“A Forex and CFD broker working on an STP model, that is based in New Zealand and Sydney Australia. They are regulated by ASIC and FSP and offer trading across currencies, precious metals, commodities and CFD indices.” Charterprime Video Review
Established in 2012 and launched in 2015, Charterprime is an international online forex and CFDs trading platform that is carving out a market for itself among online traders in the Oceania and the South East Asian region. Charterprime is managed by two different sister companies, CharterPrime Ltd (NZ) and Charterprime Pty Ltd (Aus). Their respective registered addresses are level 27, PWC Tower, 188 Quay Street, Auckland, New Zealand and King Street Wharf, Sydney NSW 2000, Australia.
Charterprime are a fully-fledged STP broker (Straight Through Processing) which means that they pass all of the trades onto the interbank where they are executed. This means that Charterprime as a No Dealing Desk broker do not run a conflict of interest with their clients.
Investor Protection & Regulations
“Charterprime are registered with the New Zealand Financial Services Providers and Register and regulated by ASIC in Australia to offer a protective environment to traders.”
In terms of regulations, Charterprime offers its traders regulatory oversight from the
Australian Securities & Investments Commission (ASIC) for the .au website. The broker is authorized as a financial services provider and holds a Financial Services License with the AFSL no. 421210. At the same time, Charterprime is also registered with the New Zealand Financial Services Providers Register under the FSP no. 348606. Both these bodies help to ensure that Charterprime meet certain operational standards in terms of the services it provides to its clients. Reliability
“CharterPrime keeps their funds segregated from clients funds. This is a multi award winning broker since 2016.”
Very little information as to the reliability and security aspects of the company exist on their website. They do mention that they segregate clients’ funds from their, which is obviously an important factor. Apart from this Charterprime has won numerous awards since 2016 for being the being the “Most Transparent Forex Broker” and “Best Liquidity Provider”. Last year in 2017, Charterprime managed to bag three major awards from FOREX EXPO, a well-known conference and exhibition that has been running since 2010. It was again named the “Most Transparent Forex Broker” and “Best Liquidity Provider”. In addition, it was also named “Best STP/ECN Broker”.
“Offers a modest selection of currency pairs and CFDs across 4 asset classes; currencies, commodities, indices and metals.”
For tradable assets, Charterprime offers 4 different asset classes. They are currency pairs, commodities, market indices and precious metals. The following list shows what international traders can trade on the Charterprime’s trading platform:
US Light Sweet Crude
Australian 200 Index
Euro Stoxx 50 Index
French CAC 40 Index
German DAX 30 Index
Hong Kong 50 Index
Italy 40 Index
Japan Nikkei 225 Index
UK 100 Index
For traders trading on Charterprime’s Australian website, they will have access to 2 more asset classes namely cryptocurrencies and equities. The types of cryptocurrencies that are available on Charterprime’s website are:
For equities, Charterprime offers the following types of equity products
Equities-domestic and international
Exchange Traded Funds (ETF’s)
Options and ETO’s
*These assets were available on the broker’s website at time of writing.
“There is one live account, one corporate account and a demo account available. Registration is required before access to the demo account is possible. Live account requires minimum funding of just $100.”
As for trading accounts, Charterprime offers a demo account and a standard trading account for retail traders. The broker also offers corporate trading accounts for clients trading on behalf of companies.
To open an account on Charterprime, you need to first register your details with the broker. You can do this by filling out the registration form or signing in using your Facebook account. Once you have registered for an account, you need to download the MetaTrader 4 setup client file and install in onto your computer. There is also a minimum deposit requirement of $100 when you open your account with Charterprime.
For verification of individual accounts, copies of the following documents are required:
Proof of Identity
Proof of Residence
For verification of corporate accounts, copies of the following documents are required:
Article of Organization
Bank Statement of company
Certificate of Incorporation
Shareholder/s Proof of Residence
Deposit & Withdrawals options
“Have support for popular payment methods such as Wire transfer, credit cards and e-wallets such as Skrill and Neteller. Charterprime processes transactions within one working day. The broker does not charge for withdrawals.”
For fund transfers, Charterprime has provided support for several payment methods. They include wire transfer, major credit cards and e-payment system such as Skrill and Neteller. Charterprime does not charge any fees for making a deposit or withdrawal. However the broker did warn that traders might still encounter processing fees charged by the payment processors. It takes one business day for a withdrawal to be processed by Charterprime but it may take up to 72 hours before you will be able to see the withdrawn funds posted on your bank account.
Web & Desktop Trading Platforms
“Uses the popular and proven MetaTrader 4 platform as its main trading platform.”
The mainstay of Charterprime’s trading platform is the industry proven MetaTrader 4 (MT4) trading platform developed by MetaQuotes Software. The MT4 trading platform has been adopted by the online trading industry since its launch in 2005. One of the key features of the MT4 trading platform is the chart package integrated onto the trading platform. The trading charts support multiple time frames and can be overlaid with a large number of technical indicators. Other notable features of the MT4 trading platform include support for multiple order types, customizable language for the user interface and automated trading. The platform also comes with a built in programming language called the MQL4 language. For tech savvy traders, they can actually program their own “Expert Advisors” using this programming language. It should be noted that the MT4 trading platform requires you to download and install a client before you can access it.
