Overview of Charterprime
CharterPrime is an international forex and CFD brokerage firm stating industry expertise and regulation. However, its offshore registration, lack of transparency, and poor customer feedback have posed questions regarding its credibility and safety for investors. This review investigates whether CharterPrime is a reliable broker-or a scam waiting to happen.
Website: http://www.charterprime.com/
Website Availability: NA
Warning: Securities Commission Malaysia (SC) and Financial Supervisory Authority (Romania)
Domain Age:
Name-CHARTERPRIME.COM
Registry Domain ID-1777178942_DOMAIN_COM-VRSN
Registered On-2013-01-30T01:27:29Z
Expires On2030-01-30T01:27:29Z
Updated On-2024-01-30T18:32:23Z
Hidden Identity and Low Trust Signals
One of the earliest red flags regarding CharterPrime is the fact that the website owner has used identity protection on WHOIS. Although this is not unusual, it is worrying when combined with the platform’s low Tranco rank (which means very little web traffic), erroneous SSL certificate, and shared hosting in a high-risk environment. These technical indicators lower overall trust and make one skeptical about the platform’s legitimacy.
Offshore Registration and Suspicious Regulation
CharterPrime boasts regulation by ASIC (Australia) but is also offshore in St. Vincent and the Grenadines, a jurisdiction long linked with lenient regulation. This model of double regulation is a favorite among disreputable brokers who wish to give the appearance of legitimacy while skirting more severe scrutiny. ASIC’s participation might seem comforting, but it’s unknown the extent of the control they have over the broker’s offshore conduct.
Additionally, CharterPrime has been reportedly issued warning letters by financial regulators regarding unauthorized operations, adding to its reliability issues.
Clouded Company Background and Doubtful Operations
Despite being incorporated in 2012 and running on an STP business model, CharterPrime remains secretive regarding its ownership setup and management team. While they admit to having industry professionals running the show, no definite names or professional backgrounds are revealed.
Lack of transparency in management and operations is concerning to investors, particularly in an industry as saturated with fraud as this one. It’s difficult to have faith in a platform that won’t even reveal who is behind it.
Fund Safety, Withdrawals & Lack of Protection
CharterPrime encourages separated accounts, but traders have expressed serious concerns regarding withdrawal delays and access to funds. More concerning still, the broker does not protect negative balances, so investors stand to owe money exceeding their deposited sum-a huge risk, particularly for inexperienced traders.
Added to periodic user reports of fund withdrawal problems, this provides a high-risk environment for traders.
Platform Functionality: Typical, But Not Transparent
CharterPrime employs MetaTrader 4 (MT4), a reputable platform among traders. Although the majority of users have good performance, some mention regular slippages, rejections of trades, and order executions poorly during volatile markets.
The broker does not specifically reveal how they execute trades behind the scenes, which raises possibilities of price manipulation or conflict of interest.
Final Verdict: Is CharterPrime a Scam
As CharterPrime attempts to present legitimacy, various issues make it difficult not to suspect scam potential:
- Offshore registration and nebulous regulation
- Dark company information
- Complaints regarding withdrawal and execution problems
- Inadequate investor protection
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