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Author Topic: Global Prime  (Read 193409 times)

Offline jemook

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Re: Global Prime
« Reply #15 on: January 30, 2013, 12:26:16 AM »
Hello good people of the Donna Forex forum. My name is Jeremy Kinstlinger and I work together with Elan Bension and Alex Neo at Global Prime. I am most active on the Steve Hopwood forex forum however I will also be responding to any questions put forward about Global Prime in an open and honest manner on this forum.

We have a unique opportunity as we have taken over the management of Global Prime Forex which has been around for a while and is a great product but hasn't been nurtured as well as it should have until now. This means we have a lot of scope to make changes to ensure Global Prime is running optimally for all types of traders. We are currently on the lookout for feedback from clients and demo users so if you have any ideas about what you are looking for in a broker please let me know.

We've been hearing a lot of feedback about our use of the comment field in MT4 which renders EA's which need the comment field unusable. We have listened and removed the use of the comment field from the live server so this issue has been solved. We will roll out the same change on the demo server in the next week or so alongside with switching from GMT +0 to GMT +2/3 to reflect NY close time and have a proper 5 daily-candle week. Extra funding and withdrawal options are also being looked at (we currently only offer bank deposit/withdrawal)

Global Prime was originally designed for institutional clients and our relationship with our liquidity providers and our low spreads reflect this. We've opened it up to retail traders and a few aspects need to be ironed out to ensure it works as well for the institutional and retail clients together and we believe we have the opportunity to be one of the top boutique brokerages in Australia in the near future. Please bear with us and we will keep you posted on any changes we make.

If you have any questions please ask away.

Regards,
Jeremy
« Last Edit: January 30, 2013, 06:17:05 AM by jemook »

Offline jemook

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Re: Global Prime
« Reply #16 on: January 30, 2013, 07:06:23 AM »
??? "Execution speed is around 400ms"

@VegaMax: Where is your MT4 located? New Zeland I would guess :-\

Funding by wire is quick. Maybe but expensive (at least for some - $50~$90 each way)

Live commission is higher than demo. (Comm. on demo is absent)

They say their servers are at Mountain view CA. It's far from many LP. (Happy that's not the case, their actual location is NYC area - 4ms from Equinix DC) :-X

Comment field is filled by_ [TICKET N etc...]  Your EA can't rely on the use of comment field. That will be hard, yet critical, to crack :-\

I can't test tick scalpers because I don't have it. I can do it if someone send me that kind of EA for the test. With such latency don't bother! :D

Kevin :)

Hi Kevin,

A few points:

1. Correct - our server is in NYC and not Mountainview, CA.
2. Comment field is not filled anymore on the live accounts (we will be removing this limitation on demo shortly)

I will not give them a try before they offer more funding options, preferable Moneybookers.

Hi Geektrader,

I do agree with you that we currently do not offer enough funding options - we are looking into this and Moneybookers is one of the companies we are in touch with.

They are a "Grade A" broker now already without anyone here having any real experience (facts about slippage / execution etc) with them yet? Wow.

Please see the sticky at the top of Grade A Broker sub-forum which shows what is taken into consideration for a Grade A Broker. You'll find that Global Prime passes with flying colours ;) in regards to slippage I posted this on Steve's forum so I'll post here too:

"One of the things we are thinking about here is that Global Prime was originally aimed at institutional traders who put large positions into the market. This means that we have a great relationship with large banks / Liquidity Providers who in turn give us really tight spreads. The issue we may find is that some of the larger Liquidity Providers may reject orders that are too small in the market.

What this means is a small position in the market may not be accepted by the Liquidity Provider at the top of the book because they will only fill an order that reaches their minimum amount. The position is then filled by the next Liquidity Provider which offers a second best price. This of course impacts scalpers that are trading smaller positions in the market.

I'd like to see Global Prime servicing all types of clients from retail to institutional so if this becomes a problem it will need to be addressed. At the end of the day we are a high-end broker and if we find that our low spreads aren't being filled to smaller clients we will have to work out a solution.

Anyway, this is very common between all ECN brokers. We are in talks with the liquidity providers that have a minimum trade size rule and we'll see if we can come to an arrangement. I'd like to stress that this isn't an issue just yet but it's something for us to think about and it's good to educate you guys about how it all works."

