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X Charter

New Zealand|Within 1 year|
Appointed Representative(AR)|MT5 Full License|Regional Brokers|

https://x-chartermarkets.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
XCharter-Live MT5
Server Location Singapore

Contact

+27 87 012 6177
support@x-charter.com
https://x-chartermarkets.com/
1ST FLOOR CNR KILDARE ROAD AND MAIN, NEWLANDS, CAPE TOWN, WESTERN CAPE, 7550

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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1G

40G

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Contact number

English

+27 87 012 6177

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Broker Information

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Company Name

X Charter (Pty) Ltd

Abbreviation

X Charter

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

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Scam

Simple SCAM turning into CRIMINAL conduct

Let me tell a complete story about the criminal practices of the X Charter Broker. Since X Charter Broker contacted me, I had to go through five weeks of this ordeal. They lured me in, promising a great future, and gave me VIP status that included matching my deposits and low fees. They let me withdraw some money to ensure that everything works as it should. After five days of light trading, my account disappeared from their site including the MT5 Platform. My initial deposit was $18,800 with open trades that could be profitable in the two days. Not knowing what to do, I turned to the help of case. Oh boy, was I wrong? After my exposure, agents who introduced themselves unacceptable offers to reinstate my account with only $15,000. They want me to move my complaint to a different Broker which happened to have the same name but have nothing in common with the original broker. They promised me to return the money if I did what they suggested me to do.   Also, all communication on Telegram was deleted when I refused to accept. Time went by and they let me open a new account (924376) with the original balance of $18,800 with the condition to keep it for at least 15 days and make trade once a day. After that period, I have been promised, to be able to withdraw money.  At this time no favors, no matching deposits, and no defined slippage. On June 10th, I received a message that X Charter was working on an upgrade of services, and all accounts needed to be reinstated. I contacted X Charter’s Support. Designated agent Le Phuc Hoang sent me a link to the Chrome Extension application to make my account work. This link to the application could not be for an unknown reason reinstated so he had to install it by himself by using an Ultra View application. He not only installed that application but also compromised my private access to my account and resolved the case for acc.923570 without my permission. I let him know that I knew what he did but he didn't express any reaction. My account 924376 was working again so I didn’t ask more questions, just waiting for the last day of the agreement to be able to withdraw my money to the bank. Two days later June 12th, my account was terminated again including the communication. The day after breaking into my account, I received notice from my newly established trading account support about several attempts to break in. Such a coincidence? Do not ever talk to them open an account and deposit money. These criminals need to be stopped.  

Nguyen thi Nhung
2024-06-13 19:16

X Charter · Company Summary

Broker Name X Charter
Registered Country New Zealand
Founded Year 2023
Regulation FSCA(Over-operation), ASIC ( AR license)
Market Instruments Forex, commodities, stocks, cryptocurrencies
Account Types Standard, Standard Cent, Raw Spread, Zero, Pro
Minimum Deposit Depending on payment methods
Maximum Leverage 1:Unlimited
Spreads As low as 0 pips
Trading Platforms MetaTrader 4, MetaTrader 5, X Charter Trading App
Deposit & Withdrawal Multiple payment methods including Mastercard, Visa, Skrill, Neteller, Perfect Money, UnionPay
Customer Support Email(support@x-charter.com), phone(+27 87 012 6177)

Overview of X Charter

X Charter, established in New Zealand in 2023, offers access to popular trading assets including forex, commodities, stocks, and cryptocurrencies through user-friendly trading platforms like MetaTrader 4 and 5, X Charter app to traders of all experience levels. However, traders may find drawbacks in the limited educational resources and research tools provided.

Overview of X Charter

Is X Charter Legit ?

X Charter has registered with FSCA in South Africa, holding a Financial Service Corporate license (License No.: 53197). However, its regulatory status stands as “Exceeded” in terms of compliance with FSCA regulations, which means this broker's operation falls outside of FSCA's regulatory authorization.

Is X Charter Legit ?

X Charter, also holds an Appointed Representative (AR) under license no. 001208821, authorized by ASIC in Australia.

Is X Charter Legit ?

Pros and Cons

Pros Cons
Popular trading assets Lack of educational resources
Multiple payment methods Limited research tools
User-friendly trading platforms including MT4/MT5
Its In-house trading app offered
Leverage unlimited

Pros:

  1. Popular Trading Assets: X Charter offers a wide selection of trading assets, spanning across various markets such as forex, commodities, stocks, and cryptocurrencies. This breadth of assets allows traders to diversify their portfolios and capitalize on different market opportunities.

  2. Multiple Payment Methods: X Charter supports multiple payment methods, including Mastercard, Visa, Skrill, Neteller, Perfect Money, and UnionPay. This variety of payment options enhances convenience for traders, allowing them to choose the method that best suits their preferences and needs.

  3. User-Friendly Trading Platforms: X Charter provides user-friendly trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

  4. Its In-house trading app offered : X Charter also offers its proprietary trading app called Charter Trading App for traders to trade on the go.

