Afterprime
Afterprime is an invite-only A-Book forex and CFD broker offering zero-commission trading with Flow Rewards rebates, serving professional traders and algorithmic firms through MT4, MT5, FIX API, and WebTrader with institutional-grade liquidity aggregation.
- Company typePrivate
- Founded2018
- HeadquartersMahé, Seychelles
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Afterprime does
Afterprime is an invite-only A-Book forex and CFD broker founded in 2018 by Jeremy Kinstlinger and Elan Bension, co-founders who previously built and sold Global Prime. The company offers zero-commission trading across 60+ FX pairs, precious metals, commodities, crypto CFDs, and indices, with execution delivered through MetaTrader 4, MetaTrader 5, WebTrader, TraderEvolution, and FIX 4.4 API. Underlying execution infrastructure aggregates 26+ liquidity providers including JPMorgan, Citibank, Deutsche Bank, UBS, Goldman Sachs, prime brokers, non-bank market makers, and ECNs into proprietary self-constructed order books, with Post-Trade Optimization capturing spread on hedge legs after each trade.
The business model is transaction-fee based with no commissions: revenue derives from the net spread capture on hedged flow after payouts to traders through the Flow Rewards program (up to $3/lot on FX, up to $14/lot on natural gas). The company operates a pure A-Book+ execution model with zero B-book internalization, meaning the broker never takes the opposite side of client trades—this alignment is the central marketing and reputational claim. GTM is community-led through The Engine Room Discord (1,200+ members with daily founder engagement) and invite-only selective onboarding, supplemented by verifiable third-party cost benchmarking via ForexBenchmark showing #1 lowest all-in costs globally.
Operationally, Afterprime Ltd is registered in Mahé, Seychelles under FSA license SD057, with Argamon Markets Pty Ltd (ASIC AFSL 404300) serving as the institutional arm in Sydney providing prime broker connectivity. The company has 11-50 employees and is privately held without external venture capital backing. Target segments are professional and semi-professional traders, high-volume flow traders, and algorithmic/quantitative firms running strategies from 100 to 5,000+ lots. Maximum leverage is 1:400 on EURUSD, and the firm explicitly excludes arbitrage, latency arbitrage, and bonus-chasing accounts.
Afterprime firmographics
Firmographics- Name
- Afterprime
- Legal name
- Afterprime Pty Ltd
- Website
- https://afterprime.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Afterprime is an invite-only A-Book forex and CFD broker offering zero-commission trading with Flow Rewards rebates, serving professional traders and algorithmic firms through MT4, MT5, FIX API, and WebTrader with institutional-grade liquidity aggregation.
- Ownership category
- akta.pro rank
Afterprime industry classification
Industry- Product category
- Forex and CFD Brokerage
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)
Keywords
Where Afterprime is headquartered
LocationHeadquarters
- HQ city
- Mahé
- HQ country
- Seychelles
Offices2 records
Markets served
Afterprime business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Spread Capture - Hedge Leg Optimization: After trading, Afterprime places offsetting hedge orders across their liquidity stack to capture spread vs interbank market. This spread capture generates yield that is partially shared back with traders via Flow Rewards. Revenue scales with trading volume, not client losses.
- Institutional Liquidity Arrangements: Volume-based arrangements with prime brokers, tier-1 banks, and non-bank liquidity providers. Revenue derived from institutional relationships built on deep liquidity aggregation and prime broker clearing infrastructure.
- Flow Rewards Program Funding: Flow Rewards (up to $3/lot paid to clients) are funded by the spread capture on hedge legs. The net spread capture after client rewards constitutes the primary revenue stream.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Zero Commission + Flow Rewards |
| Unit Pricing | Pay-as-you-go | ForexBenchmark Verified #1 Lowest Cost |
| Other | Pay-as-you-go | Leverage - Up to 1:400 |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Afterprime product offering
Product offeringCore offering
Afterprime is an A-Book forex and CFD broker offering institutional-grade execution with zero commission and a Flow Rewards program that pays traders back up to $3 per lot. The platform aggregates liquidity from 26+ tier-1 banks, prime brokers, non-bank market makers, and ECNs, delivering trading access via MT4, MT5, WebTrader, and FIX API for 60+ FX pairs, metals, commodities, crypto CFDs, and indices.
