FAQs

Getting Started

New to CFD trading? Want more information on CFDs?

Please make sure you become familiar with what these products are, how they are traded and risks involved. All of this information is contained in the PDS and FSG.

What, if any, further information do I need to supply?

Our CFD and Margin FX product will not require you to send us any supporting documentation if online identity verification is successful. Where a HIN Equities account is selected you will be required to provide us with your verification documents.

Does it cost to set up an account?

There are no fees involved in opening an account and you do not need to send any money to activate your account. However, in order to commence trading you will be required to deposit funds.

Will I need to download any software?

Both of our Forex platforms (MetaTrader 4 and PowerTrader FX) will require you to download software. If you decide to subscribe for webIRESS, you will not need to download any software as this is a web based platform.

What is Direct Market Access?

Direct Market Access allows clients to trade directly on the order book of the exchange. We do not make markets, therefore as the client, you benefit from lower transaction costs and the assurance that your orders are being filled at market price on the relevant exchange.

Account Queries

What are the minimum account balances?

This only applies to CFD and Margin FX accounts:

CFD enabled $5000 min
Forex enabled $1000 min

How do I withdraw funds from my account?

To withdraw funds from your Global Prime account you will need to complete a Funds Withdrawal Request form. Where we have your signature on file, you will not need to provide any further identification.

Transfers to Australian bank accounts will take 3 - 5 working days. Transfers to international bank accounts may take longer.

Please note funds can only be transferred into a bank account held in the same name as your Global Prime account.

Can I open a demo account?

We offer demo accounts for MetaTrader 4 and PowerTrader FX. We also offer a demonstration platform for webIRESS.

Fee Structure

What do you mean by 'Zero spreads on major FX pairs'?

Our Direct Market Access model enables us to offer the tightest possible spreads on FX currency pairs. We do not artificially create a spread between the buy and sell price on a pair. For this reason, spreads are capable of being zero at any given time. However, spreads do fluctuate and although always tight, may not always be zero.

How will I be charged for trading with Global Prime?

For each product, and asset class traded, Global Prime quotes a transaction fee.

The standard rate for ASX CFDs is 0.1% with a $10 minimum, and a funding rate of 2.5% for positions held overnight. Please refer to the CFD Product Disclosure Statement and Financial Services Guide for detailed information.

The standard rate for Forex is $4.95 for every $100,000 traded with our very tight spreads. Our spreads are fed straight through our interbank offerings with no artificial widening of the spreads (difference between buy and sell price).

The standard brokerage for ASX Shares is the higher of $24.95 minimum plus GST or 0.1%.

Global Prime does not charge its clients for Direct Market Access (DMA).

Compliance

Global Prime has an internal compliance division, responsible for ensuring that Global Prime and its representatives adhere to all regulatory and legal requirements. This team liaises with ASIC, ASX and other regulatory bodies as well as acting as the conduit with Global Prime’s legal advisors.