Global Prime Broker Review

Is Global Prime Safe？

Yes, Global Prime is a safe broker for Malaysian traders to trade with. It maintains regulation from ASIC, considered one the worlds best regulators, the FSA of Seychelles, and the VFSC of Vanuatu.

Founded in 2010 and headquartered in Australia, Global Prime provides services to over 10,000 traders in 196 countries worldwide. It maintains regulation from the Australian Securities and Investments Commission (ASIC) of Australia, the Vanuatu Financial Services Commission (VFSC), and the Financial Services Authority (FSA) Seychelles. See below for more details:

• Global Prime Pty Ltd, ABN 74 146 086 017, Global Prime holds an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL no.385620.

• Gleneagle Securities PTY Limited trading as Global Prime FX is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC.

• Global Prime FX Ltd is a registered Seychelles company (Company Number 8426189-1) and holds a Securities Dealers Licence SD057 issued by the FSA.

Malaysian will be trading under the Global Prime subsidiary, Global Prime FX Ltd, regulated and authorised by the FSA.

Unlike top-tier regulators such as the FCA and ASIC, the FSA does not mandate that companies segregate client funds, provide negative balance protection or participate in investor schemes. Global Prime does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers funds in its operation or any other investment, ensuring their protection at all times. It also provides all traders with negative balance protection.

Overall, because of its long history of responsible behaviour and strong international regulation, we consider Global Prime a safe broker to trade with.

Non-trading Fees

Global Primes non-trading fees are lower than other similar brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.

At Global Prime, no fees are charged for deposits or withdrawals, and Global Prime does not charge inactivity fees on dormant accounts. Dormant accounts will, however, be closed after three months of account dormancy.

Overall, this is a welcome development in an industry that charges fees on most transactions.

Opening an Account at Global Prime

The account opening process at Global Prime is fully digital, fast, and hassle-free compared to other brokers.

All Malaysian traders are eligible to open an account at Global Prime but will have to follow the fully digital five-step application process.

Global Primes Accounts

Global Prime offers two accounts, which is average compared to other ECN brokers, and its accounts are suitable for both beginners and more experienced traders.

Global Prime offers two simple ECN account types which are suitable for beginners and more experienced traders. Trading is offered on multiple assets, including Forex, commodities, indices, bonds, cryptocurrencies, and equities

Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek.

Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. Global Primes accounts have no minimum deposit requirements (although it recommends starting with an initial deposit of 200 AUD) and allow micro-lot trading.

In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. However, at Global Prime, this trade-off does not occur as both accounts have excellent trading conditions.

Trading infrastructure hosted within Equinix NY4 data centres that cross-connect to all trading counterparties for the lowest possible latency. Average fill times of just 30ms make Global Prime one of the fastest brokers in the world for Forex and Metals.

Due to ASIC regulation, Malaysians can access leverage of up to 100:1 on major Forex pairs. Hedging, scalping, and algorithmic trading are unlocked on both accounts, but Global Prime does not offer Islamic Accounts.

Deposits and Withdrawals

Global Prime offers a wide range of funding methods, and deposits and withdrawals are free.

In line with Anti-Money Laundering laws, Global Prime does not accept payments from third parties. Traders must ensure all deposits into their Global Prime trading account come from a bank account in the same name. Additionally, payments from a joint bank account will be accepted if the account holder is one of the parties on the bank account.

Global Prime accepts bank wire transfers, debit and credit card payments, and various e-wallet payment methods, including Skrill, Neteller, fasapay, Paypal, Bitwallet, Dragonpay, Bpay, and Poli, among others. No fees are charged for deposits or withdrawals, but traders should note that intermediary fees apply. Additionally, while most deposits, except for bank wire transfers, reflect immediately, withdrawals are processed within 1 – 10 days, which is slower than the industry average.

Summary

With excellent trading conditions and a variety of trading tools, Global Prime appeals to traders looking for a new MT4 broker with a low-cost trading environment.

An ASIC-regulated broker, Global Primes trading conditions include some of the tightest spreads in the industry, with spreads that start at 0.10 pips on its commission-free account, low commissions on its ECN account, and no minimum deposit requirements. Global Prime also charges low non-trading fees, a welcome development in an industry in which fees are charged on almost every transaction.

Global Prime offers support for the MT4 and TraderEvolution platforms, alongside a variety of trading tools, including FIX API, TradingView, Zulutrade, Myfxbook Autotrade, and VPS services. However, traders should note that most of these tools are available at an extra cost.

While Global Prime provides excellent educational courses for beginner traders, it provides virtually no market analysis. Additionally, in order to access the educational materials, traders will have to pay a fee of 299 USD and a monthly subscription of 50 USD.