CharterPrime – Can You Trust Them?

Website URL: https://charterprime.com

Founded: 2021

Regulations: Not Regulated

Languages: English, Chinese, Vietnamese, Thai, Korean, Japanese

Deposit Methods: Local Gateway, Chine UnionPay, Bitcoin, Skrill, Neteller, Wire Transfer,

Minimum Deposit: $100

Free Demo Account: Unavailable

Number of Assets: N/A

Types of Assets: Currency Pairs, Precious Metals, Indexes, Spot Commodities

Trading Accounts and Conditions

Here are the different types of trading accounts offered by CharterPrime:

• Variable Account: The minimum deposit the broker asks for opening this type of account is $100. Spreads are variable and maximum leverage is 1:500.
• ECN Account: The minimum deposit the broker asks for opening this type of account is $100. Spreads start from 0 pips and leverages go up to 1:500.
• Swap Free Account: The minimum deposit is once again just $100. Spreads vary and the maximum leverage is once again 1:500.

CharterPrime – Advantages

CharterPrime does not offer any advantages since it is a scammer. Do not do business with this broker.

CharterPrime – Disadvantages

Listed below are all the issues that flag this broker off as a scam:

• Unregulated Broker

The first issue we have with this broker is that it is registered in St. Vincent and the Grenadines. The reason we feel that this is a problem is because SVG does not have regulations in place to monitor forex and cryptocurrency brokerages. Therefore, if a broker is registered here, they would need to get licensed by another regulator in order to operate legally.

With CharterPrime, there is no other licensing information. All we are told is that this company is registered in St. Vincent and the Grenadines – which, as we mentioned, is not enough. Because of this, we can safely state that this broker is not regulated in any way.

Dealing with an unregulated broker is the best way to get scammed. These brokers work under the radar of the law, which means that traders who deal with them are not given any protection from the authorities. There is no negative balance protection, no segregated accounts (which means the broker can use your money for their own purposes), no insurance cover in case the broker goes under, and so much more.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Lack of Transparency About Fees

Another issue we have is with this broker’s Terms and Conditions. One of the key things that traders need to know is how much they will be paying for the services that a broker offers. This means knowing the fees involved for various transactions.

With CharterPrime, all we are told is that the Client (you) will pay the broker the required fees and charges as and when you are notified. However, the broker does not list the kinds of fees, or even how much those fees will be.

This lack of transparency is typical of a scammer.

• Cannot Access Trading Platform

CharterPrime claims to offer the popular MetaTrader 4 platform – the world’s foremost trading platform. However, when we tried to register for an account, we were told to wait for a confirmation email. We never received one, and without that email there was no way that we were allowed to access the client area.

Therefore, we don’t really know if this broker actually has the MT4 trading software at all.

• Unknown Spreads

In its Account Types page, the broker states that its spreads are variable. In another section of its website, CharterPrime claims that the spreads start at 2 pips. And since we could not access the trading platform, we could not check what the actual figure was for ourselves.

Spreads tell traders what their cost of trade would be with a broker. The higher the spread, the higher the cost of trade. Therefore, no knowing the spreads means a trader will not know how expensive a trade is going to be.

This lack of clarity about a key trading condition is just another sign that you cannot and should not trust CharterPrime.

• Very High Leverage

CharterPrime offers a maximum leverage of 1:500. This ratio is dangerous – it is too high, and it is illegal in many jurisdictions. Leverage is a borrowing tool that can be used to increase your ability to invest in the forex market. However, unless used with great caution, it can lead to huge losses. And because of the indiscriminate misuse of this tool, many countries have placed limits on how much leverage individual traders can apply for with their brokers.

In the UK, the EU, Australia, and Japan, that limit is 1:30. In the US and Canada, that limit is 1:50. And considering that one of the countries that CharterPrime targets is Japan, the kind of leverage the broker is offering is simply illegal.

• Unverified Deposit Methods

CharterPrime claims to offer a wide range of deposit options – Wire Transfer, China UnionPay, Bitcoin, and many e-wallets. However, since we were not allowed to access the client area and the payment page, there is no way we can say for certain that these are the payment options available.

We must warn traders that when dealing with a new broker, the best payment options are credit card payments. This is because credit cards allow their customers to file for a chargeback in the unfortunate event that they get scammed. None of the options listed above allow for that kind of a chargeback. Which is another reason why we are suspicious of this broker. A legitimate broker would have ensured that they provided their customers with the most reliable payment methods, which would include credit and debit cards and bank transfers.

Conclusion

CharterPrime is unfortunately just one of the many, many scam brokerages that have popped up in recent times. So, this broker cannot be trusted. It would be best that you put your money with a regulated and reputed brokerage.

CharterPrime

2.7

User Experience

2.5/10

Payment Options

2.7/10

Security

3.0/10

Support

3.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Lack of Transparency About Fees
• Cannot Access Trading Platform
• Very High Leverage
• Unverified Deposit Methods