Charterprime is a joke....scam too

Chaona

Recruit
Messages
8
My Story:

Wouldn’t have believed it didn’t happen to me personally.

2nd-Aug-2020:

  • After being cornered by Charterprime’s high pressure sales tactics, I opened a Live ECN Account with them through their one of their accounts/sales manager.
  • The accounts/sales manager stated that all trades through Charterprime go to its liquidity providers and assured me that they are a true STP broker and my funds are 100% safe.
  • He stated that they are AFSL and FSP licensed and boasted Charterprime’s credibility.
3rd-Aug-2020:

I deposited a portion of my savings to Charterprime through their 3rd Party Money Transferor in China and proceeded to trade on its MT4 making little profits and losses throughout.

27th-Aug-2020:

There was big fluctuation on XAUUSD and I made significant profit during the evening of 27th. All trades were confirmed by Charterprime and returned as executed properly.

28th -Aug-2020:

  • After the windfall of 27th’s evening, I proceeded to submit a withdrawal request on a portion of my winnings.
  • However, I was later contacted by the accounts/sales manager stating that I have violated Charterprime’s terms and conditions.
  • He, stating under the instruction of his company, tried to bargain with me to only withdraw a small portion of (just a bit over one-tenth) of my profits and close off my account.
  • After refusing such ludicrous suggestion, the accounts/sales manager blocked me and I was unable to make contact with him or Charterprime again.
18th–Sept -2020:

Charterprime announced that it will no longer be onboarding Chinese clients.

1st to 12th -Oct-2020:

  • I contacted my friend in Australia to submit complaints, on my behalf, to the Australian and New Zealand complaints authority.
  • However, he was subsequently denied of complaint because Charterprime claimed that I had an agreement with Charterprime Limited in St. Vincent and the Grenadines (SVG) instead of the entity in Australia or New Zealand.
  • After extensive research, I was unable to find whether Charterprime SVG existed or not. Charterprime just pulled this entity out of thin air and submitted to the Australian and New Zealand complaints authority a SVG terms and conditions which they purported that I agreed to.
  • They even had the grit to change all the website references to SVG and their registered address to Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont Kingstown St. Vincent and the Grenadines, a location where its owner indicated that was subject to heavy online misuse.
Present:

I am at a loss for words…and don’t know what to do…Charterprime wormed their way out of being responsible for fraudulent actions.

Lessons Learnt:

  • Charterprime heavily markets its Australian license to the Chinese/Asian trading community promoting funds safety, legitimacy and credibility.
  • Charterprime hire staff with overlapping roles. E.g. a person can be both an accounts manager and sales manager, which means they are pressure clients as to get more turnover for their monthly bonus.
  • Australian and New Zealand complaints authority will not accept complaints because Charterprime redirects all terms and conditions agreed digitally by the clients to a non-existent entity.
  • Australian and New Zealand complaints authority will not to take into account the fact that most, if not all, of Charterprime’s backoffice are working out of Australia and New Zealand.
  • Being on the other side of trade, Charterprime is both the opponent and referee and there is nothing you can do if they decide to take your money and not accept their losses.
  • They shamelessly talk to the complaints authorities to shift their responsibilities to another jurisdiction to nullify the consequences of stealing clients’ money.
  • They had the guts to change all of their website contents to SVG to further justify to the Australian and New Zealand complaints authority that they have no power to mediate the dispute between the client and Charterprime, and makes up a new Terms and Conditions because clients only digitally acknowledge them online.
  • They predominately promote their AFSL license, but will onboard clients to another license with less strict rules of conduct as to decrease their regulatory responsibilities.


Cost of Trust:

  • I’m both deeply hurt and very confused about Charterprime’s action. They present themselves as a leader of the forex industry, but it is only a facade of a series of dark and underhanded maneuvers to gain client trust and shift their regulatory responsibilities. They certainly do not make attempts to amend relationships.
  • If I had violated the trading conditions, why were the trades executed and confirmed by Charterprime?
  • If my trades were not legitimate, why was I contacted only after and the accounts manager, on the instructions of Charterprime, tried to bargain with me to withdraw one-tenth of the profits?
  • Charterprime uses blatant high pressure sales tactics and promotions to bombard clients and gain their trust.
  • You are only allows to lose your money with them…they do not tolerate winnings and certainly do not let you withdraw your profits. How else can they afford to sponsor airlines?
  • They shamelessly shift responsibilities and change all compliance references to a non-existent entity and divert the Australian and New Zealand authorities’ attentions away from being held liable to their actions.
  • I am very disappointed by Charterprime, this broker is a joke!
 

4evermaat

2nd Lieutenant
Messages
2,133
  • However, he was subsequently denied of complaint because Charterprime claimed that I had an agreement with Charterprime Limited in St. Vincent and the Grenadines (SVG) instead of the entity in Australia or New Zealand.
  • After extensive research, I was unable to find whether Charterprime SVG existed or not. Charterprime just pulled this entity out of thin air and submitted to the Australian and New Zealand complaints authority a SVG terms and conditions which they purported that I agreed to.
1) what is their website that you used to sign up for account?

2) Do you have any emails or live chat transcripts showing CharterPrime Australia?


27th-Aug-2020:

There was big fluctuation on XAUUSD and I made significant profit during the evening of 27th. All trades were confirmed by Charterprime and returned as executed properly.
  • If I had violated the trading conditions, why were the trades executed and confirmed by Charterprime?
  • If my trades were not legitimate, why was I contacted only after and the accounts manager, on the instructions of Charterprime, tried to bargain with me to withdraw one-tenth of the profits?
3) Do you have a copy of your trading history? please follow this tutorial: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

Australian and New Zealand complaints authority will not accept complaints because Charterprime redirects all terms and conditions agreed digitally by the clients to a non-existent entity.
They shamelessly shift responsibilities and change all compliance references to a non-existent entity and divert the Australian and New Zealand authorities’ attentions away from being held liable to their actions.