Mobile Trading Platforms
“Free mobile MT4 apps are available on Google Playstore and Apple App Store. You can use these to monitor markets, trade and manage your account.”
Charterprime has also provided its clients with a mobile optimized version of the MT4 trading platform. With the MT4 mobile trading app, you can check your trading account, analyze the markets and execute trades directly from the palm of your hand using just your smartphone. The MT4 mobile trading app also allows you to keep track of developments in the markets through the Charterprime’s feeds. Just like the desktop version of the MT4 trading platform, the mobile version of the MT4 also comes with a sophisticated charting package. You also have access to a large library of technical indicators to assist you in analyzing the chart more accurately.
The mobile trading app is available free of charge for iOS and android powered devices. To download the mobile trading app, simply scan the QR codes located on the mobile platform page of Charterprime’s website. Alternatively, you can log in to Google Play Store or Apple App Store and search for the app under “ MetaTrader 4”.
“Leverage offered is as high as 1:500. Broker also offers money managers the ability to open multi accounts through MAM.”
From our observation, the leverage offered by Charterprime is one of the highest in the industry. It is possible to access a leverage ratio of 1:500 on Charterprime. Nevertheless, it should be noted that highly leveraged trades can be a double-edged sword. On one hand, it allows you to optimize your profit potential when you are trading with a limited investment capital. On the other hand, highly leverage trades can also compound your trading losses if your trade goes south. In a fast moving market, there is a possibility that you can end up losing more than what you invested originally.
For money managers, Charterprime also offers the MT4 MAM. The word “MAM” stands for Multi Account Management. Simply put, it let you control several trading accounts simultaneously. For money managers, this feature is extremely useful as it allows you to execute block transactions from a single user interface.
Commissions & Spreads
“Minimum ECN spread is as low as zero pip. For standard accounts, the spread is variable at around 2 pips on the EUR/USD.”
One of the main factors which can determine if a trader makes or loses money is the trading cost. On Charterprime, the broker requires its traders to pay a small spread on the BID/ASK price. The spread can be a variable spread or ECN spread. On Charterprime, the minimum applicable spread can be as low as zero pip. For variable spreads, there is no commission charged. The spread for the benchmark EUR/USD for variable spreads is 2 pips. However, with floating ECN spreads, traders still have to pay an $8 commission on every standard lot traded.
*These figures are according to the broker’s website at the time of writing.
Bonus & Promotions
“Lack of bonuses and promotional offers due to regulatory restrictions.”
There are no bonuses or promotions we could find on the website. Customer Support
“There is limited support channels for communicating with the support staff. The broker claims they respond to all emails within 24 hours. Live chat on Skype (Charterprime Support) and Facebook (Charterprime) are available.”
For the benefit of its traders, Charterprime offers its website in 4 different languages, English, Bahasa Melayu, traditional Chinese and simplified Chinese. Communication with customer support at Charterprime is through a web contact form and email. While we were unable to get in touch with a customer support immediately, the broker has pledged to respond to ours and all emails within 24 hours.
“Additional research tools are limited to news feed and an economic calendar.”
Regarding the additional research tools offered by Charterprime, they consist of market news updates and an economic calendar of featured events and data releases. The market news is taken directly from the Bloomberg news source.
“Lack of trading education resources apart for FAQ and glossary.”
The broker is lacking in the education department. Apart from a basic glossary, FAQ, a user and installation guides for the MT4 trading platform, there are no other educational resources provided by the broker.
“Broker’s services are geared more toward seasoned traders rather than more beginner traders.”
From our observation, we noted that Charterprime is meant more for experienced traders. While there are limited assets to trade which may not appeal to more experienced traders, beginner traders will find themselves lost without any guidance on this broker’s trading platform as there are no educational materials provided. So unless you have prior online trading experience, Charterprime might not be able to cater for the trading needs of novices.
Is Charterprime regulated?
Yes, Charterprime.au is a regulated broker under the Australian Securities Exchange Commission (ASIC). The Charterprime.com arm is regulated by New Zealand Financial Services Providers Register under the FSP
Where is Charterprime based?
The main office of Charterprime is based in Sydney Australia. Their office address is located Suite 408, 15 Lime Street, King Street Wharf, Sydney NSW 2000, Australia. www.charterprime.com products and services are provided by Charterprime Limited, with registered address level 27, PWC Tower, 188 Quay Street, Auckland, New Zealand 1010.
How does Charterprime make money?
Charterprime makes its money by charging its clients a small spread and commission on all the trades executed on the Charterprime’s trading platform.
How do I deposit in Charterprime account?
You can deposit your funds using your credit cards, wire transfer or by e-payment system.
What is the min. deposit for Charterprime?
The minimum deposit requirement at Charterprime is $100.
How do I withdraw money from Charterprime?
Withdrawal at Charterprime is initiated through the same methods used for making a deposit.
What is the max leverage in Charterprime?
The maximum leverage offered by Charterprime is 1:500.
How do I open an account with Charterprime?
To open an account at Charterprime, you need to first fill in the registration form. You will also need to download and install the client software before you can access the trading platform.
Does Charterprime use MetaTrader?
Yes, Charterprime uses the MetaTrader 4 trading platform for desktop and mobile.