Introducing Global Prime Forex

Discussion in 'Brokers' started by Jemook, Oct 28, 2014.

  1. Jemook

    Jemook Official GlobalPrime Rep

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    Hi All,

    I was asked by one of our clients to jump on this forum and say hello. My name is Jeremy and I used to trade with Global Prime together with my colleagues when it was open to institutional clients only. About 2 years ago they asked us to come in and head up the brokerage and we opened it up to retail with the aim of being the most transparent broker in the industry.

    And here we are now with thousands of happy clients trading with the peace of mind that we do not run a B-book or mess with trades. We are one of the only retail brokers offering trade receipts on any trade taken which show which Liquidiy Provider filled the clients trade.

    As an A-book only broker the 13+ Tier 1 banks that we have direct relationships with love our flow as we give them everything rather than only the profitable traders and in turn they provide us with great spreads and execution.

    We are regulated by ASIC in Sydney, Australia and you can come and visit us for a chat at any time. We've come to the stage where I don't need to harp on too much about the GP difference as I can point clients to the Global Prime - Forex Peace Army page as our client reviews speak for themselves.

    You can find our website here: Global Prime FX Website

    I'll be sticking around to answer any questions you may have about how our brokerage is run. Seems like a very nice forum to be a part of, so if I can help out in any way just holler.

    Wishing you all the best in your trading!

    Cheers,
    Jeremy - jeremy.k@globalprime.com.au
     
  2. jack

    jack Administrator Staff Member

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    Hey Everyone,

    Jemook reached out to me about posting here, and FXGears has agreed to let him represent his brokerage here after reviewing of the rules with him about only allowing non-promotional and customer support based activity. (Which is the right way to approach FXGears about representing a broker, thanks Jemook! :) )

    He was invited to our forum by another member to provide support to any GP clients who use our forum, as well as to answer any questions that arise about his brokerage.

    Otherwise he's here to hang out just like any other member. :)

    Cheers,
    Jack
     
  3. sqa

    sqa Village Scribe

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    Welcome!
     
  4. Jemook

    Jemook Official GlobalPrime Rep

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    Thanks Sqa (and Jack!). Let me know if there's anything I can help with :)

    No question is off limits!

    Cheers,
    Jeremy
     
  5. rod178

    rod178 Well-Known Member

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    In the spirit if transparency 'what is the commission per round turn one lot ($100000)?'
    Where is it displayed on the Website?
     
  6. Jemook

    Jemook Official GlobalPrime Rep

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    Hi Rod,

    Commission of $7 (AUD equivalent) per 100k round turn

    http://www.globalprime.com.au/forex/clients/accounts/

    Let me know if you have any further questions. Thank you

    Cheers,
    Jeremy
     
  7. rod178

    rod178 Well-Known Member

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    Jemok

    Thanks.

    Another question

    What is the mechanism by which orders (say a ten Lots) are aggregated before being passed through to the (ECN) Liquidity providers.
     
  8. joepippin

    joepippin Well-Known Member

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    Welcome!

    Are you accepting U.S Clients?
     
  9. rod178

    rod178 Well-Known Member

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    http://www.globalprime.com.au/forex/us-clients/
     
  10. Jemook

    Jemook Official GlobalPrime Rep

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    Hi Rod,

    Will come back to you tomorrow properly on this so I can share some descriptive screenshots :)

    Thanks for answering joepippen too!

    Cheers,
    Jeremy
     
  11. foreigner

    foreigner Est. 12480 Hours and Counting

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    HI Jemook, what is your relationship with Global Prime Partners in the UK?
     
  12. Jemook

    Jemook Official GlobalPrime Rep

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    No relationship, I always wonder what they are like us a broker considering we share 2/3rds the same name ;)

    Cheers
    Jeremy
     
  13. Jemook

    Jemook Official GlobalPrime Rep

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    I posted this recently at another forum, but thought I would share to show a bit more about the GP difference:

    Trade Receipts @ Global Prime Vs other brokers

    As you already know our brokerage Global Prime prides itself on the trade receipts we offer on any trade taken by any client without question which shows which LP/bank filled the trade. These trade receipts come direct from Integral’s trade reconciliation system and look like this:

    [​IMG]

    I’ve blurred out some of the sensitive information however clients get to see everything without anything hidden.

