Global Prime review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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Global Prime is the online presence of a Global Prime Pty Limited, a company with an AFS license. AFS stands for Australian Financial Services, which is part of the Australian Securities and Investments Commission. This is the regulatory body that is responsible for overseeing the Australian financial markets, which includes the operations of Forex brokers. Global Prime is an Australian based online Forex brokerage firm that has its headquarters located in Sydney, therefore ASIC is the obvious choice for regulation and licensing. It does, however, offer its services worldwide. For anyone looking for a Forex broker, our advice will always be to pick one that is regulated. Preferably in the country you live in, of course. So, the good news is that Global Prime is licensed and regulated.
Why you might want to consider Global Prime
Global Prime states that its aim is to provide the ultimate trading experience for its clients. We can’t testify to whether this is true or not, but can provide you with some important details to help you decide whether you’d like to give them a try. And as there is a demo account available you get get a real live feel for the broker first hand. Before making a deposit and risking your own cash. The benefits it can offer include:
- Top customer service
- Fantastic feedback
- Post-trade transparency
- Fast execution speed
You can open a Global Prime trading account with a minimum deposit of just $500 AUD
Global Prime has adopted the one size fits all approach and when you’re ready to make a financial commitment there is one real money account. Before you make such a commitment it is possible to try this broker for free, by opening a demo account. For those of you who are new to trading this will also be an opportunity to navigate your way around the trading platform. Those of you with more experience can use the demo account for testing a new strategy. The features of the real money account are as follows:
- Minimum deposit AUD $500 or equivalent foreign currency
- Standard leverage 1:100 or up to 1:200 depending on approval
- Low spreads
- 42 tradeable currency pairs as well as metals
- Margin call 120%
- Margin stop 100%
- Minimum trade sizes 0.01 lots
- Commission $7 per 100k round turn
It’s possible to open a trading account in the following base currencies: AUD/USD/EUR/GBP/CAD/SGD. It is also possible to choose how you pay the commission. Either by paying a commission charge separately or having it built into the spread. While Global Prime may target the Australian market primarily, it does allow international clients to open an account. But proof of identity document and proof of address will be required. If the documentation shows any relationship with Japan, USA or North Korea it will not be possible to open an account.
Unlike a number of other brokers, Global Prime does not at present offer clients an Islamic swap free account and doesn’t have an account option that complies with Sharia law.
Making payments can be done in a number of different ways. These include credit cards, wire transfer and Neteller. Various terms and conditions apply to making payments and these can be found on the Global Prime website.
Global Prime uses MetaTrader 4 as its primary trading platform
MetaTrader 4 is the world’s most popular trading platform, whatever device you may be using. Millions of traders use it globally, and clients of Global Prime can use it too. It caters to the needs of a wide range of trader, regardless of skill level. It provides advanced technical analysis, flexible trading systems, expert advisors and automated trading. MT4 is supported on all mobile devices, including Android, Mac, Windows and iOS. Which means you can trade wherever you are and keep up to date with the markets and manage your trading account.
Included in the MT4 package is in-depth analytics in order to give traders a much wider scope and overview of the information necessary to make informed decisions. Traders can respond quickly to price changes all thanks to online quotes and interactive charts. Analysis is further simplified with the help of 30 built-in technical indicators and 33 analytical objects. Also included is MetaTrader Market. A handy resource that helps traders find expert advisors, trading robots, technical indicators and more. With a selection of more than 1700 trading robots, 2100 technical indicators and the best selection of trading applications available anywhere. And if you can’t find one you like, it is possible to develop, test and optimize your own.
There are a number of other options if you want something completely different. Global Prime has partnered with Beeks FX to offer a bundle of services for those interested in automated trading. Free VPS is also available thanks to a partnership with ForexVPS.net. This additional service is available for free if your trades total at least 20 lots per month.
Customer support at Global Prime is swift and polite
We had a need to contact the customer support service at Global Prime on a number of occasions. We were only clarifying certain information, but using the instant chat option received prompt answers and were treated with the utmost respect and politeness. There is also an online contact form or telephone number.
There is no educational material provided by Global Prime. But it points you in the direction to get some. With links to a couple of websites where you’ll be able to gain an insight into the world of Forex and Forex trading.
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