Global Prime FX offers its clients just one live account type, a trueECNone. Of course, a free Demo account is also available, which is always appreciated by newbies. Also, for those unwilling to put much at risk and trade in high volumes, there aremicro lotsavailble for trade.
Besides, MAM and PAMM systems are available for money managers that use the MetaTrader 4 platform. The MAM account is designed for money managers who are interested in a flexible system while being able to sub-allocate trades that are placed on the master account. ThePAMM accountsare in place for those that want to be part of a group of separate accounts which are then traded by a single money manager.
Keep in mind thatswap-free (Islamic) accountsare not available with this broker.
Founded in 2010, Global Prime FX provides foreign exchange trading services directly and through established relationships with some of the most trusted names in the industry. The brokerages head office is located in Sydney and it supports a number of offices worldwide.
The company behind the Global Prime FX brand is Gleneagle Securities, which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC).
ASIC requires licensed financial services providers to meet certain capital requirements and to comply with various rules. As for the minimum capital requirement, Australian regulator requires forex brokers to hold at least $ 1 million in order to provide financial services legitimately. Furthermore, ASIC obliges license holders to keep client funds separated from company assets. Global Prime FX says on its website it holds client funds in a segregated trust account with Westpac Banking Corporation (Westpac is an AA rated Australian Bank).
Unlike many EU-based brokers, Australian ones are not covered by any compensation scheme.FCA-regulated brokerages, for example, fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to 50,000 per person per company.
Traders are required to deposit $500 in order to open an account with Global Prime FX, which is a bit too high initial amount, however this is probably due to the ECN execution.
As a true ECN broker, Global Prime FX offers tight variable spreads, averaged 0.5 pips on EUR/USD. Like most ECN brokerages, this one also and charges a commission for the ECN environment, amounting to $7 round turn per standard lot, which is average for the industry. So typical trading costs per lot for this pair with Global Prime FX amount to around 1.3 pips, which is a competitive pricing, as the typical spread that we find other brokers are quoting which is about 1.5 pips.
Leading Australian brokerAxiTraderalso charges ECN commission of $7 per standard lot (round turn), however its spreads are a bit tighter, average ones on the EUR/USD pair amounting to 0.2 pips.
What is more, Global Prime FX offers reduced commission fees for high volume traders (trading more than 1000 lots per month).
The default maximum leverage with Global Prime FX is just 1:100, however it may be increased upon request to 1:200. Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global brokerFXCM, also holding an ASIC license, provides leverage up to 1:400.
We advise traders to exercise caution when using higher leverage, because it is a double-edged sword: the greater the leverage, the higher risk, not only the probability of multiplied profits earned on a small deposit.
Global Prime FX supports the most popularMetaTrader 4, available as desktop, and mobile versions.
MT4 provides all the tools and resources a trader needs: a number of technical indicators, extensive back-testing environment and advanced charting package, and a wide range of Expert Advisers (EAs) which allow full automatization of trades.
In order to enable flawless operation of EAs, Global Prime FX provides forexVPS service. The Beeks FX servers are located in the same data centre as the brokers MT4 servers Equinix NY4. Beeks FXs cross connected VPS costs $42 per month and is available free of charge to high volume traders (trading more than 20 lots per month).
What is more, Global Prime FX offers FIX API connectivity to link traders and systems to their liquidity.It is offered to clients that intend to trade more than 200m in volume per month, that is why a minimum deposit of USD $25,000 is required to get FIX API access.
Any and all trading strategies are allowed with Global Prime FX. However, the broker does not recommend trading news or tick scalping strategies. There are advanced copy trading options with Global Prime FX, as its clients are able to use MyfxbooksAutoTradeZuluTradeand Signal Trader auto trading platforms.
The following payment methods are available to clients of Global Prime FX: credit card & bank wire transfer.
Global Prime FX accepts deposits in AUD, USD, GBP and EUR (also SGD & CAD via bank wire). Note, all Credit Card transactions incur a 3.25% deposit charge, whilst Bank Wire transfers are generally free unless processed via an Intermediary Bank.
Global Prime FX is an Australian MT4 forex broker. The best thing about Global Prime FX is that it offers nothing but DMA/ECN execution. To sum things up, here are the advantages and drawbacks with regards to GLOBAL PRIME:
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XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that its EU-regulated and theres nothing more you can ask for.
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