If you have been looking for a legitimate broker to trade with, CharterPrime is probably not the best choice. It charges withdrawal fees and does not offer a signup bonus. Fortunately, there are ways to avoid becoming a victim of a scam broker. Keep reading to learn more.
CharterPrime is a scam broker.
A review of the website of CharterPrime has revealed that the company was established in 2012, with an administrative center in Australia. It is also a directed broker, meaning the Financial Conduct Authority regulates it. However, this doesn’t mean that it’s free from fraud. There are a few red flags that should alert traders. A regulated broker will ensure that all its operations follow the rules and regulations of the regulator.
One major red flag is that CharterPrime doesn’t give any information about the company’s qualifications and experience. It also does not provide any data on the algorithm used by its software. Hence, customers may wind up paying for tools that barely help them. Additionally, the broker boasts of winning awards and 24/7 customer support, but it is essential to learn about the company in detail before investing.
It does not offer a signup bonus.
CharterPrime does not offer a signup or welcome bonus, unlike most other brokers. Instead, the only way to get your money is to deposit a certain amount, but you will have to deposit a minimum of $100. Then, you must follow specific terms and conditions to receive your bonus. Moreover, you will have to invest at least 0.5 standard lots to withdraw your bonus. So, if you are looking for an accurate trading bonus, don’t waste your time with this broker.
Despite the lack of welcome bonuses, you can use your money to open a live trading account at CharterPrime. There are three types of accounts offered by this broker. These are the variable account, ECN account, and swap-free account. If you are not comfortable with any of them, choose another broker.
It does not offer a deposit bonus.
There are a few things to consider before depositing money with Charterprime. First, the broker does not charge extra fees for deposits or withdrawals. However, some payment processors do charge processing fees. In addition, not all payment methods are supported by the broker. For example, you can deposit via bank wire and use major credit cards and e-payment options. You can even use the Chinese UnionPay system, which is accepted in over 150 countries.
The customer support provided by Charterprime is also very high. You can always contact the customer support team through email or a contact form. The response time is very fast, too. They are responsive to your questions and provide high-quality responses.
It charges withdrawal fees.
CharterPrime is a top foreign exchange broker that offers a variety of trading products at minimal costs and unmatched execution conditions. Its technology uses Straight Through Processing (STP) to link orders directly with liquidity partners. The company has received numerous awards from prestigious organizations. For example, it won three major awards at the 2017 FOREX EXPO.
CharterPrime offers both STP and ECN execution. Depending on the type of account, the spread will be different. ECN accounts carry raw spreads of $8 per lot, while Variable and Swap-free accounts have variable spreads as a base and a 40-US-dollar commission fee for every lot. In addition, overnight fees are associated with specific instruments.
It is unregulated
Many investors have been scammed by the CharterPrime scam, which claims to use sophisticated tools to earn profits. However, the founders of this company have been accused of criminal activity and are in danger of prosecution. In addition, the company does not reveal information about the safety of your funds and lacks transparency. As a result, you cannot be sure of the results of your investments. To avoid the CharterPrime scam, you should look for a legitimate forex broker instead.
In Australia, there is no authority to address complaints against Charterprime because it has a back office in New Zealand. Charterprime’s back office in Australia has been subjected to heavy online misuse. Because of this, investors should be extra cautious before investing in the company.