Bonds
Forex
90/100
Rating
Go to Global Prime Bonds
Highlights
  • Trading size from 0.01 to 1000
  • Spreads start as low as 0.0
  • Leverage offered up to 1:30
88/100
Rating
Go to Global Prime Forex
Highlights
  • Leverage is set at 1:5
  • Zero-commission on any bond CFDs
  • Transparency of fees

Global Prime Review Australia & Test 2021

Is Global Prime safe or scam?

Founded in 2010 and based in Australia, Global Prime is an exceptional broker that offers over 100 markets. Appealing to retail and professional traders alike, it was only right our experts took the broker for a spin.

Below, you can discover how well Global Prime Australia performed and see what attributes contributed positively towards the overall Global Prime rating. We reviewed the customer support, usability, market availability, fees, spreads, and much more before finalising our Global Prime ranking.

Offers and New Customer Experience – Have your ID ready!

Unfortunately, much like our Eightcap Australia review, Australian residents are unable to capitalise on any new customer offers. Instead, they have made a streamlined and straightforward sign-up process the main perk to joining the online platform.

As you’d expect from a reputable and regulated online broker, there is a certain degree of KYC and AML to pass before being allowed to trade legitimately on-site.

Once you have verified your email address, you will have free reign of the Global Prime Australia demo account. However, for those who wish to take their trading to the next level, a photo ID, proof of residence, and a $200 first-time deposit are needed to get your Global Prime Australia trading show on the road.

Usability - Sharpen your skills by making use of your demo account.

Once the sign-up process has been completed, you will see the straightforward approach to trading continues on into platform selection.

As there is only a demo or live account option available, users can skip straight to the simplistic deposit screen, select their chosen method, and begin funding their accounts. We discuss this in greater detail further down our Global Prime review, but it’s safe to say speed, variety, and efficiency were on the menu when the Global Prime Australia team decided on the payment methods provided.

With your account funded, it is time to consider which platform is best suited to your trading needs. Although Global Prime Australia does not currently offer their own mobile app, the MT4 is available for free download. Some minor charting limitations are present, but all general tasks such as setting stop losses are still open to you.

For new users, we at Wetten would advise heading straight to your demo account to get accustomed to the charting tools, volatility, and instruments available to you before making the big leap to the real trading world. However, if you feel your trading knowledge has surpassed the training ground, all that is left is to download or open your preferred platform and get looking for the next open trading opportunity.

Accounts – All-in-one doesn’t appeal to all.

Unfortunately, unlike Admiral Markets Australia, Global Prime Australia offers an all-in-one account, meaning followers of the Islamic faith will be unable to make use of a swap-free account where the interest cannot be earned or received.

Despite this, the account on offer welcomes all types of FX traders, tight spreads, a minimum trade size of 0.01 lots, and the option to open your account using six base currencies (AUD, USD, GBP, EUR, SGD, and CAD).

Leverage options will vary between subsidiaries, with Australia home to 30:1 and those who fall under the regulations of Vanuatu taking advantage of 100:1.

Fees – In line with industry standards.

The simplicity of hosting one account makes finding information surrounding fees much easier at Global Prime Australia.

In line with industry standards, a commission of $7 per 100k units is applied to forex and metal traders. While other CFDs are commission-free, spread only products that help keep the costs of trading down.

Global prime also offers low spreads for all AUD crosses. All major pairings will hover around 0.1 pips, while minor and exotic markets will rise a little higher. Any position held open for longer than a day will be subject to an overnight financing fee.

Trading Platforms - MetaTrader 4 and beyond

As with Axi Trader Australia and the most reputable online forex brokers across Australia, the MetaTrader 4 makes another appearance in our Global Prime review. However, we also see the introduction of TraderEvolution and FIX API.

MetaTrader 4

Suitable for beginners and professionals alike, the MetaTrader 4 has cemented itself as an industry leader in the forex trading world. Accessible on Windows, Mac, Web, iOS and Android, MT4 offers users 30 built-in indications, automated investing through APIs, and a simplistic approach to trading.

TraderEvolution

Available on Windows, iOS, and Android, TraderEvolution hosts the same pricing and execution as the MT4 platform. However, it offers far greater transparency over liquidity, level 2 pricing, 14 fully customisable chart types, advanced functionality for order entry, analysis and algorithmic trading, as well as one-click trading.

