Charterprime ReviewCategory: Reviews | Author: Trading Brokers | Date: December 30, 2023
Charterprime, a forex broker operating as a globally regulated STP and ECN entity, has been a participant in the trading industry since 2012. Originating from Sydney, Australia, Charterprime places its primary focus on forex pairs, precious metals, CFDs, and spot commodities. In this review, we will methodically examine the key offerings and services provided by Charterprime, aiming for an objective assessment. Our analysis will cover crucial aspects such as regulation, trading platforms, the array of account types available, markets covered, and more. Without embellishment, we will also provide insights into both the advantages and potential pitfalls associated with forming a partnership with this broker. Let’s embark on an exploration to uncover the intricacies of Charterprime’s offerings.
Pros & Cons
- Regulated by multiple financial authorities, including Australia's ASIC and New Zealand's FSP
- Offers multiple account types including ECN, variable spreads, swap-free Islamic accounts
- Low minimum deposits to open accounts
- Utilizes STP execution model for transparent pricing
- Strong focus on forex trading
- The company does not provide a proprietary trading platform, which might be a drawback for some traders
- High withdrawal commissions have been mentioned by some users
- High withdrawal fees and commissions
- Charts and pricing said to differ significantly from other brokers
Charterprime is a global financial and foreign exchange brokerage group that has been in operation since 2012. The company is headquartered in Sydney, Australia, and operates on a Straight-Through-Processing (STP) model. This model allows Charterprime to provide transparent and ethical pricing to its clients, avoiding any conflicts of interest and ultimately providing a better trading experience. Charterprime offers a diverse range of trading instruments, including Forex, precious metals, indices, and potentially cryptocurrencies. The company provides its clients with secure, reliable, and competitive services and solutions in the areas of foreign exchange and index futures trading. In terms of trading platforms, Charterprime offers the popular MetaTrader 4 platform, which is known for its user-friendly interface, advanced charting capabilities, and a wide range of trading tools.
The company also offers a variety of account types to cater to different trading needs and styles. Charterprime supports several funding methods for fund transfers, including local gateway, wire transfers, major credit cards, e-payment systems, and Bitcoin. The company also ensures the security of client funds by separating them into segregated bank accounts. Overall, Charterprime aims to provide a secure, reliable and competitive trading environment across a range of markets. With regulation, awards, educational resources and multiple account types, they offer an accessible solution for traders.
Charterprime is regulated across several jurisdictions. This means that they are under strict supervision, ensuring the safety of client funds. Charterprime is regulated by the Australian Securities and Investments Commission (ASIC) with an Australian Financial Services Licence (AFSL #421210), and in New Zealand by the Financial Service Providers Register (FSP, registration number 348606). This means that they have met the necessary standards and requirements set by the FSP, which is a good sign for traders.
In addition to this, Charterprime Limited is also registered with the St. Vincent and the Grenadines Financial Services Authority (SVGFSA), registration number 22717 IBC 2015. This adds another layer of security and trust for traders, as the SVGFSA is known for its strict regulatory standards. If you’re not sure about Charterprime, don’t worry. There are plenty of other regulated brokers out there. Please see a list of regulated brokers for some alternative options.
Platforms & Tools
Charterprime offers the MetaTrader 4 (MT4) trading platform, which is widely regarded for its powerful trading tools and versatile functionality. MT4 is a favorite among traders for its advanced charting capabilities, a wide range of technical analysis indicators, and visualized market analysis tools. The platform is designed to be user-friendly, making it accessible for both novice and experienced traders. Charterprime’s MT4 platform is available for desktop and mobile devices, ensuring that traders can monitor the markets and execute trades from anywhere at any time. One of the standout features of Charterprime’s MT4 is its support for automated trading solutions. This allows traders to use expert advisors (EAs), which can automate trading strategies and take the emotion out of trading decisions.
Additionally, Charterprime offers a variety of tools to enhance the trading experience. Here’s a closer look at each of them:
- Trend Signals: This tool helps traders identify the direction of market trends. It can be a valuable tool for making informed trading decisions, as it allows traders to follow the market trends and potentially profit from them.
- Institutional Order Blocks: This tool provides information about large orders placed by institutional traders. This can give traders insights into the market’s potential direction, as these large orders can significantly impact the market.
- Pattern Detection: This tool helps traders identify common trading patterns in the market. Recognizing these patterns can help traders predict future price movements and make more informed trading decisions.
