A trade receipt is more than just a detailed trade confirmation showing fill speed, slippage, spread, market profile, liquidity provider, etc.
A trade receipt is about putting the power back into the hands of traders like you. The added transparency removes the conflict of interest between brokers and their clients. It promotes ethical and transparent dealing models. This in turn leads to greater accountability from both brokers and traders alike and is one of the features that makes Global Prime such a special broker.
Knowledge is power. Through the process of looking at your trading receipts and interacting with our team, your understanding of how the market works will improve dramatically. You will be a smarter and more informed trader whether you decide to continue trading with Global Prime or elsewhere. You’ll definitely know more about market microstructure and you’ll be able to answer questions that other brokers were never able to give you a straight answer to.
There are three primary reasons why every trader should want access to trade receipts.
Trade receipts are like receipts for items purchased in a store. You never look at them until you need to. And when you do, you thank the heavens you didn't throw it out and that you have some recourse for your damaged or broken goods.
Any trader who has ever been involved in a trade dispute with their broker will have seen some or maybe all of the information in our trade receipts before. The difference is, it takes a few days for the broker to provide, and they’ll only show what’s in their interest to show.
By making this information available in close to real time, you can easily analyse the execution on any of your trades and raise a ticket if you don’t think it’s up to par.
Institutional traders require detailed analytics to assess the performance of the execution of their trades. This is common practice in the funds management industry, especially for FX, as execution quality and thus system performance can vary greatly across counterparties and venues. It is through this detailed analysis that institutional traders can determine the optimal method of execution and liquidity for their system.
If nothing else, trade receipts are how we keep our ‘Fair + Trade’ promise to you. The data provided in the trade receipts will give you the ability to engage us so that we can improve our trading environment for the betterment of all clients.
The market spread (best bid/best offer) at the time your order was executed. Especially useful on stop loss orders… 😉
See the order book before, during and after your fill to analyse your fill quality vs VWAP and the market impact from your order.
Knowing who filled your trade is important. This gives you the confidence you’re trading against the market and not your broker.
Latency for every hop and leg including system latency and liquidity provider fill times.
Are you getting the price that you want? We measure slippage from the requested and market price to give the best representation of the fill quality.
Next time you are on a LiveChat with a broker ask them why they don’t offer trade receipts to their client base – the Operator will probably need time to source a contrived and well thought out answer from their supervisor. But by the time they come back to you, you’ll already have your answer.