Global Prime Review 2024 with Rankings by Dumb Little Man

Global Prime Review

Forex brokers play a crucial role in the global financial markets, facilitating currency trading for individual and institutional traders. They serve as intermediaries, offering access to the dynamic world of foreign exchange trading.

Global Prime is a notable player in this field, distinguishing itself through its commitment to democratizing access to financial markets. It was established in 2010 and initially catered to the institutional sector with MT4 Forex trading. By 2011, the firm expanded to include retail clients, marking a key expansion in its services.

Over 12 years, Global Prime has grown significantly, now serving thousands of clients worldwide. Renowned as a top-rated broker, the company is committed to offering diverse products, low trading costs, and no minimum account requirements, catering to a broad range of traders.

This Global Prime review is grounded in expert findings and experiences, offering an objective analysis of Global Prime’s services and its impact on the Forex brokerage industry.

>> Also Read: 9 BEST Forex Brokers For 2024: Reviewed By Dumb Little Man

What is Global Prime?

Global Prime is an Australian Forex broker established in 2010. Known for its low latency connectivity and tier-1 bank links, the broker offers a sophisticated ECN execution model. This model ensures efficient trading with tight spreads, powerful platforms, and copy trade capabilities.

The company has rapidly expanded since its inception, now serving clients from over 120 countries. Global Prime stands out for its use of 20 liquidity providers, ensuring the best quotes and significant trade volumes across continents. This global reach underscores its status as a top-rated broker.

With a focus on diversity and accessibility, Global Prime provides over 150 markets, including 40+ forex currency pairs, cryptocurrencies, commodities, stock indexes, and individual stocks as CFDs. Traders can start with a $200 minimum deposit and leverage up to 1:100.

Global Prime supports a variety of trading styles, from news spike trading and expert advisors to scalping. It integrates with ZuluTrade, supports MyFxBook CopyTrade, and offers demo accounts for strategy testing. The broker’s trading platforms include the MT4 trading platform, Trader Evolution Desktop, and Trading View.

Regulated by both ASIC (Australia) and VFSC (Vanuatu), Global Prime is recognized for its reliability and high trust score. BrokerChooser’s 4.3/5 rating further attests to its credibility, based on an extensive analysis of over 500 criteria and live account testing.

Safety and Security of Global Prime

Global Prime ensures a high level of safety and security for its clients, a fact underscored by its comprehensive regulatory compliance. This information, gathered after thorough research of Dumb Little Man, highlights the broker’s commitment to client protection.

The firm operates under the FMGP Trading Group Pty Ltd, authorized to deal in securities, derivatives, and foreign exchange contracts. Additionally, it provides general advice to both retail and wholesale clients. Global Prime is regulated by the Australian Securities and Investments Commission (ASIC), holding an Australian Financial Services License (No. 385620).

Expanding its regulatory reach, Gleneagle Securities Pty Limited, doing business as Global Prime FX, is subject to Australian securities like Vanuatu Financial Services Commission (VFSC) regulation and is registered as a company in Vanuatu (Company Number 40256). The broker’s commitment to customer security and regulatory compliance in its financial services is supported by this dual regulation.

Pros and Cons of Global Prime

Pros

• Easy account opening
• Low Forex fees
• Free Deposit and Withdrawal
• FIX API trading solutions
• Demo account is available

Cons

• Customer support is slow
• Limited portfolio
• Not the lowest minimum deposit

Sign-Up Bonus of Global Prime

As part of its dedication to honest and ethical trade, Global Prime does not presently provide any sign-up bonuses. This strategy fits with the broker’s goal of giving its clients clear-cut, value-added services.

Global Prime places more of an emphasis on long-term trading value and sustainable trading conditions than it does on temporary incentives, which is reflected in the lack of a sign-up bonus. This choice demonstrates their commitment to upholding honesty and dependability in the trading industry.

Minimum Deposit of Global Prime

In the Forex market, Global Prime stands out for its inclusive style of trading. The broker has established a zero minimum deposit requirement, emphasizing accessibility and enabling a diverse spectrum of traders to partake in the market.

Both new and seasoned traders can start trading with an amount that is comfortable for them thanks to our policy of no minimum deposit. It is a testament to Global Prime’s dedication to democratizing trading access and providing chances for all kinds of investors.

Global Prime Account Types

Global Prime offers two different account kinds that are tailored to different trading techniques and tastes. These are the result of extensive testing and research conducted by a team of professionals at Dumb Little Man. The Demo Account, Retail Investor accounts, and the Pro Trading account have different perks as seen below:

Demo Account

• No required investment
• 24/7 customer support
• Unlimited virtual cash on the Demo account
• The demo account offers access to a 150+ range of markets and trade currencies, crypto, equities, commodities, and more.

