Global Prime Review 2024
Website: www.globalprime.com
Min. Deposit: US$ 200
Leverage: 1:30 | 1:400
Trading Platforms: MT4, TradingView, Myfxbook, TraderEvolution
Regulation: ASIC, VFSC, FSA
Headquarters: Australia
Founded: 2010
Regulatory Licenses:
- Global Prime Pty Ltd - authorized by ASIC (Australia) registration no. ABN 74 146 086 017 AFSL 385620
- Gleneagle Securities PTY Limited - authorized by VFSC (Vanuatu) registration no. 40256
- Global Prime FX Ltd - authorized by FSA (Seychelles) registration no. 8426189-1
Updated on January 18, 2024
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Global Prime emerges as an Australian broker famed for its Forex and CFD trading services, distinguished by its rapid connectivity to tier-1 banks. This brokerage is celebrated for offering a regulated trading environment complemented by an advanced execution model grounded in ECN connectivity. It boasts an array of powerful platforms and copy trade capabilities, all while maintaining tight spreads, designed to cater to the demanding needs of professional traders.
Pros
Comprehensive trading offer with a wide range of instruments
Low commission charges and tight spreads thanks to ECN connectivity
Support for auto trading and equipped with robust research tools
Cons
Not ideally suited for beginner traders due to high deposit requirements
Limited educational resources
Customer support is not available around the clock
The market range is confined to FX and CFDs, with conditions varying by jurisdiction
Global Prime Review Summary in 12 Points ▲
Headquarters: Australia
Regulation: ASIC, VFSC, FSA
Instruments: Forex, CFDs on Cryptocurrencies, Commodities, Shares, Bonds, and Indices
Platforms: MT4, TraderEvolution, TradingView, Myfxbook
EUR/USD Spread: 0.4 commission-free or 0.0 pip + $7 commission per 100k round turn
Minimum deposit: $200
Demo Account: Available
Base currencies: USD, AUD, EUR, GBP, JPY, SGD
Education: Research, social trading, tools
Customer Support: 24/5
Overall Global Prime Ranking ▲
Our experts, after conducting extensive testing and comparing Global Prime against a field of 1000 brokers, have concluded that it stands out as a commendable broker. With its commitment to providing low spreads and ECN low latency connectivity to interbank rates, Global Prime ensures comprehensive global coverage. The Overall Global Prime Ranking has been determined to be 8.3 out of 5, reflecting the broker's favorable conditions and service that appeal to a diverse range of traders.
Is Global Prime Safe or a Scam? ▲
Global Prime is far from being a scam; it is a duly authorized entity by the top-tier ASIC and possesses an AFSL license, establishing a low-risk trading environment for its clients. This assurance of safety is paramount for traders seeking a reliable and secure trading experience.
Yes, Global Prime stands as a duly regulated broker, boasting an ASIC license which ensures a safe and protected trading environment for its traders. This regulatory framework is vital to maintain market integrity and to offer tailored trading capabilities within a secure environment. Despite its commendable regulatory standing, Global Prime also operates offshore entities in Seychelles and Vanuatu, holding VFSC and FSA licenses. However, it's important to note that trading with these entities introduces a higher level of risk, which traders should carefully consider. Our assessment of Global Prime's reliability, with a Trust Score of 8.7 out of 10, underscores the broker's reputable standing and reliability, proven over a decade of operation. The only caveat is its operation of offshore entities alongside the ASIC regulation.
Is Global Prime Regulated in the US?
Global Prime does not hold regulation in the US and, as a result, cannot offer its services to US clients. To operate within the US, brokers must comply with the stringent regulations set forth by the NFA and CFTC, which oversee the nation’s financial sector. These regulations are designed to prevent unlicensed brokers from offering their services, ensuring a secure trading environment.
Opting for Global Prime as your broker instills a sense of confidence that your funds are safeguarded under strict regulations. You can always rely on support from ASIC, and rest assured that trading conditions are continuously monitored. Moreover, any violation or misconduct by the firm could result in hefty fines, ensuring traders' safety. This level of protection is seldom found with unregulated firms, which operate without adherence to any set standards, presenting a significant risk to traders. Hence, choosing a broker regulated by a globally recognized authority is a prudent step in selecting a trading partner.
Global Prime leverage options significantly differ based on the regulatory entity under which a trader operates. For Australian traders, leverage availability is notably restricted, marking a departure from ASIC's previously liberal stance on leverage offerings.
Traders under the ASIC regulation can access a maximum leverage of 1:30, whereas international clients may be eligible for leverage as high as 1:400.