We'll be conducting our own tests in house but if anyone has any feedback by all means let us know. To conclude, Global Prime will only get better with time. There's a few small niggles to iron out but we are completely focused on making this work and being the best boutique brokerage in Australia. Time will tell :)

Jeremy
« Last Edit: January 30, 2013, 11:39:52 PM by jemook »

Offline alanhoo

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Re: Global Prime
« Reply #17 on: January 30, 2013, 08:17:02 AM »
Just a heads up for me.

1. Did you inherit the whole Global Prime and all their divisions?
2. Is your regulatory license acquired after the takeover? Or inherited from the previous?

Offline jemook

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Re: Global Prime
« Reply #18 on: January 30, 2013, 09:06:01 AM »
Just a heads up for me.

1. Did you inherit the whole Global Prime and all their divisions?
2. Is your regulatory license acquired after the takeover? Or inherited from the previous?

1. No, sir - just the forex side. If you look at our website (I can't post links yet) you'll see the following divisions: Forex / Shares & CFDs / Advisory / Managed Investments. We are managing the Forex side only.
2. The regulatory license for Global Prime Pty Ltd is AFSL 385620. It still applies to Global Prime as before and the corporate structure and ownership of the company has not changed.

Cheers
Jeremy

Offline geektrader

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Re: Global Prime
« Reply #19 on: January 31, 2013, 02:38:22 AM »
Thanks for the extensive answers. That all sounds very promising, but only a real-life test will show as I am straight for facts only:) So as soon as you offer more funding options I will be in for a test-drive:) I wish best of success for Global Prime and hope you can realize your vision of a great brokerage, we all would appreciate it for sure to have another great broker alongside the already well working ones like ICM, AXI, Armada, etc.. Competition never hurts!:)

Offline robl45

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Re: Global Prime
« Reply #20 on: January 31, 2013, 03:51:38 AM »
how much are commissions and do they take foreign non us companies with us shareholders?

Offline jemook

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Re: Global Prime
« Reply #21 on: January 31, 2013, 05:38:52 AM »
Thanks for the extensive answers. That all sounds very promising, but only a real-life test will show as I am straight for facts only:) So as soon as you offer more funding options I will be in for a test-drive:) I wish best of success for Global Prime and hope you can realize your vision of a great brokerage, we all would appreciate it for sure to have another great broker alongside the already well working ones like ICM, AXI, Armada, etc.. Competition never hurts!:)

Thanks for the well wishes :) and no problem, I'll let you know when we have more funding options.

how much are commissions and do they take foreign non us companies with us shareholders?

Hi there Rob, thanks for your questions.

Our commission structure is $7 per 100k round turn. This means If you open up a 1 lot position you will be charged $3.50 to open the position and $3.50 to close the position for a total of $7. Another example is if you open a .1 lot position you will be charged $0.35c to open the position and $0.35c to close the position for a total of $0.70c.

In regards to international clients opening an account with Global Prime we ask for the following:

1. Certified Identification Document
2. Address Information
3. Bank Account Information

If any of these show any relationship to the USA we will not accept the client.

Also, in some cases the documents need to be certified by an authorised person. We get a lot of calls from clients asking why they need their documents certified. Here's the reason:

It is legal a requirement under Australia law for Financial services firms to comply with the AML/CTF Act:

"Documents must be verified from reliable and independent documentation and/or reliable and independent electronic data. Please refer to chapter 4 of the AML/CTF Rules for further information on the meaning of 'reliable and independent.' http://www.austrac.gov.au/rg_4.html

A certified copy means a copy of a document that has been certified as a true copy of the original document. A list of authorised persons can be found in chapter 1 of the AML/CTF Rules as amended by the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.4)."

The link below has fully comprehensive list of people that perform certification of documents:

http://www.comlaw.gov.au/Details/F2006C00248

These are the laws we must comply by. Any other questions, please ask. Thanks again.
« Last Edit: January 31, 2013, 06:41:47 AM by jemook »

Offline geektrader

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Re: Global Prime
« Reply #22 on: February 03, 2013, 07:47:30 AM »
Thanks for the reply, but I think Ill pass... $7 per RTL, I get this cheaper with other brokers. Certified documents? I dont have to do this with European brokers.... I am already happy with my broker options (ICM / Armada), so as long as you dont have lower slippage than those (-0.4 pips in / out on average) or much faster execution (average 400ms) for the higher price per RTL Id be paying (and higher spread on EURUSD compared to IC Markets), I see no reason to go with Global Prime right now. Expect you can name an advantage over IC Markets for example?

