Global Prime Broker Review

Malaysians 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. 

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. 

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day. Global Prime offers joint and individual accounts, but we will focus on opening an individual account:

How to open an account at Global Prime:

1. New traders will have to click on the “Live Trading” button at the top of the page where they will be directed to choose their preferred base currency and country of residence. 

2. Next, traders will have to register an account with their name, email, and register a password.  

3. Global Prime’s intake form requires clients to fill in their personal details, including date of birth and mobile number. 

4. Prospective traders are then required to fill in their physical addresses and review the account application details.

5. Traders will then have to accept that they have read the Declaration and consent to identification verification.

6. Once this step is complete, traders are asked to complete a short survey and FX Quiz that will help Global Prime assess the state of their finances and trading knowledge. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.

7. Global Prime needs at least two documents to accept you as an individual client:

   1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing your photo such as an ID card or driving licence will work.

   2. Proof of Address – a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address is clearly displayed.

8. We advise you to read Global Prime’s risk disclosure, customer agreement, and terms of business before you start trading. 

9. Once the application is approved, traders can log in and fund their accounts.  

Compared to other similar brokers, Global Prime’s account opening process is fast, generally hassle-free, and fully digital, and accounts are ready for trading in one day.

The average cost of trading one lot of EUR/USD is 9 USD at most other large brokers, so whichever account you choose will be lower-cost than most other brokers. In addition, Global Prime has no minimum deposit requirements, though it does recommend a minimum of 200 AUD or equivalent, making it a good choice for both beginner and experienced traders.

Swap Fees

Another important cost to consider is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held.  In the case of Forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded. Swap rates are driven by the interbank spread and cross-currency basis.  Global Prime’s swap rates are published on its website for each financial instrument.

Account Trading Costs:

We opened and tested Global Prime’s trading accounts:

Commission-free Account

As the name suggests, the commission-free account has no commission and offers spreads that start at 0.00 pips on the EUR/USD, which is much tighter than other brokers. There are no minimum deposits on this account, but due to the margins required when making leverage trades, a minimum starting balance of 200 AUD is recommended. This account is better suited to beginner traders who do not want to spend time calculating commissions costs.  Micro-lot trading is also available on this account.

Commission-based ECN Account

The ECN Account is Global Prime’s raw spread account. Spreads average at 0.28 pips on the EUR/USD – which is extremely tight compared to other brokers.  However, a commission is charged per lot traded. As with the Commission-free Account, the minimum recommended deposit is 200 AUD.

On the ECN Account, commissions are charged differently depending on the preferred base currency of your account. See the table below for the commissions in a selection of common base currencies:

It’s also worth pointing out how cheap the commissions are with an AUD base currency. Given that (as of November 2021) the USD/AUD is currently at 1.39, the commission cost per lot with an AUD base currency is the equivalent of 5.03 USD – a substantial saving of around 2 USD per lot when compared to an account with a USD base currency.

Demo Accounts

Global Prime also offers a demo account with virtual funds that can be topped up on request. Demo accounts do not expire unless there is no activity on the account for more than 30 days, at which time they will be suspended.  However, they can be reactivated at any stage. Demo accounts are a great way to practice trading in a risk-free environment, and it gives traders an opportunity to familiarise themselves with MT4 and the TraderEvolution platforms.

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.

Deposits can be made from inside the Client Portal. Not all deposits made will be reflected in your account immediately. Check your Statement within the Client Portal for the current status of your deposits.

See below for a complete list of payment options and withdrawal times:

Global Prime offers a reasonable range of base currencies, including AUD, USD, CAD, SGD, EUR, and GBP, but does not offer accounts denominated in MYR. Malaysian traders will therefore have to pay currency conversion fees on both deposits and withdrawals.  

In this case, it is better for traders that trade in large volumes (more than 10 lots a month) to open an account denominated in USD at a digital currency bank. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Global Prime offers support for MT4 and TraderEvolution mobile trading apps for Android and iOS. 

Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts. 

Trading Platform Comparison:

Global Prime offers support for two third-party platforms – MT4 and TraderEvolution.  Both are available on PC but not Mac and allow for a smooth trading experience with all the necessary trading tools and resources on hand to conduct research and analysis, enter and exit trades, and use third-party automated trading software.

Metatrader4 (MT4)

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.    Features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.
• An impressive array of analytical tools, available in nine timeframes for each financial instrument.
• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community 

Traders should note that TradingView is not available on the MT4 platform, but traders have access to Myfxbook Autotrade, Zulutrade, and VPS services

TraderEvolution

Relatively new on the market, TraderEvolution platform caters to professional traders seeking more advanced functionality for order entry, analysis, and algorithmic trading.  The platform integrates directly with TradingView to provide extensive technical analysis.  Other features of TraderEvolution include:

• 14 fully customisable chart types
• Multiple time frames
• Ability to view market depth
• One-click trading

Traders should be aware that while TradingView is available on TraderEvolution, the VPS and social trading platforms are only available on MT4.  

