- Global Prime Pros and Cons
- Is Global Prime safe or a scam?
- Leverage
- Trading Fees
- Spread
- Trading Platform
- Deposits and Withdrawals
- Conclusion
Our Review Method
- Our financial experts at 55Brokers with over 10 years of experience reviewed broker’s offerings including platforms, fees, spreads, available instruments, as well as varified lcenses. Then placed trades trades and contacted customers support to evaluate conditions to give an expert opinion about Global Prime
What is Global Prime?
Global Prime is an Australian broker that provides Forex and CFD trading and specializes in low latency connectivity to tier-1 bank connectivity. The company proposes a regulated trading environment with a sophisticated execution model based on ECN connectivity, bringing powerful platforms, and copy trade capabilities all with tight spreads.
From the beginning of its operation, back in 2010, until now Global Prime serves clients from over 120 countries, uses 20 liquidity providers to guarantee the best quotes, and trades huge volumes across continents.
Global Prime Pros and Cons
Global Prime is a reliable broker with comprehensive trading proposals with advanced range of instruments suitable for professionals traders with low commission charge and low spreads whie providign ECN connectivity powered with auto trading, and good research tools.
For negative points, the proposal might not suit beginning traders, the deposit is high, it lacks education and support is not available 24/7. Also, the market range is strictly limited to FX and CFDs and conditions vary depending on the jurisdiction since the broker runs offshore entities
Advantages | DIsadvantages |
---|
Highly regulated broker | Runs Offshore Entities |
Global Trading service | Conditions and protection vary according to the entities |
Good Forex and CFD Insturments | No 24/7 support |
Low Spread and Commissions | |
Competitive Trading Conditions | |
FIX API Trading | |
Global Prime Review Summary in 10 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 remained satisfied with Global Prime considering it a good broker with favorable conditions and service suitable for traders of different styles. The broker ensures global coverage with lowest spreads possible offering ECN low latency connectivity to interbank rates.
- Global Prime Overall Ranking is 8.3 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
Ranking | Global Prime | Interactive Brokers | XM |
---|
Our Ranking | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
Advantage | ECN Connection | Real Stocks | Education |
Global Prime Alternative Brokers
However, we couldn’t help but notice the broker’s negative sides – the broker lacks decent educational resources which might be heplful for beginners, also the market range is limted to FX and CFDs, and international entities offer different conditions. And the minimum deposit is a higher than the industry average. So it is advisible to check also alternative brokers, however, overall Glpbal Prime conditions are pretty good.
Is Global Prime safe or scam?
No, Global Prime is not a scam; it is authorized by top-tier ASIC and holds an AFSL license with a low-risk trading environment.
Is Global Prime regulated?
Yes, Global Prime is a respectively regulated broker holding ASIC license ensuring traders’ safe trading environment and good protection. This is necessary to guarantee market integrity and propose tailored trading capability with a safe trading environment. You may read more Why trade with ASIC brokers by the link.
- Additionally, Global Prime has expanded beyond its borders with offshore operations in Seychelles and Vanuatu obtaining the VFSC and FSA licenses. However, trading with these entities carries a high level of risk that should be considered carefully before proceeding.
See our Conclusion on Global Prime Reliability:
- Our ranked Global Prime Trust Score is 8.7 out of 10 reflecting the broker’s good reputation and reliability proved throughout a decade by proper operation, execution, and integrity. Being licensed by a top-tier regulator, GLobal Prime ensure safe trade and good client protection. The only drawback is that it holds offshore entities alongside ASIC
Global Prime Strong Points | Global Prime Weak Points |
---|
ASIC-regulated | Runs Offshore Entities |
Good reputation proven within a decade of operation | Trading and Protection Conditions might differ according to jurisdictions |
Worldwide operation | |
Clients Protection | |
Negative Balance Protection | |
Is Global Prime regulated in US?
No, Global Prime is not regulated in the US, therefore US clients cannot get access to the broker’s offerings. In order to operate in the US brokers must abide by NFA and CFTC orders since these regulators oversee the nation’s financial sector and impose strict laws preventing unlicensed brokers from providing their service.
How are you protected?
Therefore, defining Global prime as your broker will bring you a clear state of mind that your money is kept under necessary rules, you may always count on support from ASIC, as well as the trading conditions are constantly overseen.
