Forex broker CharterPrime has offices in countries like Australia and New Zealand. The broker provides only one standard account on the MetaTrader platform 4 and 5. The broker claims to be regulated and licensed by ASIC. Acceptable leverages are provided; however, information on spreads are not available. Before start trading with this broker, please read this CharterPrime review. It is developed by thorough research on all the aspects of CharterPrime. Read the full CharterPrime review here.
According to the official website of CharterPrime, the owner CharterPrime PTY LTD is authorized by the Australian Securities and Investments Commission. And this fact is cross-checked by us. This means the broker is appropriately regulated, and it is a huge pro of this broker. However, the sister firm of this broker operational in New Zealand is not regulated by the local financial regulator. Also, its offerings are different, like three trading account, including swap-free account, 1:500 leverage level, and more. The broker also offers to trade on the industry leader MetaTrader trading platform. MetaTrader provides customization, expert advice, and top-class market charts. Even MetaTrader 4 and 5 both versions are available. The broker is completing its 8th year in the trading market as its inception dated back in 2012.
Apart from all these advantages, the broker also has disadvantages. CharterPrime does not fully disclose its trading conditions. Only leverages of 1:100 are mentioned on the website. Other trading indicators like spreads, minimum deposit required, trading lots, and cost of trading are not mentioned. Such a lack of transparency is not acceptable and must be treated as a potential scam. However, when checked with the provided trading platform, we came across the unbelievable spreads of 0.3 pips without any commission on the Euro-USD fx pair. Such spreads are not profitable to the broker; hence they apply a commission on the live account. So it is also a misleading nature of this broker.
The offerings of CharterPrime are minimal, and it provides CFDs over foreign exchange only. It means no CFDs on stocks and crypto coins. This restricted product portfolio is risk-oriented.
Is CharterPrime scam or legit?
ASIC regulates the broker CharterPrime, but its sister company operating in New Zealand does not hold any regulation. It also provides an MT trading platform. However, trading conditions are not that attractive, and the broker tries to hide much valuable information. The trading market involves enormous risks, and traders must invest in regulated brokers. The CharterPrime may be a potential Australian trading scam. Be wise and alert while trading with this broker.