Overall, although Global Prime only offers the MT4 and TraderEvolution platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 is considered one of the best third-party platforms in the industry.  Additionally, TraderEvolution offers excellent functionality and integrates with TradingView to provide extensive technical analysis.  

TradingView

Global Prime’s TradingView integrates directly with the MT4 trading platform.  TradingView is free of charge for traders who open a live account on TraderEvolution.  It is an excellent tool for researching, charting, and screening any instrument.  Additional features of Global Prime’s TradingView tool include:

• 50+ intelligent charting tools

• Over 100,000 custom user-built indicators and scripts

• Synchronised layout for multiple charts

VPS

Available on MT4, Global Prime offers a free VPS service to traders who trade over 20 lots per month. The service is offered through two third-party providers – ForexVPS and Beeks.   VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime.  Other benefits of the VPS service include:

• 24/6 VPS email support

• 24/7 Redundant power to your VPS

• 24/7 Redundant internet connectivity to your VPS

• Low latency connectivity to FP Markets trading servers for precision trading

• Uninterrupted EA trading

Clients trading less than the required volume will receive the discounted VPS rate charged to their MT4 account on a monthly basis. If there is insufficient balance available in the client’s account to charge for the VPS, the VPS will be cancelled.

Myfxbook Autotrade

Myfxbook Autotrade is one of the most popular copy trading platforms on the market. This service allows you to copy the trades of any system you select directly into your Global Prime MetaTrader 4 account.  Traders will have to contact MyFXbook Autotrade to find out about the charges associated with using the service.

One of the benefits of using the Myfxbook Autotrade copy trading platform is its functionality. It offers multiple copy trading modes and there is no limit on the number of Strategy Providers that can be followed.  

On the whole, copy trading is useful for traders who are interested in the financial markets but lack the experience and knowledge. 

Zulutrade

Zulutrade, a third-party platform, is a peer-to-peer social trading application where traders can choose among thousands of registered traders from 192 countries.  Traders are ranked using “ZuluRank” according to a number of different metrics, including their overall performance, stability, maturity, exposure, and minimum equity required. 

ZuluTrade linking is available under the following conditions:

ZuluTrade charges a subscription fee of 30 USD per month, and it charges 25% in monthly profits.

Like Myxfbook Autotrade, Zulutrade is an excellent option for traders who want to trade on the markets but lack the experience and knowledge to do so.

FIX API

The Global Prime FIX API solution is designed for professional traders looking to deploy their proprietary algorithmic trading solution with the lowest possible latency.

The FIX (Financial Information exchange) protocol provides traders with real-time communication between client, trader, investment fund or broker, and liquidity provider.

The API gives clients complete control over data that is sent and received without needing intermediary software.

In order to use these services, traders will have to maintain an account balance of 25,000 USD.  Additionally, traders will have to pay 2,000 USD in commissions per month – commission may be negotiated but the minimum commission will stay the same.

PIP Profit Calculator

A Forex Profit Calculator is a tool that can be used to help you figure out how much money and pips would be made, or lost, in a trading position. To find this information, you input values into the calculator for the trade and it will simulate what would happen if you closed your position with profit or loss. 

Overall, Global Prime offers a good range of trading tools, butTradingView is only available on TraderEvolution, while the VPS and copy/social trading platforms are only available on MT4.

Trading Tools Comparison:

Global Prime’s market analysis materials are limited compared to other large international brokers

Global Prime’s market research materials are limited compared to what’s available at other large international brokers, but it does offer the services of TradingView to all clients who register an account.  TradingView is an independent company tool recommended for new traders wanting to learn technical analysis or those that want an independent opinion on their trades. 

Most other brokers provide a daily, updated market analysis blog featuring all the latest market movements, which is unavailable at Global Prime.  

Overall, Global Prime’s market analysis section is limited in scope. It could improve its market analysis materials by providing comprehensive, regularly updated, and multi-format content.

Global Prime offers the Trading Academy, available for a once-off fee of 299 USD.  This fee grants traders access to the course (on over 30+ lessons) and discord room for 30 days. Thereafter a fee of 50 USD per month applies.  The Trading Academy is facilitated by Ivan Delgado, who has been trading the markets for more than a decade and contributes as the resident Market Insights Analyst at Global Prime.

The Trading Academy course covers the following topics: 

• Trading Psychology
• Trading models
• Decision-making
• Selecting markets to create watchlists
• Risk Management
• Exclusive access to trade setups channel.
• Feedback & setups via interactive videos.
• All Ivan’s favorite patterns that act as trigger mechanisms to take trades.

Global Prime also has an established YouTube channel with over 300+ videos. Content includes educational short-form videos and podcast videos featuring founders and the leadership team.

Overall, Global Prime’s educational materials are comprehensive and in-depth and cater to traders of all experience levels.  One drawback is that the materials are available at an extra cost to the trader.

Educational Material Comparison:

Because Global Prime is based in Australia, customer service is open from 22:00 (GMT) Sunday until 22:00 (GMT) Friday. 

We found the customer service responsive (our questions were answered immediately), polite, and very knowledgeable.