Seychelles Migration FAQs

Question	Answer
Why is Global Prime migrating clients from Vanuatu to Seychelles?	Global Prime has been providing services to clients through its Seychelles entity since December 2020 and this now accounts for the majority of new and active clients. We made the decision to migrate our clients from our Vanuatu entity to Seychelles entity as that is where we intend to build out our product offering and grow Global Prime. The migration also allows us to simplify and streamline our operations, therefore providing a better and more seamless service to our clients. Global Prime intends to cease providing its products and services to clients through the Vanuatu entity in 2022.
Who is Global Prime Seychelles?	Global Prime FX Ltd (Global Prime SC) is a Seychelles company (Number 8412189-1), regulated by the Financial Services Authority of Seychelles, with Securities Dealer Licence number: SD057. The FSA has been supporting offshore financial services providers for several years and have a well-established framework for brokers. As a license holder with the FSA, Global Prime is required to conduct regular audits of our policies and procedures to ensure they are compliant with the strict standards outlined by the FSA and the Financial Intelligence Unit (FIU).
Who is the team behind Global Prime Seychelles?	Global Prime Seychelles is run by the same team you have come to know and trust over the last ten years. Global Prime’s remains committed to changing the industry for the better and giving our clients the best chance to succeed with their trading.
How can I migrate my account to Seychelles?	Step 1: Log in to the client portal at secure.globalprime.com Step 2: You will be presented with the option to migrate your account to Seychelles via a prompt that will take the form of a banner atop the screen: Step 3: Click on the green ‘LET’S  DO THIS’ button and you will be provided with some important information about the migration. Read the information carefully and if you wish to proceed, click the ‘Transfer Account Now’ button: Step 4: The next step is to accept the Seychelles Terms of Service & Privacy Policy. Please ensure to read the documentation carefully and make sure you fully understand the disclosures and ramifications. It is also advised that you ask the Support team if you have any questions prior to accepting the terms: Step 5: It is now time to accept the Seychelles terms and begin the migration process. To accept the terms click the slider to the right and hit the ‘Continue To Account Details’ button. Step 6: You will now be asked to confirm your mobile number. Once you have input your number, it is time to verify your identity Step 7: You will now be asked to verify your identity by uploading the following documents: Official form of ID such as a driver's licence or passport. Please ensure that your ID is not expired.  Proof of address document, ideally in the form of a bank statement or utility bill from within the last 3 months. Please note that any documents older than 3 months will not be accepted. Step 8: You're all set! At this point, our team will review your documents and complete the transfer.
Will I need to submit new documents?	Yes, you are required to provide new identity documents such as a drivers license and a utility bill as part of the migration. The process is automated and fast and will not impede your ability to trade.
Can I continue trading with my existing Global Prime trade account if I don’t migrate?	Yes, but for a limited time. We will be reducing the number of markets available through Global Prime (VU) over the coming months and eventually cease services there. We aim to do this with the least impact to clients possible and will give you adequate notice of when we will be ceasing services under the Vanuatu license.
Is trading with Global Prime (VU) and Global Prime (SC) at the same time possible?	Unfortunately, you will not be able to trade with both entities at the same time.
Will the migration change my trading conditions?	No, your trading conditions remain the same. Any changes will come in the form of improvements to our service offering and products, so if you want access to the latest and greatest that Global Prime has to offer, then it is time to migrate.
Will my open positions be affected by the migration?	The migration to Global Prime (SC) will not affect your trading account’s open positions, balances, trading conditions or the level of services that you are already experiencing under Global Prime (VU).
What should I do if I do not want to migrate my account to the Seychelles entity?	If you do not wish to migrate your account, you will be required to close any open positions and withdraw your funds. This is because we will be winding down the Vanuatu entity in the coming months as we no longer intend to operate under the Vanuatu license.
How your funds will be treated through the Global Prime (SC) migration?	Your client moneys continue to be held on trust for you as per your account’s Terms and Conditions.
Are there any changes to withdrawals?	There will be no changes to the ways you withdraw your funds. Your withdrawal experiences will remain the same as usual.
Is negative balance protections available with Global Prime (SC)?	Global Prime (SC) does not offer negative balance protection. Whilst Global Prime (SC) has an automated stop out policy in an effort to protect against negative balances, in a fast moving market, this may occur after the account has already incurred a negative balance. This will close the least profitable trade when the equity reaches 100% or below of the margin requirement.
What happens if Global Prime (SC) goes bankrupt?	Your credit risk is solely on Global Prime (SC), so if it goes bankrupt it will depend on all of the claims on Global Prime (SC) and its net resources If any) and any costs of winding up. Under current FSA regulations there is no investor compensation fund in case of company’s insolvency. While each entity in the group, including Global Prime (SC), is solely responsible for its trading activities and is not guaranteed or collateralised by any other member of the group, the group’s significant capitalisation reflects its capacity to meet demands and act responsibly to its clients.
Which laws apply to my migrated account?	The governing law of your migrated trading account’s terms and conditions will be the law of Seychelles. The terms and conditions will be almost identical to Vanuatu.
Is my Seychelles account protected by ASIC?	ASIC does not regulate Global Prime (SC) and Australian financial services and laws applying to CFD providers such as Global Prime (AU) will not apply to your Global Prime (SC) account. You will not be treated as a retail client under Australian law nor have the disclosures and statutory provisions relevant to that. You will not have access to the Australian Financial Complaints Authority (AFCA).