Global Prime

Global Prime never contacted me until less than 48 hours about a critical change to my trading account which, if I didn't take action would mean I'd lose tens of thousands of dollars. The change was a huge reduction in leverage.

They tried to help but given the short notice and my trading style the only option was close the trades myself or let them be closed by their system (which would be worse and I'd likely end up owing them far more money than if I just closed the trades manually).

They offered me the option to apply as a Pro Trader which would mean I could keep my current leverage and it would solve my problem. I went through the application process and they gave me Pro Trader status. That was Friday night. Then, over the weekend they took that status away, reduced my leverage, and then didn't want me as your customer any more - after 6 years of trading with them.

But in addition to the sucky situation I ended up in because of them, I do feel it's worth really honing in on the fact that they gave me answers to the Pro Trader questions, and that they paid out my remaining funds into accounts where they took no steps to confirm they were actually my accounts.

I think that is additional concerning behaviour from a regulated broker in Australia.

The largest moral issue I have with them is that they gave me Pro Trader status but then without notice or reason retracted that status and closed my account. What an awful thing to do when there was so much money at stake.

I ended up losing around $15,000 because of them.