CharterPrime review and tutorials

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Detailed CharterPrime Review 2020: Forex, CFD'S and Crypto Regulated Broker

What we really like at CharterPrime is the simple and powerful product that is aligned with the important point of potential trading success. These include efficient execution technology, industry-proven tools and an option between account types with some of the lowest spreads in the industry.

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CharterPrime trading information

Bonus
No
Instruments
CFDs, Forex, Commodities, Precious Metals, Index CFDs
Demo Account
Yes
Min. Deposit
$100
Min. Trade
0,01 lots
Regulated By
FSP
MT4 Integration
Yes
Mobile Apps
Yes
Auto Trading
Yes
Trade Signals
Yes
Islamic Account
No
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Forex

GBPUSD Spread
N/A
EURUSD Spread
N/A
EURGBP Spread
N/A
Assets
N/A

CFD

FTSE Spread
N/A
GBPUSD Spread
N/A
Oil Spread
N/A
Stocks Spread
N/A

Cryptocurrency

Spread
N/A
Coins
N/A

Official CharterPrime Registration

What is CharterPrime?

CharterProme is a global financial and Forex broker founded back in 2012 with a strong philosophy of providing customized trading conditions and building a trusted trading climate. Yes, these efforts are of interest to every form of investor, so CharterPrime took it seriously and is a licensed broker registered as a financial company by the New Zealand authority and in Australia as its headquarters are there.

The broker maintains global offices and continually strengthens its already strong position in the business segment, which is also shown by the quality of the service they provide as well as by its value-added offering.

ProsCons
Founded in New ZealandNo 24/7 support
Global industry awardsPoor education
Tight Low Spreads
Standard and ECN trading
Regulated by FSP
10 Points Summary
HeadquartersNew Zealand
Regulation and LicenseFSP
PlatformsMT4
InstrumentsCFDs, Forex instruments, Currency Pairs, Commodities, Precious Metals, Index CFDs
CostsSpread only or ECN account with commission per lot
Demo AccountAvailable
Minimum deposit100$
Base currenciesUSD, AUD, NZD
EducationLimited
Customer Support24/5

Awards

Industry awards are something good to keep in mind, as the broker is carefully reviewed for its service and the proposal it includes. As a result, in the course of the year of its operation, CharterPrime received a variety of industry awards, acknowledging its outstanding service and offering terms, which are also a plus for the credibility of the broker.

Is CharterPrime safe or is it a scam?

As far as the legal status is concerned, CharterPrime addresses its enforcement through a range of jurisdictions, while the main license is obtained from the New Zealand FSP.

Nevertheless, the CharterPrime office is also located in Australia and holds only the registration of the governing body required for the legal functioning of a brokerage in Australia. Eventually, all Australian brokers should be supervised by the Australian Securities and Investments Commission (‘ASIC’) as a recognised global authority that regulates Forex and the trading industry.

ProsCons
Licensed and Regulated by FSPNot listed in Stock Exchange
Segregated fundsNo Negative Balance Protection
Registered by ASIC

How are traders protected?

New Zealand registration also places the necessary safety requirements on its licensors, so that there are numerous rules in place on how the broker operates. First of all, regulation means that the broker has been carefully checked before authorization, that the company applies safety measures as well as being carefully tested at every move it takes.

There is therefore a certain degree of money security guarantees for you, the division of accounts and involvement in the defense of the consumer. That, in all, is the most crucial factor to test when selecting a broker with all the safety measures and legal status.

Leverage

Of course, one of the key features of Forex trading is that it is possible to manipulate your investments, which ensures that you gain greater exposure to the market with the possibility of making larger gains. However, you should always learn how to use leverage smartly, as well as increase high risk potential success.

Obviously, CharterPrime as an Australian and New Zealand broker, together with its commitments to local regulation, also allows high leverage.

Levels of up to 1:500 for Forex instruments and major currency pairs open to retail traders

Recently, however, major and valued authorities around the world have limited the use of leverage to much lower levels due to high risk, so it is yet another great opportunity from CharterPrime to support your strategy.

Accounts

As CharterPrime offers, in its trading opportunity, versatility for strategies and traders, the broker defines three types of accounts that may fit specific needs.

ProsCons
Standard and ECN AccountsNone
Demo Account
Swap-Free Account
MAM

As a consequence, there is a variable spread account, an ECN raw spreads account and a commission fee of $8 per lot and a swap-free account.

Fund managers can also manage multiple trading accounts with the bid specified by CharterPrime using the percentage allocation methodology known as PAMM accounts or MAM accounts with block trade executions.

How to open your account?

To open an account at CharterPrime, you will follow the steps below to sign-in and process the instructed steps.

  1. Create your personal information account with your email address , phone number, full name
  2. Confirm your account using an email link with your username and password
  3. Proceed with proof of identity and upload of emails. On the basis of regulatory requirements.
  4. Once the account has been checked, you can make the first deposit and start trading.

Fees

Because CharterPrime provides STP and ECN execution accounts, the variable spread featured will also be defined by the type of account used.