Product overview
Afterprime is an A-Book forex and CFD broker offering institutional-grade execution across multiple trading platforms. The core product suite includes MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and FIX API for direct market access. The company differentiates through its Flow Rewards program (paying up to $3/lot on trading volume), combined with zero-commission pricing and independently verified lowest trading costs globally. The platform provides access to 60+ FX pairs, precious metals (Gold, Silver, Platinum, Palladium), commodities, crypto CFDs, and indices. Execution is 100% A-Book with no B-book conflicts, routing all trades to external Tier-1 liquidity providers. Maximum leverage offered is 1:400, and access is invite-only.
Differentiator
Problem solved
Functional benefit
Products and services
- MetaTrader 4 (MT4) Industry-standard forex trading platform offering 30+ technical indicators, nine timeframes, Expert Advisor compatibility, one-click trading, and algorithmic deployment through MQL4 scripting, rebuilt for professional execution with sub-millisecond EA execution and A-book+ execution model.
- MetaTrader 5 (MT5) Advanced multi-asset trading platform supporting hedging and netting account modes with 21 timeframes, 38 built-in indicators, strategy backtesting using historical tick data, and multi-currency optimization.
- FIX API Institutional-grade Financial Information eXchange protocol providing direct connectivity to liquidity infrastructure with sub-millisecond latency (~1ms), supporting algorithmic and high-frequency trading strategies with direct fiber cross-connects.
- WebTrader Browser-based trading platform providing access to MT4 and MT5 without downloads, enabling cross-device trading with institutional-grade execution and zero-commission pricing.
- Flow Rewards Volume-based incentive program paying traders up to $3 per lot traded on eligible flow, with rebates credited monthly across forex majors and other instruments, reducing effective total trading costs.
- Trading Calculators Suite of trading tools including Position Size Calculator, Pip Value Calculator, Margin Calculator, Profit and Loss Calculator, Swap Calculator, and Cost Savings Calculator for trader use.
- A-Book Execution Service 100% A-Book execution with zero B-book conflicts, routing all client trades to external liquidity providers with no internalization, ensuring broker incentives align with trader success and every trade is externally hedged.
- TraderEvolution Professional desktop platform offering level II pricing, customizable layouts, advanced charting with 100+ technical studies, bracket orders with automated profit targets and stop losses.
Quantifiable outcome
- 42% lower cost vs Top 10 Average, 62% lower cost vs Industry Average
- +5 more outcomes
Companies that use Afterprime
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Afterprime technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Afterprime partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core.
- Argamon Markets Pty LtdcoreInstitutional arm of Afterprime connecting directly into Tier-1 banks and prime brokers. Holds Australian Financial Services License (AFSL 404300) issued by ASIC. Afterprime rides on Argamon's institutional infrastructure, enabling retail traders access to institutional-grade execution at retail scale.
- Tier-1 Banks (JPMorgan, Citibank, Deutsche Bank, UBS, Goldman Sachs)corePrimary liquidity sources providing institutional-grade pricing. Prices quoted alongside non-bank market makers and ECNs. Direct relationships enable prime broker clearing and access to deep interbank liquidity.
- 26+ Liquidity ProviderscoreNetwork of over 26 liquidity providers including prime brokers, tier-1 banks, non-bank market makers, and electronic communication networks (ECNs). Aggregated into proprietary order books pricing tighter than single LP feeds.
- Non-Bank Market MakerscorePrice aggregation through non-bank liquidity alongside tier-1 banks and ECNs for comprehensive market depth and execution quality across all market conditions.
- ECN (Electronic Communication Networks)coreElectronic communication networks providing additional liquidity venue access for order routing and execution across multiple counterparty sources.
- Prime BrokerscorePrime broker clearing relationships enabling institutional-grade execution. Banks love Afterprime's clean flow, supporting deep liquidity relationships and yield from spread capture.
- ForexBenchmarkcoreIndependent third-party verification service benchmarking Afterprime's trading costs against 50+ brokers globally. Provides 7-day rolling averages of spreads and commissions for transparent cost comparison. Confirms #1 lowest all-in cost ranking.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Afterprime competitors and assessment
Company assessmentDirect peers
- IC Markets: Global low-cost ECN forex and CFD broker with raw spread pricing on MT4/MT5/cTrader and FIX API. Directly comparable to Afterprime on multi-asset execution, institutional connectivity, and tight-spread positioning aimed at active traders.
