Global Prime ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Global Prime is an online trading broker that provides custom liquidity solutions for retail and institutional traders who are looking for transparent, flexible and cost-effective trading solutions. They use an ECN non-dealing desk (NDD) brokerage model to ensure they can offer the best possible prices. I find them to be leading the way when it comes to pricing and execution. The brokers platforms include the user-friendly MetaTrader 4 platform and the powerful Trader Evolution platform, along with FIX API connectivity for the more advanced traders. You can open an account for as little as $200 or try them out risk-free with a free demo account. There are lots of convenient payment options to choose from with zero fees on deposit and withdrawals.
Pros & Cons
- Powerful trading platforms for traders of all expertise
- Tight spreads and low trading fees
- FIX API trading solutions
- Copy trading signals via third-party integration
- Professional trading tools
- Plenty of educational materials for beginners
- ECN / NDD for quick execution speeds
- Free VPS for eligible clients
- Decent variety of convenient account funding options
- Demo trading accounts
- Good customer support
- Does not accept clients from some countries
- Limited non-FX instruments
- No Islamic account options
- Minimum deposit is not the lowest
- Not a great variety of account types
Founded in 2010 by traders with a passion for online trading, Global Prime is an Australian based online broker offering 40+ trading instruments to clients worldwide across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, NDFs & CFDs. The broker has clients in over 120+ countries with an average monthly trading volume of 30+ billion. They have an impressive 3 prime brokers based across 3 continents.
Global Prime have the advanced technology required to provide retail and institutional traders with customised liquidity sourced from tier 1 and regional banks, non-banks and ECN liquidity providers such as Fastmatch, LMAX, Currenex, Gain GTX, Cboe FX (previously Hotspot). This means that you can trade with tight spreads from 0.0 pips, quick execution speeds and depth of market pricing.
In addition to a deep liquidity pool, they use an electronic communication network (ECN) with no-dealing desk. This helps to ensure there is no execution manipulation nor conflict of interest and clients receive exactly what they are after. Custom co-located, low latency hosting and connectivity solutions are available within PrimeXM’s institutional grade global infrastructure in New York’s NY4 data center.
The broker will show any trader, for any trade, which liquidity provider priced their trade (they say priced because trades under 0.5 lots in FX are internally housed until they reach 1 lot to reduce the small ticket fees): soon to be included in client portal, with a tick graph.
Global Prime spreads start from just 0 pips with a $200 minimum deposit requirement. Leverage of up to 1:200 is available whilst there are zero fees for funding and withdrawals. They offer the popular MetaTrader 4 (MT4) trading platform and also a FIX API for direct market access (DMA). I feel they are a great option for those looking for a professional trading environment with user-friendly accessibility.
I really like how great emphasis is focused towards looking after each and every client whatever their level of investment. Customer service is prompt, efficient and friendly in answering all of your questions.
Global Prime is fully licensed and regulated by the Australian Securities and Investment Commission (ASIC). They also hold an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia. ASIC is an independent government body which is in place to enforce and regulate company and financial services law as a way to protect Australian consumers, investors and creditors. Obtaining an AFSL requires that businesses provide evidence that they are competent to carry out their business operations, have sufficient financial resources and comply with nationally set standards for training, insurance and dispute resolution.
Gleneagle Securities PTY Limited trading as Global Prime FX is a registered Vanuatu company and is regulated by the Vanuatu Financial Services Commission (VFSC). Other Gleneagle brands that I have reviewed are Fusion Markets and FXTRADING.com.
Global Prime FX Ltd is a registered Seychelles company and holds a Securities Dealers Licence issued by the Financial Services Authority of Seychelles (FSA).
These regulations and licenses help to give clients peace of mind that they are using a trusted broker that must abide by strict rules from government organisations. I personally wouldn’t have any worries trusting them and find the regulation to be more than adequate.
Client funds are kept in segregated client trust accounts with Westpac ensuring that they are separate from the companies’ funds and not used for any other purposes such as running costs or hedging. Westpac is one of the major Australian banks and the oldest. Global Prime must comply with ASIC Client Money Reporting Rules.
