Global Prime Broker Review

Is Global Prime Safe?

Yes, Global Prime is a safe broker for traders to trade with.  It maintains regulation from ASIC, considered one of the world’s best regulators, and the VFSC of Vanuatu.  

ASIC Regulation: Founded in 2010 and headquartered in Australia, Global Prime provides services to over 10,000 traders in 196 countries worldwide.  It maintains regulation from the Australian Securities and Investments Commission (ASIC) of Australia, and the Vanuatu Financial Services Commission (VFSC), See below for more details:

• Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620.
• Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC.

traders will be trading under the Global Prime subsidiary authorised and regulated by the Australian Securities and Investments Commission (ASIC):

 

Safety Features: In early 2021, ASIC tightened its restrictions on CFD trading to better protect traders. As a result, Global Prime clients in Australia will have a leverage limit of 30:1 for Forex trading and will be provided negative balance protection, meaning that traders can never lose more money than they have in their trading accounts. In addition, ASIC regulations ensure that Global Prime keeps its operational funds segregated from client accounts, but also prevent Global Prime from offering promotions or bonuses. 

Overall, because of its long history of responsible behaviour and strong international regulation, we consider Global Prime a safe broker to trade with. 

Company Details:

Global Prime’s Financial Instruments

Global Prime offers a limited range of tradable assets compared to other large international brokers and no share CFDs, but its cryptocurrency range is better than most other brokers.

Global Prime’s range of financial instruments for CFD trading (click here for more details on CFD trading), include Forex, crypto, commodities, bonds, and indices:

• Forex: Global Prime has 56 currency pairs available for trading, an average range compared to other CFD providers, including majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/CAD, EUR/JPY), and exotics (SGD/JPY, USD/ZAR). 
• Indices: Limited compared to other brokerages, there are only 18 indices available for trading at Global Prime. These include the VIX volatility index, the DXY index and a range of global share indices.
• Commodities: Global Prime offers trading on 23 commodities, an average range compared to other brokers.  Commodities include metals such as gold and silver, energies such as natural gas and oil, and softs such as cotton and wheat.  
• Cryptocurrencies: Global Prime offers a wide range of 40 cryptocurrencies for trading, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, as well as other less common cryptocurrencies.
• Bonds: Global Prime offers trading on 3 bonds, UK gilts and two US treasuries. 

Overall, Global Prime offers a limited range of tradable instruments on MT4, but it offers a wider range of cryptocurrencies than is typically available at other brokers.

Global Prime’s Accounts and Trading Fees

Global Prime offers two accounts with relatively low spreads and no minimum deposit requirements.

Global Prime offers two simple ECN account types which are suitable for beginners and more experienced traders.  Due to ASIC regulation, s can access leverage of up to 30:1 on major Forex pairs.

Hedging, scalping, and algorithmic trading are unlocked on both accounts, but Global Prime does not offer Islamic Accounts.  See below for account details:

Standard Account

The Standard Account has no commission and offers spreads that start at 0.00 pips on the EUR/USD, which is tighter than other brokers. There are no minimum deposits on either account, but due to the margins required when making leverage trades, a minimum starting balance of 200 AUD is recommended. This account is better suited to beginner traders who do not want to spend time calculating commission costs.  Micro-lot trading is also available on this account.

Raw Account

The Raw Account is Global Prime’s raw spread account. Spreads average at 0.13 pips on the EUR/USD – which is extremely tight compared to other brokers.  However, a commission of 7  AUD (round turn) is charged per lot traded. As with the Standard Account, there is no minimum deposit.

Demo Accounts

Global Prime also offers a demo account with virtual funds that can be topped up on request. Demo accounts do not expire unless there is no activity on the account for more than 30 days, at which time they will be suspended.  However, they can be reactivated at any stage. Demo accounts are a great way to practice trading in a risk-free environment, and it allows traders to familiarise themselves with the MT4 platform.

Deposits and Withdrawals

Global Prime offers a wide range of funding methods, and deposits and withdrawals are free. 

Global Prime offers a reasonable range of base currencies, including AUD, USD, GBP, EUR, CAD, SGD and JPY, which is good for who will likely have AUD bank accounts. traders will therefore be able to avoid paying conversion fees, unless trading on instruments with other base currencies, such as the EUR/USD.

In line with Anti-Money Laundering laws, Global Prime does not accept payments from third parties. Traders must ensure all deposits into their Global Prime trading account come from a bank account in the same name. 

Global Prime accepts:

• Loca and international bank wire transfers
• Debit and credit card payments
• E-wallet payment methods: Skrill, Neteller, fasapay, Paypal, Bitwallet, Dragonpay, Bpay, and Poli, among others.

No fees are charged for deposits or withdrawals, but traders should note that intermediary fees apply.  Additionally, while most deposits, except for bank wire transfers, reflect immediately, withdrawals are processed within 1 – 10 days, which is slower than the industry average.

See below for more details:

Deposits can be made from inside the Client Portal. Not all deposits made will be reflected in your account immediately. Check your Statement within the Client Portal for the current status of your deposits. Refer to the Deposit Methods table for more detailed information.

Trading Platforms

Global Prime only supports the MT4 platform, though it plans to add MT4, cTrader and TradingView to its platform lineup in 2024.  

Global Prime offers support for MT4, the world’s most popular trading platform. MT4 is available in a browser and via downloadable apps for PC and Mac. MT4 allows for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.

