Please see below for a list of the most frequently asked questions. If you have any further enquires, please don't hesitate to contact us on +612 8277 6611.
Global Prime FX
Yes, in order to access our liquidity you will need to install Global Prime FXs MT4. You can download the software after opening a demo or live account.
Global Prime FX does not currently accept clients from the DPRK (North Korea), United States and Japan.
No, Global Prime FX does not offer negative balance protection because we are an ECN agency broker. If the client goes into a negative balance, that needs to be covered by the client, because, at an ECN Broker a loss is a real loss at market and it is the client’s responsibility to trade carefully.
Global Prime FX is partnered with Beeks FX. This partnership provides discounted or free VPS hosting with Beeks FX, and, moreover, because the Beeks VPS servers are located in the same data centers as our MT4 servers (Equinix NY4) this allows Clients to receive a 1ms-5ms ping between the VPS and our server.
No, Global Prime FX does not offer clients an Islamic swap free account because we do not have an account that complies with Sharia Law, in particular regarding to the giving and obtaining of interest.
No, Global Prime FX does not offer swap free accounts because we are an ECN broker than facilitates trades between clients and LPs and our PB on real market situations. All swaps charges are therefore dependent on our PBs settling rates.
Global Prime FX 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.
At Global Prime FX we hold our Client Funds in a segregated trust account with Westpac Banking Corporation (Westpac is an AA rated Australian Bank). This adds to the security of our client’s funds and also transparency in the way that client funds are managed. For more information, our Client Funds Management Policy is readily available.
Global prime can be contacted by phone on +612 8277 6611 or email at firstname.lastname@example.org or via live chat on the website.
Getting in contact with support is very simple. On any page of our FX website, ‘Live Chat’ is always accessible on the bottom right of the screen. You can also contact us by email – email@example.com or by phoning +612 8277 6611.
Specifically for Withdrawal Requests, Global Prime FX requires the request to be made via the withdrawal page on our website, and, more importantly, that all positions are closed at the point of the request. Remember to (1) Pin verify and (2) to select your nominated Bank account. We cover the withdrawal fee for clients from our side, however, if your bank doesn’t have a direct banking relationship with ours (Westpac) your bank will need to use an Intermediary bank (which will charge a fee independent of us).
When attempting to fund an account via Credit Card, Global Prime FX 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.
At Global Prime FX our spreads are directly related to our Tier 1 liquidity providers. The spread that you see is a direct feed from them through the ECN. In general, spreads are tighter during higher volumes of liquidity. Spreads may become wider when the market lacks liquidity or is experiencing high volatility during news announcements.
Lightning Fast! When a client requests a 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.
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.
Global Prime FX only offers ECN accounts because we are an ECN only Broker.
If you receive an email from Global Prime FX that says there was an electronic verification failure, don’t worry, this is the usual case for non-Australian residents. As long as your 100 point verification has been uploaded successfully our accounts staff will get back to you. Bear in mind that whilst our support staff is 24/5, our accounts staff operates during Australian Business hours. They will respond as soon as possible.
If you wish to change your nominated bank account you will need to fill out a change of details form which can be obtained by liaising with our support staff. Bear in mind, the new nominated bank account should have the same name as your Global Prime FX account. You can also add a new bank account to your Global Prime FX account if you so wish by following the same process.
Our MT4 servers are GMT +2 or GMT +3 depending on New York DST (Daylight Savings Time). This ensures a 5 daily candle week.
Global Prime FX sends prices from our Tier 1 LPs providing our clients with the transparency that is expected from an ECN. We further supplement this process with trade receipts from the LPs that took the trade. Global Prime FX facilitates trades between client and LPs.
Global Prime FX 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 200m in volume per month.
- There is a minimum deposit of USD $25,000 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 200m
- If volume traded for the month is 200m or greater, the USD $500 fee will be waved for that month.
We will also arrange a call to discuss your needs to ensure the business is mutually beneficial
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
To open an account with Global Prime FX we require 100 points of ID identity documents:
- Proof of Identity (70) – 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.
- Proof of Address (30) – a document that contains the current, and permanent residential address of the client. For example, a Bank statement, Utility bill or Driver’s license.
Proceed to account creation with these sets of information and follow the prompts. Please make sure that the forms you submit are correct and not missing any vital information, as any mistakes in the 100 point ID will delay our processes.
