4.6
| Feature | Global Prime |
| Minimum deposit: | $200 AUD |
| Withdrawal fee amount: | |
| Inactivity fee charged (Y/N): | N |
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| Year founded: | |
| Time to open account: | |
| Demo account provided (Y/N): | Y |
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Global Prime was founded in 2010 and is an Australian owned and operated Financial Services Provider. It has since then carved out a niche in a very competitive market and built a strong global client base. The company appeals to retail and institutional traders and offers a choice of two trading platforms and forex and CFD markets.
The brokers success comes from being in-line with what traders really want. There aren’t many add-on services, but the execution function has a feel of being designed by traders, for traders. There is also some extra transparency offered in terms of fees and commissions which has allowed the broker to build a relationship with its clients. Those looking to set up an account with the broker will note the firm’s efforts to develop an ethos of being ‘on your side’.
The brokers headquarters are at Suite 604, 35 Grafton Street Bondi Junction Sydney, NSW, 2022, Australia.
The brokers emphasis on putting its clients in a good position to trade is backed up by very competitive fee structure. The average spread on Bitcoin for example is as low as 22.29. For Ethereum its 1.32 and for Ripple 0.13.
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A lot of brokers have spreads in EURUSD which come down to as little as zero pips. Global Prime match that but extend the zero pips over other forex majors as well. Aussie (AUDUSD), Cable (GBPUSD), Loonie (USDCAD) and Swissie (USDCHF) are all at times traded at zero pips. Even some of the exotic forex pairs, such as EURNOK and AUDSGD are reported to trade as low as zero pips.
There may not be a wide choice of equity-based markets but those that are – come with super-tight spreads.
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Global Prime achieves these tight spreads by combining tier-1 bank, non-bank and ECN liquidity. This means not only do the numbers stack up but that traders can take advantage of good quality trade flow.
Another nice-to-have feature which might not grab the headlines – but which can certainly help the bottom line, is that Global Prime offer competitive financing charges. The overnight swap rate they charge is based on the interbank rate.
Global Prime offer their clients the choice of two trading platforms. The market leading MetaTrader 4 is available in desktop version for iMac and Windows operating systems. It can also be used in WebTrader format. MetaTrader 4 is the worlds most used retail trading platform. Its popularity is a based on the functionality which is razor sharp, and the trade execution interface which has an institution grade feel to it.
MetaTrader 4 launched in 2005 and as a result of being developed over many years the trading experience is provides everything a trader needs and little that they don’t. It is still hard to beat in terms of charting tools. There are over 30 powerful indicators as standard and this will cover the needs of most traders. Those looking for something extra have the option of choosing from hundreds of other modelling tools which can be bolted on, usually for no additional charge.
The ‘community’ of MetaTrader 4 users actively share ideas and signals and the platform remains the ‘go-to’ option for those looking to run their own models in the markets.
The relatively recent addition of the TraderEvolution platform is a big plus for Global Prime. Trader Evolution is described as “a next generation multi-asset trading platform designed for serious traders who demand advanced functionality for order entry, analysis, and Algo trading”.
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TraderEvolution has similarities to MetaTrader, it comes equipped with the same market leading pricing and execution as MetaTrader. In some ways it takes trading a step closer to institutional grade by offering greater transparency over the available liquidity, Level 2 pricing, and Volume analysis.
The number of markets available at Global Prime is limited. As with other brokers who base their trading on MetaTrader4 suite of platforms trading is focussed on forex with some exposure to equity indices, commodities and cryptocurrencies.
In total, Global Prime currently offer 48 forex pairs 5 cryptocurrencies, 12 equity indices and 18 commodities. It can take a lifetime to become an expert in one single market and there is a range of instruments but some will find the choice limiting.
Global Prime offers iOS and Android mobile trading applications for its MetaTrader platforms, available directly from developers on the iTunes Store and Google Play.
MetaTrader 4’s mobile platform carries over most of the functionality of the desktop version. There are 30 of the most popular technical indicators and 24 analytical objects.
This is quite an achievement as the desktop platform comes with an extensive range of indicators and charting tools.
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The app allows you to have complete control over your trading account, anywhere, anytime. The free chat option is a welcome addition and allows users to communicate with other traders. There is also a news service and access to trade history.
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The MetaTrader app is particularly strong in that it facilitates in depth research and analysis even on smaller screens. Lines, channels, geometric shapes, as well as Gann, Fibonacci and Elliott tools can all be applied and users can open up to 10 windows at one time. This is a higher spec than found on most trading apps and allows traders the opportunity to gain maximum advantage.
There is limited research available at Global Prime and ‘how to …’ style resources are non-existent. What is provided are however quite useful. The Daily Edge report offering an example of how the Insight section of the Global Prime site is designed to provide clients with research which is very much tradable.
The ‘Discord’ chat room is a neat addition and allows traders to discuss daily trading events and share analysis and views on the market. The service is reported to have more than 2,500 subscribers and its popularity suggests other brokers would do well to consider something similar as currently Global Prime stand out from the crowd by offering this service.
Our testing format found the customer service provided by Global Prime to be at the higher end of the scale. Staff were professional, knowledgeable and resolved our ‘test’ issues during the first call.
Support is offered on a 24/5 basis which is in line in terms of office hours though the provision of Live Chat, email and Phone Support allows traders to use their preferred form of communication.
Cross-referencing to online comments made by members of the trading community backed up our researcher’s findings. Any broker which engages with its clients enough to earn a four-star rating on the Forex Peace Army site is doing something right.
“I have been a trader for over 13 years now and I have NEVER thought a day will come when we have serious genuine forex brokers out there. Overall, the company seems to be run by genuine and honest human beings who tell you as it is… In particular, their customer support is just awesome.” (Source: Forex Peace Army)
“I’ve used about 3 different brokers and Global Prime is by far the best of them all. They have an excellent team that stay in touch through online community” (Source: Forex Peace Army)
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