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FAQ | Australian Forex & CFD Broker

Please see below a list of the most frequently asked questions.

About Global Prime

Who owns Global Prime?

Global Prime is a division of Gleneagle Securities. Our Australian Business Number is 74 146 086 017.

What is Global Prime's address and telephone number?

Our address is suite 604 35 Grafton St Bondi Junction NSW 2022, Australia and our phone number is (+612) 8379 3622.

Who is Global Prime? What service do we provide?

Global Prime is an international foreign exchange broker that caters to retail, wholesale and institutional clients. Global Prime provides prices, and provides accessibility for clients to fill trades. Global Prime gives our clients access to major and minor world currency pairs and precious metals.

How can I contact Global Prime?

Global Prime can be contacted by phone on +612 8379 3622 or email at forex@globalprime.com.au or via live chat on the website.

How do I contact support?

Getting in contact with support is very simple. Live Chat is always accessible on the bottom right of the screen. You can also contact us by email – forex@globalprime.com.au or by phoning +612 8379 3622.

Do you have a refer a friend scheme?

We certainly do. Nothing gives us more pride and joy than you recommending us to your family, friends or colleagues.

For every successful friend you refer to us, receive AUD$100 credited to your trading account. To find out more about the terms and conditions, click here.

Fees and Charges

Does Global Prime take commission?

Global Prime takes a general commission of $7 per 100k (1 lot) traded round turn. This translates to .70c for .1 lots and .07c for 0.01 lots. Commission can be negotiated for clients trading more than 1000 lots per month.

Where can I see the commission on trades?

Once an order has been placed, you need to navigate to the ‘Terminal’ window and click the ‘Trade’ tab. Your commission charge will be seen near the bottom right. Bear in mind that commission charge is dependent on your lot size, and the currency your account is trading in.

Account Types

How long do my accounts stay active?

Live MT4 trading accounts never get closed in general. If there are no new trades on a demo account for 30 days, the demo account will be auto-closed.

What documents do I need to open an account at Global Prime FX?

To open an account with Global Prime FX we require identity documents (ID), which you will be prompted to provide when completing the online application process:

  1. Proof of Identity – an official government ID that contains the client’s name, date of birth, photo and signature. For example, a Passport (both photo and signature pages, and current within the preceding 2 years), a National ID card or Driver’s license.
  2. Proof of Address – a document that contains the current, and permanent residential address of the client. For example, a Bank statement, Utility bill or Driver’s license.

Please make sure that the forms you submit are correct and not missing any vital information, as any mistakes will delay our processes.

How do I change/update my details?

If you need to update you account information please complete the Change of Details Request Form and send the completed form to forex@globalprime.com.au so we can update your details.

Does Global Prime accept clients from any country?

Global Prime is not able to accept clients from United States of America, Canada, New Zealand, Japan, Iran and North Korea.

Does Global Prime offer swap free accounts?

No, Global Prime does not offer swap free accounts.

Does Global Prime offer an Islamic swap free account?

No, Global Prime does not offer clients an Islamic swap free account because we do not have an account that complies with Sharia Law, particularly with regard to the giving and receiving of interest.

Funding and Withdrawal

What is the minimum deposit size of a MT4 account at Global Prime?

The minimum deposit for a Global Prime account is AUD200 or foreign currency equivalent.

What is my funding account number?

Your funding account number is the 6 digit number starting with 9. This number is also your MT4 account number. This number will be provided to you once your account is approved and funding instructions have been sent to you.

How fast does Global Prime process credit card funding?

When a client requests funding of an account through credit card, requests are able to be processed within minutes. Sometimes we need to look closer at a credit card transaction and it may be delayed until we are sure the transfer has been made with an approved credit card.

How do I make a Withdrawal Requests via Bank Wire?

Withdrawal requests can be made from inside the Client Portal.

How do I register my credit card to fund my account?

When funding an account via credit card, Global Prime requires only the first 6 and the last 4 digits of your credit card. The credit card should have your full name on it and it should match the name on your account. Your full number is only required through a secure portal, later in the process. Once your card is registered any further payments can be done through the secure portal.

What is the deposit/withdrawal process with Global Prime?

