Global Prime Review

Regulation - 10/10

Is Global Prime a Legit Broker?

Yes, FMGP Trading Group Pty Ltd (trading as Global Prime) is legit regulated by the Australian Securities & Investment Commission (ASIC) with AFSL number 385620.

For any dispute resolution (external), Global Prime is a member of the Australian Financial Complaints Authority (AFCA).

Funding & Withdrawals - 10/10

Global Prime Minimum Deposit

The minimum deposit for Global Prime is $0 AUD so you can fund your account with any amount of money you can afford.

Global Prime Minimum Withdrawal

The minimum deposit for Global Prime is $10 for most payment methods except international bank wire.

Accepted Payment Methods

Global Prime accepts PayPal, PayID, Jetonbank, Crypto, Cards, Bank Transfer, eWallets as a means of payment using AUD, EUR & USD currencies.

Global Prime Withdrawal Time

Global Prime withdrawal time is instant but bank transfer withdrawals may take up to one day. Global Prime recommends you send in your withdrawal request before 10 AM Australian time so they can process it on he same day.

Account Types - 7/10

Standard MT4/MT5 Account

This is an entry-level account where spread is the only trading fee you pay. Commissions are zero, making the pricing structure simple & easy to understand for beginners.

Raw MT4/MT5 Account

This is an expert account where you get lower spreads than on the Standard Account but in return, you must pay a fixed commission per trade.

Global Prime Fees - 7/10

Spread & Commission

Global Prime spread on the Standard Account starts from 0.9 pips. If you want lower spreads, the Raw Account spread starts from 0.0 pips but you must pay a $3.5 per side commission per standard lot traded.

Deposit/Withdrawal Fees

There are no deposit/withdrawal fees for all payment methods except international bank wire where a fee as high as $30 can apply.

Overnight Fees

Global Prime does not have swap-free trading so any CFD positions left open till the next day, will attract an overnight fee.

Inactivity Fees

Global Prime does not charge inactivity fees on dormant accounts.

Copy Trading Fee

If you are a frequent trader who does 2.5 standard lots of FX, you can use the copy trading for free but if you trade below 2.5 lots, a $10 copy trading fee will apply.

Account Management - 7/10

Account Currencies

Global prime has AUD account currency, as well as EUR, GBP, USD, CAD & JPY currencies.

Number of Trading Accounts Allowed

You can open up to 10 trading accounts and manage them from your client area.

Negative Balance Protection

Global Prime Negative Balance Protection feature ensures your account balance does not go into negative when slippage occurs due to market volatility.

Range of Markets - 6.5/10

Forex CFDs

Over 50+ major, minor & exotic forex pairs (including Australian & New Zealand pairs) are available for trading using CFD contracts.

Share CFDs

100+ U.S. share CFDs are available as they are no Australian, EU or UK share CFDs on offer for trading.

Index CFDs

10+ major indices including Australia 200 & NAS100 are available for trading using CFD contracts.

Commodity CFDs

10+ hard & soft commodities including XAU/USD, XAU/AUD, Coffee, Cocoa etc. are available for trading using CFD contracts.

Crypto CFDs

Over 20+ Crypto CFDs including BTC/USD are available for trading using CFD contracts.

Bond CFDs

U.S. and UK Bonds are available for trading using CFD contracts.

Platforms - 4/10

MT4 & MT5

Global Prime has MT4 as well as MT5 trading platforms which come in desktop, web and mobile versions.

Unfortunately, Global Prime does not have a proprietary mobile trading app or web trader which means if you cannot access your MetaTrader, you may not be able to trade.

Tools - 8/10

Calculators

Global Prime provides calculators to help you convert currencies, determine pip value, determine initial margin required to open a trade, determine overnight fees etc.

Economic Calendar

Global Prime provides you an Economic Calendar which informs you in advance of dates when important economic news (such as NFP, CPI etc.) will be released.

Autochartist

Global Prime has the Autochartist tool which scans your charts automatically, spots chart patterns and sends them to you via email.

Copy Trading

Global Prime has copy trading so you can choose to cipy more experienced Strategy Providers, or you can become a Strategy Provider yourself.

Support - 6.5/10

Live Chat

You can reach Global Prime via live chat which is open 24/7 and hold time is below 1 minute.

Telephone

Global Prime has phone support accessible 24/7; the Australian help line number is displayed on their website. However, the telphone lines are not toll-free.

Email support

Global Prime has their support email address displayed on their website, and they respond to emails within 2 hours.

Final Verdict - 7.3/10

Global Prime is a good forex broker for intermediate traders with moderate experience.