Metatrader4 (MT4)

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.    Features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.
• An impressive array of analytical tools, available in nine timeframes for each financial instrument.
• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community 

Traders should note that TradingView is not available on the MT4 platform, but traders have access to Myfxbook Autotrade, AutoChartist, and VPS services

Mobile Trading Apps

Global Prime’s only offers mobile trading via the MT4 app. This is disappointing considering most brokers offer two or more mobile trading apps.

Global Prime offers support for the MT4 mobile trading apps for Android and iOS. 

Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts. 

Opening an Account at Global Prime

The account opening process at Global Prime is fully digital, fast, and hassle-free compared to other brokers. 

All traders are eligible to open an account at Global Prime but will have to follow the fully digital five-step application process. 

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. Global Prime offers joint and individual accounts, but we will focus on opening an individual account:

How to open an account at Global Prime:

1. New traders will have to click on the “Live Trading” button at the top of the page where they will be directed to choose their preferred base currency and country of residence. 
2. Next, traders will have to register an account with their name, email, and register a password.  
3. Global Prime’s intake form requires clients to fill in their personal details, including date of birth and mobile number. 
4. Prospective traders are then required to fill in their physical addresses and review the account application details.
5. Traders will then have to accept that they have read the Declaration and consent to identification verification.
6. Once this step is complete, traders are asked to complete a short survey and FX Quiz that will help Global Prime assess the state of their finances and trading knowledge. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
7. Global Prime needs at least two documents to accept you as an individual client:
   1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing your photo such as an ID card or driving licence will work.
   2. Proof of Address – a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address is clearly displayed.

We advise you to read Global Prime’s risk disclosure, customer agreement, and terms of business before you start trading. Once the application is approved, traders can log in and fund their accounts.  

Compared to other similar brokers, Global Prime’s account opening process is fast, generally hassle-free, and fully digital, and accounts are ready for trading in one day.

Research and Trading Tools

Global Prime offers an average range of trading tools compared to other similar brokers but offers no research or market analysis at all.

Global Prime’s range of trading tools includes complimentary VPS services, Myfxbook Autotrade and Autochartist.

VPS

Available on MT4, Global Prime offers a free VPS service to traders who trade over 20 lots per month. The service is offered a third-party provider – NYC Servers.   VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime.  Other benefits of the VPS service include:

• 24/6 VPS email support
• 24/7 Redundant power to your VPS
• 24/7 Redundant internet connectivity to your VPS
• Low latency connectivity to FP Markets trading servers for precision trading
• Uninterrupted EA trading

Clients trading less than the required volume will receive the discounted VPS rate charged to their MT4 account monthly. If there is insufficient balance available in the client’s account to charge for the VPS, the VPS will be cancelled.

Myfxbook Autotrade

Myfxbook Autotrade is one of the most popular copy trading platforms on the market. This service allows you to copy the trades of any system you select directly into your Global Prime MetaTrader 4 account.  Traders will have to contact MyFXbook Autotrade to find out about the charges associated with using the service.

One of the benefits of using the Myfxbook Autotrade copy trading platform is its functionality. It offers multiple copy trading modes and there is no limit on the number of Strategy Providers that can be followed.  

On the whole, copy trading is useful for traders who are interested in the financial markets but lack the experience and knowledge. 

Autochartist

Free for all clients, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and scans all available CFD markets for trading opportunities.

Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:

• Chart pattern recognition
• Fibonacci pattern recognition
• Key level analysis
• Pattern quality indication

The market scanner provides statistically significant market movements and identifies important price levels that are catalysts for market movements.

Global Prime’s Educational Materials

Global Prime offers no educational materials at all, and beginner traders will need to educate themselves elsewhere.

Apart from a demo account and a few paragraphs in the FAQs section, Global Prime offers no trading education for beginners. This is a serious drawback as we always recommend that new traders educate themselves appropriately before trading with a live account.

Customer Support

Global Prime’s customer support is available 24/7 via live chat, and 24/5 via email and telephone.

Because Global Prime is based in Australia, customer service is open from 22:00 (GMT) Sunday until 22:00 (GMT) Friday. 

We found the customer service responsive (our questions were answered immediately), polite, and very knowledgeable.   

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of how we review Global Prime’s product offering. Central to that process is the evaluation of the broker’s reliability, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Global Prime’s Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Global Prime would like you to know that: Trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Any information or advice contained on Global Prime’s website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Past performance of any product described on Global Prime’s website is not a reliable indication of future performance. You should consider whether you’re part of Global Prime’s target market by reviewing their Target Market Determination, and read our PDS and other legal documents to ensure you fully understand the risks before you make any trading decisions. Global Prime encourages you to seek independent advice if necessary.

Overview

Global Prime is a low-cost ASIC-regulated broker with no minimum deposit on either of its accounts and some good trading tools.  It offers competitive, variable spreads on two live accounts and charges no inactivity, withdrawal, or deposit fees.

While Global Prime has very low trading costs and a decent range of assets to trade – including 40 crypto pairs – there are serious drawbacks to its product. These include no share CFDs to trade, a single trading platform (MT4), no market research, and no education for beginners. Global Prime does say that it will be adding the TradingView, MT5 and cTrader platforms in 2024, but even then it is a difficult broker to recommend for beginners.

Editorial Team