Independent rating of Forex broker Global Prime
0/10 (votes 100)
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On-line since
2010
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Country of origin
Australia
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Regulation
Australian Securities and Investments Commission (ASIC), Seychelles Financial Services Authority (FSA), Vanuatu Financial Services Commission (VFSC)
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Payment options
debit/credit cards, wire transfer, Neteller, POLi, BPay
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Minimum account size
$200
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Minimum lot size
0.01 lot
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Leverage
1:100 (standard), 1:200 (maximum)
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Spreads
-
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About company
Global Prime is a well-known broker licensed to provide financial services in Australia. The company is regulated by two financial authorities at once - ASIC and VFSC. According to the broker's official website, client money is well-protected and held in segregated Client Trust Accounts with Westpac bank and the National Australia Bank, an AA rated Australian bank regulated by APRA and ASIC.
Trading conditions
The broker offers its clients a vast array of trading instruments: 48 currency pairs, CFDs, precious metals, energy, indices, and cryptocurrencies.
Clients can trade through the following trading platforms: MetaTrader 4, ZuluTrade, ProTrader, WebTrader, MYFX, and mobile trading apps.
Global Prime has one type of account - ECN. Deposits are in USD, AUD, GBP, EUR, CAD, and SGD. Withdrawals can be made using a wire transfer, and credit or debit cards. Withdrawal requests are processed within a few hours. It takes up to 3-5 business days to withdraw funds.
Spreads in the company are relatively low - from 0.0 pip. Transactions are executed quickly enough. The broker allows hedging, one-click trading, pending orders, and One-Cancels-the-Other (OCO) orders.
Support service
Global Prime’s headquarters are in Sydney, Australia. Its support offices are located worldwide. To contact the company’s representatives, a client can use Skype, phone, feedback form, Live Chat, and email. The support service works 24/5.
Traders’ reviews
Numerous traders leave negative comments about the broker. Mostly, they complain about a lengthy funds withdrawing procedure. Others point out relatively small profits due to high trading costs, as well as due to significant changes in spread. Notably, negative comments outnumber positive ones.
Advantages and disadvantages
As for advantages, the company is regulated by a reputable financial authority. Moreover, Global Prime provides trading through a popular platform - MetaTrader 4. The broker does not charge any commission for deposits and withdrawals. On top of that, clients can receive a $100 bonus as part of the Refer a Friend campaign. Also, the company offers relatively narrow spreads and an opportunity to open a free demo account.
Amont disadvantages, there is a variable minimum deposit size and trading costs. The broker warns about it on its official website. Moreover, cryptocurrency trading with Global Prime is unprofitable.
