CARTERS foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://crm.cartersford.com/apply/real.html, about the company's legal and temporary regulatory information, the company's address .
CARTERS Forex Broker
Basic Information
United Kingdom
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Pros
Offers a range of trading options including multiple currency pairs and precious metals.
Established track record since 1993, indicating experience in the industry.
High score from carriers suggests good relationships and reliability in service.
Cons
Not regulated by a top-tier financial authority, raising concerns about security and accountability.
Negative reviews indicate inconsistent customer service experiences.
Withdrawal processes can be lengthy and complicated, potentially leading to frustration for clients.
Carters Forex Broker - Complete Information Guide
1. Broker Overview
Carters, officially known as Carters of Chapeltown Limited, was established in February 2019. The company is headquartered in the United Kingdom and operates as a private entity. Carters primarily serves the retail forex trading market, catering to individual traders and investors looking for opportunities in the forex and commodities markets.
Since its inception, Carters has aimed to provide a wide range of trading services, focusing on currencies, precious metals, and CFDs. The broker has quickly developed a reputation in the industry, although it has faced scrutiny regarding its regulatory status and operational practices. The company operates under the premise of offering competitive trading conditions while maintaining a user-friendly trading environment.
Carters operates as a retail forex broker, allowing clients to trade various financial instruments, including currency pairs and commodities. The broker's business model emphasizes accessibility for individual traders, making it an attractive option for those new to forex trading.
2. Regulatory and Compliance Information
Carters is currently not regulated by any major financial regulatory authority. This lack of regulation is a significant concern for potential clients, as it raises questions about the safety and security of client funds. The company does not have a valid regulatory license, which means it operates without oversight from recognized regulatory bodies.
The absence of regulation implies that Carters does not adhere to the stringent compliance requirements typically enforced by regulatory authorities. This includes the lack of a clear customer fund segregation policy, which would normally ensure that client funds are kept separate from the broker's operational funds.
Furthermore, Carters does not participate in any investor compensation schemes, which are designed to protect clients in the event of broker insolvency. The absence of such protections increases the risks associated with trading with an unregulated broker.
In terms of compliance measures, Carters has not disclosed specific KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, which are essential for ensuring the legitimacy of client accounts and preventing fraudulent activities. The lack of transparency in these areas further contributes to concerns regarding the broker's operational integrity.
3. Trading Products and Services
Carters offers a diverse range of trading products that primarily include:
- Currency Pairs: The broker provides access to 30 currency pairs, including major, minor, and exotic pairs, allowing traders to engage in forex trading effectively.
- CFDs: Carters also offers Contracts for Difference (CFDs) on various assets, including commodities such as gold and silver. However, the broker does not provide access to stocks or cryptocurrencies.
- Special Products: The broker focuses on providing trading opportunities in precious metals, particularly gold and silver, which are popular among investors looking for safe-haven assets.
Carters frequently updates its product offerings, although specific details on the frequency of these updates are not disclosed. The broker caters to both retail clients and, potentially, institutional clients, although the primary focus remains on individual traders.
The broker's services include retail trading, with a platform designed for ease of use, but does not appear to offer white-label solutions or asset management services at this time.
4. Trading Platforms and Technology
Carters utilizes a web-based trading platform for its clients, which is accessible via standard web browsers. However, the broker does not support the popular MetaTrader 4 or MetaTrader 5 platforms, which are widely used in the industry for their advanced trading features and tools.
The web platform is designed to be user-friendly, allowing traders to execute trades and manage their accounts without the need for complex software installations. Additionally, the broker has not indicated the availability of a dedicated mobile application for iOS or Android devices, which limits trading flexibility for users on the go.
In terms of execution modes, Carters employs a Market Making model, which means that the broker acts as the counterparty to clients' trades. This model can lead to potential conflicts of interest, as the broker profits from the losses of its clients.
The broker's server infrastructure is based in Hong Kong, although specific details about server performance and reliability have not been provided. Carters does not offer API access for automated trading, which may be a drawback for more experienced traders looking for algorithmic trading solutions.
5. Account Types and Trading Conditions
Carters offers several account types to cater to different trading needs:
- Standard Account: This account requires a minimum deposit of $1,000, with spreads starting at competitive levels. Specific commission structures have not been disclosed.
- Mini Account: Similar to the standard account, this option also requires a minimum deposit of $1,000 but offers different leverage options.
- Special Accounts: The broker does not explicitly mention the availability of Islamic accounts or corporate accounts.
Leverage options vary, with a maximum leverage of 1:200 offered for mini accounts and 1:100 for standard accounts. The minimum trade size is set at 0.1 lots, allowing for flexibility in trading strategies.
Carters has not provided detailed information regarding overnight fees or swap rates, which are crucial for traders engaged in longer-term positions. This lack of transparency in trading conditions may be a concern for potential clients.
6. Funds Management
Carters supports various deposit methods, including:
- Bank Transfers
- Credit Cards
- E-Wallets
The minimum deposit requirement for all account types is $1,000, which may be considered high compared to other brokers in the industry. Deposits are typically processed within a reasonable timeframe, although specific processing times have not been disclosed.
The broker does not charge any deposit fees, which is a positive aspect for traders looking to fund their accounts without incurring additional costs. However, details regarding withdrawal methods and any associated fees are not clearly outlined.
Withdrawals are subject to processing times that can vary, and potential clients should be aware that unregulated brokers may have less transparent withdrawal policies, which can lead to delays or complications.
7. Customer Support and Educational Resources
Carters offers customer support through various channels, including:
- Phone
- Online Chat
The broker's support team is available during standard business hours, although specific hours of operation and time zone coverage have not been provided. Carters appears to offer support in multiple languages, although the exact languages supported are not specified.
In terms of educational resources, Carters provides limited offerings, such as:
- Webinars
- Tutorials
- Market Analysis Services: This includes daily market insights and research reports to help traders make informed decisions.
The availability of trading tools, such as calculators and calendars, has not been explicitly mentioned, which may limit the resources available to traders looking for comprehensive support in their trading activities.
8. Regional Coverage and Restrictions
Carters primarily serves clients in the United Kingdom and potentially other regions, although specific regional offices are not detailed in the available information. The broker does not accept clients from certain countries due to regulatory restrictions, although the exact list of restricted countries has not been provided.
It is essential for potential clients to verify their eligibility to open an account with Carters based on their location, as trading with an unregulated broker can pose significant risks.
In summary, while Carters offers a range of trading services and products, potential clients should carefully consider the lack of regulation and transparency regarding various operational aspects before engaging with the broker.