Before traders engage in trading with Global Prime, we suggest getting familiar with the fees and the overall trading cost for placing orders with the broker. In this review, we will explain in detail the spreads, commission, and any other fees linked to trading with Global Prime. We will provide examples of applicable surcharges and will help you determine the actual cost of trading with any of the account types supported by the broker. If you want to learn everything about trading fees at Global Prime, we suggest you keep on reading.
Global Prime Trading Costs
At Global Prime, traders who have decided to live with their trades will have two account types to choose from – Standard and Raw. The two account variations share some similarities, offering micro lots, maximum trades of 1000 lots, and having zero minimum deposit requirements. That said, the pricing model of the two accounts is different, matching the trading preferences of different clients.
The Standard account is operating on a spread-only pricing model, including any trading cost in the spread value. If you are trading major Forex pairs, you will be able to trade popular crosses with spreads starting at 0.9 pips. Meanwhile, the broker will not charge any commission on trades made with Standard accounts, promising very competitive trading conditions.
The Raw account focuses on reducing the trading cost by offering spreads as low as 0.0 pips. Since the broker still needs to generate some profit, it will charge a small commission of $3.50 per side of a single lot traded. While some traders may consider the zero-commission pricing model to be more cost-effective, we would like to draw a comparison between the overall trading cost with a Standard and Raw account at Global Prime.
| Raw Account Roundtrip Commission Rates Based on Account Currency | |||
|---|---|---|---|
| Base Currency | Per Standard Lot | Per Mini Lot | Per Micro Lot |
| USD | $7 | $0.70 | $0.07 |
| EUR | €6.20 | €0.62 | €0.06 |
| GBP | £5.40 | £0.54 | £0.05 |
| SGD | $9.50 | $0.95 | $0.1 |
| CAD | $9 | $0.90 | $0.09 |
| JPY | ¥495.00 | ¥49.50 | ¥4.95 |
For the purpose of explaining the trading costs in a simpler manner, we will consider a EUR/USD trade of 1 lot, taking into account that a single pip equals $10. Let us assume that the trade opens and closes at the same price. At the time of writing this, Global Prime offers an average spread of 0.09 on its Raw account, adding a 0.9 markup to the Standard account trade of EUR/USD. In that case, the trading cost would look something like this:
Spread: 0.99
Total Cost: 0.99 x $10 = $9.90 per side or $19.80 roundtrip trade of 1 lot
Spread: 0.09
Spread Cost: 0.09 x $10 = $0.90 per side
Commission: $3.50 per side
Total Cost: ($0.90)x2 + ($3.50)x2 = $1.80 + $7 = $8.80
If we compare the overall trading cost in both cases, we can see that the overall trading cost with a Raw account is significantly lower than the cost of trading with a Standard account, even though the latter does not charge a commission.
Below, you can see the overall trading cost for trading popular Forex pairs with the Standard Account at Global Prime, paying zero commissions on your trades. The prices below are only for a single side of a trade, considering a micro lot and a standard lot trade size.
| Average Spread Costs with Standard Accounts | ||||
|---|---|---|---|---|
| Currency Pair | Spread (in pips) | Commission per side | Cost per Micro Lot | Cost per Standard Lot |
| EUR/USD | 0.99 | $0 | $0.099 | $9.90 |
| USD/JPY | 1.49 | $0 | $0.0965 | $9.65 |
| EUR/GBP | 1.32 | $0 | $0.1639 | $16.39 |
| GBP/USD | 1.2 | $0 | $0.12 | $12.00 |
| AUD/USD | 1.03 | $0 | $0.103 | $10.30 |
| USD/CAD | 1.27 | $0 | $0.878 | $8.78 |
| USD/CHF | 1.23 | $0 | $0.1352 | $13.516 |
| USD/CNH | 7.72 | $0 | $0.1058 | $10.584 |
| NZD/USD | 1.16 | $0 | $0.116 | $11.60 |
*All currency pairs’ trading cost is expressed in USD
The table below displays the trading cost of trading popular currency pairs with a Raw Account at Global Prime. The prices below display the overall trading cost per standard and micro lot traded on a single side.
| Average Spread Costs with Raw Accounts | ||||
|---|---|---|---|---|
| Currency Pair | Spread (in pips) | Commission per side | Cost per Micro Lot | Cost per Standard Lot |
| EUR/USD | 0.09 | $3.50/$0.035 | $0.044 | $4.40 |
| USD/JPY | 0.59 | $3.50/$0.035 | $0.0732 | $7.32 |
| EUR/GBP | 0.42 | $3.50/$0.035 | $0.0872 | $8.72 |
| GBP/USD | 0.3 | $3.50/$0.035 | $0.065 | $6.50 |
| AUD/USD | 0.13 | $3.50/$0.035 | $0.048 | $4.80 |
| USD/CAD | 0.37 | $3.50/$0.035 | $0.0606 | $6.058 |
| USD/CHF | 0.33 | $3.50/$0.035 | $0.0713 | $7.126 |
| USD/CNH | 6.82 | $3.50/$0.035 | $0.1285 | $12.85 |
| NZD/USD | 0.26 | $3.50/$0.035 | $0.061 | $6.10 |
*All currency pairs’ trading cost is expressed in USD
Global Prime Overnight Funding Costs
While Global Prime offers great conditions to day traders, one can also choose to keep their positions open overnight and profit from a different trading strategy. If you are trading Forex pairs and keep your positions open overnight or for a few days, you can either pay swap fees (interest) on a currency sold or receive interest on a currency bought. Meanwhile, trading CFD instruments and keeping your positions open beyond trading hours will incur funding fees. The exact size of these fees depends on the type of instrument being traded, the size of the trade, interest rates, and other market conditions.