Global Prime FX is an international foreign exchange ECN (Electronic Communications Network) Broker that caters to retail, wholesale and institutional clients. Global Prime FX provides top of book depth and volume, and provides accessibility for clients to fill trades. Global Prime FX gives our clients access to major and minor world currency pairs and precious metals. Global Prime FX offers assurance that clients trades are being filled by Liquidity Providers through providing trading receipts on request which detail the Liquidity Provider that filled the client’s trades.
Our address is 27/25 Bligh St Sydney NSW 2000, Australia and our phone number is (+612) 8277 6611
Global Prime FXs live server address is live.globalprime.com.au and our demo server address is demo.globalprime.com.au
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.
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.
Global Prime FX accepts Bank Wire transfers in either AUD, USD, GBP, EUR, SGD, CAD. Global Prime FX also accepts Credit Card deposits in AUD, USD, GBP and EUR. Note, all Credit Card transactions incur a 3.25% deposit charge, whilst Bank Wire transfers are generally free unless processed via an Intermediary Bank, in which case the charges are uncontrollable from our end. 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 3 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.
The minimum deposit for an ECN trading account opened at Global Prime FX is $500AUD or foreign currency equivalent.
Any and all trading strategies are allowed. However, we do not recommend trading news or tick scalping strategies on any ECN Broker. You are more than welcome to trade them here but in our experience these don’t work through MT4 on a proper ECN broker.
Global Prime FX 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.
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
Global Prime FX approaches the forex market as a true ECN. As such we will never take the other side of a client’s trade, and moreover, we will prove it to you with trading receipts from our liquidity providers that filled the clients trades.
Global Prime FX is a division of Gleneagle Securities. Our Australian Business Number is 74 146 086 017.
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 as it is up to the client’s discretionary use. 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.
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.
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’.
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.
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.
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.
The Global Prime FX 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.
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)
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.
Live MT4 trading accounts never get closed in general. If there are no new trades on a demo account for 14 days, the demo account will be auto-closed.
Unfortunately, the trading platform time cannot be changed as it is pegged to New York 5pm close, however, you can download local time indicators.
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.
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.
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.
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.
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.
Gold and Silver trade from 01:00 to 23:59 (GMT+2)
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.
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!
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.
Trading and FX
Global Prime FX does not recommend news trading as everything depends on the volatility of the market. On limit orders such as buy stops, sell stops, take profits, stop losses et cetera, 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.
When trading forex there are many strategies available to a trader in order to manage risk. The most common form of risk management tools in forex trading are the Take Profit and the Stop Loss order. Take Profit and Stop loss orders are used to force the closure of a position at a predetermined price.
Global Prime FX has such tight spreads because we use an institutional price aggregator to scan the interbank market for the best bid and offer prices across all of our Tier 1 Liquidity Providers (LPs). The aggregator then arranges the bids and offers to form a LIVE market depth, and then quotes the best bid and offer on the MT4 platform, providing ‘top of book’ pricing. We use this method because it ensures the tightest spreads and increases transparency by providing clients with access to the interbank market.
When a client creates an account at Global Prime FX, the account registration form highlights three types of accounts: Sole, Propriety and Company. This means that the account can either be traded solely by a single trader or with multiple traders or under the control of a MAM. It is advised that individuals who wish to create an account, create it solely under their name, unless they explicitly want to be managed by a trader.
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.
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.
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.
As Global Prime FX 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.
Global Prime FX offers an industry standard leverage of 1:100 on accounts opened at a minimum of $500AUD or foreign currency equivalent. Please note that leverage greater than 1:200 will not be approved under any circumstances. As a proper ECN broker we are not able to provide the same high leverages that market maker brokers offer due to our Prime Broker relationship.
Whilst we can’t disclose all of our LPs, we work with Tier 1 banks such as RBS, UBS, Deutsche Bank, JP Morgan and many otherss. Our Prime Broker is BNP Paribas.
The information on this website is not intended to be an inducement, offer or solicitation to anyone outside of Australia. Global Prime Pty Ltd, ABN 74 146 086 017, (Global Prime) holds an Australian Financial Services Licence (AFSL) to carry on financial services business in Australia, limited to the financial services covered by its AFSL no.385620.
Any Information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and strongly recommend you to seek independent financial advice. Please read our Financial Services Guide and current offer document which is available to be downloaded from this website or hard copies may be sent by contacting us on the details provided on this website.
All financial products involves risk and you should ensure 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. Past performance of any product described on this website is not a reliable indication of future performance.