For those delving into the world of forex trading, CharterPrime, an internationally acclaimed brokerage, has been a prominent name since its inception in 2012. Nestled in the vibrant financial hub of Sydney, Australia, this brokerage places a strong emphasis on transparency and ethical pricing through its innovative straight-through-processing system. This 2023 review serves as your compass, unveiling the essentials that will aid you in deciding whether CharterPrime aligns with your trading aspirations. It dives into the broker's asset offerings, fee structures, and a detailed guide on navigating its trading platform.
- CharterPrime facilitates trading across popular markets through the reliable MT4 and MT5 platforms.
- The brokerage is meticulously regulated by the ASIC and employs segregated accounts, ensuring the safety of your investments.
- CharterPrime has garnered numerous accolades for its exemplary liquidity services.
- It's important to note that CharterPrime's array of investment options is somewhat narrower compared to its competitors, as it does not offer cryptocurrencies.
Company Details & Overview
CharterPrime embarked on its journey of offering trading services in 2012, establishing itself as an International Business Company under the St. Vincent and the Grenadines Financial Services Authority (SVGFSA). This illustrious brokerage is also subject to regulation by the esteemed Australian Securities & Investments Commission (ASIC).
With a global presence that includes offices in Sydney, Australia, St. Vincent and the Grenadines, and Hong Kong, CharterPrime warmly welcomes clients from around the world. Their customer support is at your disposal every day, operating within the GMT+0 time zone from 01:00 to 16:00.
The online broker provides access to more than 40 forex pairs, 3 precious metals, 15 index CFDs, and 2 spot commodities, offering a diverse selection for traders to explore.
CharterPrime brings forth two of the industry's leading retail trading platforms – MetaTrader 4 and MetaTrader 5.
- MT4 is renowned as the world's most widely used trading platform, crafted with forex traders in mind.
- MT5, on the other hand, was designed to cater to all types of trading, including non-forex CFDs. It boasts features like improved back-testing of programmed indicators and a Depth of Market (DOM) functionality, providing a glimpse into the market liquidity of various assets.
Both platforms offer a robust selection of built-in indicators and an unlimited number of charts. However, MT4 provides 24 analytical objects, while MT5 offers a broader range of 44.
CharterPrime goes a step further by introducing a multi-account management plug-in, enabling PAMM/MAM technology for traders overseeing multiple profiles.
Here's a step-by-step guide on how to place a trade with CharterPrime:
- Launch the MT4 or MT5 trading platform on your computer or mobile device.
- Navigate to the menu and select 'New Order' or enable one-click trading.
- Choose the asset you wish to trade, such as EUR/USD.
- Complete the required information when prompted, including the order type, any stop-loss or take-profit orders, position size, and any additional comments.
- Proceed to place your order.
Assets & Markets
While CharterPrime offers a range of trading instruments, it's important to note that the selection is relatively narrow compared to some of its competitors. The broker does not include cryptocurrencies or stocks in its offerings. The available assets include:
- 45 forex pairs, encompassing popular options like EUR/USD, GBP/JPY, GBP/USD, and exotic pairs such as USD/HKD and SGD/JPY.
- 15 CFD indexes, featuring US Wall Street 30, Australian 100, and UK 100.
- 2 commodities, including UK Brent crude oil and US Light Sweet crude oil.
- 3 precious metals – platinum, silver, and gold.
Fees & Spreads
CharterPrime presents itself as an option with competitive spreads, particularly for its standard ECN account, where spreads can go as low as 0.0 pips. However, it's worth noting that the minimum spread on a variable account starts at 1.5 pips for EUR/GBP, 2.4 pips for XAU/USD, 2.7 pips for GBP/JPY, and 1.8 pips for AUD/USD. These spreads are not the most competitive when compared to other brokers.
Commissions are absent for variable accounts but are priced at $8 per lot for ECN accounts. Swap-free accounts incur a commission of $40 per lot every Wednesday.
The minimum deposit for all account types is set at $100, and the minimum trade size for all accounts is 0.01 lots. CharterPrime also offers a hassle-free experience when it comes to hedging, as clients are not required to pay a margin fee for this practice.
