CharterPrime Review

Read our full CharterPrime review below.

WHAT IS CHARTER PRIME?

Found in 2012, CharterPrime is a respectable forex and CFD brokerage firm with its headquarters located in Sydney, Australia. This online broker is regulated by ASIC and FSP.

At Charter Prime, clients can trade a range of trading instruments, such as Currencies, Commodities, Indices, and Stocks.

The broker also offers a variety of trading platforms to its traders, including cTrader, MT4, and MT5.

 

INTRODUCTION

CharterPrime is a worldwide foreign exchange and financial brokerage firm that first opened its doors in 2012. It is headquartered in Sydney, Australia.

Its management comprises experts who are sourced from all walks of life. Each of these experts brings on board real-life industry experiences that together help the brokerage firm attain the award-winning status it presently enjoys.

This company has continued to expand and spread its wings by opening new global offices as well as consistently developing unique products, business divisions, and services.

The brokerage firm does provide an index of CFDs, precious metals, commodities, CFDs forex instruments, and so on at costs that are exceedingly low and unmatched insofar as the execution conditions are concerned.

CharterPrime also utilizes the STP system that inter-links orders directly to the partners in liquidity that the brokers operate in conjunction with.

PROS & CONS

Pros

  • Enjoys sound regulations
  • Its trading industry is based on proven software
  • Boasts of many years of experience
  • Operable via the STP execution
  • Comes about in a customer-friendly design
  • Has the popular MT4 platform
  • Makes use of a good range of tools
  • Exhibits a clear look

Cons

  • Its trading conditions poorly presented
  • Showcases unrealistic demo spreads
  • Does not provide CFDs on stocks
  • Handles no cryptocurrencies
  • Lacks a proprietary platform

fxcm fOREX BROKER Review

TRADING INSTRUMENTS

CharterPrime provides a vast array of trading opportunities for you through the following avenues:


CFDs

Stands for ‘Contract for Differences.’ This is a financial contract that compensates for the differences in the settlement price between the opening and the closing trades.

It basically lets the investors trade in the direction of the securities over a shorter duration of time. They are particularly preferred in commodity and FX products.


Forex instruments

These are kinds of financial media that are used to borrow in the financial markets. Top examples of them include:

  • Bills of exchange
  • Bonds
  • Currencies
  • Stocks
  • Exchange-traded fund
  • Forwards
  • Futures
  • Options
  • Spots
  • Swaps


Currency pairs

These are services that are intended to convert the value of money from one currency or denomination to another one. CharterPrime does confer the following currency pairs for the clients to consider tapping into:

  • EUR/USD (Euro vs. the U.S. Dollar)
  • USD/JPY (Dollar vs. the Japanese Yen)
  • GBP/USD (British pound vs. the Dollar)
  • USD/CHF (Swiss franc vs. the Dollar)
  • AUD/USD (Australian dollar vs. the U.S. Dollar)
  • USD/CAD (Canadian dollar vs. the U.S. Dollar)


Commodities

These are basic goods that are utilized in the field of electronic commerce. They are interchangeable with other goods of the same kinds.

Commodities basically give investors the leeway to diversify their portfolio over and above the traditional securities can generally manage. Suffice it to say, their returns are also higher overall.


Precious metals

As their name implies, these are metals that are valuable and tend to fetch lots of money in the markets. Palladium, Platinum, Silver, and Gold are the core examples of these metals.

They are highly valued owing to their extensive use in the fields of coinage, jewelry, and art, to name but a few!


Index CFDs

Index CFDs are short-term contracts that give forth high returns on the market index.

They are agreements between the buyers and the investment banks for the latter to exchange the differences between the present value of the index and the expected future value.


STP system

This is a Forex brokerage model that entails sending the orders of clients directly to the markets without going through an intermediary dealing desk.

Consequently, they are faster and tend to bring about the necessary outcomes within the shortest realistic time possible.


TRADING PLATFORMS

CharterPrime is a multi-asset trading platform. That simply means that it engages in the sales of its merchandise and debt instruments via a variety of means and platforms.