Global Prime accepts Bank Wire transfers in either AUD, USD, GBP, EUR, SGD, CAD.

Global Prime also accepts credit card deposits in AUD, USD, GBP ,EUR, SGD and CAD. Bank Wire transfers are generally free unless processed via an Intermediary Bank, in which case we have no control over the charges. Funds deposited via credit card will be refunded back to your card up to the amount initially deposited should you request a withdrawal, as long as the initial deposit was within 6 months. Profits will be then sent to your bank account via Bank Wire. Credit card deposits can be sent to your account very fast, whilst Bank Wire transfers take between 1-5 business days.

How long do international bank withdrawals take?

Generally, international bank withdrawals take 1-5 business days. Some of our clients receive their international withdrawals within hours! It all depends on the receiving bank. We process all withdrawals and deposits within 24 hours and usually even quicker.

If I want to change my nominated bank how do I go about the process?

If you wish to change your nominated bank account you, you can log into the client portal to do so or alternatively you can complete a change of details form. Bear in mind, the new nominated bank account must have the same name as your Global Prime account. You can also add a new bank account to your Global Prime account by following the same process.

Do you offer a FIX API?

FIX (Financial Information exchange) protocol is used by many professional traders providing them with real-time communication between client, trader, investment fund or broker and liquidity provider. The API gives clients complete control over data which is sent and received without needing intermediary software.

Why Use a FIX API
Incredible Speed
When utilising FIX API, you are getting a high-speed connection directly with trading servers. You don’t have to go through third party programs such as MetaTrader 4. Generally, traders will see latency as low as 1 millisecond.

Flexibility of FIX

A client may choose FIX API over other financial platforms and interfaces because other programs have limited functionality. There are also limitations from existing interfaces such as the need for two or more ticks to fill an order. This creates many problems for traders who are working with high-frequency strategies and need the fastest trades possible.

Global Prime offers a FIX API connection for its clients. By using the FIX protocol, you can customize your trading experience to suit your specific trading strategy. To find out more about a FIX API email forex@globalprime.com.au or contact us via chat for more information.

How many traders can be authorised to trade on a single account?

Only one password can be created for a single account. It is advised that individuals who wish to create an account, create it solely under their name.

What kinds of trading strategies are allowed at Global Prime?

Any and all trading strategies are allowed. However, we do not recommend trading news or tick scalping strategies at Global Prime. You are more than welcome to trade them here but in our experience these don’t work through MT4 with our liquidity setup.

What is Global Prime’s live and demo server address?

Global Prime FXs live server address is live.globalprime.com.au and our demo server address is demo.globalprime.com.au

How do I calculate my margin level %?

Margin Level % = Free Equity / Used Margin * 100

The Margin Level % is the ratio of Equity to Used Margin represented as a percentage. This percentage is very important as it shows how much equity is available to cover the used margin.

  • If the Margin Level dips below 120% the Terminal will light up red as a warning.
  • If the Margin Level dips below 100% trades will be closed to free up margin.
Does Global Prime offer a VPS?

Global Prime has partnered with several VPS providers.

  • Beeks Financial Cloud
  • ForexVPS.NET
  • New York City Server VPS

For discounted or complimentary VPS offers check out our VPS page.

How do I calculate required margin for FX trades?

Margin Required = Volume in Lots x Contract Size x Margin Requirement

Contract size for FX 100,000

Example:
Assume you have a EUR MT4 Account with 1:100 leverage. You want to enter a 1 lot sell trade for AUDJPY:

1 Lot x 100,000 x 1% = 1,000 AUD Required Margin
Because AUD is the base of the currency pair, we need to convert to EUR by dividing by the EURAUD rate, which is 1.59106 for example:

1,000 ÷ 1.59106 = 628.51 Required Margin in EUR

How do I calculate required margin for Precious Metals (Gold and Silver) trades?

Margin Required = Volume in Lots x Contract Size x Price x Margin Requirement

When trading Gold and Silver, the contract size is 100oz and 5,000oz respectively.

Example:
Assume you have a CAD MT4 Account with 1:100 leverage. You want to enter a 1 lot sell trade for XAUUSD at 1,364.63:
1 Lot x 100 x 1,364.63 x 1% = 1,364.63 Required Margin
Note that maximum leverage for precious metals is 1:100. Therefore, margin requirement will be no lower than 1%.

