Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Basic information from CharterPrime review
About the broker
| Web: | charterprime.com |
| License: | ASIC |
| Supported languages: | English and Vietnamese |
| Year of foundation: | 2012 |
| Holder: | Charterprime Limited |
| Headquarters: | Suite 408, 15 Lime Street, King Street Wharf, Sydney NSW 2000, Australia |
| Methods of contacting customer support: | |
| Contact: | enquiry@charterprime.com, +61 2 90567412 |
| Deposit methods: | Bank transfer, Bitcoin, ePayments, Local Bank transfers, Neteller, Skrill, UnionPay |
| Withdrawal methods: | Bank transfer, Bitcoin, ePayments, Local Bank transfers, Neteller, Skrill, UnionPay |
About trading with CharterPrime
| Minimum deposit: | 100 USD |
| Min. trade: | 0.01 |
Maximum leverage: The maximum available leverage can be limited by local financial regulators or by international regulations, in such case, the displayed maximum leverage may not match the leverage you can actually trade with. For instance, in the European Union, the financial regulator ESMA restricts the maximum available leverage to 1:30 when trading major currency pairs, 1:20 when trading minor pairs and commodities and 1:2 when trading cryptocurrencies. Similar restrictions apply in Australia and possibly in other jurisdictions. | 1:500 |
| Spreads: | Look at the spread table - spread on the currency pair EUR/USD is 2.0 pips * on a standard account type |
Underlying assets: Might be a CFD. | Forex (45) |
| Mobile app: |  |
| MetaTrader 4: |  |
| Social trading: | |
Spreads & fees
Fees of most brokers change relatively often and unfortunately it is not in our possibilities to keep up-to-date information about fees at CharterPrime, of course you can find current info on their website charterprime.com.
Spreads at CharterPrime on standard account*
| EUR/USD | GBP/USD | USD/JPY | EUR/GBP | USD/CHF | EUR/JPY |
|---|---|---|---|---|---|
| 2.0 | 2.4 | 1.9 | 2.7 |
* Spread was taken 17.01.2020 at 21:29 from the web or trading platform of CharterPrime.
Random reviews of competing CFD brokers: Global GT, TradeOlympic, FXBV and HFTrading
Frequently Asked Questions
🧐 Is CharterPrime a scam?
We highly recommend you to read the user reviews on our website before you start trading with this brokerage company. It will help you to determine if CharterPrime is a scam or not.
🆓 How to open a free demo account?
Opening a demo account with CharterPrime is very simple, just register on their website.
📱 Does CharterPrime offer the best mobile app for trading?
CharterPrime offers a mobile trading app and you can definitely start trading with it. It is very difficult and subjective to determine if they feature the best mobile platform. However, you are welcome to test it yourself.
We compared some reputable brokers and their mobile trading apps, check out the comparison and be saved from the hassle of testing the CharterPrime mobile app.
⚖️ Would you recommend me CharterPrime?
CharterPrime is one of tens (possibly hundreds) of brokers operating in Australia, and that's why it makes no sense to choose CharterPrime as a broker where you trade before you compare it with competitors.
We operate our website in full transparency, we recommend reliable brokers with an excellent reputation and we honestly admit to you that we receive commissions for that from these brokers. You can find the mentioned brokers in the table below with a clickable link to their site. You don't pay anything extra, you get a reliable business partner and you help us keep the website up and running. Thank you.
| Broker | English | Min. deposit | Spread EUR/USD* | Platforms | License | |
|---|---|---|---|---|---|---|
 | | 100 USD | 1.0 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of Etoro. | In-house built platform | FCAASICCySec | etoro.comreview EUR/USD*: 1.0 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of Etoro. |
 | | 0 | 0.9 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of XTB. | In-house built platform | FCA CySec | xtb.comreview EUR/USD*: 0.9 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of XTB. |
 | | 100 USD | 0.8 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of Plus500. | In-house built CFD platform | FCAASICCySec | plus500.comreview EUR/USD*: 0.8 pips Spread was taken 12.04.2024 at 11:12 from the web or trading platform of Plus500. |
* The spread is variable for most brokers and changes depending on market volatility.
Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Comparing spreads, fees, trading platforms, regulations and reading dozens of user reviews of all popular FX and CFD brokers is very time-consuming for every trader. That is why we have done all this hard work for you so you could already only start trading with a company that features a quick modern trading platform, a large variety of assets and a quick customer service. From our comparisons, all these criteria are met by Etoro 76% of retail investor accounts lose money when trading CFDs with this provider - advertising partner.
That is why it is important to choose the right one. Choosing the right broker often stands between profit and loss. Don't you know how to choose? We have prepared an independent article for you, which will help you with your broker selection. You will get to know, what factors are important to watch out for when you are choosing a forex/CFD broker.
