Global Prime Review
Global Prime Review
Global Prime is an Australia-based forex trading broker that was founded in 2010. Regulated by the Australian Securities & Investment Commission (ASIC), Global Prime has an excellent reputation as a reliable and trustworthy firm.
Clients at Global Prime benefit from some of the tightest spreads in the industry on its extensive range of available instruments, including forex pairs, CFDs, and indices.
As a boutique firm dedicated to customer success, Global Prime provides its clients with access some of the most innovative tools available, including MetaTrader 4, Trader Ecolution, AutoTrader, and more. With fast execution speeds, impressive transparency, and satisfactory regulation, Global Prime remains one of the top forex brokers in the world.
Regulation and Licensing
Global Prime is fully licensed and regulated by the Australian Securities and Investments Commission (ASIC). Additionally, the company holds an Australian Financial Services License (AFSL).
In order to obtain an AFSL, brokers must be able to prove that they are competent, have satisfactory financial resources, and are able and willing to comply with established standards for training, insurance, and dispute resolution. Global Prime’s license and regulation gives clients peace of mind in knowing their forex trading broker is regulated by a strict, powerful, and aggressive organization.
Global Prime also is fully licensed and regulated in Vanuatu.
Global Prime is an available broker in the Forest Park FX cash back rebate program to traders in Latin America, Europe, Middle East, and APAC regions, subject to certain country-specific restrictions. Due to regulations it is not currently available to United States or residents of Ontario, Canada.
Countries Not Accepted
Global Prime is not able to accept clients in the following countries:
- Côte d’Ivoire
- Democratic People’s Republic of North Korea
- United States
- Ontario (Canada)
Residents in these countries are not able to open accounts with Global Prime.
Getting started at Global Prime is very easy and accessible as there is only one type of account to choose from.
Opening an Account
All you need to open your account at Global Prime is proof of identity, such as a passport or driver’s license, along with your proof of address, such as a bank statement or utility bill. Additionally, Global Prime requires a minimum initial deposit of at least AUD 200 or currency equivalent.
Global Prime account holders have access to Global Prime’s extensive trading tools and resources. Additionally, Global Prime offers very competitive spreads on roughly 50 currency pairs.
Global Prime accounts operate on a commission plus spreads pricing model. Account holders are required to pay a commission of $7 per 100k round turn (AUD 7, USD 7, EUR 6.2, GBP 5.4, SGD 9.5, CAD 9).
Traders have access to default leverage of 100:1, but can request an increase to 200:1, subject to approval. Global Prime allows for micro trading with a minimum trade size of just 0.01 lots.
Moreover, Global Prime customers who trade more than 20 lots per month may qualify for complimentary VPS hosting — which can help avoid latency when trading.
Deposits & Withdrawals
Traders at Global Prime can fund their accounts via bank transfer, Visa, Mastercard, POLi, Neteller, Skrill, or Bpay.
Global Prime does not charge any fees on deposits or withdrawals.
All client funds are deposited into segregated Client Trust Accounts with Westpac — one of Australia’s largest banking organizations. Global Prime also complies with ASIC’s Client Money rules.
As is standard practice, Global Prime does not allow for third-party payments. Your name must be attached to the bank account that is making the deposit.
Global Prime supports the following currencies:
Commissions & Fees
As previously mentioned, Global Prime account holders are subjected to a commission rate of $7 per 100k round turn (AUD 7, USD 7, EUR 6.2, GBP 5.4, SGD 9.5, CAD 9), which is a fairly standard and competitive commission.
Global Prime offers some of the tightest spreads in the forex industry across roughly 50 currency pairs, commodity CFDs, and indices. EUR/USD spreads start as low as 0.1 pips.
Trading Platforms & Resources
Global Prime offers its clients a multitude of resources to help them find success, including the ever-popular MetaTrader 4 platform.
MT4 provides a plethora of tools for traders of any level. As such, this forex trading broker is considered by many to be the industry standard trading platform.
MetaTrader 4 is extremely flexible and allows users to place market orders, pending orders, stop orders, and trailing stops all directly from charts.
MT4 also provides a suite of tools for analysis, including 30 technical indicators, interactive charts, 23 analytical objects, and more. These features make it much easier for traders to develop their strategies.