Leverage serves as a potent instrument, facilitating enhanced market exposure and the potential for increased returns. Nonetheless, its utilization demands caution due to the inherent risk of capital loss it carries.
Global Prime simplifies the decision-making process for traders by offering a singular account type. This unified account connects users to a plethora of online features, including comprehensive account management options and the full suite of Global Prime's offerings. The Live Account is designed to accommodate every trader's preferences, featuring both commission-based and commission-free options. Moreover, Global Prime provides a demo account, allowing traders to hone their skills before engaging in live trading.
Global Prime's instrument range offers access to a broad spectrum of highly sought-after assets, establishing the broker's reputation within the industry. The available trading instruments encompass Forex, Cryptocurrencies, Indices, Shares, Commodities, and Bonds, all offered at competitive prices. Additionally, Global Prime facilitates advanced trading strategies through social trading accounts (MAM & PAMM), catering to both individual traders and institutional clients.
The Global Prime Instrument Range Score stands at 4.1 out of 5, reflecting its extensive market coverage and favorable trading conditions. However, it's important to note that the services provided are limited to CFD and FX trading, which may vary by regulatory entity.
Global Prime adopts a flexible approach to trading fees, incorporating both spread-inclusive and commission-based structures depending on trading volume and selected features. Notably, the broker refrains from imposing deposit/withdrawal fees but applies an inactivity fee. Traders should also consider the impact of rollover and swap fees on their trading costs.
Based on our comprehensive analysis, comparing Global Prime's fee structure against over 1000 other brokers, the Global Prime Fees are awarded an overall rating of 4.5 out of 5.
Traders should not overlook the rollover or overnight fee, which represents an additional cost for positions maintained beyond a single day. This fee varies across different instruments and can significantly influence trading outcomes.
Global Prime offers highly competitive spreads, making it an attractive choice for many traders. With spreads on major pairs such as EUR/USD starting from 0.0 pips and a commission of $7 per 100k round turn, it stands out in the forex industry for its cost-efficiency. Our comprehensive comparison across 1000 brokers reveals that Global Prime's Forex spreads are significantly lower than the industry average of 1.2 pips for EURUSD. Moreover, spreads for other instruments are equally competitive, ensuring traders have access to cost-effective trading options.
Global Prime's trading platform suite includes the widely acclaimed MetaTrader4, known for its versatility and suitability for both novice and expert traders. The broker offers three execution models on MT4, along with variations for different devices, including a mobile app. Additionally, platforms such as Trading View, Myfxbook, and TraderEvolution are available, enriching the trading experience with diverse options. Global Prime enhances these platforms with free add-ons, analytical tools, and unrestricted use of EAs and algorithmic trading. This comprehensive offering places Global Prime's platforms with a high rank of 7.9 out of 5, based on our evaluation against over 1000 other brokers.
Global Prime supports a variety of base currencies for account opening, including USD, AUD, EUR, GBP, JPY, and SGD, making deposits and withdrawals more convenient for a global clientele. The broker provides multiple payment options such as Credit/Debit Cards, Neteller, Skrill, Wire Bank transfers, and BPay. With an excellent ranking of 4.0 out of 5 for its funding methods, Global Prime stands out for its low fees and flexible account currency options. However, the broker requires a higher initial deposit of $200, which is still below the average minimum deposit requirement among other brokers.
Pros
Multiple base currencies and payment options
Low or no transaction fees
Cons
Higher initial deposit compared to some brokers
Global Prime's customer support is accessible 24/5 in English, providing comprehensive assistance through email, phone, or live chat. Our tests show that Global Prime offers some of the fastest and most informative support, outperforming many competitors with an overall rating of 4.5 out of 5. However, the lack of weekend support could be a limitation for some traders.
While Global Prime does not offer extensive educational resources, it provides access to valuable market research tools and straightforward guides. This makes it a useful platform for beginners looking to understand market fundamentals. However, with a ranking of 3.0 out of 5, it's clear that there's room for improvement in the educational offerings to better support trader learning and development.
Global Prime strikes a fine balance between trading conditions and cost-efficiency with its low spreads and robust platform offerings. It offers a versatile trading environment that caters to a wide range of trading preferences, whether it's social trading, automated trading, or custom strategies. The advantage of being a regulated Australian broker adds a layer of security and peace of mind for traders. Global Prime is well-suited for a variety of traders, including beginners, professionals, and those interested in copy trading, scalping, or hedging strategies. Its support for the MT4 platform, along with options for trading CFDs on shares and bonds, makes it a comprehensive choice for traders seeking diversity in their trading strategies.