If you have any experience with CharterPrime, please share it in the comments to help others to choose the suitable broker.
My Story:
Wouldn’t have believed it didn’t happen to me personally.
2nd-Aug-2020:
• After being cornered by Charterprime’s high pressure sales tactics, I opened a Live ECN Account with them through their one of their accounts/sales manager.
• The accounts/sales manager stated that all trades through Charterprime go to its liquidity providers and assured me that they are a true STP broker and my funds are 100% safe.
• He stated that they are AFSL and FSP licensed and boasted Charterprime’s credibility.
3rd-Aug-2020:
• I deposited a portion of my savings to Charterprime through their 3rd Party Money Transferor in China and proceeded to trade on its MT4 making little profits and losses throughout.
27th-Aug-2020:
• There was big fluctuation on XAUUSD and I made significant profit during the evening of 27th. All trades were confirmed by Charterprime and returned as executed properly.
28th -Aug-2020:
• After the windfall of 27th’s evening, I proceeded to submit a withdrawal request on a portion of my winnings.
• However, I was later contacted by the accounts/sales manager stating that I have violated Charterprime’s terms and conditions.
• He, stating under the instruction of his company, tried to bargain with me to only withdraw a small portion of (just a bit over one-tenth) of my profits and close off my account.
• After refusing such ludicrous suggestion, the accounts/sales manager blocked me and I was unable to make contact with him or Charterprime again.
18th–Sept -2020:
• Charterprime announced that it will no longer be onboarding Chinese clients.
1st to 12th -Oct-2020:
• I contacted my friend in Australia to submit complaints, on my behalf, to the Australian and New Zealand complaints authority.
• However, he was subsequently denied of complaint because Charterprime claimed that I had an agreement with Charterprime Limited in St. Vincent and the Grenadines (SVG) instead of the entity in Australia or New Zealand.
• After extensive research, I was unable to find whether Charterprime SVG existed or not. Charterprime just pulled this entity out of thin air and submitted to the Australian and New Zealand complaints authority a SVG terms and conditions which they purported that I agreed to.
• They even had the grit to change all the website references to SVG and their registered address to Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont Kingstown St. Vincent and the Grenadines, a location where its owner indicated that was subject to heavy online misuse.
Present:
• I am at a loss for words…and don’t know what to do…Charterprime wormed their way out of being responsible for fraudulent actions.
Lessons Learnt:
• Charterprime heavily markets its Australian license to the Chinese/Asian trading community promoting funds safety, legitimacy and credibility.
• Charterprime hire staff with overlapping roles. E.g. a person can be both an accounts manager and sales manager, which means they are pressure clients as to get more turnover for their monthly bonus.
• Australian and New Zealand complaints authority will not accept complaints because Charterprime redirects all terms and conditions agreed digitally by the clients to a non-existent entity.
• Australian and New Zealand complaints authority will not to take into account the fact that most, if not all, of Charterprime’s backoffice are working out of Australia and New Zealand.
• Being on the other side of trade, Charterprime is both the opponent and referee and there is nothing you can do if they decide to take your money and not accept their losses.
• They shamelessly talk to the complaints authorities to shift their responsibilities to another jurisdiction to nullify the consequences of stealing clients’ money.
• They had the guts to change all of their website contents to SVG to further justify to the Australian and New Zealand complaints authority that they have no power to mediate the dispute between the client and Charterprime, and makes up a new Terms and Conditions because clients only digitally acknowledge them online.
• They predominately promote their AFSL license, but will onboard clients to another license with less strict rules of conduct as to decrease their regulatory responsibilities.
Cost of Trust:
• I’m both deeply hurt and very confused about Charterprime’s action. They present themselves as a leader of the forex industry, but it is only a facade of a series of dark and underhanded maneuvers to gain client trust and shift their regulatory responsibilities. They certainly do not make attempts to amend relationships.
• If I had violated the trading conditions, why were the trades executed and confirmed by Charterprime?
• If my trades were not legitimate, why was I contacted only after and the accounts manager, on the instructions of Charterprime, tried to bargain with me to withdraw one-tenth of the profits?
• Charterprime uses blatant high pressure sales tactics and promotions to bombard clients and gain their trust.
• You are only allows to lose your money with them…they do not tolerate winnings and certainly do not let you withdraw your profits. How else can they afford to sponsor airlines?
• They shamelessly shift responsibilities and change all compliance references to a non-existent entity and divert the Australian and New Zealand authorities’ attentions away from being held liable to their actions.
• I am very disappointed by Charterprime, this broker is a joke!
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