Unfortunately, the broker does charge relatively high payment fees, which will be further detailed below.
The maximum leverage at CharterPrime Australia is capped at 1:100 and is made available exclusively to wholesale traders. However, the specific leverage can vary depending on the asset being traded, with forex generally enjoying higher maximum leverage compared to indexes. These details are contingent on regulatory policies.
CharterPrime's international brokerage branch provides more flexible leverage options, with leverage ratios ranging from 1:50 to 1:500. This range allows traders to select a leverage level that aligns with their risk tolerance and trading strategy.
CharterPrime Mobile App
For those who prefer to trade on the go, CharterPrime offers mobile compatibility with both MT4 and MT5. This feature enables traders to manage their positions and execute trades while on the move. You can access all the features available on the desktop version, including indicators and charts. However, it's important to note that the smaller screen size on mobile devices may limit the number of charts you can effectively view simultaneously.
CharterPrime further simplifies the process by providing a QR code on its website, facilitating the seamless download of the MetaTrader app.
Diverse CharterPrime Accounts
CharterPrime Australia offers a range of account types to cater to different trading preferences, including individual margin FX and CFD accounts. The available leverage options for these accounts include 1:10, 1:25, 1:50, and a maximum of 1:100. Traders are also required to select the native currency for their account, with USD, AUD, EUR, SEK, and GBP as viable choices.
It's worth noting that this review predominantly focuses on CharterPrime's original Australian offering. However, we'll also touch on CharterPrime's Hong Kong-based branch, which provides distinct account options. In this case, users can choose from leverage ratios of 1:50, 1:100, 1:200, 1:300, and 1:400 during the sign-up process. Additionally, they can select between an account with a variable spread, an ECN account with a lower spread and an $8 commission per lot, or a swap-free account with a higher spread.
Creating a Live CharterPrime Account
Follow these steps to create your live CharterPrime account:
- Initiate the process by clicking the "Visit" button located at the top or bottom of the CharterPrime website.
- Select "Open Live Account" to commence the registration process.
- Provide your personal details as prompted.
- Disclose your country of tax residence and tax ID number, if applicable.
- Choose your preferred maximum leverage level.
- Complete a questionnaire to demonstrate your trading knowledge and experience.
- Establish a secure password.
- Review the trading platform agreement, risk disclosure statement, and other pertinent documents sent to your email address.
- Grant consent for a credit reporting agency check on your personal details.
- Confirm your application submission by entering the PIN sent to your email address.
In addition to live trading accounts, CharterPrime offers a demo account, a valuable resource for traders looking to hone their skills and test strategies. To access this account, you may need to download and run a setup file compatible only with Windows. Registration for a CharterPrime demo account may involve Know Your Customer (KYC) verification, including the uploading of identification and proof. Please be prepared for a waiting period of up to one working day for account activation.
CharterPrime provides a variety of payment methods to accommodate your preferences. In fact, there are seven distinct ways to make deposits or withdrawals from your live account. These options include Bitcoin, Tether, Wire Transfer, Union Pay, Skrill, Neteller, and Local Gateway.
For the majority of these methods, deposits are processed within one day, with the exception of wire transfers, which may take 3 to 5 days. Withdrawals for wire transfers and Union Pay follow the same 3-5 day processing time, while all other payment methods are processed within up to 3 days. The minimum withdrawal amount for all payment methods is set at $100.
Generally, CharterPrime does not impose deposit fees. However, if you plan to use Wire Transfer as your payment method, it's advisable to consult with your bank regarding any associated fees.
As for withdrawals, Bitcoin, Union Pay, and Local Gateway offer free transactions. On the flip side, Neteller imposes a 2% fee per transaction, capped at $30, while Skrill charges 1% per transaction. Wire Transfer comes with a $40 fee, and payments via Tether are subject to a 0.5% fee or a minimum of $5.
Deposit: A Step-by-Step Guide
Here's how to make a deposit with CharterPrime:
- Log in to the CharterPrime client portal.