    I keep reading excuses by other brokers as to why they don’t offer a trade receipt.

    Excuse 1 : “Because it takes too much time”

    This is a fallacy – it’s extremely fast and simple to lookup the trade, verify the FIX message, take a couple of screenshots and send to the client. Our clients actually rarely ask us for trade receipts – the only time we get requests are:

    • When there is slippage over a high impact NFP/FOMC style news event and the client would like to see how the order was executed ie rejections, time taken, which LP filled and depth of market.
    • A new client testing us out to see if we really do send all trades to the market
    • High level traders such as Donna FX member ‘Geektrader’ who love scrutinising trades to ensure they are trading optimally and see if we can tweak things on our end for them, which we have done before to great success.

    Sourcing a trade receipt is easier and faster than processing a withdrawal request which brokers do all day every day without complaints of it taking too much time. Do not accept this excuse!

    Excuse 2 : “Because it can be faked”

    This is why we take a screenshot from inside Integrals trade reconciliation system which stores in depth details of every single trade taken at Global Prime. It’s not a simple cut and paste of the text which can easily be modified. It is a screenshot of a high level trade receipt showing minute details to help us and our clients ascertain what’s going on with the trade in question.

    These cannot be faked unless the broker is Photoshopping them which they would never do as it would take hours each trade to fake due to all the details – just look at the information on the above receipt – good luck faking that. If there was ever a further claim that the receipt doesn’t look right we would work with the client and Integral to get Integral’s confirmation that the trade receipt was real and prove that the LP on the trade receipt really did fill the trade.

    It is foolish to take the word of a broker that they do not B-book. The only way I can think of that a broker can prove to clients that they aren’t profiting from client losses is if they are offering the same high level Trade Receipt that we offer to all clients on any trade they take. If your broker is not showing you trade recepts like this on any trade taken then you simply cannot be sure they are not profiting from your losses.

    Why it is essential for your broker to prove to you they don’t B-book:

    I keep hearing people say “Who cares if the broker is profiting from my losses? Someone has to do it?”. If you knew what some of the dodgier brokers get up to in this industry you would be aghast. Here’s a quick example scenario by a broker who will be busted sooner or later for their dirty tactics:

    Broker X runs managed investments through MAMs that they B-book knowing full well the trader will blow up and they will profit the clients losses. They basically run a call center calling mum and dad investors trading their life savings / super funds offering ridiculous returns by the trader and then when the strategy blows up and the clients complain Broker X says “sorry that wasn’t us – we aren’t the trader, we are just the broker”. They rinse and repeat this strategy over and over again, pocketing MILLIONS from the losses. I’ve been reading on Myfxbook that clients who have been burned by this scam are finally cottoning on to the tactics of Broker X and action is being taken with ASIC to hopefully bring them to justice.

    When you are running a business one of the biggest questions you ask yourself is “How can I increase revenue?”. For the dodgier B-book brokers this question then becomes “How can I increase client losses?”

    At Global Prime the biggest question we are constantly asking ourselves is “how can we make our clients more profitable?” - profitable clients increases our revenue as they continue trading and generating commissions. There is no substitute for trading with a broker that stands by its ethics and morals by showing clients they are on their side and not profiting from their losses. This isn't marketing hoo-ha. We came to Global Prime to try and bring some transparency and honesty to the industry and hopefully other brokers will follow suit but it won't happen unless clients demand that they be allowed to receive high level trade receipts on their trades.

    I urge you to have a look at our Forex Peace Army reviews – we are one of the top rated brokers in the world with a 4.8 out of 5 star rating across 40+ reviews: http://www.forexpeacearmy.com/public/review/www.globalprime.com.au

    Have a read through them and you’ll see why our clients love trading with Global Prime. They all know we are on their side and this is what’s helped us become one of the best brokers in Australia if not the world for client satisfaction.