Offline jemook

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Re: Global Prime
« Reply #23 on: February 03, 2013, 09:07:27 AM »
No problem geektrader :) I wish you all the best of luck with your broker of choice - from what I hear IC Markets is a great broker.

Offline crashev

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Re: Global Prime
« Reply #24 on: February 03, 2013, 10:09:21 AM »
No problem geektrader :) I wish you all the best of luck with your broker of choice - from what I hear IC Markets is a great broker.

Another Australian 'rookie' broker which has everything high and ridiculous demand on 'certified documents'. Axi already came to understanding that Australia is Australia and the rest of the world don't care about Australian requirements and they withdrew 'certified documents' requirement.

Jemook: don't know what Your position is in Your company, but if You as company don't want to be behind the competition and want to find out how the releationship with clients should work then better look at Armada Markets and then also at ICM True ECN....or..if You just want to fish for "rookie" traders and this is Your way of handling business and You don't care about long term realtionship with real pros, then You probably just have to sit and wait.

Offline iwillsurvive

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Re: Global Prime
« Reply #25 on: February 03, 2013, 10:14:49 AM »
jemook,

I haven't tested your feed yet, but I'm sure there are many out there who are interested in testing your feed for tick scalpers.

To attract the large group of tick scalpers, you need to first have very low slippage. (even in fast markets) < 1pip.

Low spreads (global prime meets this criteria)

Offline geektrader

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Re: Global Prime
« Reply #26 on: February 03, 2013, 04:17:52 PM »
No problem geektrader :) I wish you all the best of luck with your broker of choice - from what I hear IC Markets is a great broker.

Yes they are, but you want our business here (which is fine), but so tell us about your advantages over IC Markets and why Global Prime might be a better choice. Any business should be able to tell a client what the advantages are with them compared to another company.

Offline jemook

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Re: Global Prime
« Reply #27 on: February 03, 2013, 11:05:31 PM »
jemook,

I haven't tested your feed yet, but I'm sure there are many out there who are interested in testing your feed for tick scalpers.

To attract the large group of tick scalpers, you need to first have very low slippage. (even in fast markets) < 1pip.

Low spreads (global prime meets this criteria)

Hello,

Please feel free to test out our platform and see what results you can find. I do agree that low slippage is a very important factor in choosing a broker.

Jeremy

Offline jemook

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Re: Global Prime
« Reply #28 on: February 03, 2013, 11:10:00 PM »
No problem geektrader :) I wish you all the best of luck with your broker of choice - from what I hear IC Markets is a great broker.

Another Australian 'rookie' broker which has everything high and ridiculous demand on 'certified documents'. Axi already came to understanding that Australia is Australia and the rest of the world don't care about Australian requirements and they withdrew 'certified documents' requirement.

Jemook: don't know what Your position is in Your company, but if You as company don't want to be behind the competition and want to find out how the releationship with clients should work then better look at Armada Markets and then also at ICM True ECN....or..if You just want to fish for "rookie" traders and this is Your way of handling business and You don't care about long term realtionship with real pros, then You probably just have to sit and wait.

Hi there crash,

I'm not sure what you are trying to say. It is a legal requirement under Australia law for Financial services firms to comply with the AML/CTF Act:

"Documents must be verified from reliable and independent documentation and/or reliable and independent electronic data. Please refer to chapter 4 of the AML/CTF Rules for further information on the meaning of 'reliable and independent.' http://www.austrac.gov.au/rg_4.html

Are you suggesting that we ignore Australian law as "rest of the world don't care about Australian requirements"?

What kind of message would that be sending to our clients?

Jeremy

Offline jemook

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Re: Global Prime
« Reply #29 on: February 03, 2013, 11:17:55 PM »
No problem geektrader :) I wish you all the best of luck with your broker of choice - from what I hear IC Markets is a great broker.

Yes they are, but you want our business here (which is fine), but so tell us about your advantages over IC Markets and why Global Prime might be a better choice. Any business should be able to tell a client what the advantages are with them compared to another company.

Geektrader,

7/8 of your posts have on this thread have been of a negative nature towards Global Prime, a broker you have zero experience with. It almost seems as you have a vested interest in seeing us not do well. You are now attempting to bait us into a slinging match between Global Prime and IC Markets - this is not going to happen. If you are not interested in using our services I'd like to ask you to kindly please stop posting negativity in our thread. If you'd like to re-word your question I will answer you.

Guys, I'm here to help out - not get into arguments or debates. I am more than happy to discuss our strengths and I am not here to discuss other brokers.

Regards,
Jeremy

 

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