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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.