What is Global Prime?

Global Prime is an Australian-based online broker that provides custom liquidity solutions and institutional traders with access to multiple markets. It was founded in 2010 by a group of experts and currently has a client-base from over 120 countries worldwide. It also boasts an average of over 30 billion in trading volume per month.

Global Prime currently has three main offices in several continents.

However, while Global Prime does get its share of positive user reviews, there is also an equal number of negative ones around as well. In this review, we will take a brief look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not. In addition, we will investigate into its history to see if the broker is a safe choice for traders.


Global Prime: Services and Offerings

While Global Prime offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client. Services are also blocked for residents living in the United States, Canada, New Zealand, Iran, and North Korea due to legal restrictions.

• Trading Instruments

Global Prime offers a good list of financial instruments that are tradeable by its clients. These include over 50 Forex Pairs (Major, Cross, and Exotic), CFDs for Indices, Metals, and Energies, and a decent amount of Cryptocurrencies (such as Bitcoin, Ethereum, Litecoin, and Ripple).

• Account Types

Global Prime currently has only one standard account type.

This account type can be opened with a minimum deposit of $200, where clients can trade with a minimum trade volume of 0.01 lots and a maximum leverage of 1:200. Commissions are somewhere around #3.5 per lot. 

In addition, Global Prime also features a demo account that allows clients to test the features of its trading platform in a risk-free environment.

• Trading Platform

Global Prime mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.

It is available for desktop, web browser, and mobile for iOS and Android. 

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• Payment Options

Payment options include credit/debit cards, bank wire transfers, and online payment services. Deposits and withdrawals can also be done with cryptocurrency.

Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds. 

There are no fees for deposits; however, bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.

Most of the details listed above may often be subject to change. Therefore, for updated information, please look into the Global Prime’s official website.

Global Prime: Is it safe?

Many offshore brokerages have been able to pull off many scams in the past due to the lack of proper jurisdictions in the area. This can ruin the reputation of many legitimate brokers. In order to guarantee their legitimacy, they obtain licenses from financial authorities. These authoritative bodies investigate the broker’s operations and only give out licenses if it passes industry standards. Fortunately, Global Prime practices a strict regulation policy.

Given that it is based in Australia, Global Prime is licensed and regulated by the Australian Securities and Financial Commission (ASIC), a reputable financial authority. Furthermore, the broker holds an Australian Financial Services Licenses, allowing the broker to conduct its financial business in Australia.

In addition, its clients’ funds are kept in a segregated Westpac accounts, preventing the broker from using the funds to fulfill corporate obligations such as debts, etc. 

Global Prime: Conclusion

In conclusion, Global Prime is a great online broker that provides customized liquidity solutions as well as institutional traders a transparent, flexible, and cost-effective trading environment. It uses the industry-standard MT4 which is well known for its cutting-edge technology and order execution speeds. In addition, its FIX API solution is a big plus for high-volume traders. 

Its regulation with a well-known financial authority also ensures the safety of their clientele. 

However, while Global Prime does hold a good variety of financial instruments in their listings, it can be considered rather limited when compared to other online brokers.