Global Prime is an online or internet representation of Global Prime Pty Limited bearing an AFS license. AFS is an abbreviation for Australian Financial Services, and it is a section of a financial regulatory body called Australian Securities and Investments Commission.
This regulatory body is responsible for overseeing the functioning financial businesses in the Australian market. The body in particular monitors forex brokers. The company is based in Australia and offers its brokerage services online from its headquarters in Sydney, Australia.
It is for this reason that Global Prime is regulated by the ASIC. While located in Australia it still offers its services across the world. As a rule of thumb, we always advise that traders choose a forex broker that is strictly regulated especially in a country where the trader resides. In this respect, Global Prime is a good choice for any broker.
Why Choose Global Prime as Your Broker?
Global Prime has stated that part of its goal is to provide traders with the best possible trading experience. As unbiased reviewers its impossible for us to comment on if or not it is true, but we can offer a few key details which should help you decide if it’s worth giving them a try.
Plus, the company has a demo account which gives traders a feel for how the broker and the platform works. We recommend that everyone use the demo account for a while just so that they don’t risk their own money.
Some of the benefits of Global Prime are:
- Top notch customer service
- Excellent feedback from traders who have used the broker
- Blazing fast trade execution speeds i.e. low latency
- Financial Transparency
Any trader can open a trading account with Global Prime with a $500 AUD minimum deposit.
One of the things worth noting about Global Prime is the fact that they have taken up an approach which ensures that they cater to traders of all types. Having one real money account means that anyone who is ready to trade does not get lost in all the ambiguity associated with multiple accounts. Also, before depositing real money its possible to use the demo account for free.
People who are new to the world of trading will find that the demo account is an excellent way to get accustomed with the platform. More experienced traders will use the demo account to try out new trading strategies.
The real money account bears the following features:
- Requires a minimum deposit of AUD $500 or its equivalent in any other currency
- Tight spreads
- Standard 1:100 leverage but which can be taken up to around 1:200 based on your approval status
- A 120% margin call
- 100% margin stop
- Metals and up to 42 currency pairs can be traded
- Commission of just $7 per 100k in turn around
- Minimum trade size set at 0.01 lot
Trading accounts with Global Prime can be opened in SGD, AUD, GBP, EUR, CAD, and USD. Traders can also choose how to pay a commission. They can either pay it separately or decide to have it as part of their spread. Even though Global Prime primarily targets Australia, it still accepts international traders.
Global Prime is famed for it’s transparency
Though the company will require things like proof of address and identification documents. Unfortunately, residents of Japan, North Korea, and the USA cannot open an account. Global Prime unlike other brokers does not offer an Islamic trading account and does not comply with Sharia law.
Payments can be processed in various ways i.e. via credit cards, Neteller, and wire transfer. However, the payments are subject to a number of terms and conditions which are found on the business’s website.
Trading and account conditions
All traders who wish to start trading with real money need to deposit a minimum of $500 AUD into their trading account. We think the initial amount is a bit high though we suspect it’s because of the account’s ECN status.
Average Spreads and Commissions
Since Global Prime is an ECN broker, the broker offers variable yet tight spreads which average at around 0.5 pips for the EUR/USD currency pair. The broker like others charges clients a commission for using the ECN environment which is $7 a lot. Again this is the industry average.
Typical trading costs when using Global Prime is 1.3 pips spread which is quite competitive compared to the average spread at other brokers at 1.5 pips. While $7 is the ECN commission, the company offers much tighter spreads on the EUR/USD currency pair usually at 0.2 pips.
High volume traders (over 1000 lots a month) will benefit from Global Prime’s low commission fees.
Trading Platforms Supported
Global Prime supports MetaTrader 4, which is by far the most popular trading platform available for desktop and smartphones. MetaTrader 4 has all the tools needed for any trader to execute trades while keeping an eye out for technical indicators, studying charts and a great backtesting platform. Traders can also incorporate Expert Advisers which helps them automate trading.
Global Prime also provides VPS services to allow Eas to operate seamlessly. Beeks FX servers are interestingly located in the very same data center as the MT4 servers for the broker. The VPS costs traders $42 a month but is free for high volume traders usually those who trade over 20 lots each month.
The Global Prime FX’s FIX API allows traders to link their systems to liquidity. It is an excellent feature for clients who trade more than 200m a month. However, getting FIX API access costs USD $25,000 a month.
Global Prime allows the use of almost all types of trading strategies. That said they don’t recommend that traders use tick scalping or trading news strategy. However, advanced copy trading can be used with Global Prime FX.
Modes of Payment
Global Prime Fx allows for standard payment methods i.e. Bank wire and Credit cards.
Deposits are accepted in:
- The company also accepts CAD & SGD via bank wire.
It’s important to note that all credit card transactions are subject to a 3.25% fee, with bank wires being free in most cases unless they are done via an intermediary bank.
We can safely say that Global Prime FX is one of the best Australian MT4 forex brokers. The best feature in our opinion is that it offers DMA/ECN trade execution. Below is a summary of the pros and cons of using Global Prime FX.
- They only offer ECN execution
- Regulated by the ASIC
- The company offers highly competitive spreads
- Trade via the MT4 platform
- FIX API availability as well as copy trading
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