Because XAUUSD uses USD as the margin currency, we need to convert it. This can be done by multiplying 1,364.63 by the USDCAD rate, which is 1.30410 for example:

1,364.63 x 1.30410 = 1,779.61 Required Margin in CAD

How do I calculate my margin (used margin)?

Your Used Margin grows by each trade’s required margin. In MT4, all required margins are according to the base currency of the currency pair traded. The used margin is then converted to your account denomination.

In MT4, Used Margin is referred to simply as Margin.

Example:
Assume you have an AUD MT4 Account with 1:100 leverage and you have 3 buy trades for AUDUSD, XAUUSD and GBPAUD:


Buy 1 Lot AUDUSD

1 Lot x 100,000 x 1% = 1,000 Required Margin
Because AUD is the base of the currency pair, no conversion is required since your MT4 account currency is AUD.

Buy 1 Lot XAUUSD,
with current market price of XAUUSD at 1,368.61
1 Lot x 100 x 1,368.61 x 1% = 1,368.61 Required Margin
Because XAU is the base of the pair, we need to convert it. This can be done by dividing 1,368.61 by the AUDUSD rate, which is 0.75029 at the time of opening the trade:

1,368.61 ÷ 0.75029 = 1,824.11 Required Margin in AUD

Buy 1 Lot GBPAUD

1 Lot x 100,000 x 1% = 1,000 Required Margin
Because AUD is the term of the currency pair, we convert to AUD simply by multiplying by the GBPAUD rate, which is 1.72510

1,000 x 1.72510 = 1,725.10 Required Margin in AUD
By summing all the required margins you will have a Used Margin of 4,549.21.
To get the Margin Level in MT4, assuming your equity hasn’t changed from the original balance, divide 10,000 by 4,549.21 and multiply by 100 to get:

10,000 ÷ 4,549.21 x 100 = 219.81%

Does Global Prime have negative balance protection?

No, Global Prime does not offer negative balance protection. If the client goes into a negative balance, that needs to be covered by the client.

I received an email that said EV failure? What do I do now?

If you receive an email from Global Prime that says there was an electronic verification failure, don’t worry as this is often the case for non-Australian residents. The identity documents (ID) which you will be required to provide will be prompted when completing the online application process. As long as your identity documents (ID) has been uploaded successfully, our accounts staff will get back to you. Bear in mind that whilst our support staff are available 24/5, our account staff operate during Australian business hours. They will respond as quickly as possible.

How does Global Prime obtain its spreads?

Our spreads come from our liquidity providers. In general, spreads are tighter during higher volumes of liquidity. Spreads may become wider when there is a lack of liquidity or high volatility during news announcements.

What Platforms do we operate on?

Global Prime offers MT4 on Windows only. We recommend MacOSX users install software like Parallels or Apple Boot Camp to install Windows and then run MT4 on that Windows installation or use PlayOnMac to install on OSX. Note that PlayOnMac user experience of MT4 may differ due to MT4 not being native to OSX.

What trading volumes does Global Prime use?

Standard lots = 1 lot = 100,000 units of base currency

Mini Lots = .1 lots = 10,000 units of base currency

Micro lots = .01 lots = 1,000 units of base currency

When I create an account what is the standard leverage?

Global Prime offers an industry standard leverage of 1:100 on accounts opened at a minimum of $200AUD or foreign currency equivalent. Please note that leverage greater than 1:200 will not be approved under any circumstances.

MetaTrader 4

Do I need to install Global Prime’s MT4 to access Global Prime’s trades?

Yes, in order to access our liquidity you will need to install Global Prime's MT4. You can download the software after opening a demo or live account.

What is Global Prime’s ABN and is it regulated?

Our company details are as follows:

Global Prime Pty Ltd, ABN 74 146 086 017. Global Prime is ASIC (Australian Securities and Investment Commission) regulated and holds an Australian Financial Services License (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL no.385620.

In what time zone is Global Prime’s server?

Our MT4 servers are GMT +2 or GMT +3 depending on New York DST (Daylight Savings Time). This ensures a 5 daily candle week.