Global Prime is not able to accept clients from North Korea, Iran, United States of America and Ontario (Canada). If your country is not accepted, please feel free to browse our broker reviews for an alternative option.
Global Prime give you market access through the powerful MetaTrader 4 (MT4) platforms which are available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). They also provide FIX API institutional trading platforms for those of you who need professional pricing and are executing large volumes. It would be great if they could add the MetaTrader 5 platform but MT4 should be more than enough for the average retail trader. If you do want access to MT5, then Pepperstone are another Australian broker worth checking out as they have MT4, MT5 and even cTrader.
MetaTrader 4 (MT4)
MT4 is one of the most popular trading platforms in the world and is suitable for users of all skill levels. It is user friendly enough for novice traders whilst having enough advanced functionality for the more advanced traders. I have used this platform for years and found it perfect for all my trading needs. I can do everything I need to such as analysing charts, managing trades and running automated strategies. You will need to desktop platform if you want to use trading robots. The web version of the platform is great as it runs directly in any web browser and is always up to date. The MT4 app is excellent for keeping track of your account and following the market news from anywhere at any time.
MT4 displays real time price quotes for trading instruments in the market watch window. There is support for multiple order types including market and pending orders. You can easily trade directly from charts across 9 different time frames. Orders can be managed with trailing stops, stop losses and take profits. It is flexible and fully customisable to meet different user needs.
MT4 has a large range of built in analysis tools including 30+ technical indicators and 23+ analytical objects for chart analysis. The built-in MetaEditor allows users to code their own custom indicators and automated trading strategies in the MQ4 programming language. Custom tools can also be purchased or downloaded for free from the MT4 marketplace. You will find more tools then you will ever get the time to use. You can also request for a developer to create unique tools based on your own ideas.
MT4 supports auto trading through expert advisors (EAs). Manual trading strategies can be coded to run automatically using the development environment. There is a strategy tester to test and optimise these automated trading systems. This is one of the main reasons I got started with MT4 many years ago. I still think it remains one the best platforms for automated trading and use it every day for testing expert advisors on different brokers.
Alerts & Financial News
MT4 can send alerts about the latest markets news or movements based on your pre-set requirements. Alerts can help to prepare you for specific actions and can be sent via a pop-up alarm, email or SMS. I think this is a great feature as it means you do not need to stare at charts all day long waiting for an opportunity to arise.
MetaTrader 4 (MT4) Mobile
The MT4 mobile trading platform lets you trade on the go from anywhere in the world with an internet connection. You can access your account, place/manage/close positions and analyse the markets. It has the same functionality of the desktop platform including push notifications. MT4 mobile is available for download on both Android and iOS from the relevant app stores. I often find myself checking the app from the sofa and even my bed!
Global Prime provide institutional clients with bespoke institutional platforms for superior and cost-effective trading in a secure and regulated environment. Institutional clients get deep liquidity with a large top of book and diverse pool of liquidity providers. They are one of my top choices when it comes to FIX API trading solutions, along with Darwinex.
TraderEvolution is a multi-asset platform, which can open up the brokers product offering. It has an advanced front end and fully customisable interface for trading multiple assets. There are many excellent features including professional trading tools and advanced charting for market analysis. The platform shows you live depth of market (L2) for all products and implements multiple trading panels, to view/trade liquidity provider depth. Strategies can be developed with EvoCode. TraderEvolution is currently available as a desktop platform and soon to be available as a mobile app.
Skout is the Global Prime proprietary FIX API engine that enables institutional clients to offer prices as a market maker and receive prices as a market taker. It has low latency with competitive commissions and external liquidity sourced from NY4 via cross-connects.
PrimeXM is an aggregation service that benefits from MT4 bridging with server-side plugins. The trading interface uses a FIX compliant interface. It helps to ensure low latency connectivity and institutional quality hosting solutions with superior security levels.