ProsCons
Options between standard fees based on spread and ECN account with a commissionForex fees on standard account a bit high
ECN trading
Low Commodity fees

Fees for Forex

You can see below some of the spread examples while understanding that the Variable account is based only on spread fees and that the ECN account can deal with raw spreads and add up to 8$ commission per lot.

Notice also that the Swap-free account determines the variable spread and also charges a fee of $40 per lot paid every Wednesday.

It’s also good to compare CharterPrime broker fees to another common Blueberry Markets broker for a clearer understanding of the terms and conditions.

Comparison of rates for CharterPrime and similar brokers

Asset/ PairCharterPrime FeesFXTM FeesAvaTrade Fees
EUR USD2 pip1.5 pip1.3 pip
Crude Oil WTI293
Gold3.4940
Inactivity feeYesYesYes
Deposit feeNoNoNo
Fee rankingLowHighAverage

Interest Rates

Always regard the overnight fee as the expense often referred to as the Rollover rate, the interest for holding positions open overnight and calculated by each instrument, as can also be seen in the example above. Of course, unless you trade through a swap-free account as specified in the specification.

Trade Instruments

CharterPrime offers a wide range of trading opportunities by trading of CFDs, Forex instruments, Currency Pairs, Commodities, Precious Metals, Index CFDs, all provided with low cost fees and unprecedented execution conditions. CharterPrime also uses a STP system that connects direct orders to the liquidity partners with which the broker cooperates.

Which payment methods does CharterPrime use?

ProsCons
No Minimum depositNone
Good selection of deposit options
Free of charge deposit and withdrawals

Tools for Deposit

The number of payment methods used to finance trading accounts is truly diverse, so you’ll certainly find an appropriate solution for money transfers.

  • Visa, MasterCard,
  • Skrill, Neteller,
  • Local Gateway,
  • Transfers vis bank wire
  • UnionPay
  • Payment by Bitcoin or Tether

Minimum Deposit at CharterPrime

The minimum deposit amount is only $100 if you apply for a regular spread-based account only.

Withdrawals

Charges may always vary depending on the bank or payment system you use, so you should always contact the company about the charges in detail. Nevertheless, CharterPrime does not charge fees for deposits or withdrawals on its part, for the majority of payment methods which is definitely a plus for easier processing of payments.

There are, however, some approaches that will add to some percentage fee due to international regulations, just as Tether block-chain wallets would add 5% for both deposits and withdrawals.

How long will it take to withdraw money from CharterPrimes?

The broker notes that withdrawals are smooth and will take 1-2 business days.

Platforms for Trading

The next step in our CharterPrime Analysis is the tools that you will use to execute orders and evaluate markets. CharterPrime offers a powerful and industry-recognized MetaTrader4 that has proved its quality and robust versatility over the years and thousands of executions performed daily.

ProsCons
Customer friendly designNo proprietary platform
Popular MT4 platform
Good range of tools
Clear look

Web Platform

The majority of investors in the world enjoy MT4 because of its balanced conditions, providing both a user-friendly interface and the availability of sophisticated tools.

Desktop Platform

MetaTrader4 is particularly known for its powerful analysis features, which are also available in various versions suitable for PCs, MACs and mobile devices. Together with its high-performance technical capabilities, you can also successfully deploy automated strategies with the aid of well-known EAs or robots that offer a great trading solution.

There is no limitation on the use of EAs at CharterPrime, while you may select already programmed EAs from the marketplace and polish them to perfection, or in case you are a professional to write down your personal code with various features available.

Mobile Platforms

Yeah, there’s a mobile app that’s also fantastic with customization features and charting to choose from. There are all basic trading needs that are available over the phone so that you can evaluate stocks, use research tools, place orders, manage positions and have access to your account management.

Customer Support Services

Customer Support CharterPrime shall establish a service of good quality with a view of providing traders with relative answers and quality answers. You can contact the team within working hours via Live Chat, email or contact form, so we’re pretty satisfied with the overall Customer Support.

ProsCons
International languages supportedNo 24/7 service
Live Chat and emails

Training and Education

As far as education is concerned, as we pointed out in the CharterPrime study, the broker will, at the end of the day, provide more supporting materials than the Forex education supporter. So if you’re a really novice, you’d better look for additional training courses, videos and webinars that are very important to get started.

At CharterPrime, you’ll find basic research resources included and integrated into the platform, and that’s all you can count on. Nevertheless, the Economic Calendar, Market Insights and News are given so that there is sufficient ongoing trading information available.

ProsCons
Economic CalendarNo Education courses, Videos, Webinars
Market Insights
Market News
Research tools available at platform

Final Word

We can see from the broker that the mainstays are strong regulatory requirements established by the New Zealand authority, as well as very favorable trading conditions.

What we really like at CharterPrime is a simple and powerful product that is aligned with the important point of potential trading success. This includes efficient execution technology, industry-proven tools and an option between account types with some of the lowest spreads in the industry.

So all in all, CharterPrime is worth considering whether you are starting as a trader, a consultant or a fund manager looking for a professional partner.

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