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.
“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.