CharterPrime Review

Overall Rating

5/5

Top 5 Forex Brokers
1.
Avatrade
2.
Exness
3.
OctaFX
4.
Tickmill

CharterPrime Review

📅 Year founded

2012

📈 Multiple top-tier regulation

Yes

📍 Headquarters

Sydney, Australia

🌍 Country of regulation

Australia / Saint Vincent and the Grenadines

✅ Regulators

ASIC / FSA (SVG)

📈 Execution Type

Market Execution

💰 Minimum Deposit

$100 USD

🛡️ Negative Balance Protection

No

📉 Trading Platforms

MetaTrader4

 ☪  Islamic account

Yes

📉 Trading Instruments

Forex / Precious Metals / Index CFDs / Spot Commodities

📱 Mobile trading

iOS / Android / Windows

💳 Payment Types Accepted

Bank Wire Transfer / Neteller / Skrill / UnionPay / Local Gateway / Bitcoin / USDT (Tether)

🎮 Demo Account

Yes

 ⓒ Copy Trading

Yes

🎁 Bonus Offer

No

💰 Account Currencies

USD / AUD / EUR

📈 Minimum Trade

0.01 Lots

📈 Account Types

STP / ECN

📈 Margin Trading

Yes

📈 Trading fees

Low

📈 Inactivity fee

Yes

💰 Withdrawal fee

Dependant on withdrawal method

☎ Customer Support

24/7

💰 Max. Leverage

500:1

✔️ Hedging Allowed

Yes

✔️ Scalping Allowed

Yes

💰 Commission

Zero on Variable Accounts / $8.00 USD on ECN Accounts

💰 Spreads

From 1.8 pips on Variable Accounts / From 0.0 pips on ECN Accounts

💰 Leverage

Flexible

💰 Currency Pairs (Total Forex pairs)

45

🔢 Number of clients

 

🥇 Instruments Offered

50 +

📙 Education FAQ

Click here ✅ Open a Trading Account

 

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 Charterprime, clients can trade a range of trading instruments such as forex, precious metals, index CFDs and spot commodities.

The broker also offers the world renowned MetaTrader4 (MT4) platform to its clients to trade on.

 

INTRODUCTION

 

Charterprime is a worldwide foreign exchange and financial brokerage firm that first opened its doors in 2012. It is headquartered in Sydney, Australia and is registered with both ASIC, in Australia and the FSP in Saint Vincent and the Grenadines.

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 currently 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 provides forex, precious metals, index CFDs and spot commodities, at costs that are exceedingly low and unmatched insofar as the execution conditions are concerned.

Charterprime also utilises the STP system that inter-links orders directly to their partners in liquidity that the broker operates in conjunction with.

 

PROS & CONS

 

PROS

  • Enjoys a sound regulatory reputation.
  • Its trading offering is based on proven software.
  • Boasts many years of experience.
  • Operable via STP execution.
  • Has the popular MT4 platform.
  • Makes use of a good range of tools.
  • Exhibits a clear and easy to navigate look.

 

CONS

  • Has a narrow offering of trading instruments.
  • Handles no cryptocurrencies.
  • Lacks a proprietary platform.

 

TRADING INSTRUMENTS

 

Charterprime provides a small, but specialised number 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 forex products.

 

Forex

This refers to the exchange of foreign currencies, measured against a base currency. The forex market sees in excess of $5 trillion USD traded every day. Charterprime provides access to over 45 currency pairs that can be traded by its clients.

 

Commodities

These are basic goods that are utilised 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 what 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 and are all available through Charterprime.

They are highly valued owing to their extensive use in the fields of coinage, jewellery and art, while gold serves as the standard by which many currencies are backed.

 

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.

 

TRADING PLATFORMS

 

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

 

Below is the MT4 platform that CharterPrime makes use, as well as some of its features:

 

MT4 Trading Platform

Apart from merely facilitating the exchange of various trading instruments, the brokerage firm also gives its users the leeway to analyse 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 to various activities that are ongoing on a trader’s account.

MT4 offers the following ways of trading:

 

Web Platform

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

MT4 provides a user-friendly interface and a host of sophisticated tools to navigate and make the necessary orders.

The web platform does not require any downloads and be accessed easily via the internet.

 

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 together with MT4, are optimised for MacOS and Windows.

 

Mobile Platform

The mobile platform is wholly intended for smartphones. The MT4 app has recently made its way back to the Apple App Store and is easily accessible from your mobile device, whether it be iOS or Android.

With the available tools, users may manage positions, place orders, leverage research tools and analyse market conditions from the comfort of your phone.

 

ACCOUNT TYPES

 

As is the case with most other brokerage firms, Charterprime also offers various account options to its clients. In this segment, we look at some of the accounts it manages and the features available.

 

Variable Account

The Variable Account provides clients a conducive trading environment that attracts zero commissions but with slightly higher spreads starting from 1.8 pips.

Leverage available on this account is available up to 500:1 and requires a minimum deposit of $100 USD. If you are a long-term investor, this could be a great option to consider using.

 

ECN Account

The ECN Account provides sharp spreads that are often tighter than those of the variable accounts. Its spread can reach the 0.0 pip threshold for certain instruments while a standard charge of $8 USD is levied on all kinds of trades as a commission fee.