Also, operation and firm may be heavily fined in case of any violence or a mislead of a client, so traders always ensured its safety. This indeed never happens with unregulated firms, as they operate in the manner they find correct, which is definitely super risky for you. For this reason trading with a broker under world-recognized authority is the correct approach in your choice of a broker.
Leverage
Global Prime Leverage Levels strictly vary depending on the entity. Australian traders’ options are limited since the broker put restrictions on the leverage usage, even though ASIC once was known as one of the most popular financial hubs offering high leverage.
- clients trading under the ASIC entity get exposure to maximum leverage of 1:30
- While international clients can get access to high leverage up to 1:400
Leverage is indeed a powerful tool that can help you gain exposure to a specific market and bigger returns; however; it should be approached with caution since is a risky venture that can lead to capital loss.
Prime Global Account types
Global Prime made your choice simple and run One account for all. This means you connect all the solutions to one online feature with a full range of account management and possibilities from Global Prime. Live Account is equipped with commission-based and commission-free features to cater to every trader’s needs. Additionally, the broker offers a demo account to practice before taking steps toward any live trade.
Pros | Cons |
---|
Fast Digital Account Opening | Higher Minimum Deposit |
Demo Account | No Islamic or Swap-free Accounts |
Single Integrated Account for all | |
Free Deposit and Withdrawal Processes | |
Instruments
Global Prime Instrument range opens up opportunities to trade some of the most popular assets, the broker is highly regarded in the industry for its achievements, while traders are mainly happy with the service they get.
Global Prime offers access to a comprehensive range of trading instruments, including Forex, Cryptocurrencies, Indices, Shares, Commodities, and Bonds at competitive pricing. Advanced strategies such as social trading accounts (MAM & PAMM) can be implemented for the best possible profits; ideal for both individual traders and institutions alike.
- Global Prime Instrument Range Score is 8.2 out of 10 for its comprehensive market range, accompanied by optimal trading conditions. However, it only provides CFD and FX services which may vary depending on the entity chosen.
Global Market Fees
Global Prime fees are either built into spreads or are commission-based depending on the volume you trade and features chosen. The broker does not charge deposit/withdrawal fees, however, it charges inactivity fees. Also, consider rollover and swap fees.
- Global Prime Fees are ranked with an overall rating of 8.9 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below
Fees | Global Prime Fee | COmmSec Fee | City Index Fees |
---|
Deposit fee | No | No | No |
Withdrawal fee | No | No | No |
Comission basis fee | Yes | Yes | Yes |
Fee Ranking | Low | Low | Low |
Global Prime rollover
Also, always consider rollover or overnight fee as a cost, it is charged on the positions held longer than a day and defined by each instrument separately. Some of the examples you may also see above.
Spreads
Global prime spreads are either built into spreads, also offering raw spreads with a typical EUR/USD spread is 0.0 pip, plus the $7 commission per 100k round turn which is very competitive and pleasant among the industry.
- Global Prime Spreads are ranked with an overall rating of 8.8 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average of 1.2 pips for EURUSD, and spreads for other instruments are very attractive too
Asset/ Pair | Global Prime Spreads | Land FX Spreads | AvaTrade Spreads |
---|
EUR USD Spread | 0.0 pip | 0.9 pips | 1.3 pips |
Crude Oil WTI Spread | 1.6 pip | 3 pips | 3 pips |
Gold Spread | 0.12 | 40 cents | 40 |
Global Prime Funding Methods
Global Prime enables you to open an account with your choice of the base currency between USD, AUD, EUR, GBP, JPY, and SGD
in reverse making money deposit or withdrawal more convenient. Also, you may choose the best suitable option either to pay with Credit/ Debit Cards, Neteller, Skrill, Wire Bank transfers, or BPay.
- Global Prime Funding Methods we ranked Excellent with an overall rating of 8 out of 10. Fees are either none or very small also allowing to benefit from various account-based currencies, yet the initial deposit is higher for Global Prime
Here are some good and negative points for Global Prime funding methods found:
Global Prime Advantage | Global Prime Disadvantage |
---|
Fast digital deposits, including Neteller, Skrill, and Credit Cards | Fees and Methods vary according to jurisdiction |
Multiple Account Base Currencies | |
Free Deposit/Withdrawal Fee | |
Withdrawal requests confirmed within 12-24 hours | |
Global Prime minimum deposit
Global Prime minimum deposit is $200. Since there is no difference between account types, this amount will allow you to start while further checking on the necessary margins and other conditions so you may define a suitable amount. E.g. maintaining a master account with Myfxbook requires a minimum of 1,000$.
