Leverage: 1:500
Regulation: FSP
Min. Deposit: 100 US$
HQ: Australia
Platforms: MT4
Found in: 2012
CharterPrime Licenses
CharterProme is a global financial and Forex broker that was established back in 2012 with embraced philosophy to provide personalized trading conditions and create a trusted trading environment. Indeed, these strives are valuable for any type of investor so CharterPrime took it seriously and is a regulated broker by the New Zealand authority also registered financial provider in Australia since headquarters there.
The broker maintains global offices and constantly improving its already strong position among the market offering, which is also proved by the consistency of the service they provide as well reflects on its value offering.
| Pros | Cons |
|---|---|
| Founded in New Zealand | No 24/7 support |
| Global industry awards | Poor education |
| Tight Low Spreads | |
| Standard and ECN trading | |
| Regulated by FSP |
| 🏢 Headquarters | New Zealand |
| 🗺️ Regulation | FSP |
| 🖥 Platforms | MT4 |
| 📉 Instruments | CFDs, Forex instruments, Currency Pairs, Commodities, Precious Metals, Index CFDs |
| 💰 EUR/USD Spread | 2 pip |
| 🎮 Demo Account | Available |
| 💳 Minimum deposit | 100$ |
| 💰 Base currencies | USD, AUD, NZD |
| 📚 Education | Limited |
| ☎ Customer Support | 24/5 |
Industry awards something good to consider since the broker is checked carefully for its service and proposal it contains. So, over the year of its operation, CharterPrime gained several industry awards recognizing its excellent service and provided conditions, which is always a plus towards the broker’s reputation.
As for the legit status, CharterPrime mentions its regulation across several jurisdictions, while the main license its received from the New Zealand FSP.
However, CharterPrime office is also based in Australia, while holding only registration by the governing structure necessary to operate brokerage in Australia legally. Eventually, all Australian brokers should be regulated by the Australian Securities and Investments Commission (‘ASIC’), as a recognized world authority which regulated Forex and trading industry.
| Pros | Cons |
|---|---|
| Licensed and Regulated by FSP | Not listed in Stock Exchange |
| Segregated funds | No Negative Balance Protection |
| Registered by ASIC |
New Zealand registration also provides necessary safety obligations towards its licensors so there are numerous applied rules on how the a broker is operating. First of all, regulation means broker was carefully checked before its authorization, the firm does apply safety measures as well as carefully checked at every step it makes.
So there is a certain level of guarantees towards you money safety, segregation of the accounts as well as participation to the customer protection. Which is all in all with all the safety measures and legit status the most crucial factor to check while choosing a broker.
One of the great features of Forex trading is of course available to leverage your positions, meaning a gain of greater exposure to the market with the possibility to make bigger gains. Yet, you should always learn how to use leverage smartly, and with its success potential high risk increases as well.
Obviously, CharterPrime as an Australia and New Zealand broker together with its obligations to local regulation still allows high leverage.
However, recently major and respected authorities worldwide restricted the use of the leverage to much lower levels due to high risk, so it is again another great opportunity from CharterPrime as a benefit for your strategy.
As CharterPrime promises in its trading opportunity to offer flexibility for strategies and traders respectively, the broker does define three account types that may suit particular needs.
| Pros | Cons |
|---|---|
| Standard and ECN Accounts | None |
| Demo Account | |
| Swap-Free Account | |
| MAM |
Therefore, there is a Variable account with a basis of variable spread, an ECN Account with raw spreads and commission charges of $8 per lot and a swap-free account.
Also, fund managers can manage multiple trading accounts with CharterPrime specified offering by the use of the percentage allocation methodology known as PAMM accounts or MAM accounts with block trades executions.
In order to open an Account at CharterPrime you should follow to sign-in page and process the guided steps as follows.
Since CharterPrime offers accounts with STP and ECN execution respectively, therefore featured variable spread will be defined by the used account type as well.
| Pros | Cons |
|---|---|
| Options between standard fees based on spread and ECN account with a commission | Forex fees on standard account a bit high |
| ECN trading | |
| Low Commodity fees |
You may see below some of the spread examples while knowing that the Variable account is based only on spread charges and ECN account will trade with raw spreads and adds on an 8$ commission per lot.
Also note, that a Swap-free account will define variable spread and also charges a commission of 40$ per lot charged every Wednesday.