  5. Leverage Unlimited: Unlimited leverage appeals to some traders for its potential to amplify profits

Cons:

  1. Lack of Educational Resources: One notable drawback of X Charter is the limited availability of educational resources.

  2. Limited Research Tools: X Charter has limited research tools available for traders to conduct in-depth market analysis and make informed trading decisions.

Market Instruments

X Charter offers four classes of trading assets, providing traders with access to over 1000 instruments across various markets.

Forex (foreign exchange) constitutes a significant portion of the available assets, allowing traders to speculate on the price movements of currency pairs from major, minor, and exotic currency markets.

Additionally, traders can engage in commodity trading, encompassing a broad spectrum of commodities such as precious metals like gold and silver, energies like oil and natural gas, as well as agricultural products like wheat and corn.

The platform also offers opportunities for trading stocks, enabling investors to buy and sell shares in publicly listed companies from around the world.

Moreover, X Charter facilitates trading in cryptocurrencies, including popular digital assets like Bitcoin, Ethereum, and Ripple, among others.

Market Instruments

Account Types

For regular traders, the Standard and the Standard Cent are provided. Both accounts feature competitive trading conditions with minimal deposit requirements, which vary based on the chosen payment system.

The Standard account provides access to a wider range of instruments, including forex, metals, cryptocurrencies, energies, stocks, and indices, offering spreads starting from 0.2 pips and operates without commissions. Traders can benefit from unlimited leverage and position counts, with a maximum lot size of 200 during peak hours (7:00 - 20:59 GMT+0) and 60 during off-peak hours.

The Standard Cent account, while more focused on forex and metals trading, maintains similar conditions. It features slightly higher spreads starting from 0.3 pips, also without commissions. This account type allows for a maximum of 1000 open positions with a consistent maximum lot size of 200.

Both account types share several key features, including a minimum lot size of 0.01, 0% hedged margin, 60% margin call, and 0% stop out level. They also offer market execution and swap-free options.

Standard Accounts

For professional traders, three tailored accounts are on offer: Raw Spread, Zero, and Pro. Each account requires a minimum deposit of $200, providing accessibility to a wide range of traders.

The Raw Spread and Zero accounts feature spreads starting from 0 pips, while the Pro account offers spreads from 0.1 pips. Commission structures vary, with the Raw Spread account charging up to $3.50 per side per lot, the Zero account charging from $0.2 per side per lot, and the Pro account operating commission-free.

All three accounts provide unlimited leverage and access to a comprehensive selection of instruments, including forex, metals, cryptocurrencies, energies, stocks, and indices. They offer flexible trading conditions with a minimum lot size of 0.01 and a maximum lot size of 200 during peak hours (7:00 - 20:59 GMT+0) and 60 during off-peak hours (21:00 - 6:59 GMT+0).

The platform allows for unlimited positions, implements a 0% hedged margin, sets a 30% margin call, and features a 0% stop out level. Order execution is primarily market-based, with the Pro account offering instant execution for most instruments except cryptocurrencies. Additionally, all accounts provide the option for swap-free trading.

Professional Accounts

How to Open an Account?

To open an account with X Charter, follow these concrete steps:

  1. Visit the X Charter website: Go to the official website of X Charter using a web browser on your computer or mobile device.

  2. Click on “Register”: Look for the “Register” button on the homepage of the X Charter website and click on it.

  3. Fill out the registration form: Complete the registration form with accurate personal information, including your full name, email address, phone number, and country of residence.

  4. Verify your email: After submitting the registration form, check your email inbox for a verification message from X Charter. Click on the verification link provided in the email to verify your email address.

  5. Complete identity verification: Follow the instructions provided by X Charter to complete the identity verification process. This may involve uploading scanned copies of your identification documents, such as a passport or driver's license, as well as proof of address documents.

  6. Fund your account: Once your identity has been verified, you can fund your X Charter account using one of the available payment methods, such as bank transfer or credit/debit card. Follow the instructions provided on the X Charter platform to deposit funds into your account and start trading.

How to Open an Account?

Leverage

X Charter offers a maximum leverage of 1:Unlimited, providing traders with significant flexibility in their trading positions. With leverage, traders can amplify their market exposure compared to their initial investment, potentially increasing both profits and risks. A leverage ratio of 1:Unlimited means that there is no upper limit to the leverage offered by X Charter, allowing traders to adjust their leverage levels according to their trading strategies and risk tolerance. While leverage can magnify gains, it also amplifies potential losses, emphasizing the importance of prudent risk management when utilizing leveraged positions on the X Charter platform.

Spreads & Commissions

X Charter offers a range of spreads and commissions across its various account types.

The Standard account typically features spreads starting from 0.2 pips with no commission charges, making it a suitable option for traders who prioritize low transaction costs.