To determine swap rates on Forex and Metals, Global Prime takes into account interbank interest rates, with major market makers and liquidity providers being the main agents Global Prime considers when determining its swap prices. It should be noted that since swaps and funding fees are not charged on weekends due to markets being closed on Saturday and Sunday, swaps on Wednesdays are tripled. As for funding fees on overnight CFD trades, on Fridays, the broker charges triple fees on overnight positions.
The broker updates its swap rates once or up to two times within a week. If you need help to calculate the swap rate on an instrument tradable at Global Prime, you can use the trading calculator provided by the broker. It is also useful to remember the following formulas:
Forex Swaps: Instrument’s pip value x Swap rate (expressed in points) x Current exchange rate (if you are trading a currency different than the one you have picked for your account)
CFD Funding Fees: Size of lot x Swap fee (charged in the currency of the underlying asset being traded or margin currency)
Below, we will provide a few examples of overnight fees that may apply to open positions on popular Forex pairs. Keep in mind that these swap rates change regularly and will most likely have different values once the market conditions change whenever you place your orders.
| Swap Rates on Popular Forex Pairs (standard lot size) | ||||
|---|---|---|---|---|
| Symbol | Base Currency | Volume in Lots | Pair Swap Long in USD | Pair Swap Short in USD |
| EUR/USD | USD | 1 | -6.93 | 1.19 |
| USD/JPY | USD | 1 | 6.57 | -16.13 |
| EUR/GBP | USD | 1 | -8.3 | 1.91 |
| GBP/USD | USD | 1 | -2.16 | -4.79 |
| AUD/USD | USD | 1 | -3.02 | -3.06 |
| USD/CAD | USD | 1 | 0.99 | -5.33 |
| USD/CHF | USD | 1 | 5.59 | -15.9 |
| USD/CNH | USD | 1 | -11.08 | -23.05 |
| NZD/USD | USD | 1 | -1.71 | -1.62 |
Swap-Free Trading Costs at Global Prime
Unfortunately, Global Prime does not offer swap-free trading to traders who cannot pay or receive swaps due to their religious beliefs. That means that swap rates will be applied to any position left open overnight, no matter the account type you utilize as a Global Prime customer.
Global Prime Non-Trading Costs
While we have discussed all fees related to trading at Global Prime, we would also like to cover any non-trading charges that traders might pay for using Global Prime’s services. These include inactivity fees, surcharges imposed on deposits or withdrawals, and any other type of fee that you may encounter along the way.
Let us start by saying that you will be charged zero fees whenever you fund your trading account at Global Prime. It should be noted that service providers might impose some surcharges whenever you deposit to your trading balance but those fees will depend on the payment provider’s fees policy. It is also great to know that traders can withdraw their money without paying any additional fees for their transactions.
Opening an account with Global Prime is free of charge and so is maintaining your trading account with the broker. If your account has been inactive for a long period, instead of charging an inactivity fee, the broker will simply close your account. The exact period of inactivity that prompts closing your account can be clarified by contacting Global Prime’s customer support agents.
Global Prime clients who place Forex or Metals orders, and trade over 20 lots within a 30-day period, can get access to a complimentary VPS. You can sign up for the Sponsored VPS directly from the Global Prime Hub, which is available once you sign into your Global Prime profile. As soon as you select the MT4 VPS product, the broker will debit your account and provide the VPS hosting details. If you meet the trading volume conditions, Global Prime will refund any fees charged. Each month, traders can save up to 25% on Global Prime’s VPS hosting product, which is provided by New York City Servers.
Since Global Prime has also partnered with Forex VPS, traders have the chance to directly access the service through a pre-installed Global Prime Forex VPS terminal. This offer allows traders to enjoy over 30% of a discount for VPS services.
| Global Prime Non-Trading Costs | |
|---|---|
| Deposit Fees | Free |
| Withdrawal Fees | Free |
| Account Opening Fee | Free |
| Inactivity Fee | None |
| VPS Hosting Subscription |
|
Closing Thoughts on Global Prime Fees
We can conclude that Global Prime offers fairly competitive trading conditions, with different account types providing reasonable trading cost rates. One can choose between a spread-only price or reduce the overall cost with tighter spreads and a small commission. Whichever account is your preferred option, you can be sure that outside the regular trading fees, you will not be charged any non-trading fees for creating your profile, initiating funding and withdrawals, or having an inactive account for several months. If you want to learn more details about the overall trading experience at Global Prime, we suggest checking the broker’s review at BestBrokers.