Also, it trades in forex as well as a mix of other assets like stock indices, stocks, cryptocurrencies, and precious metals.


Below are some of the platforms that CharterPrime makes use of to trade its wares:


Web Platform

As the name suggests, this entails the use of the web platform to deliver the merchandise to the intended recipients.

The site of this firm has been noted to provide a user-friendly interface and a host of sophisticated tools to navigate and make the necessary orders.


Desktop platform

This one entails the use of desktop software to handle the orders and effect the transactions. The desktop apps and software of this brokerage firm are optimized for the macOS, personal computers, and mobile gadgets.

In total, they manage extremely technical performances and also automate the operations effectively.


Mobile Platform

The mobile platform is wholly intended for cellphones and smartphones. This firm’s piece of software is intended to be friendly thanks mainly to the existence of numerous customization features.

With these tools, users may manage positions, place orders, leverage research tools, and analyze market conditions.


MT4 trading platform

Apart from merely facilitating the exchange of goods and merchandise, the brokerage firm also gives its users the leeway to analyze the market trends, keep pace with the ongoing trends and tap into valuable analytics.

Its MT4 trading platform exists primarily for the attainment of these ends as it contains all the necessary tools.

By and large, this piece of software empowers its users to manage their accounts across mobile gadgets, via the internet connectivity features, and obtain push notifications as regards various activities that are ongoing in the meantime.

NB: The decision as to which precise platform to make use of is heavily dependent on the unique needs of the clients and the goods he wishes to trade-in.

It is up to you hence to assess your needs and go ahead to find out the exact kind of platform you deem appropriate.


ACCOUNT TYPES

As is the case with all the other brokerage firms, this too runs and sells its merchandise via various accounts. In this segment, we look at some of the accounts it manages and the kinds of merchandises it runs across them:


Forex Account

This is a kind of trading account that operates pretty much the same as an ordinary bank account. Nonetheless, it differs in that it mainly deals in currencies as opposed to savings and deposits.

It is one to go for if you mainly want to engage in the exchange of currencies from one form to another.


Swap-free accounts

If you are a Muslim adherent, the swap-free account is here for you. It attracts no interest as other ordinary accounts do.

They are so-called because they neither swap nor roll over the interests on overnight positions, in line with the dictates of the Islamic faith.


Variable account

A variable account provides clients a conducive trading environment that attracts zero commissions.

Also, it confers some fluctuating market spread and hence ensures a smooth disbursement of the interests when the same is earned over a given duration of time. If you are a long-term investor, this could be a great one to consider tapping into.


ECN account

An ECN account provides sharp spreads that are often tighter than those of the variable accounts. Its spread can get to the 0.00 threshold for certain instruments while a standard charge of $8 is levied on all kinds of trades.

PLEASE NOTE: The number and the specific kinds of accounts that a trader may open with this firm varies considerably depending on the country in which the said trader operates.

Also, the prevailing regulatory regimes under whose jurisdiction the trader falls also have a role to play in all these.


HOW TO OPEN AN ACCOUNT

Much like an ordinary bank, you must similarly create an account with CharterPrime before you begin trading or for you to enjoy the services that it has to offer. Creating an account with this brokerage firm is simple and easy.


Below are the steps to follow to bring them to fruition:


Step I: Familiarization process

At this first stage, the firm gets to know you, the applicant, in greater detail. This you do by delivering an ‘expression of interest’ and notifying them of your existence and who exactly you are in a nutshell.

You encapsulate all these details in an application form.


Step II: Review of the applications

After you have filled the application form, you now must submit the same to the brokerage firm. Upon receiving your request, the firm shall review the application and ascertain whether the details are up to date and accurate.

You will receive a notification to start trading now immediately the account is activated.


Step III: Provision of essential identification information

As part and parcel of the application process, clients have also to furnish essential identification information like identity cards, proof of residency, passport, credit card bill, utility bills, and driving license.

