CharterPrime Review 2024
Website: www.charterprime.com
Min. Deposit: US$ 100
Leverage: 1:500
Trading Platforms: MT4
Regulation: FSP
Headquarters: Australia
Founded: 2012
Regulatory Licenses:
- Charterprime Limited - authorized by FSP (New Zealand) registration FSPR 348606 - operates via SVG entity
- Charterprime Limited - registered SVGFSA (SVG) registration number 22717 IBC 2015
Updated on March 11, 2024
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Our Review Method ▲ At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
CharterPrime is a globally recognized financial and Forex broker established in 2012, committed to offering personalized trading solutions and fostering a reliable trading environment. This approach is essential for traders of all levels, leading CharterPrime to take regulatory compliance seriously. It is regulated by New Zealand's financial authority and is a registered financial provider in Australia, where its headquarters are located. The broker has expanded its presence globally, continuously enhancing its market offerings. This is evidenced by the consistency and quality of the services provided, contributing to its competitive value proposition.
Considering the industry awards a broker has received is an essential factor since it reflects the quality of service and offerings. Over the years, CharterPrime has earned multiple industry accolades, recognizing its exceptional service quality and competitive trading conditions. These awards significantly enhance the broker's reputation, indicating a reliable and esteemed service provider in the Forex industry.
Is CharterPrime safe or a scam? ▲
CharterPrime's legitimacy is highlighted by its regulatory compliance across several jurisdictions, with a primary license from the New Zealand FSP. Additionally, CharterPrime's Australian operations are registered with the necessary governing bodies to legally conduct brokerage services in Australia. However, full regulatory oversight by the Australian Securities and Investments Commission (ASIC), a globally recognized authority in the Forex and trading industry, is also crucial.
Pros
Regulated by New Zealand's financial authority
Holds necessary registration in Australia
Cons
Lacks full ASIC regulation in Australia
How traders protected?
New Zealand's registration ensures CharterPrime adheres to stringent safety obligations, including thorough checks before authorization and continuous oversight. These regulations guarantee a level of financial security for traders, including account segregation and customer protection schemes. Ultimately, these safety measures and regulatory compliance are paramount when selecting a Forex broker, ensuring traders' funds are protected.
Leverage significantly enhances Forex trading by allowing traders to gain greater market exposure, potentially leading to larger gains. However, it's essential to use leverage wisely due to the associated high risks. Despite regulatory constraints in some jurisdictions, CharterPrime offers high leverage options:
Up to 1:500 for Forex instruments and major currency pairs for retail traders
This provision is particularly advantageous for traders' strategies, especially in regions where regulatory bodies have imposed stricter leverage limits. CharterPrime's leverage options present a valuable opportunity for traders seeking to maximize their market potential.
CharterPrime stands out by promising flexibility in trading strategies and catering to various traders through its diverse account offerings. Specifically, CharterPrime delineates three primary account types designed to meet individual trading preferences and needs. These include a Variable account, characterized by a fluctuating spread; an ECN Account, which offers raw spreads coupled with a commission charge of $8 per lot; and a swap-free account. Additionally, for fund managers, CharterPrime facilitates the management of multiple trading accounts through the provision of PAMM or MAM accounts, which utilize a percentage allocation methodology or block trades executions, respectively.
Opening an account with CharterPrime involves a straightforward process. Prospective clients are directed to the sign-in page, where they are guided through the following steps:
Register the account by providing personal information, including email, phone number, and full name.
Confirm the account through a verification link sent via email, complete with a username and password.
Upload proof of identity and address to meet regulatory requirements.
Following account verification, traders can proceed with their initial deposit and commence trading.
CharterPrime's fee structure is influenced by the account type, with options for both STP and ECN execution. The Variable account relies solely on spread charges, whereas the ECN account operates with raw spreads and incorporates an $8 commission per lot. It's noteworthy that the Swap-free account maintains a variable spread and imposes a $40 commission per lot, specifically on Wednesdays.
Comparing CharterPrime's fees with those of other brokers, such as BDSwiss, provides insight into the competitive nature of its pricing.
Interest rates, or overnight fees, also play a crucial role in cost considerations. These are charges applied for holding positions open overnight and are instrument-specific. However, these fees are not applicable to traders using swap-free accounts.
CharterPrime's trading environment is rich with opportunities, offering access to a wide array of CFDs, Forex instruments, currency pairs, commodities, precious metals, and index CFDs. All these are available with low-cost fees and exceptional execution conditions. Furthermore, CharterPrime employs the STP system, ensuring direct order connections with liquidity partners.
