Introducing Global Prime Forex Brokerage

We now have a man on the inside of a top forex brokerage - Global Prime Forex. If you're looking to cement a solid relationship with a broker that we all trust see inside for more details.

Re: Introducing Global Prime Forex Brokerage

Postby jago25 » Sat Feb 01, 2014 12:47 pm

Vendor lock-in seems to be savage in the trading world.

Ever since Win95 I've been very cautious to the problem in the computing world, sometimes being quite extreme in choosing liberal platforms such as Debian Linux rather than Ubuntu.

It seems a similar approach is what is required here - to stubbornly go with liberal platforms because all the others still have risk of vendor lock-in. Kind of sad but let's get on with it. It's hard work, sometimes very hard work saying no to things but it's really the only way to apply pressure.

As far as I can tell xopenhub seems to be the only open surface option - still not fully open and also not as open as FIX but it seems like the best option? Is it really open or is it just a cynical marketing ploy to put open in the name and rope us in? Careful - always know what they want as reward.

It's amazing that in such a mature market as forex there are still issues of vendor lock in, in addition to broker thefts - an excellent example of a market failing to be efficient - don't tell the marxists.
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Re: Introducing Global Prime Forex Brokerage

Postby Jemook » Mon Feb 03, 2014 12:49 am

Jago, I really liked reading your post. Thanks :)

When it comes to offering an alternative platform to Empty4 we need to consider that it is a trial as we can't say for sure who will be the winner who gains the market share from Empty4. Our shortlist at this time are:

cTrader
X Open Hub
ProTrader
Tradable

Out of those my preference is ProTrader and for sure you get what you pay for. It really is an amazing platform and I love what they've done with it. cTrader looks good too. Tradable I just heard about so waiting to hear on pricing. X Open Hub looks good too but nowhere near advanced as ProTrader or cTrader.

As a broker what we are looking for is zero setup/licensing costs and zero/low monthly costs and a $ per million charge on all trades taken. We aren't going to spend $10,000-$100,000 to implement a new platform that may not even take away market share from Empty4. If all retail brokers start using the platform then maybe our hands would be forced to pay the setup costs but right now it's just not going to happen.

So far only one of those platforms is financially viable for us to offer to clients as a trial. As much as I would love to implement ProTrader, it's just not going to happen unless they can remove the setup fee and lower the monthly minimum. It would be a wise business move for them as what they need is clients to be using their platform and if we were offering it I can gaurantee that all of SHW would be talking about it and perhaps finally moving away from Empty4.

We don't make any money off our $500 accounts but either way each account is a client talking about us and experiencing the GP difference. It's almost a loss leader for us to get our name out there. If the platform providers could think the same way they would see the long term benefits and they would be able to budge on their high setup costs and minimum monthly fee's.

If the platform providers believe in their products and they are earning money on volume only then why not? If the platform is god enough all our Empty4 volume will go to the new platform and they will make a lot of money.

Cheers,
Jeremy
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Introducing Global Prime Forex Brokerage

Postby dynel14 » Mon Feb 03, 2014 1:03 am

I can confirm that cTrader is really really really good and you all would love it. Also good for coding!

Jemook » 03 Feb 2014, 01:49 wrote:Jago, I really liked reading your post. Thanks :)

When it comes to offering an alternative platform to Empty4 we need to consider that it is a trial as we can't say for sure who will be the winner who gains the market share from Empty4. Our shortlist at this time are:

cTrader
X Open Hub
ProTrader
Tradable

Out of those my preference is ProTrader and for sure you get what you pay for. It really is an amazing platform and I love what they've done with it. cTrader looks good too. Tradable I just heard about so waiting to hear on pricing. X Open Hub looks good too but nowhere near advanced as ProTrader or cTrader.

As a broker what we are looking for is zero setup/licensing costs and zero/low monthly costs and a $ per million charge on all trades taken. We aren't going to spend $10,000-$100,000 to implement a new platform that may not even take away market share from Empty4. If all retail brokers start using the platform then maybe our hands would be forced to pay the setup costs but right now it's just not going to happen.

So far only one of those platforms is financially viable for us to offer to clients as a trial. As much as I would love to implement ProTrader, it's just not going to happen unless they can remove the setup fee and lower the monthly minimum. It would be a wise business move for them as what they need is clients to be using their platform and if we were offering it I can gaurantee that all of SHW would be talking about it and perhaps finally moving away from Empty4.

We don't make any money off our $500 accounts but either way each account is a client talking about us and experiencing the GP difference. It's almost a loss leader for us to get our name out there. If the platform providers could think the same way they would see the long term benefits and they would be able to budge on their high setup costs and minimum monthly fee's.

If the platform providers believe in their products and they are earning money on volume only then why not? If the platform is god enough all our Empty4 volume will go to the new platform and they will make a lot of money.