FIX API

The FIX API is a platform designed for experienced traders who want the flexibility to connect directly with trading servers in real-time, and use any programming language. Although many perks come with the FIX API, it will also come with a healthy deposit requirement of $10,000 and a $2,000 monthly commission.

Trading Payments – BPay, POLi, and many other reputable providers are available.

The importance of hosting a solid selection of trading payments is made clear in our XM review. Thankfully, it appears Global Prime Australia got the memo, who also provides a great selection of ways to deposit and withdraw into your account.

Although the minimum deposit is higher than average at $200, users can take advantage of no deposit fees and instant funding options. Money is protected under the ASIC client money reporting rules 2017, and deposits are limited to $10,000.

Wire transfer seems to be the most popular way to fund client accounts. However, Global Prime Australia also provides funding options of credit card, debit card, Neteller, Skrill, Fasapay, BPay, POLi Payments, and more.

When it comes to withdrawal, there are a few methods removed from the extensive deposit list. If this is the case for your preferred method, Global Prime Australia will request you select another method and provide further identification before processing the withdrawal.

Customer Service – Responsive and reliable.

Although Global Prime Australia cannot compete with INGOT Australia’s 24-hour, six days a week promise of customer support, it can compete with the competency, responsiveness, and professionalism of customer support agents.

Monday to Friday, you can expect to reach the Global Prime team through email, phone, or live chat. If you have a specific query, the website also points you in the direction of a more specific email in order to get your query resolved quicker.

As we previously mentioned, the responsiveness and competency of the customer support agents were evident when discussing a problem directly on live chat. The support staff manning the emails were also quick to reply and professional in their approach – a 10/10 from us, here at Wetten.

Regulation and Deposit Insurance – Is Global Prime safe?

As runs true in our Trade Nation review, Global Prime Australia is regulated by the Australian Securities and Investments Commission (ASIC) and holds the Australian Financial Services License (AFSL),

Although Global Prime HQ is located in Sydney, ASIC regulations stipulate that traders from Australia, Hong Kong, the British Virgin Islands, and the Cayman Islands are eligible to trade at Global Prime Australia.

Global Prime FX, based in Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC), will accept traders from outside these countries.

As it stands, over 120 countries have access to Global Prime, with regulations, licensing, and transparency being key reasons. Global prime is the only forex brokerage that shows clients precisely which institution provided the price for a specific asset – building trust with their traders and allowing them to see what is going on behind the scenes. We think it’s safe to suggest there are no Global Prime scams going off here.

Additional Features – AutoTrade with Global Prime Australia.

A nice perk to the Global Prime Australia site is the ability to automate your trading by taking advantage of the social trading capability.

Performed by Myfxbook, who provide this feature to many online brokers across Australia, users can copy other traders directly to their Global Prime account.

The facility allows traders to choose from over 40 systems and 1000s of professional trading portfolios to copy – a perfect way for new traders to increase their opportunities across the forex market.

Global Prime Bonds

Bonds trading offer

Trading bond CFDs with Global Prime Australia opens up the ability to trade the world’s most liquid, popular, and largest government bonds globally.

Bond CFDs are traded using the MetaTrader 4, TraderEvolution, or TradingView platforms.

Since government bonds revolve around floating interest rates, by trading Bond CFDs, you will be trading the speculated future interest rates. Plenty of factors contribute to price movement, and you can take advantage of these peaks and troughs without ever owning the asset directly.

Bonds trading costs

With zero-commission bond CFD trading at Global Prime Australia, traders can keep an eye on fees and charges by reviewing the spreads associated with their chosen bonds.

The maximum leverage available to Global Prime Australia traders is set at 1:5, and a margin of 20% will be required. Hedging and scalping are both allowed, although these can only be completed using MT4 and TraderEvolution.

Minimum and maximum lots vary from 0.01 to 1000, respectively.

When considering deposit and withdrawal options, Global Prime Australia offers users multiple zero-fee deposit options, making up for their considerably larger-than-average deposit minimum requirement of $200.

Stock exchanges or trading places

Thanks to Global Prime offering a 24/5 trading platform, users will be able to enter and exit trades according to their own research at any time of the day, Monday to Friday.

