📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses

Promotions

⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

CharterPrime Account Types

CharterPrime_Account Types

Overall Rating

4.5/5

Rated #15 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSP

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CharterPrime provides three different account types, namely the Variable Account, the ECN Account and the Islamic Account. Each account type has its own set of conditions for commission, fees, margin calls, leverage, and minimum deposits.

CharterPrime is an Australian and New Zealand-based online broker that provides personalized trading solutions to an array of traders along with providing a unique and dynamic trading environment.

Offices are situated worldwide and teams work to continuously improve the substantial position held amongst competitors.

 

CharterPrime Account Types

CharterPrime provides three different, dynamic, and comprehensive account types to cater to the trading needs and objectives of a variety of traders despite their level of skill, knowledge, and experience.

 

The account types provided by CharterPrime include:

  • Variable Account
  • ECN Account, and
  • Islamic Account

 

CharterPrime offers comprehensive and competitive trading conditions through this offering of accounts and whereas most brokers offer the Islamic Account as an option, CharterPrime caters exclusively for Muslim traders in offering it as a standalone account type.

The process involved with opening a live trading account with CharterPrime is one that is fully digitalized and hassle-free. Traders can access the option from CharterPrime’s website, and it can be completed within a few minutes.

Once traders have completed the required information, before the account can be verified, traders will be subjected to a ‘Know Your Client’, or KYC procedure which involves the submission of documents proving the trader’s identity and residential address.

In addition to the account types offered, CharterPrime makes adequate provision for PAMM or MAM accounts which can be utilized by fund managers who have to take charge of multiple accounts simultaneously.

 

CharterPrime Variable Account

The CharterPrime Variable account caters to a variety of traders by offering the following features:

  • A minimum deposit of US Dollar 100.
  • Commission-free trading.
  • Variable spreads.
  • Leverage of up to 1:500.
  • Minimum trade size of 0.01 lots.
  • Access to MetaTrader 4 through which trading activities can be conducted.

CharterPrime ECN Account

The CharterPrimer ECN account has the following features:

  • A minimum deposit of US Dollar 100.
  • Commission charges of US Dollar 8 per lot.
  • Spreads from 0.0 pips.
  • Leverage of up to 1:500.
  • Minimum trade size of 0.01 lots.
  • Access to MetaTrader 4 through which trading activities can be conducted.

 

Islamic Account

The CharterPrimer Islamic account has the following features:

  • A minimum deposit of US Dollar 100.
  • Commission charges of US Dollar 40 per lot every Wednesday.
  • Variable spreads.
  • Leverage up to 1:500.
  • Minimum trade size of 0.01 lots, and
  • Access to MetaTrader 4 through which trading can occur.

 

Demo Account

CharterPrime offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore CharterPrime’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

CharterPrime’s demo account signs up is fully digitalized and hassle-free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the MetaTrader 4 trading platform has been installed on either:

  • Desktop PCs that use Linux, Windows, or macOS, or
  • Mobile devices such as tablets and smartphones that run Android or iOS operating systems.

 

Alternatively, traders can easily access the trading platforms from their web browser and use their credentials to sign into their CharterPrime Demo Account using the MetaTrader 4 WebTrader option.

MetaTrader 4 is one of the most reputable, reliable, user-friendly trading platforms which is used by millions of traders and is the best in providing a dynamic yet risk-free trading environment for traders despite their trading needs and objectives in risk-free trading.

CharterPrime offers traders with the option of converting their Demo Account into a live account at any time but traders should note that once the Demo Account expires, they will need to consider investing in registering a live account.

 

Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which are seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

CharterPrime offers Muslim Traders the option of registering an Islamic Account as a live trading account instead of merely offering it as an option as is the case with a variety of brokers who allow for live trading accounts to be converted into an Islamic Account.

When trading on the Islamic Account, traders have access to similar features provided on the Variable Account except for commissions which are charged at US Dollar 40 every Wednesday.

When considering this amount, when compared to other brokers that do not charge any commissions when the account is converted to an Islamic Account as opposed to CharterPrime’s Islamic Account being separate, the charges are quite high.

Despite this, there are no additional trading or non-trading fees that Muslim traders will be liable. When considering this, the trading conditions between CharterPrime’s different accounts are quite similar, which does not provide substantial diversity or benefits.

 

The diversity provided by these account types ensures that traders have access to a trading environment that is competitive and cost-effective in terms of trading and non-trading costs.

CharterPrime traders are given the edge they need to facilitate their trading activities regardless of their level of skills, knowledge, and experience.

 

Overall Rating

4.5/5

Rated #15 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSP

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CharterPrime account types are designed to facilitate all styles of trading.

Now that you know what to expect in terms of the accounts offered by CharterPrime, let’s look at some of the pros and cons of trading with them.

