WARNING ::Re: Introducing Global Prime Forex I issue a warning to members and readers of this thread, in two parts, as follow. Part 1 Jemook is a very good marketer. He completely understands the basic psychology of selling. He gets the "know me, like me, trust me" mantra of modern marketing moguls. None of this is a bad thing. Jeremy communicates in a clear and direct fashion and thereby creates certain impressions about his actions and intentions. Again, nothing wrong with this, it is actually quite refreshing (and of course he knows this and uses it to great advantage). If you study his work at, or contribution to, the SteveHopwoodForex forum you will see how he connects with prospects, works them and no doubt 'closes' many deals as a result of his building a reputation and relationships. Again, all good, but remember, it is marketing. Jemook the trader, Jemook the forum member, Jemook the 'trader's-friend' broker, Jemook the all-round-good-guy is always Jemook the salesperson. Part 2 Global Prime, for all of its transparency and directness and openness, is very clever at virtual sleight-of-hand. I don't know if it is spontaneously brilliant or studied and deliberate integration of psychology with legal drafting (an amazing thought!) but the result is very interesting indeed. The legally required Global Prime (GP) Product Disclosure Statement (PDS) is a good place to see what I'm referring to. See if you can spot what is happening in that document. On the surface it appears to be remarkably clear and straight forward. It avoids the usual overdose of legalese, opting instead for plain English. This feels good doesn't it - something you can understand. They are such good people. Straight away you may feel positive about them and open to what they say. After all, Jeremy is such a great guy, and this is just like him. Make sure you are tuned in though. Be sure you understand what they are so plainly stating. If you think it is all good, then you are definitely not understanding. The PDS indicates that Global Prime strips you of the sort of protection ASIC recommends and the legislation attempts (fairly incompetently as it happens - Australian law is very inadequate in this area) to provide. What is remarkable about the PDS is that it plainly and repeatedly spells out that GP strips clients of protection, maximises their risk exposure under certain circumstances and by warning of the dangers actually leads people to feel so positive about GP that they sign up for an account. A careful read of the document makes it obvious that for once in your life you had truly better be only funding your account with money you are quite prepared to lose. From the moment you complete the deposit in the required manner, your funds are no longer your funds. Oh but don't worry, they will keep an accounting record so they will know, in the event of any financial difficulties, who got screwed and by how much. Make sure you fully understand everything and in particular the following PDS sections: 2.3 Key Risks of Global Prime Products 2.8 Benchmark Disclosure (Good sleight of hand in item 3. By my interpretation they fail item 4 but they give themselves a passing grade. The fact of their disclosure meets most of the requirements for item 5 but if you accept what they do you have rocks in your head. They accept that they fail item 7, and they are right, they do.) 3.13 Payments and Client Moneys (all of it, but key sections should jump out at you, like the Withdrawal Authority section, for instance.) 3.18 Your Counterparty Risk on Global Prime Don't be fooled into thinking their "Security Trust" will keep your money safe. I would hate to have money in that trust in the event of any insolvency. You certainly wouldn't want to hold your breath while you waited for it to be repaid to you. This looks like a device to create an impression or a good marketing tool, but not really much more than that. It is not about protecting you as a client, it is about protecting GP from the risk you pose to them as a client. See Security Trust on page 23 where they state: "This is intended to reduce your credit risk on Global Prime ..." GP are not perfect in their disclosures. They appear to be remarkably forthcoming but everything written in the PDS reflects a point of view and is designed to create an impression, while having to meet the ASIC requirements. On the surface it seems excellent but there are some traps. In my opinion, and it is only that, but based on considerable non-lawyer knowledge and decades of experience with brokers, and the experience of significant personal losses due to a broker collapse, despite GP's apparent openness, they are one of the highest risk brokers. Given their structure and use and handling of client funds, I would not touch them with a barge pole.