4) If charterprime in fact had Au entity and you can reasonably prove that you signed up with that entity, then you may be able to appeal this AFCA decision.

If my trades were not legitimate, why was I contacted only after and the accounts manager, on the instructions of Charterprime, tried to bargain with me to withdraw one-tenth of the profits?
You are only allows to lose your money with them…they do not tolerate winnings and certainly do not let you withdraw your profits. How else can they afford to sponsor airlines?
I am very disappointed by Charterprime, this broker is a joke!

5) How much total did you deposit in USD with this broker? How much total did you withdraw successfully?

Thank you for your time
 

Chaona

Recruit
Messages
8
1) what is their website that you used to sign up for account?
Hi 4evermaat,
www.charterprime.com, but they also give active referrence to www.charterprime.com.au and www.charter-prime.com.

In their welcoming email, they also refer to their ASIC and FSP license and had NOTHING about SVG.

2) Do you have any emails or live chat transcripts showing CharterPrime Australia?
Yes, all footers have Charterprime withs its AFSL and FSP license

3) Do you have a copy of your trading history? please follow this tutorial: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

Yes. I will look at the tutorial after the reply.


4) If charterprime in fact had Au entity and you can reasonably prove that you signed up with that entity, then you may be able to appeal this AFCA decision.

We have also submitted an application to AFCA. However, Charterprime was also speaking to AFCA telling them that we were signed up Charterprime SVG. How ridiculous is that?!! They control the digital terms and conditions...and we just click "I accept the terms and conditions" when we sign up online.
5) How much total did you deposit in USD with this broker? How much total did you withdraw successfully?
We have over USD750,000 (deposit +profit) with Charterprime.... we tried to withdraw USD50,000...which they declined.
Thank you for your time
 

4evermaat

2nd Lieutenant
Messages
2,133
We have over USD750,000 (deposit +profit) with Charterprime.... we tried to withdraw USD50,000...which they declined.

How much was original deposits?

Can you please get a full report as I asked before? The tutorial explaining how to do this is here: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

Yes, all footers have Charterprime withs its AFSL and FSP license

You will need to attach screenshot of this. particularly if you have the verification email (the one saying your account profile is verified).

You may be able to appeal AFCA decision, but you must be able to prove that you are actually signed up with their Au entity. You can insist that you are and prove it.

The problem here is that you never objected to CP's lies/misinformation with proof.

And the other larger problem of not properly researching the company's business model before depositing 1 cent.
 

Chaona

Recruit
Messages
8
How much was original deposits?

Can you please get a full report as I asked before? The tutorial explaining how to do this is here: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/
Hi, sorry about the delayed reply.
The initial deposit was very little (USD2000). I traded very big lots on XAUUSD that night and I was really lucky.

However, Charterprime didnt think so...and the account manager, instructed by Charterprime, said I could only withdraw USD100000. After refusing such a crazy request...he blocked me and I was unable to make contact with Charterprime again.

Afterwards, my account was disabled and I was unable to log into the account..but I extracted a trading report the night before because I didn't even believe myself that I had such a luck.

You will need to attach screenshot of this. particularly if you have the verification email (the one saying your account profile is verified).

You may be able to appeal AFCA decision, but you must be able to prove that you are actually signed up with their Au entity. You can insist that you are and prove it.

The problem here is that you never objected to CP's lies/misinformation with proof.

And the other larger problem of not properly researching the company's business model before depositing 1 cent.
This company is a shameless scam......I can't believe they let you deposit and only allow you to LOSE BIG and NEVER WIN BIG!!!!

I have the email footer and it says ASIC and its AFSL NUMBER.
 

Pharaoh

Colonel
Messages
20,038
I suggest contacting the Australian Financial Ombudsman as soon as possible. Ask them to demand the full trading records on your account. Send copies of whatever evidence you have, including any emails that went back and forth on the subject.

There's also a big lesson here for everyone, specifically regarding the preservation of evidence. If your broker does something unusual, download and screenshot everything BEFORE contacting the broker. If you use a web-based email service and send a copy to yourself and also to a trusted friend or relative. If your broker blocks your account, you still have the evidence. If your hard drive crashes, you still have the evidence. If your email account gets hacked and all messages are deleted, the person you trust still has the evidence.
 

4evermaat

2nd Lieutenant
Messages
2,133
Afterwards, my account was disabled and I was unable to log into the account..but I extracted a trading report the night before because I didn't even believe myself that I had such a luck.
can you attach it here?
 

4evermaat

2nd Lieutenant
Messages
2,133
Not sure why you didn't save it as xlsx, xml, or html format, but ok.

However, Charterprime didnt think so...and the account manager, instructed by Charterprime, said I could only withdraw USD100000. After refusing such a crazy request...he blocked me and I was unable to make contact with Charterprime again.

Only $100,000 USD settlement? Did they actually write you this via email or chat transcript and tell you this? (and you kept a copy?!?) I would have taken this deal. But how often has greed overridden common sense in FPA scam alerts??.......

------

Anyway, the best option is to re-establish contact with CharterPrime and see if you can negotiate a settlement. Then, if they refuse that (maybe they have already), attempt to file an appeal yourself with AFCA. Make sure you have the proof that you are in fact signed up with Au entity. And challenge it if CP claims that you are not apart of scam.

Another option is also to consider legal council. Such as a free consultation here: https://www.forexpeacearmy.com/comm...ith-forex-and-crypto-regulated-brokers.63313/

I think this might actually be your best recourse (free consultation) to figure out your next step.
 
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