Product Summary & Conclusion

Courtesy of the MetaTrader 4 and TraderEvolution platforms, users of the Global Prime Australia platform can take advantage of the price movement associated with bonds 24 hours a day, five days a week.

Leverage can be applied at 1:5 for traders who are looking to up their potential rewards, although zero-commission and low spreads are already positive perks from the Global Prime Australia bond CFD offering, in our humble opinion.

Global Prime Forex

Forex trading offer

Trading 24 hours a day, five days a week, users of Global Prime Australia can speculate on price movement across 48 different currency pairings, including major favourites such as EUR/USD, AUD/USD, GBP/USD, USD/CHF, and USD/JPY.

Low latency ensures your major, minor, exotic order is executed in as little as 1ms. With average spreads across AUD/USD sitting at 0.14, it is fair to suggest Global Prime Australia is competing with the top brokers in the country.

Forex trading costs

Despite a slightly heftier minimum deposit requirement of $200, Global Prime Australia soon makes up for it by offering users multiple zero-fee funding options. Fund your account with AUD, or the choice of five other base currencies including USD, EUR, GBP, SGC, or CAD.

Users of Global Prime Australia will note that the maximum leverage provided for Major forex pairs is 1:30, while minor and exotic pairs can be leveraged at 1:20. For anyone trading outside of ASIC regulations, you can see a full breakdown of the offerings on-site.

An overnight fee will also be placed on any FX positions held for longer than 24 hours.

Forex trading conditions

When taking a closer look at the Global Prime Australia forex offering, we can see that the minimum trade size is 0.01 lots, with a maximum trade size of 1000 lots. Spreads start at 0.0, with competitive leverage on offer to help potentially boost your forex profits. It is also worth us mentioning that while leverage is a great tool to enhance market movement, this does work both ways and can cause severe losses.

Although no commission is charged on CFDs, users can expect to find a $7 per 1 lot round turn commission on FX and metals.

Product summary & conclusion

We at Wetten are particularly impressed with the forex offering from Global Prime Australia. Although there were concerns about the lack of accounting options, it appears the versatility and options available to retail forex clients allow both beginners and professional traders to make great use of the platform.

Taking a strong focus on low spreads and instant execution, we would hold the Global Prime forex offering in high esteem. For those who can afford the initial deposit of $200, we would definitely recommend it.

Global Prime FAQs

🔐 Is Global Prime Australia secure?

If we could judge a site’s legitimacy based on their adherence to the regulations set out by ASIC alone, we would advise that Global Prime Australia is a legitimate, safe, and secure broker. However, there are many other features that contribute to our overall rating of an online broker. We suggest reviewing our Global Prime review to discover just how safe Global Prime Australia really is.

❓ How can I contact Global Prime Australia?

We at Wetten believe behind every great online broker, lies a fantastic customer support team – just one of the many reasons we take this part of our broker reviews so seriously.

In this section, you can expect to find our team detailing the methods of contact available, whether agents are professional, responsive, and knowledgeable, as well as if your online broker offers any form of self-help, FAQs, or additional resources to develop the trading brain.

💳 Will I pay commission at Global Prime Australia?

Originally met with concern, the Global Prime single account option actually makes things a lot easier for new traders and keeps things more transparent for those who consider themselves professional traders.

When visiting the site, users can discover a whole host of information surrounding their account without having to go back and forth comparing the other options. We noted low spreads, commissions were not applicable to CFD assets, and varied leverage was available dependent on your chosen asset..

Conclusion – Safety and security at the heart of Global Prime Australia.

The end of our Global Prime review Australia is in reach, but before we let you go, we at Wetten would like to leave you with a few key takeaways to help make your decision as to whether Global Prime Australia is the right broker for you.

When depositing into your Global Prime Australia account, you can be sure your funds are kept safe, secure, and in strict adherence with the regulations set out by ASIC. Not only this, but you will have a great selection of deposit methods available to you – allowing for an almost instantaneous deposit with zero fees.

Although there is only one account type available, the platforms on offer and fees associated with your account are all in line with industry standards. Any questions or queries you have along the way will be answered by professional and responsive agents, too!

90/100
Rating
Global Prime Bonds
*****
Go to Global Prime Bonds
Highlights
  • Trading size from 0.01 to 1000
  • Spreads start as low as 0.0
  • Leverage offered up to 1:30

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