Is my Global Prime FX account accessible via mobile platforms?

Yes, your Global Prime account is accessible via iPhone/iPad and Android platforms with the MT4 Mobile App. If any errors are encountered please try reinstalling the application.

What are the requirements for starting a FIX API stream at Global Prime FX?

Global Prime offers FIX API connectivity to connect traders and systems to our liquidity.

We look to open FIX API for clients that have plans to trade more than 20m in volume per month.

  • There is a minimum deposit of USD $10,000 required to get FIX API access
  • USD $500 fee will be charged at the end of the month for the FIX API Connector where the trading volume is less than 20m
  • If volume traded for the month is 20m or greater, the USD $500 fee will be waived for that month.
What are your market opening and closing times?

Our MT4 servers are GMT +2 or GMT +3 depending on New York DST (Daylight Savings Time). This ensures a 5 daily candle week on the charts.
Our Market Open and Close times are as follows:

Market Open = 00:02 MT4 Server Time

Market Close = 23:58 MT4 Server Time

Can I use EA’s to trade on MT4?

Yes, you are allowed to use any and all EAs (Expert Advisors) available by third party providers. We do not restrict the use of any strategy or EA. However, we do not advise on the installation nor the use of particular EAs The only aspect of EAs we do restrict is the amount of order modifications allowed per day. We request that EAs or scripts do not exceed 5,000 order modifications per day.

How do I install Metatrader4 on my PC if the previous installation failed?

If a previous installation of MT4 failed to work on your PC we suggesting reinstalling MT4 into another directory in your PC. For example, if the default directory path is c:/programsx86/global, you can change it by clicking “Settings” in the installation setup and create a new path by creating a new folder in the previous directory, for instance c:/programsx86/global/globalprime. Alternatively, you can completely uninstall MT4 via Control Panel > Programs > Uninstall Programs > by selecting MT4 there and following the prompts and then run the MT4.exe again.

How do I place trades?

Place trades on MT4 by clicking ‘New Order’ or by double-clicking the symbol you want to trade on the ‘Market Watch’ window. Alternatively, on the window for the pair you want to trade you can right click and turn on One-click Trading. This type of trading opens up the ‘Order’ and allows you to place a trade from a more convenient location. Using the One-click trading option prevents setting up ‘Pending Orders’.

How do I reset my master password for my Metatrader4 account?

If you just wish to change your current password, navigate to Tools > Options > Server and follow the prompts as required. Alternatively, you can access LiveChat on our website and talk with one of our staff to assist in having your password reset.

How do I test my latency to the Metatrader4 server that Global Prime uses?

Conducting a Ping test is relatively easy:

  • Firstly, click your Windows start button, in the search box type in cmd and click on cmd.exe
  • You should see something like this: C:\users\yourname> , type ‘ping’ so it looks like this, C:\users\yourname>ping
  • Hit spacebar once and type in the server you wish to ping.
  • The next few lines will show in ms the minimum, maximum and average time it took for your computer to send and receive data from the server.
How do I view my account balance in MetaTrader4?

To view your account balance in MetaTrader4, simply open up the program and hit ‘View’ and click on ‘Terminal’, alternatively you can just use the ‘Ctrl-T’ key press. The terminal window should open up near the bottom of your screen. In the ‘Trade’ tab you’ll see your Balance, Equity, Margin, Free Margin and Margin level.

How do I view my trading history on the Metatrader4 platform?

The Global Prime MT4 platform records all trading activities in the ‘Account History’ tab of the trading Terminal. It is usually located at the bottom of your MT4 screen. From that tab you can see real-time profit and loss, margin availability, account balances, swap costs and all historical transaction details. These details can all be saved on your PC as records without logging back into the MT4 program by right clicking on any of the orders and saving the report.

How do I view the current leverage on my account?

Open MT4 and go to “View > Navigator” and hover your mouse pointer over your account. A box will pop-out displaying your leverage (e.g. 1:100)

How long can I keep my positions open for?

You can keep your positions open for as long as you deem fit, or as long as your margin stays within acceptable levels on the MT4 platform.

On MetaTrader4 can I change my chart time?

