collapse

Author Topic: Global Prime  (Read 212229 times)

Offline nc!

  • Full Member
  • ***
  • Posts: 268
Re: Global Prime
« Reply #240 on: November 21, 2013, 07:59:02 AM »
I use global Prime and I must say it is an exceptional rare broker. Great execution, slippage to minimum, highly recommended.  :-* 

nc!
No eas in real accounts

Following Signals

Offline jemook

  • Verified Vendor
  • Full Member
  • ***
  • Posts: 337
  • Global Prime - the broker that's on your side.
Re: Global Prime
« Reply #241 on: November 24, 2013, 07:13:59 AM »
I use global Prime and I must say it is an exceptional rare broker. Great execution, slippage to minimum, highly recommended.  :-* 

nc!

Thanks for the feedback NC, always happy to hear it  :)

Cheers
Jeremy

Offline 4EverMaAT

  • Jr. Member
  • **
  • Posts: 75
  • Forex Automation Expert
Re: Global Prime
« Reply #242 on: December 02, 2013, 11:42:51 AM »
When we process an international withdrawal our bank Westpac charges us between $20-$25 and we do not pass this charge on to the client. So essentially each international withdrawal costs GP $20-$25.

How the banking system works for international transfers is Bank A sends money to Bank B and sometimes an intermediary Bank C may be used.

So if we send out $100 withdrawal in most cases $100 will arrive to the clients account. However sometimes the banks need to use an intermediary bank and the intermediary bank will take a fee for the service. This also happens sometimes when a client sends us funds.The clients bank sends out $500 and we receive $475. An intermediary bank was used and took a cut. Unfortunately this is out of Global Prime's control or our bank Westpac's control and all we can do is show proof to the client of what was sent out or what was received.

Cheers,
Jeremy

I will add to this.  If you withdraw in one currency from your forex account (say USD) and then your destination bank account is in EUR, even if there are no fees from the sending bank, an intermediary bank or processing facility can still charge a fee to convert and/or use their channel to move the funds. 

The banks can sometimes be part of this trick, because they make extra money off these transactions and they do not inform the customer of their different sending options.  There was a situation where we had some funds sent to thailand and the sending bank prefilled in the form "suggesting" a conversion to THB before sending the funds (suggesting = sneakily converting the funds without notifying the end user of the fee implications).  When done this way, the exchange rate is horrible, and then they use a different sending network, which takes another $17 or so off the top.  Usually brokerages will have the money sent in the currency requested.  So if you requested that withdraw be sent in USD, it will be sent USD from their bank.

If the currency being sent is a "major" currency, It's usually best to let your home bank convert the funds on arrival.  The exchange rate will usually be much better and you will be less likely to be hit with fees along the way.  Sometimes you do have to test and see which way works best. 

Don't let all this confuse you.  Just make sure you request the correct currency at withdraw time and insist that no pre-conversions take place, unless you are certain that the pre-conversion would be in your better interest. (most minors and exotics....its not advantageous to pre-convert).
Are your trading strategies fully automated?  AwarenessForex.com

Offline reddevil

  • Jr. Member
  • **
  • Posts: 21
Re: Global Prime
« Reply #243 on: December 04, 2013, 12:23:17 AM »
There is a bit of confusion about how funds transfer (Telegraphic transfer) works. Let me give a simple scenario. A buyer in Singapore wants to pay a supplier in China for USD 10K of goods. Buyer's bank is DBS(Development bank of Singapore) and Supplier 's bank is CCB (China Construction Bank).

scenario 1. The buyer will have his account in SGD. He asked the bank to remit USD 10K to Supplier's CCB account.

There are 3 options in terms of fees. sender pays all (own), Share(sha) or Beneficiary(Ben). I'll come back to this later.

Buyer use SGD 14K to convert to USD10K.(using retail rate). DBS will have an account with a US based bank (e.g JP Morgan or Wells Fargo). CCB wil also have an account with an US based bank (e.g. Bank Of New York).

DBS will asked JPmorgan to transfer 10K to Bank Of New York(CCB's bank account). Once the money is received in BNY, CCB will credit the supplier's account (in Chinese RMB using agreed forex(USD-RMB) rate).

Scenario 2. Buyer has his account in USD with DBS. the above works the same way but the DBS bank will usually charge the buyer a higher TT fee since they are losing their fee in terms on forex.