Cheers,
Jeremy
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Re: Introducing Global Prime Forex Brokerage

Postby Jemook » Mon Feb 03, 2014 6:17 am

Hi All,

Please see below for a review about Global Prime posted on the Donna Forex forum by one of our client who manages a large MAM with us. I think it really sums up what we are about and shows the Global Prime difference - it made us very happy to read the review.

It's amazing working with our clients and we really love what we do. Enjoy the read!

geektrader » Sat Feb 01, 2014 11:47 pm wrote:Hi Everyone,

I am not really sure how to start this review of Global Prime. There are so many things to be said that I most likely will forget to cover some of them - apologizes in advance to Jeremy and Alex and the whole GP team.

As you might have noticed from my other posts at Donnaforex in the past, especially the ones about brokers, I am a very sceptical when it comes to Forex brokers in general. You can also see this on the first page of this thread actually when I made Jeremy a very hard live. To explain this in short about the why: I do have accounts with 35 Forex brokers and most of them are simply crap, it can´t be really said any better than that. I have been burnt, cheated and slipped by many of them, just like most people in this Forum, especially the ones trading automated strategies that log execution time / slippage and love those days when you out of sudden get execution times of 3 seconds and slippage of 5 pips, even in low volatile markets. That´s also the time when you know that a so called "ECN" broker that "really forwards all the orders to the market" has switched you from their b-book to the real market then because they´ve lost to much money with b-booking you.

The main reason we have been coming to Global Prime is that I am developing and maintaining a trading system that was licensed by http://new-millenniuminc.com/ and was being run on a MAM at another broker for the last year. The system has been doing very well and our lot sizes have grown quite a bit. Actually to 250 lots per order in November of last year. To make the story short, the old broker couldn´t fill those lot-sizes anymore and we got slippage of up to 2 pips per trade most of the time. While we were still winning, this was definitely not the solution we were looking for.

As I am also helping New Millennium Inc with the management of the MAM from a technical perspective, I was looking to move brokers for their MAM as putting NMI´s clients money at risk with the heavy random slippage we have been getting at our old broker was not acceptable at all anymore. So, after hearing many good things about Global Prime, I simply sent them an email, explaining our situation. It did not take much more than a few hours until I already got contacted by them via Skype and them creating a group chat with the whole Global Prime team and it was not much later too until we had the first telephone conference with everyone involved. I have to underline again here that the *whole* Global Prime team did attend this call. We explained our situation and had a very friendly and interesting phone call.

It was directly clear that these guys know what they are doing and especially, that they do it with passion. You could clearly hear from the way they talked that this is not just a business for them, but that being a broker is something they life and love! So after asking them heaps of questions (and I mean heaps, since I am "branded child" with Forex brokers) for nearly over an hour, we eventually all came to the conclusion that Global Prime would like to take upon the challenge.

The whole process of setting up the new MAM with them has been going absolutely smooth. They have given so much care for detail, I never had that with any Forex broker. We require some very special treatment of accounts / leverage / etc. here and there and normally I had to repeat these things several times to the old broker as they often forgot the process. Well, not with Global Prime, all the small details I had mentioned were always remember by them - and that tells me a lot that this is *not* your standard broker. Luckily they also had a B2B transfer agreement with our old broker and so transferring the clients over from the old to the new MAM was no problem in that aspect. It still has been countless hours that we have spent with Jeremy and Alex on Skype to correctly assign the newly arrived B2B transfers and setting up the accounts - always to full satisfaction and without the need to remember them about the rather complicated process we require for each client. Jeremy was always on top of things and knew exactly how it needs to go (again something I never got from any broker with so much love to details).

While we were setting up the new MAM, Alex, Global Prime´s liquidity specialist (and he is really nothing less than that) was already absolutely eager to organize the liquidity for us via their great connections to their LPs to fill our first large trades. It´s also a new experience for Global Prime (and most likely any other Empty4 broker) as they never had or knew anyone who was trading 250+ lots via Empty4 in a single trade - in total exposure yes, some hedge funds they have do so, but split over many trades, not in one trade. So this was a complete new challenge for him as well, but one he has definitely fulfilled with a A+!

So while clients were smoothly moving over and the new MAM was growing, we also had our first trade on their normal retail feed (to be able to compare apples to apples with the old broker and Global Prime) and what can I say: the first order was something in the lines of 100 lots and it was filled with just 0.2 pips negative slippage in and out. Amazing is all I thought! But it didn´t end here because Alex wanted to get us a dedicated feed where the top of the book pricing and chunks of liquidity are at least 50 lots in size so that we get filled by as few LPs as possible to keep the execution time and hence slippage as low as possible and about 2500 lots deep (in the hopes that the system will keep on performing well such levels could be reached one day).