As well good to compare the broker’s CharterPrime fees to another popular broker BDSwiss for your better understanding of the conditions.
| Asset/ Pair | CharterPrime Fees | FXTM Fees | AvaTrade Fees |
|---|---|---|---|
| EUR USD | 2 pip | 1.5 pip | 1.3 pip |
| Crude Oil WTI | 2 | 9 | 3 |
| Gold | 3.4 | 9 | 40 |
| Inactivity fee | Yes | Yes | Yes |
| Deposit fee | No | No | No |
| Fee ranking | Low | High | Average |
Also, always consider overnight fee as a cost also referred to as Rollover rate, an interest for holding positions open overnight and determined by each instrument, as you may also see in the sample above. Of course, unless you trade through a swap-free account as defined in specifications.
CharterPrime offers vast trading opportunities through the trading of CFDs, Forex instruments, Currency Pairs, Commodities, Precious Metals, Index CFDs all provided with low cost fees and unparalleled execution conditions. CharterPrime also uses the STP system that connects directly orders to liquidity partners brokers cooperate with.
The number of payment methods to fund the trading accounts is truly diverse so you will definitely find a suitable solution for money transfers. So with CharterPrime you may use
CharterPrime minimum deposit amount is 100$ if you apply for a Standard account based on spread only.
CharterPrime minimum deposit vs other brokers
| CharterPrime | Most Other Brokers | |
| Minimum Deposit | $100 | $500 |
CharterPrime withdrawal options are the most used Bank Transfer and Credit Cards. Charges may always vary according to the bank or the payment provider you use, so you should always consult the entity for detail on the charges. Yet, CharterPrime does not charge fees for deposits or withdrawals from its side, for the majority of the payment methods which is definitely a plus for your easier payment processing.
There are, yet, some methods that will add on some percentage commission due to international policies, alike Tether block-chain wallets will add on 5% for both deposits and withdrawals.
The broker mentions that withdrawals are seamless and will take 1-2 business days, also according to its regulation, always allow additional days for payment provider to process the transaction.
The next step in our CharterPrime Review is a software that you will use particularly to execute orders and analyze markets. Eventually, CharterPrime offers powerful and industry-recognized MetaTrader4 which proved its excellency and versatile functionality over the years and thousands of executions performed through its daily.
| Pros | Cons |
|---|---|
| Customer friendly design | No proprietary platform |
| Popular MT4 platform | |
| Good range of tools | |
| Clear look |
MT4 is loved by the majority of the investors worldwide for its balanced conditions offering both user-friendly interface and availability of sophisticated tools.
MetaTrader4 is especially known for its strong analysis functions, also available in various versions suitable for PC, MAC and mobile devices. Together with its powerful technical performance, you may also successfully deploy automated strategies with the help of known EAs or robots that offer a great solution for trading.
There is no restriction on the use of EAs at CharterPrime, while you may choose already programed EAs from the marketplace and polish it to own perfection, or in case you are a professional to write down your personal code with numerous available features.
Yes, there is a mobile application that is also great with customization features and charting to be selected. There are all basic trading needs that are accessible via phone so you can analyze markets, use research tools, place orders, manage positions and get access to your account manager as well.
Customer Support ChartePrime establishes good quality service and a purpose to provide traders with relative answers and quality answers. You can contact the team within working hours through Live Chat, email or contact form, also we remain quite satisfied with the overall Customer Support the broker provides, which is definitely good.
In terms of education as we found in our CharterPrime review, eventually, the broker provides rather supporting materials than the proposer Forex education. So if you’re a very beginner you better look for additional education courses, videos and Webinars that are very essential to start.
At CharterPrime you will find basic research tools included and inbuilt into the platform and that is all that you can count for. However, there are Economic Calendar, Market Insights and News provided so it is good ongoing trading information which is available.
Concluding CharterPrime Review we found strong regulatory obligations provided by the New Zealand authority, as well as defined quite competitive trading conditions. What we really like at CharterPrime is a simple and powerful offering that is consistent with the important point for potential trading success. These include powerful execution technology, industry-proven software and a choice between the account types with some of the lowest spreads in the industry.
CharterPrime now operates via its offshore entity in SVG – Charterprime Limited is registered as an International Business Company of St. Vincent and the Grenadines Financial Services Authority (SVGFSA) with registration number 22717 IBC 2015.
The New Zealand license remains active, however, the SVG entity does not fall under FSP regulations, we recommend doing your own research before signing with CharterPrime and avoiding trading with an offshore entity.
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