Global Prime Review 2020
Global Prime provide custom liquidity solutions for retail and institutional traders who are looking for transparent, flexible and cost-effective trading solutions. They use an ECN NDD model with MT4 and FIX API trading platforms available.
Global Prime Review 2020, Pros & Cons
- Negative balance protection
- Segregated client funds
- FIX API
- ECN / NDD
- VPS offer
- No US clients
- Restricted leverage for EU clients
- No fixed spread accounts
- Limited non-FX instruments
In this detailed Global Prime review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Global Prime is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Global Prime.
Global Prime Review: Summary
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.
Founded in 2010 by traders with a passion for online trading, Global Prime has clients in over 120+ countries with an average monthly trading volume of 30+ billion. They have 3 prime brokers based across 3 continents.
Global Prime have the advanced technology 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, Hotspot. This allows for tight spreads, good execution speeds and depth of market.
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.
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).
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 client questions.
Global Prime Review: Regulation
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).
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.
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 Review: Countries
Global Prime is not able to accept clients from Burma, Côte d’Ivoire, Democratic People’s Republic of North Korea, Democratic Republic of the Congo, Eritrea, Former Federal Republic of Yugoslavia, Iran, Iraq, Lebanon, Liberia, Libya, United States of America, Somalia, Sudan, Syria, and Zimbabwe.
Some Global Prime broker features and products mentioned within this Global Prime review may not be available to traders from specific countries due to legal restrictions.
Global Prime Review: Trading Platforms
Global Prime offers the MetaTrader 4 (MT4) trading platform which is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). They also provide FIX API institutional trading platforms.
MetaTrader 4 (MT4)
MT4 is one of the most popular trading platforms in the world and is suitable for all skill levels. It is user friendly enough for novice traders whilst having enough advanced functionality for the more advanced traders.
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 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.
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.
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.
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.
Global Prime provide institutional clients with bespoke institutional trading 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.
TraderEvolution has an advanced front end and fully customisable interface for trading multiple assets. There are many features including professional trading tools and advanced charting for market analysis. Strategies can be developed with EvoCode and there is MAM functionality. It is available for web and mobile.
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 has an advanced user interface that is full of functionality for trading multiple assets on the buy and sell side.
Global Prime Review: Trading Tools
Global Prime have some useful trading tools for different traders needs that can be used as part of a trading strategy.
Money managers who use the MT4 trading platform can sub-allocate trades from a single master account. Using this tool, they are able to execute block orders quickly and efficiently. PAMM allocates trades based on a percentage of the total equity.
Multiple accounts can be managed through one interface whilst it is integrated within the MT4 platform. Expert advisors are allowed as is an unlimited amount of customer accounts. There are different methods of allocation, easy reporting, real time performance management and access to a variety of order types.
In order to apply for a MAM/PAMM you need to email Global Prime and they will provide you with a short questionnaire to complete.
Global Prime clients can link their 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.
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 users to run a trading platform 24/7 without needing to have their 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.
FX Pip Calculator
Global Prime offer a trading calculator to assist 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.
Global Prime Review: Education
Global Prime offer a variety of different learning materials including tutorials, guides and market insights.
There is a selection of educational videos that can help to improve trading knowledge and skills. Topics covered include technical analysis, fundamental analysis, trading tools and more.
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.
The Daily Edge
This section of the Global Prime 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.
Global Prime Review: Trading Instruments
Global Prime offer tradable instruments across multiple markets including Forex, Cryptos, Indices, Metals & Energies.
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.
Global Prime offer more than 50+ major, minor and exotic currency pairs.
Global Prime offer 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.
Global Prime offers clients 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.
Global Prime offer crypto trading based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.
Global Prime Review: Trading Accounts & Fees
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.
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. Commission is $3.5 per standard lot ($7 per 100k round turn). The minimum position size allowed is 0.01 lots.
Demo accounts are available to practice before opening a real account.
As broker fees can vary and change, there may be additional fees that are not listed in this Global Prime review. It is imperative to ensure that you check and understand all of the latest information before you open a Global Prime broker account for online trading.
Global Prime Review: Customer Service
Global Prime offer 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.
Global Prime Review: Deposit & Withdrawal
Global Prime offer a few funding and withdrawal methods including bank wire, credit card and Neteller if you need something instantaneous. 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.
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 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.
Global Prime Review: Account Opening
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.
Global Prime Review: Conclusion
Global Prime is an online broker with customisable liquidity solutions for retail and institutional traders who are looking for transparent, flexible and cost-effective trading solutions. The FIX API solution will attract the higher volume traders whilst MT4 is one of the most popular trading platforms. They are regulated and have a decent forex offering although perhaps slightly limited in other markets compared to some online brokers.
All financial products involves risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested. Past performance of any product described on this website is not a reliable indication of future performance.