FlexTrade Systems Inc., is the industry pioneer and global leader in broker-neutral, execution and order management trading platforms for equities, foreign exchange, options, futures and fixed income. FlexTrade has an advanced user interface that is full of functionality for trading multiple assets on the buy and sell side.
I found Global Prime to have some really useful trading tools for market analysis, trading signals and enhancing your overall trading experience. Although the platforms are already packed with more tools than most of you will need, it is great to have some additional options and ensures that the broker can cater to the needs of all traders.
You can link your account to MyFxBook AutoTrade. This is an automated social trading service where traders can subscribe to and copy other traders signals directly into their own trading account. There is no additional software needed as AutoTrade is hosted on internally managed servers. I have used this on many occasions but actually prefer to take control of my own manual and automated strategies. Myfxbook is still very useful for analysing your own strategies even if you decide not to copy signals from others.
You can view and filter the historical results of systems to compare track records. You can subscribe and unsubscribe from a system at any time. Traders may also offer their own systems for signal copying if they fulfil a strict screening process which includes needing a substantial trade history over a sustained period of time. It should be noted that past performance is by no means a guarantee for future performance.
Virtual Private Server (VPS)
A VPS allows you to run a trading platform 24/7 without needing to have your own computer switched on. They are often used to run expert advisors (EAs) and to maintain connectivity to a trading server. Global Prime have partnered with Beeks Financial Cloud, ForexVPS.NET and New York City Server VPS. Each service offers all Global Prime clients a discount whilst clients who trade at least 20 lots per month can apply for free VPS hosting.
There are other brokers who have a free VPS for eligible clients such as IC Markets. I personally pay for my own VPS through a third-party. I find it to be an invaluable tool for running multiple instances of MT4 simultaneously. This is because I am always testing different strategies on various brokers.
FX Pip Calculator
Global Prime offer a trading calculator to assist you with trading calculations. It can show you how much margin each position would need before placing it and price movements under which your position will experience a profit or loss.
The economic calendar provided by TradingView displays the latest news releases and the countries affected. The actual, forecast and prior results are displayed. This is a great tool for understanding what is happening around the markets. I often use it to help me with deciding on my next move.
ZuluTrade is a copy trading platform where users can share and copy the signals of other traders. Global Prime is connected to ZuluTrade via the profit share model. Again, I would prefer to conduct my own trading but for those of you who do not have the time or knowledge to trade, you amy find it useful. Just keep in mind that there are no guarantees how good or bad signals will be.
The broker has a good variety of different learning materials including tutorials, guides and market insights. I think it is great that they encourage you to learn more about trading as this can help to make sure that you are making informed trading decisions.
There is a selection of educational videos that can help to improve your trading knowledge and skills. Topics covered include technical analysis, fundamental analysis, trading tools and more. I found these informative and easy to follow.
Just like the trading videos, there is a selection of educational guides geared towards helping traders improve their knowledge and skills. There are a variety of topics covered suitable for all levels of traders. I like how the videos are current and I think that everyone can learn something regardless of their experience.
The Daily Edge
This section of the brokers website provides frequently updated articles that cover various market analysis in great detail from technical and fundamental analysis to valuations and bias.
There is a newsletter which you can register for to receive educational guides, daily market insights and analysis direct to your inbox. This can be a useful way to keep up to date with what is going on in the markets. You can unsubscribe at any time.
Global Prime Discord Chatroom
Another brilliant and unique feature available on this broker is the Global Prime Discord chatroom, where traders discuss their daily trading activities. You can share trading analysis and ideas whilst having your questions personally answered by the brokers in-house experts. The chat room currently has more than 2,500 subscribers, with thousands of logins on a monthly basis. This is a unique feature that we do not see on many trading brokers. The discord chatroom now offers paid and complimentary Mentor rooms, by other traders.
Global Prime have a reasonable choice of tradable instruments across multiple markets including Forex, Cryptos, Indices, Commodities, Metals & Energies. I think they could improve by adding some more financial instruments. To put things into perspective, the likes of IG have over 17,000 assets for you to choose from.
