Global Prime is an Australian broker that also operates using two offshore domains, namely, Vanuatu and Seychelles. Clients can trade Forex pairs, CFDs and digital assets.
Although a Tier 1 authority in ASIC regulates the head branch, the two offshore domains are suspicious. Please read the whole Global Prime Review before investing.
But firstly, we want to invite you to read our recently updated NSFX, Tradehall and TitanFX broker reviews.
|Broker Status:||Regulated Broker + Offshore Branches|
|Broker Regulation:||ASIC, FSA, VFSC|
|Known Broker Sites:||globalprime.com|
|Operating Status:||Active Forex trading platform|
|Complaints From Regulators:||ASF|
|Broker Owner:||Global Prime Pty Ltd, Gleneagle Securities Pty Ltd, Global Prime FX ltd|
|Headquarters Country:||Australia, Vanuatu, Seychelles|
|Trading Platforms:||MT4, WebTrader, TraderEvolution|
|Minimum Deposit:||200 AUD|
|Crypto Trading:||Available – BTC, ETH, LTC|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||FX, Crypto, Commodities, Indices, Shares, Bonds|
|Maximum Leverage:||1:30 (AUS), 1:100 (offshore)|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are accepted(offshore)|
|Global Fraud Protection Team:||Be careful when investing with this firm|
Is Global Prime a Regulated Broker?
To put it simply, yes. Global Prime is the trading name of Global Prime Pty Ltd from Sydney, Australia. This company has been registered with the Australian Securities and Investments Commission (ASIC) since 2010. It also holds an Australian Financial Services Licence (AFSL).
However, there’s one thing you should know. The company has two subsidiaries that operate offshore – Global Prime FX Ltd and Gleneagle Securities Pty Ltd.
ASIC, similarly to the European Securities and Markets Authority (ESMA), is a Tier 1 regulator with strict rules in force. Regulated companies are required to possess a minimum operating capital of 1,000,000 AUD.
They also have to provide clients with negative balance protection, a segregated bank account, and leverage restriction (1:30).
On the other hand, offshore entities simply have to pay a significantly lower cost to establish themselves in a given domain. So, the Global Prime regulation offshore isn’t as reliable and secure as in Australia. Dealing with the offshore branches of the Global Prime broker is much riskier.
Global Prime Pty Limited is an Australian-based company behind the Global Prime broker. This entity also operates in two offshore domains, mainly providing services to traders from the US, UK, Brazil, Indonesia, and Canada.
Warnings From Financial Authorities
There is one warning issued against Global Prime. Namely, on June 14, 2021, the Romanian ASF stated that these three entities behind the Global Prime brand weren’t authorized to provide services in that country.
Since Romania is an EU member state, the ASF implements ESMA rules. All non-European brokers are required to obtain a permit for providing services in the EEA zone.
Where Is Global Prime Trading Broker Active?
Based on our findings, Global Prime was active all around the world. In addition to its home country of Australia, the broker provided services to traders from the:
Global Prime was able to reach traders from all these countries via offshore domains. Only the Romanian financial authority warned traders about this.
Reviews of Global Prime – Traders Share Their Experience
Tradersunion.com is full of complaints against the broker. Traders mostly pointed to withdrawal issues, also saying that the broker demanded more money from them.
In 2023 alone, Global Prime received zero likes and 14 dislikes on that website. Here’s one negative experience:
I can’t withdraw money from my Global Prime account. In order to withdraw, they force me to deposit more money. Allegedly pay the tax and get your money. Despite the fact that I have enough money left in my account…
TradersUnion user, February 26, 2023.
What You Need to Know About Global Prime’s Trading Platforms
Global Prime offers several trading platforms. The one that immediately stood out was MetaTrader 4. In addition, there are also TraderEvolution and WebTrader.
FIX API is also included. Your trades can be copied and dropped to either your MT4 or TraderEvolution account.
Mobile Trading Platform
Global Prime made mobile trading available. Both MT4 and TraderEvolution have Android and iOS versions.
