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Author Topic: Global Prime  (Read 189390 times)

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Re: Global Prime
« Reply #30 on: February 03, 2013, 11:22:30 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


Axi changed the id documentation requirement from certified documentation to verified documentation in line with other Australian broker requirements.

As with all Australian brokers, the documentation is still required to comply with the relevant legislation.

Offline jemook

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Re: Global Prime
« Reply #31 on: February 04, 2013, 12:38:39 AM »
@jonpearce

Hi and thank you for the clarification.

For Australian clients we have an online verification check which works great. There is an online verification checking system available for clients from select countries and we are looking into providing this for international clients soon. In the meantime we are asking for certification from all international clients until the international verification system is put in place.

Clients who can not be verified online or do not pass the online international verification check will always have to be certified.

cheers,
Jeremy

Offline Star

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Re: Global Prime
« Reply #32 on: February 04, 2013, 02:10:51 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.

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

So what exactly is the Global Prime`s strength ? What really makes you stand out from the other  brokers ?

Offline jemook

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Re: Global Prime
« Reply #33 on: February 04, 2013, 03:20:40 AM »
@star

IMO there's two very important aspects which need to be addressed when choosing a broker. One is the product on offer and the other is the relationship between a client and their broker. In regards to our product on offer we tick all the boxes such as:

- We are a true ECN only broker - we don't run a book and our ECN network is the only way you can trade with us
- Fast execution with data server based in NY
- Great relationship with our liquidity providers which provides low spreads
- Client funds are held in a segregated trust account
- Regulated by ASIC - AFSL 385620

We are also a part of a bigger picture - Global Prime is backed by Gleneagle Securities which has over 90 million dollars in asset management. We are able to offer Managed Investments through our custodial license which allows clients to invest in licensed forex related managed investments. We are also able to allocate funds to consistently profitable traders. We can also package up profitable traders as a managed investment offering.

In regards to the client broker relationship we have this to say:

The relationship you have with your broker is of utmost importance. Our biggest focus at Global Prime is the transparent relationship we have with our clients and the forex community as a whole. We have a strong online presence and a willingness to listen. For instance, many of our clients haved asked for changes such as additional payment options, GMT server change to +2/3, removal of comment field use etc - these changes are being actioned as we speak and should be rolled out very soon. We are always available to answer questions as to how things work in a brokerage - we believe traders need to know what goes on behind the scenes.

Our focus on transparency also applies on an individual trade level. Every trade placed through Global Prime can be confirmed by a trade receipt directly from our liquidity providers. This will show which liquidity provider took your trade and at what price etc and proves that we do not and can not meddle with your trades.

At the end of the day there's a few good brokers out there who are servicing their clients well. We are building Global Prime from the ground up to provide a product and service which sits neck to neck with the other good brokers out there. Hopefully in time we can prove ourselves as 'one of the greats'. It will all come down to personal preference - if you are happy with your current broker relationship then stick around. Otherwise give us a go and we'll see what we can do for you.

Cheers,
Jeremy
« Last Edit: February 04, 2013, 03:24:42 AM by jemook »

Offline ahelix

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Re: Global Prime
« Reply #34 on: February 04, 2013, 03:57:51 AM »
A few suggestions
1. Add local bank transfer & other funding options (including their fees)
2. Add online withdrawals (if possible) and indicates the fees for withdrawals at Global Prime FX website
3. Provide the list of liquid providers
4. Provide the live spreads for all currencies to myfxbook
« Last Edit: February 04, 2013, 04:47:32 AM by ahelix »

Offline jemook

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Re: Global Prime
« Reply #35 on: February 04, 2013, 07:00:43 AM »
A few suggestions
1. Add local bank transfer & other funding options (including their fees)
2. Add online withdrawals (if possible) and indicates the fees for withdrawals at Global Prime FX website
3. Provide the list of liquid providers
4. Provide the live spreads for all currencies to myfxbook

Hi ahelix,

Thanks for your feedback!

1. We are working on this at the moment. We should have new funding options available soon and all fee's will be stated.
2. A custom online withdrawal system is being implemented, really looking forward to offering this feature as I've seen how it works and it couldn't be safer & simpler.
3. Some of our liquidity providers include Barclays, Credit Suisse, Deutsche Bank, Morgan Stanley, Westpac, Sucden, BNP Paribas & RBS.
4. We've asked MyFxbook to to include our live spreads on their table however they require us to enter into a marketing agreement for this to happen which we are not interested in doing at this time.