- Navigate to the 'Funding' section.
- Choose your preferred payment method and input your desired deposit amount (with a minimum of $100).
- Confirm the deposit and respond to any security code prompts as needed.
It's important to highlight that CharterPrime does not currently offer any bonuses or promotional incentives. While this may be perceived as a drawback compared to some alternative brokers, it's worth noting that such a policy is fairly standard among regulated broker-dealers.
Regulations & Licensing
CharterPrime Pty Ltd operates under the regulations of the Australian Securities and Investments Commission ASIC (AFSL #421210) and the St. Vincent and the Grenadines Financial Services Authority (SVGFSA) with registration number 22717 IBC 2015.
ASIC, known for its stringent regulatory measures, enforces policies that include the segregation of company and client funds, anti-money laundering procedures, and negative account protection for retail traders. The oversight of ASIC provides clients with a sense of security, affirming the broker's legitimacy and trustworthiness.
Virtual Private Server (VPS)
CharterPrime's international entity introduces an array of server options that cater to the needs of high-frequency, professional, and semi-professional traders who demand rapid response times from their trading software. Qualified traders have the opportunity to apply for access to the CharterPrime VPS, a virtual server that operates 24/7, ensuring uninterrupted and secure trading. The VPS is available in three variations:
- Ordinary Server: Priced at $50 per month, this server necessitates a minimum deposit of $100,000 and a minimum account balance of $5,000. In return, it offers a maximum server delay of 100-200ms.
- High-Performance VIP Server: With a minimum deposit of $30,000 and a minimum balance requirement of $10,000, this server is available for $100 per month.
- Low-Latency VIP Server: Similar to the High-Performance VIP Server, this option mandates a minimum deposit of $30,000 and a minimum balance of $10,000, also priced at $100 per month.
CharterPrime provides traders with essential resources to enhance their trading experience. These resources include an economic calendar, market news updates, and technical insights accessible through the CharterPrime website. Market insights are conveniently available for download in PDF format, offering valuable information about asset highs and lows and significant market fluctuations. However, it's worth noting that while these resources are valuable for traders, CharterPrime may fall short in terms of educational materials and training content, especially for novice traders.
CharterPrime operates with varying trading hours depending on the asset category:
- Forex markets are accessible 24 hours a day.
- Precious metals trading spans from 22:00 to 21:00 GMT, subject to daylight savings and global holidays.
- CFD indexes trading hours are contingent upon the specific index and its global market. For example, Euro STOXX 50 and German DAX 30 are active from 00:15 to 20:00 GMT, while French CAC 40 and Dutch 25 trade from 06:00 to 20:00 GMT. For US indexes, including the SPX 500, the US 2000, and US Tech 100, trading hours extend from 22:00 to 20:15 and 20:30 to 21:00 GMT.
- Spot commodities like UK Brent Crude Oil and US Light Sweet Crude Oil are available for trading from 01:00 to 22:00 and 23:00 to 22:00 GMT, respectively.
CharterPrime provides customer support via email and an online contact form available on their website. It's important to note that live chat assistance, a feature offered by most top-tier trading firms, is notably absent. This absence may be a drawback, especially for beginner traders.
Operating hours for customer support are as follows:
- Sydney AEST: 11:00 to 02:00
- (GMT+0): 01:00 to 16:00
For email inquiries, you can reach out to email@example.com.
Safety & Security
Rest easy knowing that CharterPrime, under ASIC's regulation, takes robust measures to safeguard your data and funds. As a responsible trader, it's advisable to take additional precautions, such as keeping your trading account password confidential, implementing Face ID or Touch ID verification for mobile trading, and setting up two-factor authentication for your trading account.
- Access to a demo account.
- Integration with MT4.
- Stringent regulatory oversight.
- Low minimum deposit requirements.
- Multiple account currencies.
- A variety of payment methods.
- Absence of copy trading.
In summary, CharterPrime is a compelling option for traders seeking a reliable and regulated brokerage, but its limitations in certain areas may affect its appeal to some traders.
CharterPrime Broker Details
Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.