X Charter

Overview of X Charter

X Charter, established in New Zealand in 2023, offers a wide array of trading assets including forex, commodities, stocks, and cryptocurrencies. With a wide range of assets and user-friendly trading platforms like MetaTrader 4 and 5, X Charter appeals to traders of all experience levels. Its competitive minimum deposit requirements and accessible customer support options enhance its appeal.

However, traders may find drawbacks in the limited educational resources and research tools provided.

Is X Charter Legit or a Scam？

X Charter operates under the oversight of the Financial Sector Conduct Authority (FSCA) in South Africa, holding a Financial Service Corporate license (License No.: 53197).

The platform's regulatory status stands as “Exceeded” in terms of compliance with FSCA regulations. This assurance of regulatory compliance enhances traders' confidence in the platform's integrity and security. Traders are more likely to engage in transactions on X Charter, knowing that the platform operates within the bounds of established regulatory frameworks. This sense of security fosters a conducive trading environment, attracting more participants and fostering a robust marketplace.

Pros and Cons

Pros:

1. Wide Range of 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. Competitive Minimum Deposit Requirements: X Charter offers competitive minimum deposit requirements, making it accessible to a wide range of traders. This lower barrier to entry enables traders to start trading with a relatively small initial investment.

5. Accessible Customer Support Options: X Charter offers accessible customer support options, including email and phone assistance. Traders can reach out to the support team for assistance with account-related inquiries, technical issues, or general support, enhancing the overall trading experience.

6. 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 a wide range 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.

Account Types

X Charter offers a wide range of account types for different traders.

The Standard account type is touted as the most popular option, purportedly suitable for all traders. With a minimum deposit requirement dependent on the chosen payment system, it offers spreads starting from 0.2 pips and boasts no commission charges. This account type provides access to a wide array of instruments including forex, metals, cryptocurrencies, energies, and stocks, serving a wide range of trading preferences.

Suitable for new traders, the Standard Cent account allows users to engage in trading with micro lots, facilitating a gradual entry into the trading world. Similar to the Standard account, the minimum deposit varies based on the selected payment system. However, the spreads start slightly higher at 0.3 pips, but like its counterpart, no commission is applied. This account type primarily focuses on forex and metals trading, ideal for those seeking a simplified trading experience.

For traders seeking the lowest spreads available, the Raw Spread account may be of interest. Requiring a minimum deposit of $200, this account type offers spreads from 0 pips, albeit with a fixed commission of up to $3.50 each side per lot. With access to a wide range of instruments including forex, metals, cryptocurrencies, energies, stocks, and indices, the Raw Spread account is suitable for those who prioritize minimizing trading costs.

The Zero account type appeals to traders looking to capitalize on zero spreads for the top 30 instruments. With a minimum deposit requirement of $200, this account also implements commission charges starting from $0.2 each side per lot. Offering market execution without requotes, this account type grants access to a wide selection of instruments, including forex, metals, cryptocurrencies, energies, stocks, and indices.

Finally, the Pro account type emphasizes instant execution alongside zero commission and low spreads. Requiring the same minimum deposit of $200, this account boasts spreads starting from 0.1 pips and does not impose commission charges. With access to a broad range of instruments mirroring other account types, the Pro account is positioned to appeal to traders prioritizing swift execution and competitive pricing.

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.

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

X Charter provides access to a selection of widely recognized trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms are esteemed within the trading community for their user-friendly interfaces, extensive charting tools, and advanced trading capabilities. MetaTrader 4, a longstanding favorite among traders, offers stability and a comprehensive range of technical indicators, along with support for automated trading through Expert Advisors (EAs). Its successor, MetaTrader 5, builds upon this foundation by introducing additional features such as enhanced analytical tools and broader instrument coverage, including stocks and futures. Both platforms are available across desktop, web, and mobile devices, ensuring traders can access their accounts and execute trades conveniently from anywhere with an internet connection.

In addition to MetaTrader platforms, X Charter also offers its proprietary X-Charter Trading App. This mobile application provides traders with a streamlined and intuitive trading experience on their smartphones or tablets. With the X-Charter Trading App, traders can monitor markets in real-time, execute trades swiftly, and manage their accounts efficiently while on the move.

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.

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.

Conclusion

In conclusion, X Charter emerges as a compelling choice for traders, boasting a wide array of market instruments and user-friendly trading platforms. With competitive minimum deposit requirements and accessible customer support channels, it accommodates traders of all experience levels. Moreover, its regulation by the FSCA underscores its commitment to compliance and consumer protection.

Despite these strengths, the platform may benefit from further enhancing its offerings, such as educational resources and research tools, to better support traders in their trading journey.

Overall, X Charter presents significant advantages, bolstered by its regulatory status, making it a promising option in the trading landscape.

FAQs

Q: What account types does X Charter offer？

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

Q: What trading platforms are available on X Charter？

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

Q: Does X Charter offer customer support？

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

Q: What payment methods does X Charter accept？

A: X Charter accepts multiple payment methods, including Mastercard, Visa, Skrill, Neteller, Perfect Money, and UnionPay.