Standard Account

• No commission: Traders pay through the spread instead.
• Suitable for traders who prefer a straightforward cost structure.
• Scalping, EAs, and Hedging are permitted.
• USD, AUD, GBP, EUR, CAD, SGD, JPY

Raw Account

• No spread: Costs are covered through a commission.
• Ideal for traders seeking tighter pricing and willing to pay commission.
• Scalping, EAs, and Hedging are permitted.
• USD, AUD, GBP, EUR, CAD, SGD, JPY

Pro Trading

• Higher leverage (1:100)
• Trading rebates
• Fund Protection
• Detailed Account Manager

Global Prime Customer Reviews

Global Prime receives mixed reviews from its clients. Some, like Layan, commend the broker for competitive spreads, responsive support, and unique features such as a “Read Only” password for enhanced security. Cristian highlights the efficiency of the support team in reactivating dormant accounts.

However, Mohammed points out issues with crypto transactions, website performance, and customer support, indicating that experiences with Global Prime can vary significantly among users.

Global Prime Fees, Spreads, and Commissions

Global Prime offers a competitive and transparent fee structure in the Forex industry. The broker’s spreads and commissions are designed to suit various trading styles and strategies.

The broker provides options for built-in spreads or raw spreads, with the typical EUR/USD spread at 0.0 pip. A $7 commission per 100k round turn is charged, which is notably competitive in the industry. This fee structure is particularly appealing for traders looking for low-cost trading options.

Spreads at Global Prime are variable, starting from 0.0 pips. For major currency pairs, the typical spreads are around 0.16 for EUR/USD and 0.75 for GBP/USD. Indices like the FTSE 100 and Nasdaq 100 have typical spreads of 0.84 and 1, respectively.

Commissions are applicable only on forex and metal trades with the ECN account. The commission rates per standard lot are diverse, depending on the currency: 7 AUD, 7 USD, 6.2 EUR, 5.4 GBP, 9.5 SGD, and 9 CAD. Additionally, Global Prime offers competitive overnight swap rates, sourced directly from the interbank market.

The commission and spread on the Pro Trading account is the same, however, leverage is higher at 1:100.

Deposit and Withdrawal

Global Prime facilitates a seamless deposit and withdrawal process, emphasizing security and ease for clients, as tested by Dumb Little Man.

Deposits are managed via the GP Hub, and while immediate reflection in the account isn’t guaranteed, Global Prime underlines their use strictly for trading. Notably, the broker absorbs merchant fees on certain payment methods, as long as they are used for trading purposes. However, clients should note potential Foreign Exchange Conversion fees.

It’s important to remember that Global Prime does not charge for deposits, but bank wire transfers may attract fees from external or intermediary banks, especially for international transactions.

Withdrawals are processed through the GP Hub, with requests before 10 AM AEST/11 AM AEDT processed the same day. Although generally efficient, withdrawal times can vary due to external bank processes. Withdrawals must align with the account name, and credit card refunds are limited to the original deposit amount.

Global Prime prioritizes the safety of client funds, maintaining them in segregated accounts with reputable institutions like HSBC and National Australia Bank. The protection level for these funds is dictated by the specific Global Prime entity with which the client holds a contract.

How to Open a Global Prime Account

Opening an account with Global Prime is a straightforward and digital process. It’s designed to be quick and user-friendly, typically taking just a few minutes to complete. Here are the nine key steps to get you started with your Global Prime trading account:

1. Open a Global Prime account online with ease using their user-friendly website
2. Fill out the online application in five to ten minutes.
3. You should expect an account approval within a working day.
4. After entering your email address, select a strong password.
5. Please include personal details, such as your address and date of birth.
6. Choose the base currency you want to use and the account type that you want.
7. Send us a copy of your ID or passport to have your identification confirmed.
8. Present a utility bill or bank statement as proof of residency.
9. Wait for an account setup confirmation to be successful before you begin trading.

Global Prime Affiliate Program

Through its extensive trading platforms, Global Prime’s Affiliate Program allows partners to capitalize on its esteemed standing in the FX market. The program is designed to accommodate different kinds of affiliates and introduce brokers, and it has over ten years of expertise and a solid reputation for dependable and trustworthy services.

Introducing Broker

• customized for companies or individuals operating in the foreign exchange market, such as trading websites, blog writers, and trading education initiatives
• provides large commissions based on trading activity referred by others
• offers really attractive rebates
• has an infinite earning potential
• has a Global Prime Client Success Manager assigned
• availability of a range of marketing tools
• Partner statistics and in-depth IB analytics

Affiliate

• Perfect for newsletter publishers, media buyers, financial influencers, and affiliate networks
• receives extremely competitive commissions based on CPA
• gives an endless potential for earnings as well
• offers customized client tracking and analytics
• availability of extensive marketing materials
• provides tailored acquisition advice
• offers a self-service partnership area for management that is open 24/7

Global Prime Customer Support

Dumb Little Man’s experience with Global Prime’s customer support is noteworthy for its thorough and timely assistance. Throughout the trade week, clients may always get assistance from the support staff, which is on call around the clock and speaks English.

Customers can use Live Chat, phone, email, or other ways to contact the support staff. This multi-channel strategy accommodates the traders’ various tastes and pressing needs while offering flexibility and ease. This emphasis on client service highlights Global Prime’s commitment to offering a helpful trading environment.