Unfortunately, the trading platform time cannot be changed as it is pegged to New York 5pm close. However, you can download local time indicators.

On MetaTrader4 how do I find the swap rates?

To find the swap rates for currency pairs go to the ‘Market Watch Area’, right click and however over ‘Symbols’. A new window will open up that shows all available currency pairs, highlight the pair you wish to find the swaps for and click properties. The swap information and other relevant data should pop up in a new window.

On MetaTrader4 how do I view all the available currency pairs?

To view all currency pairs in MT4 simply right click on the market watch and then choose ‘Show All’. Global Prime FX’s MT4 platform has over 40 currency pairs to trade.

On MetaTrader4 my account shows as invalid?

Normally, an ‘invalid’ message appears when your login or password information is incorrect. Things to check would be your login, password or the server address. This message can also appear for Demo accounts, and, are usually caused by inactivity in the Demo account. If you have forgotten your password please get in touch so we can help get you connected again.

What are your execution speeds on the MT4 platform?

Our standard execution speed can differ depending on your location and distance to the Equinix Server in New York. On average it is about 100 milliseconds. If you use our VPS, this execution time can be reduced to 1 to 5 milliseconds.

What does it mean to have a ‘long’ or ‘short’ position?

When a trader takes a ‘long’ position, the trader is placing a ‘Buy’ order, likewise, when a trader takes a ‘short’ position, the trader is placing a ‘Sell’ order. For example, if you go ‘long’ on an AUD/USD you are buying AUD in anticipation that it will rise against the USD, conversely, if you go ‘short’ on AUD/USD you are selling AUD in anticipation that it will lower against the USD.

What time does the Gold (XAUUSD) and Silver (XAGUSD) Market Trade?

Gold and Silver trade from 01:00 to 23:59 (GMT+2)

Who are the participants in the Forex Market?

The Forex Market has participants from retail, wholesale and institutional sectors. The largest contingent of participants starts at the top with the Central Banks, Commercial and Investment Banks, it then is followed by multinational corporations, money managers, retail marketers, retail ECNs and finally retail traders. There are a lot of participants in the forex market!

Will trades close if they fall below a certain margin?

As we use MT4 as a trading platform, our MT4 automatically ‘Margin Stops’ trades when the free margin falls below 100%. A ‘Margin Call’ occurs at 120% of margin and is indicated by red font in the platform. Be wary of trading when going into a news announcement as your margin could be in danger.

Does Global Prime recommend trading during news announcements?

Global Prime does not recommend news trading on our liquidity. On limit orders such as buy stops, sell stops, take profits, stop losses etc the order will be filled at whatever price is being offered by our LPs. This could mean severe slippage on high impact data announcements where price gaps through a limit order, with the next available price being X pips away.

What time does your Rollover occur?

As Global Prime uses the MT4 Platform, our rollover occurs 00:00 MT4 Server Time, which is NY 17:00 GMT +2 (+3 DLS). At this time, market volatility can be very high and spreads will increase. It is important to understand the risks of higher spread and slippage around rollover.

The major Forex pairs tend to be the most liquid and most popular pairs to trade on the Forex market. If you are after the more liquid pairs they would be: AUDUSD, EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF and USDJPY.

What is the cause of slippage on Global Prime’s MT4 platform?

Any slippage that occurs can be due to:

  • Execution time – If you place an order from your terminal and enough time passes for the price to move before it is executed you will be given the next best price, positive or negative.
  • Rejected orders – this usually happens when liquidity providers are unable to accept the order due to insufficient volume. The order is then relegated to the next best price offered by the liquidity provider and is filled.

About Forex

What are the risks of trading forex?

Forex trading involves a high level of risk and you should ensure that you understand the risks involved as certain financial products may not be suitable to everyone. Trading in margin foreign exchange and derivatives carries a high level of risk and you may incur a loss that is far greater than the amount you invested.

Does Global Prime FX provide any Educational Information regarding Forex Trading?

Please refer to our Educational Guides which can be found under the Market Research section of our website.

If you are just starting out, we can recommend Babypips and the SteveHopwoodForex forum as useful websites to gain some insight into the Forex world.

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Feel free to get in touch with us to find out more about our service.