The download links can be found on the broker’s website. WebTrader is a browser-based platform and as such, it doesn’t require a mobile app version.
Meta Trader 4
MT4 is probably the most famous platform in the world of trading. The platform was released in 2000 by the company MetaQuotes.
This software offers unique cutting-edge features such as automated trading, multiple timeframes, instant execution, etc. It’s easy to use and facilitates trading at all levels.
TraderEvolution was designed for advanced traders. The key strength of this platform lies in its multi-asset setup.
According to Global Prime, TraderEvolution offers the same market-leading pricing and execution as MT4. It’s available for desktop, Android and iOS and works great in combination with TradingView data & charts.
Another neat feature designed for advanced traders. As Global Prime put it, this solution is for those “looking to deploy their proprietary algorithmic trading solution with the lowest possible latency.”
The trades you make can be copied to your MT4 or TraderEvolution account. However, this solution requires a minimum deposit of 25,000 $ and Global Prime charges 2,000 $ per month for it.
Global Prime’s Range of Trading Instruments and Markets
Here’s a quick overview of the Global Prime trading assets with some examples:
- FX pairs – EUR/USD, AUD/CAD, GBP/CHF…
- Crypto – BTC, ETH, LTC…
- Indices – AUS200, NASDAQ100, FTSE100…
- Commodities – gold, natural gas, coffee…
- Shares – Amazon, Google, Tesla…
- Bonds – UST10Y, UST5Y, UK Gilt.
Fees and Spreads Overview
Global Prime features two models for spreads + commissions. The first one offers a spread of 0.4 pips for the benchmark EUR/USD pair with no commissions.
The second one gives you 0.0 pips but charges 7 $ per round turn lot. Commissions are only charged for FX pairs and metal trades.
Global Prime’s Trading Account Review
As mentioned, Global Prime offers just one ECN account, with two models for spreads and commissions. Regardless of the model, the minimum deposit is 200 AUD.
The leverage cap depends on the jurisdiction. Thus, in Australia, you have the ASIC restriction of 1:30 (FX major pairs) whereas the offshore domains offer up to 1:100.
Bear in mind that such high leverage is a double-edged sword that most often leads to great losses.
Global Prime’s Demo Account – Can I Trade For Free?
Yes. Global Prime included a free demo account. Traders get access to MT4 and TraderEvolution and virtual funds of 5,000 $. It’s great for practice but be careful if you decide to open a live account and invest real money.
Withdrawing Profits From Your Broker Account
Clients’ funds are kept at a top Australian bank – NAB. As far as payment methods go, Global Prime included a wide range of them:
- Credit/debit cards;
- Wire transfers;
- E-wallets (PayPal, Neteller, Skrill…).
When it comes to the Global Prime withdrawal process, some clients complained about issues. They said that the broker demanded more money from them in the name of “taxes” before allowing withdrawals.
That’s illegal. Brokers can charge withdrawal fees but not ask clients to pay additional funds before performing a withdrawal.
I Have Issues With Global Prime, What Should I Do?
To sum up, Global Prime is regulated by a Tier 1 authority in ASIC but also has two offshore branches. Their regulation is not strict at all.
If Global Prime violated any terms and conditions, or if you’re having the said withdrawal issues, please contact Global Fraud Protection.
Our team of experts can help you get your money back. They specialize in bank chargebacks & recalls, and advanced crypto-tracing software such as CipherTrace.
If this broker steals your money, contact us for help. The fastest and easiest way you can book a free consultation with us is via Online Chat.
Is Global Prime a Legit Broker and Should I Invest In It?
Global Prime is regulated by ASIC but the two offshore branches are risky. If you need help getting your money back, contact us.
Does Global Prime Offer a Demo Account?
Yes. Traders can open a demo account and gain access to MT4, TraderEvolution and 5,000 $ of virtual funds.
Does Global Prime Have a Mobile Trading App?
Yes. Global Prime offers Android and iOS mobile trading apps for MT4 and TraderEvolution.
Are My Funds Safe With Global Prime?
Your funds should be safe if you invest with the Australian branch. However, we read several complaints against the broker.
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