The Global Prime Pro Account is designed for traders registered with Global Prime Pty Ltd (Australia), who qualify as a Wholesale Investor, and who want access to higher leverage.
The range of markets, trading platforms, and fees and charges will be the same for all clients. The key difference for the Global Prime Pro Account holders is the freedom to choose leverage (up to ~1:200).
The Pro Account is only available for Traders who classify as a Wholesale Investor under the Corporations Act 2001 (Cth).
Wholesale clients don’t have the same protections afforded to retail clients which can mean limited recourse in the case of a dispute, and fewer legal and regulatory obligations from Global Prime.
See the Pro Account Offer Document for more information.
|Protection||Retail Client||Wholesale Client|
|Margin Stop Out Level||100%||100%|
|Client Money Protection||Yes||No|
|Negative Balance Protection||Yes||No|
|Disclosure documents - PDS and FSG||Yes||No|
|Internal Dispute Resolution||Yes||Limited|
|Instruments Category||Retail Client||Wholesale Client|
To qualify for the Global Prime Pro Account you will need to meet one of the following eligibility criteria below.
Global Prime reserves the right to reject an application even if these requirements are met.
|Sophisticated Investor Test||Wholesale Client Test|
|Criteria 1Complete the Sophisticated Investor knowledge test||Criteria 1 |
Minimum net assets of AUD$2.5 million
|Criteria 2 |
Demonstrate that you’ve traded Forex and CFDs at least 20 times per quarter for a minimum of 4 quarters in the preceding 2 years with a notional value of AUD$50,000 or more.
Work or have worked in the financial sector for at least one year in a professional position which requires knowledge of Forex and CFDs.
|Criteria 2 |
Minimum gross income AUD$250,000 for each of the last 2 years
|If you’re eligible, it’s simple: |
Wholesale clients are treated differently under the Corporations Act 2001 (Cth). This ultimately means fewer protections for Pro Account holders, limited recourse in the case of disputes, and fewer legal and regulatory obligations from Global Prime.
For clients who nominate to do the wealth test to qualify as a wholesale client, a qualified accountant is required to certify this information as a requirement under the Corporations Act.
A qualified accountant is defined in s88B of the Corporations Act as a person meeting the criteria in a class declaration made by ASIC. Under our class order [CO 01/1256] you are a qualified accountant if you:
Professional bodies include: Chartered Accountants Australia and New Zealand (formerly The Institute of Chartered Accountants in Australia), CPA Australia, Institute of Public Accountants (IPA).
If you qualify for the Pro Account, all trading accounts under that profile (legal entity) will be changed to the Pro Account.
Every profile belonging to a different legal entity (unique Global Prime client) will need to be changed separately and undergo the same eligibility process.
All trading conditions should remain unchanged for Pro Account holders. The only difference to trading conditions will be the leverage.
Pro Accounts can be opened for Individuals, Companies, Trust and Joint accounts.
Yes. Our high level of service to you will remain unchanged.
Yes. We will allow Pro Accounts to lodge a dispute with AFCA. We have no control over AFCA’s approach to wholesale clients and whether they will accept a dispute or not.
Yes you can.