In case of SHA(share cost), the buyer pays for fee involves with DBS/JPmorgan and supplier pays for CCB/BNY.
For BEN, the supplier(receiver) pays for all costs. Usually big banks like DBS/CCB do not pay JPmorgan/BNY any fee due to the volume and size of deposit with these banks but they could still charge their retail customer 'intermediary' fee.

ALL USD transaction takes place in USA.  For TT in AUD it is settled in Australia and GBP in UK, CAD in Canada in similar manner.

Large international banks like HSBC, Barclays have branches in USA(Australia etc) to facilitate these transactions. It also means Uncle Sam have a lot of cloud. e.g. if UBS doesn't supply the IRS with names of US citizen with an account in the swiss bank, UBS could be block from transacting in USD. For any big bank, without being able to transact in USD is fatal while USD is still  the world's reserve currency.

Banks like HSBC/Citibank gives free TT within your global accounts for VIP customers since the transfer is just re balancing the books.

Western Union have branches worldwide and is a fast way to transfer (almost instant) since they are just rebalancing their books. They are also a large Forex player.

Filipino workers in USD/UK remit $$$(over 7 billion USD yearly)   to  their home country and western union (as an example) cannot afford just buying USD/GBP  from the workers and withdrawing Pesos in Manila. They need to hedge this by being a forex player.

Note that if you have USD in DBS (as an example) and you want to use USD  withdraw Indonesian Rupiah. The bank will convert USD to SGD and from SGD to Rp. So it is a double whammy.


Offline iwillsurvive

  • Full Member
  • ***
  • Posts: 427
Re: Global Prime
« Reply #244 on: December 04, 2013, 05:28:39 PM »
Thank you. Very comprehensive explanation

Offline 4EverMaAT

  • Jr. Member
  • **
  • Posts: 75
  • Forex Automation Expert
Re: Global Prime
« Reply #245 on: December 09, 2013, 09:55:00 AM »
perhaps between now and the end of this week GP should announce holiday hours for Christmas week and New Years Day?  Typically due to those two holidays being celebrated in most of the developed banking world, they are the only two holidays (other than a bank run) that brokers actually consider modifying their trading hours

keep us updated.
Are your trading strategies fully automated?  AwarenessForex.com

Offline semaj

  • Full Member
  • ***
  • Posts: 353
  • Wish you make more profit.
Re: Global Prime
« Reply #246 on: December 15, 2013, 11:38:28 AM »
Hello Jeremy,

Please confirm the location of your 'Live MT4 Server'. New York?

Regards,

semaj

Offline nc!

  • Full Member
  • ***
  • Posts: 268
Re: Global Prime
« Reply #247 on: December 15, 2013, 12:27:04 PM »
NY as far as i know.
No eas in real accounts

Following Signals

Offline jemook

  • Verified Vendor
  • Full Member
  • ***
  • Posts: 337
  • Global Prime - the broker that's on your side.
Re: Global Prime
« Reply #248 on: December 15, 2013, 12:42:01 PM »
Yup - Equinix NY4, New York. Also, will be providing trading times over the holidays this week.

Offline Fraois

  • Full Member
  • ***
  • Posts: 362
Re: Global Prime
« Reply #249 on: December 15, 2013, 12:45:41 PM »
Live and demo server in the same place?
What's the average execution time if someone uses a Beeks or CNS VPS and with 1 ms latency? Anyone did a measurement with EXPAT EA?

Offline Fraois

  • Full Member
  • ***
  • Posts: 362
Re: Global Prime
« Reply #250 on: December 15, 2013, 02:37:05 PM »
Forex Expat test with new servers coming in at ~140m/s from Beeks VPS (see attached). We have plans to x-connect with Beeks which will see an even faster connection.

Also, if anyone is having trouble connecting to MT4 Mobile please resubmit your login details within the App and select 'GlobalPrime-Server'.

Cheers,
Jem

Hello Jem,

Is this demo server or live server?


Offline iwillsurvive

  • Full Member
  • ***
  • Posts: 427
Re: Global Prime
« Reply #251 on: December 15, 2013, 04:23:07 PM »
Forex Expat test with new servers coming in at ~140m/s from Beeks VPS (see attached). We have plans to x-connect with Beeks which will see an even faster connection.