CharterPrime supports a versatile range of payment methods for both account funding and withdrawals, ensuring that traders can find a convenient solution. Accepted deposit options include Visa/MasterCard, Skrill, Neteller, Local Gateway, Bank Wire Transfers, UnionPay, and cryptocurrency payments through Bitcoin or Tether.
The minimum deposit requirement for a Standard account is $100, which is notably lower than the $500 minimum imposed by most other brokers.
Withdrawals can be made via Bank Transfer and Credit Cards, with CharterPrime not imposing fees for the majority of payment methods. However, certain methods, such as Tether block-chain wallets, may incur a 5% commission for both deposits and withdrawals.
Withdrawal processes at CharterPrime are designed to be seamless, typically taking 1-2 business days. However, traders should allow additional time for their payment provider to process the transaction.
Our comprehensive review of CharterPrime delves into the software platforms that clients will utilize to place trades and conduct market analysis. CharterPrime is known for offering the powerful and industry-recognized MetaTrader4 (MT4), which has demonstrated its excellence and versatile functionality through years of service and countless transactions. The MT4 platform is celebrated worldwide among investors for its user-friendly interface combined with the availability of sophisticated tools, making it a balanced choice for both novice and experienced traders.
Web Platform
The MT4 web platform is particularly appreciated for its balanced approach, offering an interface that is easy to navigate for beginners, yet packed with advanced tools for seasoned traders.
Desktop platform
MetaTrader4 shines in its strong analysis functions, with versions available for PC, MAC, and mobile devices. Its robust technical performance supports automated strategies through the use of Expert Advisors (EAs) or robots, providing a comprehensive solution for trading. CharterPrime imposes no restrictions on the use of EAs, allowing traders to choose pre-programmed options from the marketplace or, for the more technically adept, to create their own code using the myriad of available features.
Mobile Platform
CharterPrime also offers a mobile application that excels in customization and charting options. It meets all the basic trading needs, enabling users to analyze markets, utilize research tools, place orders, manage positions, and access account management features directly from their phones.
CharterPrime's commitment to customer service is evident in their Customer Support Charter, which emphasizes the provision of high-quality, relevant responses to trader inquiries. This approach reflects their dedication to maintaining a supportive and responsive customer service environment.
Traders have multiple channels to reach CharterPrime's customer support team during working hours. These include:
Live Chat: This option offers real-time assistance, allowing traders to get immediate answers to their queries. It's particularly useful for urgent issues or quick questions that require prompt attention.
Email: For more detailed inquiries or when traders need to provide or receive comprehensive information, email support is available. This method is suitable for less urgent queries that may require thorough explanations or documentation.
Contact Form: Traders can also use the contact form available on the Charter Prime website. This is another convenient way to reach out to the support team, especially for those who prefer not to use live chat or email.
Our evaluation of CharterPrime's customer support services reveals a high level of satisfaction with the quality of assistance provided. The availability of multiple contact methods ensures that traders have easy access to support, catering to different preferences and needs. This accessibility, combined with the quality of the responses received, indicates that CharterPrime places a strong emphasis on ensuring a positive and supportive experience for their clients. Such a robust customer support system is an integral part of a trader's overall experience with a broker, and CharterPrime seems to excel in this aspect, making it a commendable choice for traders who value efficient and effective customer service.
Our exploration into CharterPrime's educational offerings reveals that the broker tends to provide supportive materials rather than comprehensive Forex education. For beginners seeking to build a foundation in Forex trading, it might be necessary to look elsewhere for in-depth courses, videos, and webinars that are crucial for starting off on the right foot.
Concluding our review of CharterPrime, we highlight the broker's adherence to strict regulatory standards, overseen by the New Zealand authority, and its competitive trading conditions. CharterPrime's simple yet powerful offerings align with key factors for potential trading success, including state-of-the-art execution technology, industry-proven software, and a selection of account types featuring some of the industry's lowest spreads.
CharterPrime Updates
It is important to note that CharterPrime has expanded its operations through an offshore entity in St. Vincent and the Grenadines - Charterprime Limited, registered with the SVGFSA under registration number 22717 IBC 2015. While the New Zealand license remains active, the SVG entity does not fall under FSP regulations. We advise conducting thorough research before engaging with CharterPrime, particularly with its offshore entity, to ensure informed decision-making regarding your trading journey.
