Thinking of getting into business with CharterDot? Here is what you must know about this broker. Carefully read this review to find out if charterdot.com is the trading platform you will want to trade with.
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About CharterDot Broker
CharterDot is an offshore brokerage company with a lot of promises for traders. The broker is operated by Integrate Pro LLC with the registered address showing St Vincent and the Grenadines.
There are different account types CharterDot offers. See below.
In spite the trading instruments CharterDot claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
charterdot.com: Reasons to Avoid This Broker
Firstly, charterdot.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed charterdot.com has no demo account for traders. Since traders can’t test CharterDot on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with a scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, CharterDot claims no fee on withdrawal. Nevertheless, let’s see the bonus policy of the broker, for a bonus of $200, clients should execute 50 lots (5 million USD in turnover) to become eligible for withdrawal.
Minimum Deposit
CharterDot minimum deposit is said to be $250.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer and other e-wallets. But, you should not consider making any payment with this broker because it is a risk. So beware!
CharterDot Platform
CharterDot offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it is set 1: 100 by default. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
CharterDot Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is charterdot.com a Reliable Broker?
No, charterdot.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