Expert Advisors are supported by MT4 — allowing clients to develop their own customized automated trading strategies. MT4 offers a full-featured, stable environment for development, testing, and optimizing. Automated trading allows users to free themselves from having to perform their own market analysis.
Moreover, traders have access to real-time market news, price alerts, and more directly in the app.
The combination of all of these features, plus the many other powerful capabilities offered by MT4, make this trading platform capable of fulfilling any and all of your needs.
Clients at Global Prime can use the MetaTrader 4 mobile apps on their iOS or Android device to ensure that they are able to manage their positions and stay up-to-date with market news while on the go.
Mobile users can place orders directly from charts, access more than 50 technical analysis tools, and receive notifications regarding price alerts and market news. Other features that the mobile app retains include:
- Symbol Charts
- Trade History
- 9 Timeframes: M1, M5, M15, M30, H1, H4, D1, W1, and MN
- 30 Technical Indicators
- 24 Analytical Objects
These features, among others, allow mobile traders to have full control over their trading accounts from any location.
Myfxbook – AutoTrade
Myfxbook AutoTrade is a trade copying service that lets clients copy other trading systems directly into a Global Prime trading account.
Users can view and compare trading systems and their track record to determine which is the best for them. AutoTrade ranks the trading systems based on risk and profitability.
Systems must pass a rigorous screening process before being selected. Some of the criteria include:
- Must trade from a MetaTrader 4 account with real money
- Minimum account balance of $1,000
- Historical drawdown must be less than 50%
- Average pip win per trade must be at least 10 pips
- Does not allow systems that use martingale/grid techniques
Clients do not need any additional software to use AutoTrade. This service is hosted on internally managed servers.
In addition to the platforms listed above, Global Prime supplies its clients with several other useful resources.
As mere milliseconds can have a significant effect on your potential gains and losses, it is important to be able to avoid latency and maintain platform connectivity when trading. For this reason, Global Prime offers three VPS hosting solutions:
- Beeks Financial Cloud – Clients who trade >20 lots per month get complimentary access to Beeks Financial Cloud VPS hosting servers, which are located in the same data center as Global Prime’s MT4 servers — ensuring low-latency at all times.
- NET – ForexVPS.NET VPS servers are incredibly powerful and can handle up to 3 MT4 platforms running at the same time. They also offer their own 24/5 customer support and guarantee 100% server uptime. Like Beeks Financial Cloud, Global Prime account holders who trade >20 lots per month gain complimentary access to ForexVPS.NET hosting.
- New York City Server VPS – Traders at Global Prime receive a 20% discount on all of NYCServers’ VPS plans. Customers are offered 24/7 support and access to a low-latency, secure data center.
Global Prime also provides a number of resources for market research and education.
The Daily Edge is the broker’s blog. It covers market conditions, biases, and valuations. Users who frequent The Daily Edge are able to stay up-to-date with important market news and analysis. This is also where traders can access an economic calendar powered by TradingView.
Global Prime also provides an educational guide. Here, you will find a plethora of information regarding various topics to help both novice and advanced traders expand their knowledge.
Global Prime’s customer service offers great customer satisfaction as it offers quick response times when contacted by phone, email, or live chat available 24 hours a day, 5 days a week.
The company can also be contacted on its social media platforms.
Join the Global Prime team (including owners, department heads, support team, Mark Insights Commentator Ivan Delgado) along with fellow traders to speak about markets in a range of dedicated channels. You are able to ask questions, make requests, enter competitions and receive participation discounts too.
Global Prime is a worthy option for any trader, beginner or advanced, that is looking for a forex trading broker.
Competitive commission rates and spreads make this broker an attractive option for those looking to minimize their fees as much as possible. To make things better, Global Prime is one of few brokers that does not charge any additional fees on deposits or withdrawals.
MetaTrader 4 on web and mobile supplies clients with all of the tools and research tools that they need to develop and implement effective trading solutions. Moreover, AutoTrade allows traders to copy the trading systems developed by other profitable traders.
Global Prime’s other resources, sufficient regulation, and excellent customer service make it one of the most competitive forex brokers in the world.