Charterprime Review

Charterprime Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this Charterprime Review.

Charterprime Review

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.

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.

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.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

Charterprime Review Conclusion

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