| Updated: Account Types at Global Prime
Global Prime facilitates forex and CFD trading through a couple of account options, each offering great conditions for different types of traders. If you are inexperienced in trading or need some time to get used to the Global Prime trading experience, you have the chance to create a demo account and trade with a virtual budget.
The demo account at Global Prime is available as soon as you create your account, which is a seamless and fast process. You can fund it with up to $1 million in virtual capital, allowing you to trade in real market conditions without risking any real money.
Once you are ready to trade live, you can choose between two types of retail accounts. Depending on your trading goals, you can opt either for a Standard account or create a Raw trading account. Both types share some similarities, offering micro lot trading and a maximum trade size of 1,000 lots.
The main difference between Standard and Raw accounts is the cost of trading. The former offers spreads from 0.9 pips and zero commissions, while the latter charges a small commission of $3.50 (€3.10, £2.70) per side for forex and precious metals but reduces the spreads to as low as 0.0 pips. Multiple base account currencies are available, including USD, AUD, EUR, GBP, SGD, JPY, and CAD.
Due to regulatory limits on leverage imposed by ASIC, retail trading conditions are capped. However, the broker offers experienced traders the opportunity to upgrade to professional trading. These special accounts offer higher leverage and advanced trading features, but require meeting several conditions to prove one can afford high-risk trading. There are no professional accounts or client categorization at the Vanuatu-licensed arm.
| Demo Account |  |
| Islamic Account |  |
| ECN Account | |
| Pro Account | |
| MAM Account | |
Minimum Account Deposit Requirements
Once you have completed the signup process of Global Prime and you are ready to go live with your trades, you can pick a suitable payment option and fund your account. The great thing about starting your trading journey at Global Prime is having zero requirements for the minimum deposit amount transferred to any account type.
Some of the supported payment solutions may have a certain minimum deposit limit but that rarely would surpass $10. A notable exception is the Aussie method PayID that requires a $1 minimum deposit. Various deposit options are supported, including Apple Pay, Visa, Mastercard, PayPal, Neteller, Skrill, and cryptocurrencies.
Having no condition for minimum deposit allows traders to start with as little as they feel comfortable with. The option to trade with micro lots also enables smaller trades, which are suitable for less experienced traders and those who are not willing to take big risks. The broker offers maximum leverage of 1:30 in Australia and 1:500 in other countries, allowing customers to greatly increase their market exposure even with smaller deposits.
Tradable Instruments
Currently, Global Prime facilitates trading through the third-party trading platforms MT4 and MT5, which provide exposure to over 150 tradable markets, including CFDs on forex, commodities, cryptocurrencies, indices, US shares, and bonds. Trading with CFDs (contracts for difference) allows traders to speculate on the price fluctuations of various assets, without gaining any ownership over them.
Since Global Prime allows its clients to take both short and long positions, they can generate profits from both declining and rising prices. The forex market includes major, minor, and exotic pairs, totaling 56 currency pairs that can be traded with either the Standard or the Raw account at Global Prime. The broker recently added copy trading to its range of services, offering a proprietary GP Copy platform that enables customers to replicate the positions of experienced strategy providers. The service is free provided you trade more than 2.5 standard lots in currencies and metals per account.
Registration Process – Takes about 1-2 Minutes
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Access the Registration Page by the Sign Up button on the homepage.
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Enter your email address and password. Repeat the password you have chosen. Confirm you are of legal age.
KYC Process – Takes 10 to 12 Minutes
After selecting Sign Up, your account will be ready. Opening a Live Account requires account verification.
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Provide your personal details to complete the first step of the verification process. Make sure details match the information on your Government Issued ID.
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Configure your account settings based on your trading preferences. Pick a security question and provide an answer that may be used in the future to verify your identity.
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Upload pictures of a form of an official ID document. Proceed to the second step of the identity verification process.
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Upload a document/picture to provide further proof of your identity.
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Click on Verify My Account and your Verification Request will be submitted for approval.
Overall Thoughts
The registration process at Global Prime is smooth and swift, allowing you to create your trading account in a couple of minutes. Demo accounts can be activated as soon as traders have registered with the broker. Live trading, however, requires verification, which is also a seamless process that should not take more than a few minutes. By following the steps above, you can set up your live trading account with Global Prime in no time.