you are enjoying your time with us and a huge thanks for leaving a review for us. I can't believe it's already been a year since you opened an account with us - the time has flown. Looking forward to many more happy years together.