Cheers,
Jeremy

Offline iwillsurvive

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Re: Global Prime
« Reply #36 on: February 04, 2013, 07:28:59 AM »
Hi Jeremy,

Could you give us an idea of your bridge technology (is it integral?) and your slippage figures during fast markets, i.e. NFP?

I am interested in testing out a tick scalper on your feed but want to find out more first. It will be unfavourable if I get slipped significantly during my test run.

Offline crashev

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Re: Global Prime
« Reply #37 on: February 04, 2013, 09:29:20 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.

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

I'm saying that:
- it is not easy and very expensive in my country to have notariary signed documents, nobody does that! it's not that easy
procedure as in Australia - You require it because of some Australian law,which is really annoying

- it's not really so important (cetrtified documents) and can be skipped - look at other Australian brokers including AxiTrader which withdraw this requirment - so I'm saying here that make up Your mind if You are an Australian broker or You are a world wide broker that want to attract clients all
over the world

- if You really want to make good realtions with retail clients and You want to be a really competitive among other top brokers You already
would have done Your research and know what top retail clients expect from a broker and how to build good relations with clients, for me
You are far behind

And please don't get it tham I'm attacking You or Your business model, it's just some thoughts about Your service. You may take them into
consideration or just trash 'em - this is just Your choice here.

I hope now I'm clear.

Offline geektrader

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Re: Global Prime
« Reply #38 on: February 04, 2013, 09:17:39 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

Sorry to say, but I am not negative, just skeptical. There are TONS of new brokers that pop-up each day and many of them are simply scamming people out of their money! Weve seen it tens of times here in the forum as you may have noticed. So you are a new broker too, you have no reputation with us yet, you have to build it. That means people WILL ask questions you may not like, and you dont have to answer them too, but sorry, then I will not be trading with you.

I am asking a legit question what separates you from the competitors so that I may switch my trading to you (any other company from whatever field will be able to answer this, otherwise why should I as a client go with you?) - if you cant answer this question then I wonder how you run your business, but all right, then I see no reason to switch over to you since you are just "another broker".

Apart from this please show me my negative posts. Everything Ive posted so far were true observations Ive made about you (missing withdrawal/funding methods, mentioning that I cant test you without proper funding options, that we dont know about your slippage yet, that you are in the "Grade A Broker" section now although we havent seen any feedback of someone that trades with you yet, etc). Nothing wrong with that, nothing negative, just what Ive seen from you so far + questions I were asking that you should be able to answer as a new broker.
« Last Edit: February 04, 2013, 09:21:09 PM by geektrader »

Offline jemook

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Re: Global Prime
« Reply #39 on: February 04, 2013, 10:33:22 PM »
Hi Jeremy,

Could you give us an idea of your bridge technology (is it integral?) and your slippage figures during fast markets, i.e. NFP?

I am interested in testing out a tick scalper on your feed but want to find out more first. It will be unfavourable if I get slipped significantly during my test run.

Yes, our bridge is with Integral. In regards to slippage - there can be various reasons for slippage:

1. Execution time - if you place an order in 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.

2. Rejected orders - this generally consists of liquidity providers which will not accept an order due to insufficient volumes. What will happen is the next best price offered by the liquidity provider below will be filled.

3. Technical errors - I'd like to think that this happens very rarely - if we were at fault you would be rebated. Technical errors can also happen at the LP level.

It's hard for us to provide slippage tests as those 3 variables can change user to user. For instance a trader with a bad connection may be slipped due to execution time. A trader that trades micro lots may be slipped due to the liquidity provider at the top of the book not accepting the order.

If you are interested in opening an account with us you could deposit the minimum amount and test out the feed for yourself. If there's any tests you'd like us to perform on our end please contact me at jeremy.k@globalprime.com.au

Cheers,
Jeremy
« Last Edit: February 05, 2013, 02:56:18 AM by jemook »

Offline jemook

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Re: Global Prime
« Reply #40 on: February 04, 2013, 10:44:59 PM »

I'm saying that:
- it is not easy and very expensive in my country to have notariary signed documents, nobody does that! it's not that easy
procedure as in Australia - You require it because of some Australian law,which is really annoying

I hope now I'm clear.