Also, if anyone is having trouble connecting to MT4 Mobile please resubmit your login details within the App and select 'GlobalPrime-Server'.

Cheers,
Jem


Hello Jem,

Is this demo server or live server?

Hi Fraois,

I can confirm this is from the live server. I am getting similar execution times for my live account from my CNS NY VPS

My VPS specs are: CNS NY, Traders VPS Standard Edition, 4 cores 2GB ram, Win server 2012.

Hope this helps!
« Last Edit: December 15, 2013, 04:25:30 PM by iwillsurvive »

Offline Fraois

  • Full Member
  • ***
  • Posts: 362
Re: Global Prime
« Reply #252 on: December 15, 2013, 06:02:00 PM »
It's good!
Getting a bit more technical...does the Global Prime MT4 bridge put limit and stop orders on the Integral side...or when the price is hit -> fire a market order?

I know most brokers put limit orders on the ECN but "not stop orders" because some ECN like FXall, Hotspot do not support stop orders within FIX protocol, but I know Integral, Currenex do support stops. http://www.integralsupport.com/files/docs/API/FX_Inside_FIX_Client_API_4.1v2_DRAFT.pdf

ECN is quote based so putting a stop order on the ECN doesn't mean your stop loss is guaranteed, but it really helps reducing slippage when a stop loss is a matter of your life!


Offline jemook

  • Verified Vendor
  • Full Member
  • ***
  • Posts: 337
  • Global Prime - the broker that's on your side.
Re: Global Prime
« Reply #253 on: December 15, 2013, 11:16:50 PM »
Hi Fraois,

Demo and live are both in Equinix NY4, New York. In regards to limit / stop orders - they sit on MT4 and when price hits it triggers a market order. This setup has been working quite well for us, I receive a client query on slippage maybe once a month and it's usually from an order around high impact news. Slippage always works both ways here so it balances out over time. I've also seen reports from SimpleTrader.net which ranks GP as one of the top brokers for slippage / execution speed for certain strategies.

Hope that helps! Let me know if any further Qs.

Cheers,
Jeremy

Offline Fraois

  • Full Member
  • ***
  • Posts: 362
Re: Global Prime
« Reply #254 on: December 16, 2013, 05:00:07 PM »
Thanks Jeremy,

It's well explained and just found you select pure bank feeds as your liquidity providers. It looks clean not like other true STP brokers who technically do STP however routing to their market maker partners and then they share the profit. I'll be on board to check it out and increase some volume for Global Prime.

I read your post on Stevehopwood talking about alternative platforms like ProTrader or cTrader in 2014. I'd wish ProTrader from a trader's view. ProTrader has integration already with Integral and they've done it in the name of PowerTrader a few years ago. cTrader is more bulky on the client terminal and seems not having an edge on execution speed. http://www.donnaforex.com/forum/index.php?topic=7129.0
strange that most brokers with cTrader do not host their own server instead they use cTrader server in LD5 which is far away from Global Prime's LP. I know ProTrader gives you their server and you can host it anywhere you like and their server is way faster than MT4 server

They support MQL4 though not EX4. I tested it, they support it directly or you can choose to atomatically translate it to C# and it's correct. EA compatibility is the most important thing for a algo trader or human traders who use indicators. And...Algos always make more volumes than humans! 
Just a suggestion


Regards,
Fraois

 

browse forum

* Recent Posts

Re: FX Autotrader Elite by FLechdrop
[Today at 02:46:21 PM]


Re: Bitcoin Discussion by Eliza Abrams
[Today at 02:14:13 PM]


Re: EUR/USD by Eliza Abrams
[Today at 02:03:52 PM]


Re: FX Autotrader Elite by diyforexskills
[Today at 01:53:53 PM]


Re: FX Autotrader Elite by diyforexskills
[Today at 07:35:16 AM]


Re: How can I learn Forex? by fxopen78
[Today at 12:03:00 AM]


Re: FX Autotrader Elite by FLechdrop
[Yesterday at 02:47:29 PM]


Re: EUR/USD by Eliza Abrams
[Yesterday at 01:59:24 PM]


Re: FX Autotrader Elite by diyforexskills
[Yesterday at 11:18:14 AM]


Re: How can I learn Forex? by drunkfx
[Yesterday at 05:45:51 AM]