 

Pros and Cons

✔️Pros ❌Cons
Well-regulated by FSP Negative Balance Protection not offered
Tight, low spreads offered No US Clients
STP and ECN trading offered High commissions charged on the Islamic Account
Demo account offered Credit/Debit cards not listed as supported payment methods
Islamic Account provided
MAM Accounts offered
MetaTrader 4 offered

 

CharterPrime provides traders with competitive and comprehensive trading conditions, tailored to the needs of various traders despite their level of understanding and expertise.

To conclude this article, here is a brief overview of CharterPrime containing all essential information:

 

CharterPrime at a Glance

Broker’s Name CharterPrime
Headquartered New Zealand, Australia
Year Founded 2012
Regulating Authorities FSP
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:500
Minimum Deposit US Dollar 100
Deposit Options
  • Bitcoin
  • USDT (Tether)
  • UnionPay
  • Bank Wire Transfer
  • Skrill
  • Neteller
  • Local Gateway
Withdrawal Options
  • Bitcoin
  • USDT (Tether)
  • UnionPay
  • Bank Wire Transfer
  • Skrill
  • Neteller
  • Local Gateway
Platform Types MetaTrader 4
OS Compatibility Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, commodities, precious metals, indices, spot commodities
Languages supported on Website English, Simplified Chinese, Traditional Chinese, Vietnamese, and more.
Customer Support Languages Multi-lingual
Customer Service Hours 24/5

 

Conclusion

CharterPrime offers two flexible account types that accommodate the needs of any type of trader, which can also be used as demo accounts or Islamic accounts.

To find out more about CharterPrime, read one of the articles below.

 

Good luck with your trading!

 

You might also like: CharterPrime Minimum Deposit 

You might also like: CharterPrime Demo Account 

You might also like: CharterPrime Fees and Spreads 

You might also like: CharterPrime Sign up Bonus

You might also like: CharterPrime Islamic Account

 

FAQs

Trading Environment

How many instruments can I trade with CharterPrime?

You can trade the following instruments:

  • Forex
  • Commodities
  • Precious Metals
  • Indices, and
  • Spot Commodities

Which platforms are supported by CharterPrime?

MetaTrader 4.

Does CharterPrime offer leverage?

Yes. CharterPrime offers maximum leverage of 1:500.

What spreads can I expect with CharterPrime?

Spreads from as little as 0.0 pips when using the ECN Account.

Does CharterPrime charge commission?

Yes. Commissions of US Dollar 40 are charged on the Islamic Account on Wednesdays.

Are there additional charges on the Islamic account?

Not that can be ascertained from the information provided on the CharterPrime websites. Muslim traders are subjected to all other normal trading and non-trading fees except for being exempted from paying overnight fees.

Is CharterPrime regulated?

Yes. CharterPrime is regulated by FSP.

Is CharterPrime a recommended forex trading broker for experts and beginners?

Yes. CharterPrime caters to both beginners and experts.

What is the overall rating out of 10 for CharterPrime?

8/10.

 

Accounts

What is the difference between a demo and a live trading account?

A Demo Account is a risk-free account that is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does CharterPrime offer a demo account?

Yes.

For how long is the demo account valid?

This information is not available but when generally comparing demo accounts between brokers, the frequent term is 30-days.

Does CharterPrime offer the option of an Islamic Account?

Yes. CharterPrime makes provision for the Islamic Account as a separate and standalone account type.

Which live trading accounts does CharterPrime offer?

CharterPrime offers the following trading accounts:

  • Variable Account
  • ECN Account, and
  • Islamic Account

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • GBP
  • AUD, and more.

 

Deposits and Withdrawals

What is the minimum deposit for CharterPrime?

US Dollar 100.

How do I make a deposit and withdrawal with CharterPrime?

  • Bitcoin
  • USDT (Tether)
  • UnionPay
  • Bank Wire Transfer
  • Skrill
  • Neteller
  • Local Gateway

Does CharterPrime charge withdrawal fees?

Yes.

  • USDT – withdrawal fee of 5%.
  • Bank Wire Transfer – withdrawal fee of US Dollar 40.
  • Skrill – withdrawal fee of 1%.
  • Neteller – withdrawal fee of 2%, maximum US Dollar 30.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like

eXcentral Minimum Deposit

  eXcentral Minimum Deposit amount to open a real trading account is $250 / (R4013,83 USD/ZAR.  The Minimum Deposit for 1st-time traders might vary based on

eXcentral Fees and Spreads

  eXcentral spread and commission fees start from US Dollar 0.00 with spreads from 2.5 pips.eXcentral does not offer spread betting and thus spread betting

eTrader Review

  Overall, eTrader is regulated by CySEC authorities and it has a high trust score of 70 out of 100 and is considered a low-risk

FairFX Review

  Overall, FairFX can be seen as a reliable financial institution that is considered low-risk. FairFX has an overall trust score of 50 out of

HYCM Review

  Overall, HYCM can be summarised as a safe broker that provides competitive spreads on Contracts for Difference (CFDs). It offers 300+ trading instruments with