Global Prime Review 2024

Is Global Prime regulated?

Yes, it is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Is Global Prime safe?

To be certain that a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• the background of the broker.

How you are protected

Unfortunately, clients do not enjoy any kind of legally binding investor protection at Global Prime. On the other hand, client money is held in segregated Client Trust Accounts with HSBC (Europe's largest bank by total assets, regulated by the UK's FCA and PBR) and National Australia Bank (NAB, an AA-rated Australian bank regulated by APRA and ASIC). For this reason, Global Prime is still considered one of the most trusted forex brokers in the industry.
Global Prime provides negative balance protection. If the balance on your account goes into negative, you will be protected.

Our brokerage experts put together a comprehensive guide on the safety profile of Global Prime.

Background

Global Prime is based in Australia and was established in 2010. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Find your safe broker

Account base currencies

At Global Prime, you can choose from the following 8 base currencies:

This selection is average compared to competing brokers.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you won't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Global Prime charges no deposit fees.

There are a lot of deposit options at Global Prime, including a wide range of electronic wallets.

Here's all you need to know about depositing money at Global Prime and key info on minimum deposit requirements.

A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.

Global Prime supports the following electronic wallets:

Global Prime withdrawal fees and options

The Global Prime withdrawal fee is $0. However, you should calculate with a $20-30 bank processing fee if you use withdrawal by bank transfer to outside Australia.

Read this guide with all key info on available withdrawal methods and related fees.

You can only withdraw money to accounts in your name.

How long does it take to withdraw money from Global Prime? We tested the debit card withdrawal and it took 1 business day.

How do you withdraw money from Global Prime?

• Log in to your account.
• Select 'Payments'.
• Choose a withdrawal method.
• Enter the amount of money you wish to withdraw.
• Click on 'Request Withdraw'.

Can you open an account?

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74-89% of retail CFD accounts lose money

Global Prime accepts customers from all around the world. One notable exception is the United States.

Read this article on how to get your account started with Global Prime.

What is the minimum deposit at Global Prime?

The required Global Prime minimum deposit is $0.

While Global Prime itself does not have a minimum deposit requirement, the minimum amount you can deposit via most payment providers is $10.

Account types

Global Prime provides two account types, with different pricing:

• in the Standard account, there is no commission, but you pay a spread
• in the RAW account, there is no spread, but you pay a commission

*Round turn means that you open and close the position.

How to open your account

The Global Prime account opening process is easy and fully digital.The online application takes roughly 5-10 minutes, while our account was approved within one business day.
The four steps of Global Prime account opening:

1. Provide your email address and set a password.
2. Fill out your personal information, like your date of birth and address.
3. Choose the account type and the base currency.
4. Verify your identity and residency by uploading a copy of your passport or ID, and a bank statement or utility bill.

Similarly to the web trading platform, Global Primeoffers MetaTrader 4 as a mobile trading platform. MetaTrader 4 is available for both iOS and Android.
After you download the MT4 mobile trading platform, you have to access the GlobalPrime-Live server.

The mobile trading platform is available in several languages.

Look and feel

Global Prime has a great mobile trading platform in MT4, we really liked its design and user-friendliness. You will easily find every feature.

Login and security

Global Prime provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.

You can't log in using biometric authentication. Providing this feature would be more convenient.

Search functions

The search functions are good.

You can search by typing the name of the product or by navigating the category folders.

Placing orders

You can use the following order types on the mobile trading platform:

• Market
• Limit
• Stop

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT)

Alerts and notifications

You cannot set alerts and notifications on the Global Prime mobile platform.

Our analysts personally tested Global Prime's mobile app, check out their verdict.

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74-89% of retail CFD accounts lose money

Global Prime offers MetaTrader 4 as a desktop trading platform.
It has the same design, languages, order types (with the addition of trailing stop), same search functions, and portfolio and fee reports as the web trading platform.
The major difference is that you can set alerts and notifications in the form of mobile push or email notifications on the desktop trading platform. To set email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options'.

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74-89% of retail CFD accounts lose money

Global Prime is primarily a forex and CFD broker. To learn more about CFDs please read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Leverage

You can change leverage levels at Global Prime, which is great.
Changing the leverage is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as preset leverage levels may be too high.

Social Trading

Global Prime offers a social trading service via Autochartist. It constantly monitors the markets on your behalf and sends you price alerts whenever a new opportunity arises.

We recommend Global Prime for forex and CFD traders who are familiar with the MetaTrader trading platforms.

Below you can find links to all aspects of Global Prime in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Global Prime fees article.

What about the minimum deposit?

Our ultimate guide to the Global Prime minimum deposit is updated regularly.

How to start your Global Prime account?

Look no further than our evaluation of the Global Prime account opening.

How's their trading app?

Here's our expert view after checking the Global Prime trading app.

Is the quality of customer service satisfactory?

All you need to know about the Global Prime customer service.

Legit or scam?

Is Global Prime legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Global Prime is really free.

Is this broker good for beginners?

We checked it in Is Global Prime good for beginners.

Should you buy your silver bullets on Global Prime?

Research for silver bugs in the Silver buy on Global Prime guide

I want to trade options, are they available at Global Prime?

We explored the topic in Can you trade options on Global Prime?

What is the minimum account balance at Global Prime?

Check out the current account balance requirements at Global Prime in our What is the minimum account balance at Global Prime article.

Looking for commission and fees data for Global Prime?

We collected them in Global Prime commission and fees.

How do you withdraw money from Global Prime?

We tested it and collected the options and costs in How to withdraw money on Global Prime.