He was literally getting on the phone directly on the 2. January and called up all their LPs by phone to teach them about the way my system trades to see if they were interested to stream 50 lots chunks into a special feed just for us. And it took barely 2 weeks until this feed was ready and setup for us with 9 banks streaming to it now, completely for us - no one else is trading on this liquidity. Now that´s what I call amazing (and I am hardly to amaze as perfectionist that is never happy with anything!). All I can say is that the feed is in place now, that we already had 3 trades (all 230 lots+) on it and that the spread (averaging at just 0.7 pips for 50 lots top of book) + slippage (average -0.2 pips so far) have been amazing. Remember, with our old broker we had 2 pips average slippage on each trade for the same lot-size.

But it doesn´t end here, for each trade Global Prime provides us with the internal ticket from Integral to see exactly which LPs have filled our order, at what price, at which execution speed and which ones rejected. We then can freely decide if their are LPs that Global Prime needs to talk to for us because they reject to much and we can freely decide which ones to switch on / off in a few minutes in case the negotiations with them didn´t help. Additionally Global Prime has provided us with a "view only" login to their Integral backend so that we can see the order book and it´s depth and which banks price what all the time (as this is not possible with Empty4).

I really can´t praise those guys enough, it´s been a real dream so far, a dream that became reality, because THAT is what I always imagined what a broker should be like. No b-book, superb support, and custom solutions within a timely manner if needed. And they have delivered on ALL of these fronts with more than 100%. Additionally they are friendly all the time and are absolutely encouraged. It´s my dream brokerage really.

Nothing more to add, just a big THANKS and kudos to Global Prime and especially Jeremy and Alex!


All of you guys with accounts at Donna Forex please vote for us in the Which Broker are you using in 2014? thread. The best way you can say thanks to us is to help spread the word on forums as Lorenz posted above or leave an honest review about your experience with GP on the Forex Peace Army Global Prime Page.

It's a pleasure working with all of you. Thank you so much :)

Cheers,
Jeremy
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Introducing Global Prime Forex Brokerage

Postby SteveHopwood » Mon Feb 03, 2014 9:11 am

Hehe. I wonder how many of the other so-called 'brokers' read that and thought, "Holy crap." :D :D :D

Congratulations Jem, Alex et al. It is great to be associated with you.

:xm:
Read the effing manual, ok?

Global Prime is the official SHF broker. Click here to sign up for a live account with Global Prime and join the several thousand SHF members who wisely choose GP as their broker of choice.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Tommaso (milanese) for all the incredible work he does here.
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Re: Introducing Global Prime Forex Brokerage

Postby SpiderX » Mon Feb 03, 2014 11:11 am

Hi Jem,

Great news. :D
Hope that brings you all a few millions closer to that US account so our US friends can start trading with you.

Cheers
"Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It does not dishonor others, it is not self-seeking, it is not easily angered, it keeps no record of wrongs.Love does not delight in evil but rejoices with the truth. It always protects, always trusts, always hopes, always perseveres."
-Corinthians 13:4-8
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Re: Introducing Global Prime Forex Brokerage

Postby art » Mon Feb 03, 2014 7:27 pm

nice one jem, the only problem i see is when the credit/ debit card facility is up and running you are going to need extra staff to handle the flood of applications to open accounts
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Re: Introducing Global Prime Forex Brokerage

Postby SteveHopwood » Mon Feb 03, 2014 9:08 pm

art » Mon Feb 03, 2014 7:27 pm wrote:nice one jem, the only problem i see is when the credit/ debit card facility is up and running you are going to need extra staff to handle the flood of applications to open accounts

I expect the guys will find a way to dig deep and cope. :xm: :xm: :xm:

:!!:
Read the effing manual, ok?

Global Prime is the official SHF broker. Click here to sign up for a live account with Global Prime and join the several thousand SHF members who wisely choose GP as their broker of choice.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Tommaso (milanese) for all the incredible work he does here.
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Re: Introducing Global Prime Forex Brokerage

Postby Jemook » Mon Feb 03, 2014 10:50 pm

art » Tue Feb 04, 2014 6:27 am wrote:nice one jem, the only problem i see is when the credit/ debit card facility is up and running you are going to need extra staff to handle the flood of applications to open accounts


The account opening process has really been streamlined for our operations / accounts team. We've developed a really cool portal that pretty much automates much of the process. Even on days were we have 20 new accounts there's no real stress load on the accounts department. So I say bring it on!

Cheers,
Jeremy
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Introducing Global Prime Forex Brokerage

Postby skoda2008 » Tue Feb 04, 2014 12:58 am

All this talk of growth is good, just make sure you don't fall into the trap of growing too fast and not upgrading your servers until it's too late.

In order of occurence; Cowboy Go Markets, Bully Pepperstone and IC Markets have all fallen into this trap before you.

Once word gets around that the conditions are good you'll find yourself flooded with high frequency trading scalpers. What was once a reliable, fast trading environment has the potential to turn sour very quickly unless you keep on top of things!

I'm sure GP is on top of this, just sayin' - I would hate GP to fall into the same trap as all the others.
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