The STP method used for this account type results in these tight spreads and lightning fast execution speeds.

A quick note on the 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.

 

Islamic (Swap-Free) Accounts

Catering to Muslim clients who are relied to follow Sharia law, the swap-free account is provided by Charterprime. 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 laws dictated by the Islamic faith.

It must be further noted that the prevailing regulatory regimes under whose jurisdiction the trader falls also have a role to play in what accounts and leverages may be accesses.

 

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 1: Familiarisation 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 2: Review of the applications

After you have filled in the application form, you must submit 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, whereby the account is immediately activated.

 

Step 3: 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 a driving license. All these documents are uploaded via the broker’s website.

 

Step 4: 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 in.

 

Some of these extra pieces of information are:

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

 

Step 5: Application for a corporate account (optional)

If you so wish, you may upgrade to a corporate account, further details of which can be found on the broker’s website here.

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

  • Certificate of incorporation.
  • Articles of organisation.
  • List of shareholder/s.
  • List of director/s.
  • Shareholder’s passport.
  • Shareholder’s ‘proof of residence’.
  • Bank statement of corporate entity as proof of address.

 

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

 

DEMO ACCOUNT

 

Immediately once you have filled in 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.

Additionally, demo accounts are great for practice and alos allow experienced traders to test out new strategies.

 

SOCIAL TRADING AND COPY TRADING

 

While Charterprime does not offer its own social trading or copy trading platform, it does allow for copy trading which is available via MT4 through the use of EAs.

 

COMMISSIONS & FEES

 

Charterprime’s Variable Account runs a basis of variable spread whereas its ECN Account offers raw spreads.

The variable Account has a higher spread as discussed previously, but this does mean that no commissions are charged on trades placed from this account.

While the ECN Account charges a commission of $8 USD per lot traded, it does offer raw spreads and the luxury of lightning fast execution do to its use of the STP system, making those commission charges well worth it.

The Islamic Account does not charge interest in the form of swaps, however it does levy a commission of around $40 USD per lot that is deducted each Wednesday.

Additionally, depending on the deposit method used, there are withdrawal fees applicable which can be up to $40 USD on withdrawals, but is generally charged as a commission on most withdrawal methods.

 

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 prime example of this is found in 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. For example, if you have $1 000 USD in your trading account and you engage in ticket sizes of about $500 000 USD / JPY, your leverage will equal 500:1, which is the maximum amount offered by Charterprime.

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.

In Charterprime’s case, traders must be aware that they do not offer negative balance protection, meaning your losses may exceed the amount in your account.

 

WITHDRAWALS AND DEPOSITS

 

Charterprime supports a variety of payment methods. These include acceptance of bank wire transfers, Union Pay, Neteller, Skrill and various cryptocurrency deposits.

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

It must be noted that various fees for withdrawals are applicable, which can be viewed in table form on the broker’s website.

 

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 Charterprime 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.

The customer support is available in various different languages and is available 24/7.

 

SAFETY AND SECURITY

 

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

The broker has a reputation for being trustworthy and has, to our knowledge, never been involved in any scandals. The broker is well regulated by the respected ASIC in Australia and the FSA in Saint Vincent and the Grenadines.

They further offer segregated client funds, meaning your deposit stays separate from their meony used in operations of the broker.

 

PROMOTIONS

 

Currently, there are no promotions or programs available on the broker’s website, but they have offered promotions in various forms in the past. It would be wise for traders to regularly check Charterprime’s website in the event that they do offer promotions again in future.

 

RESEARCH

 

Charterprime unfortunately does not offer a wide range of research tools to its clients, an area they can certainly improve on.

They do however, offer an economic calendar, economic news and limited market insights while many more research tools are available on the MT4 platform.

 

EDUCATION

 

The education offering from Charterprime is also lacking slightly with only a FAQ section and the above research options available to traders.

You can use the demo account to train and also gain access to the resources available on the MT4 platform.

 

GLOBAL AWARDS

 

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

  • Best Broker in Philippines (2020) – Traders Coice.
  • Most Influential Forex Broker in Asia (2019) – WiKi Finance Expo.
  • Best Innovative Financial Service Provider (2018) – International FinanceWord Forums.
  • Best Investment Education Platform Provider (2018) – International FinanceWord Forums.
  • Best STP / ECN Broker (2018) – Forex Expo.
  • Most Transparent Forex Broker (2018) – Forex Expo.
  • Best Liquidity Provider (2018) – Forex Expo.

 

SAFE OR SCAM?

 

Perhaps one of the best ways to gauge the safety of a broker of this kind is to find out about 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 utilised 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 and AML reviews, assessments not to mention employing a variety of operational risk controls.

Even though Charterprime is headquartered in Australia, it is also registered in Saint Vincent and the Grenadines.

 

CONCLUSION

 

From the above review on Charterprime, it is clear that they are a trusted and well regulated broker.

They have been in operation for over a decade, receiving great reviews from their clients and have been recognised through multiple international awards in that time.

Charterprime has an exceptional customer support offering and although they offer a small range of trading instruments, any traders specialising in forex, will not be disappointed by this broker.

Due to the lack of educational material, the team at Brokersuggest.com suggests that this broker is more geared toward traders with at least some experience in the industry, and for those traders, Charterprime represents a very attractive option as a broker.

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