de | cn | ru
Forex

Charterprime Review - is it scam or safe?

Charterprime Review - is charterprime.com scam or good forex broker?

RATING: 2 / 0 REVIEWS
Find Better Forex Broker

Trading Accounts

 

Account Type Minimum Deposit  Minimum trade size Maximum leverage Average Spread (& Commission)*
Variable $100 0.01 1:500 3.5 pips
ECN N/A 0.01 1:500 1.5 pips + $8 / lot

 

*The trading conditions according to the information on the broker’s website on website.

 

On the website of Forex broker Charterprime we found there are two kinds of spreads, so we assumed it offers two account types. One of them is commission-free, while the ECN account is supposed to provide tighter spreads which also feature commission fees. Managed accounts are also available with this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

Charterprime Limited

New Zealand

FMA

 

Charterprime (formerly Azura Markets) is a New Zealand-based forex and CFD broker that uses the top trading platform MetaTrader 4. The company behind the brand is duly registered in the New Zealand Register of financial services providers and as such, is regulated by the Financial Markets Authority (FMA).

 

Forex brokers regulated in New Zealand must adhere to a set of standards. Under the FMA client money rules, they are required to segregate retail client funds from their operational ones. What is more, they have to follow anti-money laundering regulations.

 

Furthermore, FMA releases periodic updates and press releases about the state of financial markets and the warnings about potential scams, unregistered business, and deregistered brokers.


Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit required by Charterprime is $100, which is an average amount to start trading with, however other NZ-based brokerages, require less or none at all. MahiFX, for instance, has not set a minimum deposit requirement and traders may open an account and start to trade with just $1.

 

Commission & Spreads

Charterprime claims to offer typical variable spreads of 3.5 pips on EUR/USD on commission-free accounts, which is way higher than the average for the FX market. Furthermore, according to the information on the broker’s website, its typical ECN spreads amount to 1.5 pips and involve a commission of $8 / lot, which means that average trading costs on EUR/USD amount to around 2.3 pips per lot, which is not an attractive offer.

 

However, when we tried out the broker’s demo MT4 platform, the spread for this pair was floating around 1.8 – 1.9 pips, and featured no commission. This inconsistence between the information on the broker’s website and trading conditions on its demo MT4 sounds confusing and reduces the credibility of Charterprime. Besides, its demo account spreads are also comparatively high. By comparison, major fx player IG offers spreads averaged 0.8 pips on EUR/USD on its commission-free accounts. You may look up and compare real-time spreads of 15 leading brokers at our dedicated page.

 

Leverage

The maximum leverage level offered by Charterprime is 1:500, which is considered high. Nonetheless, many brokers provide similar or higher leverage levels, as they allow traders to operate with large amounts of money on a relatively small deposit. Keep in mind, however, that high leverage levels involve greater risk.

 

IG, for instance, provides leverage up to 1:200.

 

Trading Platform

 

Charterprime offers its clients the industry’s standard platform, MetaTrader 4 (MT4), available as desktop and mobile versions.

The renown MT4 offers a full spectrum of trading tools and services: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.

 

 

Charterprime’s desktop MT4. Click for a larger image.

 

Methods of Payment

 

Charterprime’ clients are offered the following modes of payment: Wire Transfer, Credit Card or Digital Wallets such as Skrill, Neteller, China UnionPay and e-payments.

 

 

Please note that the minimum withdrawal amount is USD 200.

 

Conclusion

 

AuraFis a NZ broker that provides trading in forex and CFDs on a single account type through the popular MT4 platform. What bothers us with this broker is that there are some inconsistencies between the information on the website and what we found on the trading platform – regarding both the spreads and the company name. To sum up the above:

 

Pros   Cons
Regulated in NZ High spreads
MT4 available Inconsistence between the info on website and trading conditions on demo MT4
ECN offering  

Forex
Latest news about Charterprime
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Seychelles FinaCom MT4 $10 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for Charterprime

Forex
de | cn | ru