Advantages and Disadvantages of Global Prime Customer Support

Global Prime vs Other Brokers

#1 Global Prime vs AvaTrade

Forex and CFD trading with low latency connectivity and ECN execution is a well-known feature of Global Prime. While AvaTrade provides a wider selection of products, including equities, commodities, and cryptocurrencies, but it does not welcome traders from the United States. It offers choices for trade insurance as well as negative balance protection.

Verdict: Global Prime is a good broker dedicated to Forex. AvaTrade is a good option for people looking for a large selection of instruments and extra trading protection.

#2 Global Prime vs RoboForex

Specialized CFD and Forex with direct bank access is the main focus of Global Prime. RoboForex has been in business since 2009 and provides a range of trading platforms and conditions to accommodate various trading sizes and styles.

Verdict: For Forex traders in need of specialist, low-latency trading, Global Prime is the best option. For individuals looking for a variety of platforms and personalized trading circumstances, RoboForex is a superior option.

#3 Global Prime vs FXChoice

With a focus on low latency, Global Prime specializes in Forex and CFD trading. FXChoice focuses on developing markets and provides a wide range of trading options by providing a distinctive assortment of Forex pairs and commodity CFDs.

Verdict: Global Prime is a solid choice for seasoned Forex and CFD traders. Those with a wider interest in markets, particularly commodities and emerging currencies, should consider F XChoice.

Choose Asia Forex Mentor for Your Forex Trading Success

Trading professionals at Dumb Little Man strongly recommend Asia Forex Mentor for anyone looking to launch a profitable career in trading and make substantial financial advantages. Asia Forex Mentor, run by prominent trader Ezekiel Chew, who is well-known for his seven-figure deals, provides a plethora of advantages:

Comprehensive Curriculum: The site offers a comprehensive course covering forex, cryptocurrencies, and stock trading. This curriculum aims to transmit the knowledge and skills necessary for success in these sectors.

Proven Track Record: Asia Forex Mentor has proven himself to be a strong figure in trading with his ability to help traders consistently convert profits. The list of reviews and recommendations proves how successful he is in training and mentoring future traders.

Expert Mentor: Ezekiel Chew uses personalized instructions to help them better maneuver the complexities of the Forex market. He has also achieved success in stock trading, Forex, and cryptocurrencies, and the strategies that he imparts with his students.

Friendly Community: Connect with other traders, learn together, be accountability partners, and more. All of this is made possible using the friendly community that is built in Asia Forex Mentor.

Emphasis on Psychology and Discipline: Trading is not only about strategies, in Asia Forex Mentor, your discipline and mindset will also be trained. The psychology and discipline behind trading will help you regulate your emotions, and your stress, leading you to better decision-making.

Frequent updates and materials: Be updated with the latest market trends, strategies, and happening in the world of trading. You will also get the important tools in order to stay competitive in the ever-changing market.

Success Stories: Gain financial freedom using trading by having an in-depth understanding of the world of trading, crypto, equities, and Forex works; all from a successful and highly regarded mentor in Ezekiel Chew.

In conclusion, Asia Forex Mentor is a great resource for everyone who wants to learn all about trading stocks, cryptocurrencies, forex, and especially Global Prime. The supportive community behind it, the holistic approach to trading, and the comprehensive curriculum it offers provide traders with the knowledge and guidance they need in order to be successful in the trading industry.

Conclusion: Global Prime Review

To cap off this Global Prime review, its services are meant for both beginners and experts in trading. Experts will surely benefit from its deep liquidity and FIX API features, while beginners can enjoy how easy it is to get funding and the low minimum trading fees and deposits.

On the other hand, traders might feel limited as Global Prime only focuses on trading CFDs and forex, and the educational materials available on the website are somewhat basic. Global Prime traders may also feel unsafe due to insufficient investment protection. Even if online trading is a desirable choice for people seeking a straightforward and efficient trading experience, traders should be aware of the risks involved.

Global Prime is a good broker option for individuals who value excellent customer service, transparency, and affordable trading fees—as long as traders are aware of and prepared for the risks of trading forex and CFDs.

>> Also Read: JustMarkets Review 2024 with Rankings By Dumb Little Man

Global Prime Review FAQs

Is Global Prime suitable for Forex beginners?

As a matter of fact, Global Prime is an excellent choice for beginners. The platform is accessible to those who are not experienced with Forex because of its low minimum deposit and cheap trading fees. However, traders should also be aware of the risks associated with forex trading and consider the broker’s emphasis on both currency pairs and CFDs.

Can professional traders benefit from using Global Prime?

For experienced traders, Global Prime provides significant advantages. The platform’s robust liquidity, tight spreads, and FIX API access make it a good choice for advanced trading strategies. Because these characteristics are so useful and flexible while executing complex deals, seasoned traders place a high value on them.

What are the main limitations of trading with Global Prime?

The fact that Global Prime primarily focuses on forex and CFDs may not be interesting to traders looking for a wider selection of products, which is one of its main disadvantages. Furthermore, the platform lacks an investor protection scheme, and its instructional materials on the Global Prime website are a little too basic.