- Virtual Private Server (VPS): Charterprime offers a VPS service, which allows traders to run their automated trading strategies 24/7 without needing to keep their own computer running all the time.
Charterprime offers a variety of educational resources to help traders stay informed and make better trading decisions. Here’s a closer look at each of them:
- Economic News: This section provides traders with the latest news and updates about the economy, which can be crucial for making informed trading decisions. It’s a great resource for staying up-to-date with the latest economic trends and developments.
- Economic Calendar: This tool provides traders with a schedule of important economic events that are likely to impact the financial markets. It’s a valuable resource for planning your trading strategy around key economic events.
- Market Analysis: This section provides in-depth analysis of the financial markets, helping traders understand market trends and make informed trading decisions. It includes detailed reports on various financial instruments and market conditions.
- Market Insight: This section offers insights into the financial markets, providing traders with a deeper understanding of market dynamics. It includes expert opinions, market forecasts, and other valuable information that can help traders make better trading decisions.
- FAQ: This section provides answers to commonly asked questions about trading, the platform, and the services offered by Charterprime. It’s a great resource for getting quick answers to your questions.
Clients can engage in trading forex pairs, which involve major, minor, and exotic currencies, allowing for a diverse range of trading strategies and opportunities. Additionally, Charterprime provides access to precious metals trading, which typically includes gold and silver, often seen as safe-haven assets or hedges against inflation. Traders can also speculate on the price movements of various indices through Contracts for Difference (CFDs), which track the performance of stock market indices from around the world. Lastly, spot commodities trading is available, enabling clients to trade on the price fluctuations of physical goods such as oil or agricultural products
Charterprime offers a variety of account types to cater to the diverse needs of traders. Here’s a look at each of them:
- Variable Account: The Variable Account is designed for traders who prefer a commission-free trading structure. With this account, there are no commissions charged, and a fluctuating market spread is offered to clients. The minimum deposit for this account is $100, and the leverage can go up to 1:500. The margin call level is set at 100%, and the stop-out level is 50%.
- ECN Account: The ECN Account is designed for traders who prefer tight spreads and don’t mind paying a commission for their trades. The spread can reach as low as 0.0 for some instruments, but the account is charged $8 commission per standard lot for all trades. The minimum deposit for this account is $100, and the leverage can go up to 1:500. The margin call level is set at 100%, and the stop-out level is 50%.
- Swap-Free Account: Also known as an Islamic account, the Swap-Free Account is designed for traders who cannot earn or pay interest due to their religious beliefs. This account type complies with the principles of Islamic law, which prohibits the collection or payment of interest. The minimum deposit, leverage, margin call level, and stop-out level for this account are the same as the Variable and ECN accounts.
- Demo Account: Charterprime also offers a Demo Account. This account type allows traders to practice trading with virtual money before risking real capital. It’s a great way for beginners to familiarize themselves with the trading platform and test their trading strategies.
Charterprime offers a variety of funding methods to cater to the diverse needs of its clients. Here’s a look at each of them:
- Local Gateway: This method allows for faster and easier funding with local banks, and withdrawals at a lower cost. The currencies currently supported include Thailand, among others. This means that if you’re in Thailand, you can easily fund your account using your local bank, making the process quick and hassle-free.
- Wire Transfers: Charterprime supports wire transfers, which is a method of electronic funds transfer from one person or entity to another. This is a reliable and secure method of funding, but it may take a few days for the funds to appear in your trading account.
- Major Credit Cards: Charterprime also accepts major credit cards as a funding method. This is a convenient and fast way to fund your account, as the funds are usually available instantly.
- E-Payment Systems: Charterprime supports several e-payment systems. These are online services that allow you to pay for goods and services, and also to receive and transfer money. The specific e-payment systems supported by Charterprime are not specified in the search results.
- Bitcoin: Charterprime also accepts Bitcoin as a funding method. Bitcoin is a decentralized cryptocurrency that allows for fast and secure transactions. This can be a convenient funding method, especially for those who already own Bitcoin.
In conclusion, Charterprime is a global financial and foreign exchange brokerage group, has been providing its clients with secure, reliable, and competitive services since 2012. With a diverse range of trading instruments, a variety of account types, multiple funding methods, and a secure trading environment, Charterprime has something to offer for both beginners and experienced traders. However, it’s worth noting that while Charterprime offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading brokers reviews. In the end, the choice of a broker should align with your specific trading needs and strategies. Happy trading!