- Pepperstone: Major low-cost multi-asset broker offering razor accounts, MT4/MT5/cTrader/TradingView, and institutional-grade execution. Closely comparable on multi-asset execution model, raw spread pricing, and professional-trader target market.
- Global Prime: Founded by Afterprime's same co-founders (Jeremy Kinstlinger and Elan Bension) before they built Afterprime. Extremely comparable on A-book execution model, transparency philosophy, and focus on professional traders.
- Tickmill: Low-cost ECN/STP forex and CFD broker with raw spread Pro accounts across MT4/MT5. Direct competitor in the cost-focused active-trader segment with similar institutional execution and zero-commission value proposition.
- Vantage: Multi-asset broker providing ECN raw spreads, MT4/MT5 access, and active-trader incentives. Comparable on multi-asset coverage, low-cost execution focus, and target segment of professional/disciplined traders.
- BlackBull Markets: ECN forex and CFD broker offering institutional-grade execution on MT4/MT5/cTrader with raw spreads. Direct comparable on institutional execution, professional-trader positioning, and ECN-style transparency.
- Dukascopy: Swiss-based ECN forex broker operating its own MT4/MT5/JForex venue with ECN execution and FIX connectivity. Comparable on proprietary execution infrastructure, transparency, and institutional-grade direct market access.
Broad incumbents
- OANDA: Long-standing incumbent multi-asset broker with retail MT4/MT5, proprietary platform, and institutional offering. Comparable product set but operates as a larger, broader incumbent rather than a focused low-cost professional-trader specialist.
- FXCM: Established retail FX broker with MT4/TradingStation platforms, institutional services, and active-trader products. Comparable broadly on multi-asset coverage and active-trader targeting but with substantially larger scale and broader positioning.
- Admiral Markets: Multi-jurisdictional multi-asset broker offering MT4/MT5 with ECN-style pricing across retail and professional tiers. Comparable on multi-asset coverage and platform breadth but operates as a broader incumbent across more geographies and client segments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Afterprime social profiles
Digital presenceAfterprime financial estimates
Financial estimateRevenue estimate
Valuation estimate
Afterprime leadership team
Management profileNumber of profiles
Profiles2 records
Afterprime subsidiaries and ownership
Company hierarchySubsidiaries1 record
Afterprime funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Afterprime M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Afterprime
What does Afterprime do?
Afterprime is an A-Book forex and CFD broker offering institutional-grade execution with zero commission and a Flow Rewards program that pays traders back up to $3 per lot. The platform aggregates liquidity from 26+ tier-1 banks, prime brokers, non-bank market makers, and ECNs, delivering trading access via MT4, MT5, WebTrader, and FIX API for 60+ FX pairs, metals, commodities, crypto CFDs, and indices.
Is Afterprime a public or private company?
Afterprime is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Afterprime founded?
Afterprime was founded in 2018. It employs 11 to 50 people.
Where is Afterprime based?
Afterprime is headquartered in Mahé, Seychelles.
How does Afterprime make money?
Three revenue lines are on record. Spread Capture - Hedge Leg Optimization is the primary driver. The others are institutional Liquidity Arrangements and flow Rewards Program Funding.
Who are Afterprime's main competitors?
Direct peers on record are IC Markets, Pepperstone, Global Prime, Tickmill, Vantage, BlackBull Markets and Dukascopy. Broad incumbents are OANDA, FXCM and Admiral Markets.
Does Afterprime have an API?
Yes. FIX API connectivity for institutional traders. FIX 4.4 protocol enabling direct connectivity to liquidity infrastructure with sub-millisecond latency (as low as ~1ms). Supports algorithmic trading, high-frequency strategies, and direct market access. Built for professional traders and proprietary trading firms. Access is invite-only.
What industry is Afterprime in?
Afterprime's product category is Forex and CFD Brokerage. Its primary akta.pro industry code is FSAFAEAC, Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF). Its NAICS code is 5231 and its SIC code is 6211.