The foreign exchange market (Forex) is a global, decentralised, over the counter market for trading currencies. It is the largest market in terms of trading volume. Forex trading involves the buying of one currency known as the base currency against another currency pair known as the counter currency. Traders aim to anticipate that one currency will rise or fall against another. The broker has more than 50+ major, minor and exotic currency pairs. I think that there is plenty of choice when it comes to forex trading.
There are CFDs on multiple markets including Indices, Metals & Energies. CFDs are derivatives that allow you to trade an underlying asset, without having to actually purchase that asset. Traders instead speculate on which direction the assets price will move, up or down. The broker gives you the option to trade short or long on Index and Commodity CFDs via MT4 and FIX API. Clients can access major shares including the ASX200, Nasdaq 100 and S&P 500. Precious metals gold and silver can be traded as can crude oil (WTI, Brent).
Cryptocurrency is an online digital currency based on complex mathematical algorithms. Traders can speculate on if a cryptocurrency will rise or fall in value without needing to own the digital asset. You can trade cryptos based on Bitcoin, Ethereum and more It is good that they have cryptos as this is not something you will find with many brokers despite the growing popularity of digital currencies. Other notable crypto brokers include XTB.
Whilst most brokers have a range of different trading accounts to choose from, Global Prime keep it simple and offer one trading account for all clients. If you want a greater variety, FXTM have more account options.
The minimum deposit required to open the account is $200 whilst the leverage is either 1:100 or 1:200 depending on approval based on a questionnaire. If you want more leverage, InstaForex go up to 1:1000. The minimum position size allowed is 0.01 lots. This is good as you can practice trading in a real environment with minimal risk.
Commission is $3.5 per standard lot ($7 per 100k round turn). This is in line with the industry standard. I would say they are not the cheapest but also not the most expensive. I don’t have any problem with the commission fee considering the quality of the services that they provide. Spreads are variable, starting from 0.0 pips which is great for scalping.
Demo accounts are available to practice before opening a real account. I would always start demo trading just so you can get a feel of what to expect. Demos can be great for learning how to use a trading platform and for practising different strategies to see which works best for you.
To open a Global Prime trading account, you need to fill out a short form then verify your email address. You will then need to verify your identity and address with documents such as a passport and utility bill. Once verified, you will be able to fund your account and commence trading. The process doesn’t take that long and I had no problems with it.
The broker gives you 24/5 support via online chat, telephone and email. They are prompt and friendly to respond to various general and technical questions. In addition, they can be reached via social media platforms Facebook and Twitter, which they use to keep followers updated with market events and economic releases.
The broker has a good choice of various funding and withdrawal methods including bank wire, credit card, PayPal, Skrill and Neteller if you need something instantaneous. I like the digital wallet options as this gives me quicker access to my funds. This is important for me in case I need to try and take advantage of some unexpected market news.
There are also numerous local funding methods. They do not charge fees for deposits or withdrawals although international bank transfers may incur a separate fee. Deposits must come from an account in the same name. This is pretty much what you would expect from most brokers.
Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant. Accounts can be opened in a generous range of currencies including AUD, USD, EUR, GBP, SGD, CAD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Overall, I think Global Prime is an excellent choice of broker for retail and institutional traders who are looking for customisable liquidity solutions with transparent, flexible and cost-effective trading in a regulated environment. They have some of the best trading conditions that I have seen from the hundreds of brokers that I have reviewed over the years. You get access to the markets with industry leading trading platforms and top-class trading tools. I found the spreads to be very low, starting from just 0.0 pips and the commission fees on par with competitors. For beginners, you will find an abundance of educational content, trading signals and demo accounts. Whilst there are a variety of convenient funding options, I did find the account types limited. I feel they could also add some more trading instruments to their portfolio. That being said, there should be more than enough if you primarily want to trade forex. The FIX API solution will attract the higher volume traders whilst MT4 is one of the most popular trading platforms available for the average trader.