I read you loud and clear, thank you. We are looking into an international verification check which we may be able to perform on our end. If we can get it working then there would be no need for certified documents for a client that passes the international verification. Fingers crossed it works.

I am asking a legit question what separates you from the competitors so that I may switch my trading to you (any other company from whatever field will be able to answer this, otherwise why should I as a client go with you?) - if you cant answer this question then I wonder how you run your business, but all right, then I see no reason to switch over to you since you are just "another broker".

Let's start fresh then, apologies if I was a bit frustrated before. Please see post #33 for the answer to your question about the Global Prime strengths and difference.

Offline jemook

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Re: Global Prime
« Reply #41 on: February 15, 2013, 07:28:47 AM »
Great news! Global Prime now only requires ID documents to be certified for certain accounts.

In the past Global Prime asked for copies of ID documents to be certified for all Clients. This meant a prospective client had to get their ID documents certified as a true copy of the original (for example by a notary or public official).

Over the last few weeks we reviewed our procedures including going through the correct compliance and legal channels to ensure this change is permitted.

I can now confirm that we do not require certified documents for low risk Clients.
 
GP has chosen to no longer use the Documentation based safe harbour procedure as outlined in the AML (Anti Money Laundering) Rules and has now adopted alternate procedures for verifying the information collected from customers.

All you need to open a LIVE account with Global Prime is provide a scanned copy of:

A. Your passport OR
B. Your drivers license.
 
After you email or upload the documents via the online account opening process we will do a risk analysis and if you are assessed as a low risk client we can then provide you with funding details for your account and you'll be ready to go. 
 
If you are assessed as a medium or high risk client we will require a higher standard of verification which may include certification of documents.

So ladies and gentlemen - no more kicking and screaming about certified documents. I trust this makes it  much easier for you guys to open an account with us.
« Last Edit: February 15, 2013, 08:32:34 AM by jemook »

Offline nc!

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Re: Global Prime
« Reply #42 on: February 28, 2013, 03:45:26 PM »
Opened an account with them. Jeremy was more than helpful,  funds will arrive soon. Will keep you posted running RobinVol.

Green Pips

nc!
No eas in real accounts

Following Signals

Offline forexfish

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Re: Global Prime
« Reply #43 on: March 03, 2013, 09:43:43 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


Axi changed the id documentation requirement from certified documentation to verified documentation in line with other Australian broker requirements.

As with all Australian brokers, the documentation is still required to comply with the relevant legislation.

Ok when did this happen.

I have an account with IBFX  AU.

They have not asked anything further.

So from existing clients I assume they wont be asking further documentation ? 

I am thinking if this is the requirment then I should provide them all necessary documentation otherwise they might delay my withdrawls. As some time brokers create issue at the time of withdrawls and they try to check again KYC despite they have already checked earlier.   :'(
« Last Edit: March 03, 2013, 09:45:25 PM by forexfish »


Offline jemook

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Re: Global Prime
« Reply #44 on: March 15, 2013, 06:54:50 AM »
Good morning/afternoon/eveningfolks,

We have recently inked a deal with Beeks FX to provide our clients with a discounted and in some cases free VPS hosting with Beeks.

The Beeks VPS servers are located in the same data center as our MT4 servers - Equinix NY4. This means you'll get a 1 m/s ping between the VPS and our server and is great for EA's.

Standard price for the bronze package with Beeks is 25 Per Month however Global Prime clients are entitled to a discounted rate of 17 per month for the bronze package.

For higher volume traders (trade more than 20 standard lots per month) Global Prime will pay for your VPS.

If you're after a discount on the silver or gold package please let me know and I'll see what I can organise with Beeks for you.

To sum up:

Standard Beeks Price:  25 Per Month (~$37 USD)
Global Prime Clients: 17 Per Month (~$25 USD)
Trade >20lots p/month: Free

Please email me at jeremy.k@globalprime.com.au if you wish to take us up on the offer. Any questions  shoot.

Cheers
Jeremy

 

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