Conversely, the Raw Spread account boasts the lowest spreads, starting from 0 pips, but imposes a fixed commission of up to $3.50 each side per lot. This account type may appeal to traders who are willing to pay a commission in exchange for tighter spreads.

The Zero account, on the other hand, offers zero spreads on the top 30 instruments but charges a commission starting from $0.2 each side per lot. This account type might be attractive to traders seeking zero spreads with competitive commission rates.

Lastly, the Pro account combines competitive spreads starting from 0.1 pips with no commission charges, making it suitable for traders who prioritize low spreads and instant execution without commission fees.

Trading Platform

in terms of trading platforms, X-Charter gives three choices: MetaTrader 4, MetaTrader 5 and XCharter trading app.

MetaTrader 4

X-Charter Markets provides traders with access to the renowned MetaTrader 4 (MT4) platform, a powerful and versatile solution for CFD trading across various financial instruments. This industry-standard platform is offered free of charge and is optimized for trading currency pairs and other CFD products. MT4's robust features and intuitive interface cater to both novice and experienced traders, providing a comprehensive toolkit for navigating the financial markets. Enhancing its accessibility, the platform is available for download on both the App Store and Android devices, allowing traders to manage their portfolios and execute trades seamlessly across multiple devices. This mobile compatibility ensures that X-Charter Markets' clients can stay connected to the markets and capitalize on trading opportunities anytime, anywhere.

MetaTrader 4

MetaTrader 5

X-Charter Markets offers traders access to the MetaTrader 5 platform, a sophisticated and versatile trading solution for CFD trading across various financial instruments. This powerful platform, provided free of charge, enables users to engage in currency pair trading and execute trades on a wide array of other CFD products. MetaTrader 5's advanced features and user-friendly interface make it an ideal choice for both novice and experienced traders seeking a comprehensive tool to navigate the dynamic world of financial markets.

Trading Platform

XCharter Trading App

X-Charter also distinguishes itself by offering its own proprietary trading application, the XCharter Trading App.

Deposit & Withdrawal

X Charter offers a variety of payment methods to accommodate the various needs of its traders. Accepted payment methods include Mastercard, Visa, Skrill, Neteller, Perfect Money, and UnionPay. These widely recognized payment options provide traders with flexibility and convenience when depositing funds into their trading accounts. Whether traders prefer using debit/credit cards, e-wallets, or bank transfers, X Charter ensures a friendly deposit process for its clients.

The minimum deposit required to open an account with X Charter varies depending on the chosen payment method and account type. For the Standard and Standard Cent accounts, the minimum deposit depends on the selected payment system, allowing traders to choose the most suitable option based on their preferences and budget. On the other hand, the Raw Spread, Zero, and Pro accounts require a minimum deposit of $200, providing traders with a straightforward entry point into the trading platform regardless of the chosen account type.

Deposit & Withdrawal

Customer Support

X Charter provides customer support via email at support@x-chartermarkets.comand through phone assistance at (239) 555-0108. Additionally, their physical address is 4140 Parker Rd., Allentown, New Mexico 31134.

This multi-channel approach allows traders to reach out for assistance regarding account-related inquiries, technical issues, or general support. By offering both online and offline support options, X Charter ensures accessibility and responsiveness to its clients' needs, fostering a positive customer experience and enhancing trust and satisfaction with their services.

Customer Support

Conclusion

In conclusion, X Charter emerges as a good choice for traders, featuring user-friendly trading platforms as well as tailored account options, and it targets traders of all experience levels. However, the platform may benefit from further enhancing its offerings, such as educational resources and research tools, to better support traders in their trading journey.

FAQs

What account types does X Charter offer?

X Charter offers Standard, Standard Cent, Raw Spread, Zero, and Pro accounts.

What trading platforms are available on X Charter?

X Charter provides access to MetaTrader 4, MetaTrader 5, and its proprietary X Charter Trading App.

Does X Charter offer customer support?

Yes, X Charter offers customer support via email and phone assistance.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

News

Exposing X Charter: A Victim's Tale of Deception and Fraud

ExposureExposing X Charter: A Victim's Tale of Deception and Fraud

2024-05-29 17:45

Unsuspecting individuals can easily fall prey to the deceitful tactics of unscrupulous brokers. Among the myriad of fraudulent entities lurking in the shadows, X Charter stands as a glaring example of betrayal and deception, leaving a trail of shattered dreams and financial ruin in its wake.

WikiFX
2024-05-29 17:45
Exposure
Exposing X Charter: A Victim's Tale of Deception and Fraud

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FX1499029483
more than one year
Got into trading with X-Charter Markets recently, and I've got to say, it's pretty slick. The Metatrader 5 setup is straightforward. Signing up was quick, no fuss there. Just hoping they'll add more trading options down the line!
2024-06-21 17:36
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round
more than one year
X-Charter offers a lot to trade (forex, stocks, crypto) and their app seems easy to use. They say they're regulated, but with a fresh start in 2020, I'd want more info on their track record before investing.
2024-03-14 17:24
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