    As always I’m happy to discuss all this further – if you aren’t trading with Global Prime you are missing out on an amazing broker experience.

    Demand nothing less from your broker! The industry needs to change.

    Cheers,
    Jeremy
     
  14. Jemook

    Jemook Official GlobalPrime Rep

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    Hi Rod,

    Let's take the following screenshot of NZDJPY for example

    [​IMG]

    This is showing the bid/offer for NZDJPY with quotes and depth provided by our 13+ Tier 1 Banks / Liquidity Providers. There is 12.5 lots (1,250,000) of depth available on the top bid and 10 lots (1,000,000) of depth available on the top offer price.

    In your example of 10 lots on the offer it would be filled at the top price as there is sufficient depth at that top tier.

    If you tried to hit 20 lots (20,000,000) on the offer it would take the top 2 rates of 85.351 as the total offered by the top 2 rates on the offer at 85.351 is 20 lots 2,000,000.

    If you tried to hit 30 lots on the offer (30,000,000) it would be a VWAP or Volume Weighted Average Price of the top 3 tiers which would fill you at 85.83166

    I hope this helps!

    cheers,
    Jeremy
     
  15. Computater707

    Computater707 Well-Known Member

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    Jemmok-
    There has been a lot of talk about High Frequency trading since Michael Lewis's book came out.

    I am curious, can you tell which liquidity providers are HFTs? Can you screen them out? As I understand it one of their tactics is to make offers that they will not honor. So in your examples above they would be one of your first tier one providers but then fill at a wider spread.

    Do you think they actually impact the typical trader?
     
  16. Jemook

    Jemook Official GlobalPrime Rep

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    Good question! We only work with Tier 1 banks such as Credit Suisse, Nomura, Morgan Stanley, RBs, UBS, Deutsche Bank etc. We are constantly monitoring execution times and rejections and if we see that an LP is holding on to trades for too long or rejecting during normal market conditions we have a frank discussion with them and if they don't improve we remove them from our feed.

    The good news is if an LP isn't working to our expectations there's others we can add until they fix up their stream and become more competitive.

    We also send out monthly stats to the LPs to show them how they are ranked compared to the other LPs in an effort to get them to tighten up their pricing so they are higher up the order book and get hit more often.

    Our business is all about making sure our clients are happy and the LPs are happy. So far so good!

    Cheers,
    Jeremy
     
  17. foreigner

    foreigner Est. 12480 Hours and Counting

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    Jemook, I admire your ethos of transparency, however, your reasoning against brokers running a B-book doesnt quite answer the question "why shouldnt brokers run a b-book?" other than saying that its unethical which I would argue is hard to prove given the exchange of resources is the essence of trade.

    So, what exactly would we be aghast about with regards to B-books? is it the brokers ability to manipulate the price feed? or is that a different issue all together?
     
  18. Jemook

    Jemook Official GlobalPrime Rep

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    Hi foreigner,

    Thanks for the question - there are plenty of plugins available to market maker brokers (look up MetaTrader Virtual Dealer plugin) which assist the broker to slip trades, manipulate feeds etc in order to profit more from clients losses by making them lose more.

    I don't think running a B-book is unethical, at the end of the day someone needs to fill client trades. The point I'd like to make is the end client will never know what their broker is doing on the back-end to increase B-book revenue so it's important to trade with a broker that can prove to you that all trades are put to the banks/LPs and thus not profiting from client losses.

    Cheers,
    Jeremy
     
  19. foreigner

    foreigner Est. 12480 Hours and Counting

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    Another question Jemook, who provides the trade receipts and are they issued for every trade?
     
  20. Jemook

    Jemook Official GlobalPrime Rep

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    Sure thing - the detail trade receipts come from Integral who provide the aggregation technology which combines our Liquidity Providers prices and then offers the top price out to our clients. They are issued on client request at any time on any trade taken.

    Cheers,
    Jeremy
     

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