Please Note: Global Prime was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.
Founded in 2010, Global Prime Pty Limited (Global Prime) is an Australian-based forex broker regulated since 2011 by the Australian Securities & Investment Commission (ASIC), and is owned by Gleneagle Securities (Aust) Pty Ltd, based in Sydney. Global Prime offers 14 CFDs and 40 forex pairs and is a MetaTrader-only broker, offering the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation.
Is Global Prime Safe?
Global Prime is considered average-risk, with an overall Trust Score of 72 out of 99. Global Prime is not publicly traded and does not operate a bank. Global Prime is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Global Prime is authorised by the following tier-1 regulator: Australian Securities & Investment Commission (ASIC) Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to Global Prime clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||40|
|CFDs - Total Offered||14|
|Social Trading / Copy-Trading||No|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||No|
Commissions & Fees
Global Prime offers traders the option of choosing a round-turn commission or marked-up spread, although it does not list any average spreads on its website. Using third party data from Myfxbook, average spreads at Global Prime ranged between 0.3 pips to as much as 7.2 pips during news announcements, as per the date range depicted in the sample snapshot below.
|Minimum Initial Deposit||$500|
|Average Spread EUR/USD - Standard||N/A|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or VIP Discounts||No|
Aside from its listing of ZuluTrade and Myfxbook Autotrade, for social copy trading Global Prime doesn’t offer much else when it comes to research tools, making this category an area in which the broker is severely lacking.
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
Platforms & Tools
Global Prime is a MetaTrader-only broker, offering from the suite of platforms developed by MetaQuotes Software Corporation, including the MetaTrader 4 (MT4) platform. To learn more about MT4, read our MetaTrader guide.
While MT4 comes standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.
Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between Global Prime’s available MT4 offering and the default MetaTrader experience:
- Lack of any news provider in MT4
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||No|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
Global Prime offers iOS and Android mobile trading applications for its MetaTrader platforms, available directly from developers on the iTunes Store and Google Play. To learn more about MT4, read our guide to MetaTrader..
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
For MT4 traders who meet a monthly minimum volume required, Global Prime offers two Virtual Private Server (VPS) services for free from third parties, including ForexVPS.net and BeeksVPS.
Global Prime is a long-standing forex broker, backed by Gleneagle Securities in Australia. Aside from social-copy trading options, the broker’s lack of research tools and small range of tradeable products puts it at a disadvantage compared to its peers. For traders who don’t require such tools, Global Prime offers competitive spreads on its main account type, which requires a $500 minimum balance.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.