All these the client uploads via the official website to have them accepted and examined.


Step IV: More information

CharterPrime has the right to seek extra pieces of information and in some instances, even certified copies of the documentation thereof.

This happens especially if the information you have already provided is either vague or insufficient or has some gaps that are yet to be filled.

Some of these extra pieces of information are:

  • Username
  • E-mail address
  • Password
  • Personal address
  • Career background
  • Trading experience
  • Account information


Step V: Application for a demo account

Immediately you are done with furnishing the necessary pieces of information, you now have the leeway to apply for a demo account. If you so wish, you may upgrade to a corporate account.


That will have you furnish the following extra pieces of information:

  • Certificate of incorporation
  • Article of organization
  • List of shareholder/s
  • List of director/s
  • Shareholder’s passport
  • Shareholder’s ‘proof of residence’
  • Bank statement of corporate as proof of address


NB: All the documents must be submitted in English or translated to the same language. Additionally, they must be signed and verified by a Notary or an Attorney.

The latter requirement is to give the documents the official character they need to be admissible and trusted by the stakeholders.


DEMO ACCOUNT

Immediately you fill the application forms, you are assigned a demo account. The purpose of this demo account is to give you a feel of how the site works, its product portfolio, and the benefits you stand to gain from having it handle your brokerage needs.


SOCIAL TRADING AND COPY TRADING

From time to time, it does confer these twin services for the members.

Social trading enables the investors to keep track of the progress of their peers and make appropriate adjustments as need be.

Copy-trading on the other hand lets the investors mimic the strategies of the other players in the markets and alter their strategies appropriately.


COMMISSIONS & FEES

Due to the existence of the brokerages to a global extent, it does provide numerous kinds of accounts as well as fee structures. These vary in line with the places of residence and the countries of origin.

CharterPrime’s variable account runs a basis of variable spread whereas its ECN account raw spreads. It also levies commissions worth $8 per lot.

Given that it provides accounts with the ECN and STP executions, its featured variable spread is largely defined by the account of the user as well.

Its ‘Swap-free account’ defines a variable spread and levies a commission of around $40 per lot that is deducted each Wednesday.

Traders are also expected to beware of the overnight fees as a cost. This cost arises mainly as an interest for occupying the positions that are open overnight and are determined by specific instruments.


LEVERAGE

Leverage is a resource base that gives you the power to obtain wider exposure to the markets than the amount you deposited in at the opening of the trade.

The chief example is forex trading, and it works hard to magnify your potential profits but sadly also increase your potential losses.

This amount is expressed as a ratio. For example, 50:1, 150:1, or 200:1 respectively. Imagining that you possess $1,000 in your trading account and you engage in ticket sizes of about $500,000/JPY, your leverage will equal 500:1.

The margin on the other hand is the value of the collateral that is used to cover up any credit risks that may emerge during your trading.

It is however expressed as a percentage of the size of the position i.e., 5%, 1%, and so on. To enjoy some margin, you must possess funds in your account in the first place.

One of the greatest strengths of forex trading is the ability and the freedom to leverage your positions appropriately. That implies a gain of added exposure to the markets along with the possibility of making greater profits.

You should always learn to accrue the leverage smartly given that its success and potential risks also increase with the usage thereof.

CharterPrime operates as an Australian and New Zealand broker. It lends its obligations to local regulations but manages a high leverage ratio of up to 1:500 for Forex instruments. This by far is one of the highest in this industry.


WITHDRAWALS AND DEPOSITS

CharterPrime supports a variety of payment methods. These include acceptance of major credit cards, wire transfer, and e-payment solutions like Neteller and Skrill.

The firm does not levy any fees for withdrawals or deposits. Nonetheless, its traders may come across processing fees that are levied by the payment processors.

You require one business day to affect any withdrawal and a further 3 days to be able to withdraw the funds via your bank account.

Your minimum deposit for the standard account based on the spread is a paltry $100.00.


CUSTOMER SERVICE

Prospective traders must see to it that the brokerage company they opt to work with provides full support each time they may require it.