Global Prime minimum deposit vs other brokers
|
Global Prime |
Most Other Brokers |
Minimum Deposit |
$200 |
$500 |
Global Prime withdrawal fee
Global Prime withdrawal options are popular Bank transfers and Credit Cards, also there are no charge fees for either deposits or withdrawals. Yet, you should always check with your payment provider if there are any charges for international transfers and so.
How do I withdraw money from Global Prime?
In order to withdraw money from your account, you need to log into the funding section and choose the withdrawal method same as for depositing, enter the required amount of money, and confirm the transaction.
Global Prime Trading Platforms
Global Prime trading platform range includes popular Forex platform MetaTrader4 as its great trading environment suitable for both professionals and beginners serves a purpose the best. There are 3 execution models available at MT4 together with different versions of a platform suitable for various devices, including an App for mobiles. Also, the broker offers Trading View, Myfxbook, and TraderEvolution platforms.
- Also, Global Prime enhanced the platform with free add-ons, analytical objects, and technical indicators all with no restrictions on algorithmic trading or the use of EAs.
So all in all, the Global prime solution provides the ability to trade with customized liquidity on fast execution speeds and unparalleled software that brings you all that is needed for good performance.
- Global Prime Platforms are ranked high with an overall ranking of 7.9 out of 1o as compared to over 500 other brokers. We marked broker includes MT4 platform which is an industry standard with good VPS and EAs, also it includes TradingView for a better research experience. The only point is the lack of alternative platform options
Trading Platform Comparison to Other Brokers:
Platforms | Global Prime Platforms | Land FX Platforms | Pepperstone Platforms |
---|
MT4 | Yes | Yes | Yes |
MT5 | No | Yes | Yes |
cTrader | No | No | Yes |
Own Platform | No | No | Yes |
Mobile App | Yes | Yes | Yes |
AutoTrade
In addition, you may automate your trading with social trading capability that allows copying other traders directly to your Global Prime account. This opportunity is performed via the industry-leading system Myfxbook which proved its reliability and serves numerous global traders for both copy traders or being master traders.
It is indeed a great opportunity especially for beginning traders, as you may choose from over 40 systems and thousands of professional investors to copy, in reverse advanced traders may operate the larger accounts and receive commissions.
Customer Support
Global Prime Customer Support is available 24/5 in English offering comprehensive customer care that can be reached via email. phone, or Live Chat.
- Customer Support in Global Prime is ranked Excellent with an overall rating of 9 out of 10 based on our testing. We got some of the fastest and most knowledgeable responses compared to other brokers, the only point is that it is not available on weekends
See our find and Ranking on Customer Service Quality:
Pros | Cons |
---|
Quick response | No 24/7 support |
Relevant Answers | Multilingual support not provided |
Live Chat Available | |
Global Prime Education
Global Prime does not offer comprehensive learning materials, however, it can be a valuable resource for beginners with access to market research tools and simple explanatory guides.
- Global Prime Education is ranked low with a ranking of 6 out of 10 since doesn’t have good resources, only a few simple guides; however, the research tools are good
Globar Prime Review Conclusion
In this Global Prime Review, we found that the broker provides a good balance between trading offerings with overall conditions and low spreads. There is an option for almost any trader to find its way of trading, either through social trading or by maintaining its own strategy with the use of robots or so on. Also being a regulated Australian broker is a great advantage for your calm state of mind, knowing your investment is safe. Traders of any style can enjoy trading with Global Prime along with the enlarged offering in the conflict-free environment with ECN technology.
Based on Our findings and Financial Expert Opinion Global Prime is Good for:
- Beginning Traders
- Professional Traders
- FIX API Traders
- EAs running
- Copy Trading
- Scalping / Hedging Strategies
- Traders who prefer the MT4 platform
- Share CFD Trading
- Bonds CFD Trading
- Currency Trading and CFD Trading
- Suitable for a Variety of Trading Strategies
- Traders preferring Myfxbook
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Not Global Prime.
Global Prime notified me less than 48 hours before the ASIC Product Intervention Order took effect (which significantly reduced retail traders leverage), resulting in me losing nearly $15,000 in my account.
ASIC announced the change 5 months ago. but I was told about it on Thursday afternoon. They said I could either deposit $100,000 to cover the leverage reduction that would take place in the next couple of days, or my account would easily go into margin call and pretty much all my open trades would be closed.