The support should be able to help clients easily locate the precise answers to the questions they may have while also offering the best user experiences possible.

You may access these customer services via email which the company commits to respond to within 24 hours. Additionally, you may also chat with them live, video call via Skype, or contact them via Facebook or the web contact forms.

Its site has the added benefit of being available in four different languages like traditional Chinese, Bahasa Melayu, Simplified Chinese, and English.


SAFETY AND SECURITY

CharterPrime guarantees the safety and security of all investors at all stages of the trading exercise.

This has seen minimal amounts of losses on the parts of the investors. Instead, many have trusted the entire system and have banked their money there with some level of confidence.


CASHBACK

This is an incentive that entails a refund of a certain portion of the cash proceeds to the trader. It aims at attracting and maintaining the clients over a longer duration of time.

CharterPrime does confer this program from time to time. It is thus incumbent upon you to position your trading strategy to coincide with its offerings.


RESEARCH

So that you may trade with utmost confidence and success, all prospective traders ought to strive as hard to research the kinds of speculative trading prior to commencing with the daring deal.

This guarantees that they lose not too much money unnecessarily and accrue the highest levels of profits possible.

Some additional tools of research provided by the brokerage firm are news updates, economic calendar, periodic data releases, and other vital back-end information.


EDUCATION

Prior to commencing the trading undertaking, prospective clients must equip themselves with every vital piece of information and trading skills they need to succeed in the world of commodity and forex trading.

In case its official website provides scanty pieces of information, a trader is required to attempt other informative sites and means to tap into that knowledge.

Other than the basic glossary, user and installation guides, and the frequently asked questions for the MT4 trading platforms, there are simply no other educational resources that the broker provides.


GLOBAL AWARDS

Ever since this firm ventured into the matters of brokerage, it has bagged numerous awards that include but not limited to the following:

  • 2019 ‘most influential forex broker in Asia’
  • 2018 ‘best innovative financial service provider’
  • 2018 ‘best investment education platform provider’
  • 2018 ‘best STP/ECN broker’
  • 2018 ‘most transparent forex broker’
  • 2018 ‘best liquidity provider’


PROMOTIONS AND CONTESTS

Yet again from time to time, CharterPrime does hold some contests and promos to reward long-standing clients for their due engagements with the firm and as a show of solidarity with the clients.

Do not hesitate to tap into these contests when they arise.


SAFE OR SCAM?

Perhaps one of the best ways to gauge the safety of a broker of this kind is to find out the regulatory authorities that watch over its actions.

Well, CharterPrime is regulated across numerous jurisdictions. This guarantees a stricter level of confidence and safety of the funds of the clients as a matter of priority.

These regulatory agencies follow strict compliance standards, adhere to strict counter-terrorism financing rules, and anti-money laundering regulations to guarantee the proper handling of the client’s funds.

The funds of the clients are separately and independently stored from the other funds of the company and are not utilized for day-to-day business operations for matters like employee salaries, rent, and utilities.

Moreover, this firm regularly carries out external and internal audits to see it they meet all the prevailing legal and regulatory requirements.

Further to that, they also conduct KYC & AML reviews, assessments not to mention employing a variety of operational risk controls.

Even though CharterPrime is headquartered in Australia, it is only registered there. It derives its main licensure from the New Zealand regulatory authority.

New Zealand registration also furnishes the necessary safety obligations towards its licensure along with numerous riles, the segregation of the accounts, and the participation of the customer protection.


CONCLUSION

From the foregoing explanations, one thing stands out: that CharterPrime is not a scam.

Instead, it is a legitimate brokerage firm that has aided millions of clients the world over to derive maximum profits from their savings and investments. You would not wish to lose out on these resources, would you?

You clearly have no excuse not to tap into it. Instead, you want to make every effort to make the most of the resources and the investment options it potentially provides.

Head straight to its official website and find out how you might start out. It is also a matter of courtesy for you to share the news far and abroad.