Overview of X Charter
X Charter, established in 2009 and based in Belize, is a regulated brokerage offering a diverse range of trading instruments, including forex, indices, commodities, and precious metals. The company is licensed by the Financial Crimes Enforcement Network (FinCEN) in the United States, ensuring compliance and security for its clients. X Charter provides traders with four account types, each tailored to different trading needs, with competitive spreads starting from 0.6 pips and leverage up to 1:1000. The broker emphasizes customer support, offering assistance 24/7 via email at xcharter3@gmail.com, and provides exclusive educational resources, including custom automated metrics for VIP subscribers, designed to enhance trading strategies and decision-making.
Is X Charter Legit？
X Charter is regulated by the Financial Crimes Enforcement Network in the United States under a crypto-license. The license number is 31000264421841.
Pros and Cons
X Charter provides a variety of trading instruments and offers spreads that are in line with industry standards. It is regulated by FinCEN in the United States, which may provide some assurance to traders. The broker offers customer support around the clock, which can be beneficial for traders in different time zones. However, there is limited information available regarding deposit methods and bonus offerings. The minimum deposit required for the Shares Account is relatively high at $10,000, which may not be suitable for all traders.
Trading Instruments
X Charter offers a broad range of trading instruments including over 50 global currency pairs in forex, major global indices, bulk commodities like sugar, cocoa, and wheat, precious metals such as gold, silver, and palladium, as well as main energy sources including crude oil and natural gas.
Here is a comparison table of trading instruments offered by different brokers:
Account Types
X Charter offers four distinct account types:
1. Micro Account: Suitable for small scale traders with contract sizes from 1 lot to 1,000 lots, leverage up to 1:1000, negative balance protection, spreads as low as 1 pip on majors, no commissions, and a minimum deposit of $5.
2. Standard Account: Designed for regular traders, featuring contract sizes from 1 lot to 100,000 lots, leverage up to 1:1000, negative balance protection, low spreads on majors, no commission, and a $5 minimum deposit.
3. X Charter Ultra Low Account: Targeted at traders looking for even lower spreads with contract sizes split between standard (1 lot = 100,000) and micro (0.1 lots), up to 1:1000 leverage, negative balance protection, spreads as low as 0.6 pips, no commissions, and a $5 minimum deposit.
4. Shares Account: Tailored for stock trading with contracts sized per share, no leverage, negative balance protection, commissions on trades, a minimum trade volume of 1 lot, and a higher minimum deposit requirement of $10,000.
All accounts, except for the Shares Account, offer hedging, allow for Islamic account options, and provide swap facilities, with varying restrictions on lot size per ticket.
How to Open an Account
To open an account with X Charter, follow these steps.
Visit the X Charter website. Look for the “OPEN AN ACCOUNT” button on the homepage and click on it.
2. Sign up on websites registration page.
3. Receive your personal account login from an automated email
4. Log in
5. Proceed to deposit funds to your account
6. Download the platform and start trading
Leverage
X Charter provides leverage up to 1:1000 for its Micro, Standard, and Ultra Low Accounts. The Shares Account does not offer any leverage.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions
X Charter offers spreads as low as 1 pip for major currency pairs on Micro and Standard Accounts, and as low as 0.6 pips for the Ultra Low Account. The Shares Account's spreads are based on the underlying exchange. Commissions are absent in Micro, Standard, and Ultra Low Accounts, while the Shares Account does incur a commission.
Deposit & Withdrawal
The deposit and withdrawal methods for X Charter are not specific, but the minimum deposit required for starting an account varies: $5 for Micro, Standard, and X Charter Ultra Low Accounts, and $10,000 for a Shares Account.
Trading Platforms
X Charter provides the MetaTrader 5 (MT5) trading platform, which is available on PC and Mac computers, as well as on mobile phones and tablets.
Customer Support
X Charter provides 24/7 customer support with offline real-time service and can be contacted via email at xcharter3@gmail.com.
Educational Resources
X Charter offers exclusive educational resources, including custom automated metrics designed by Avramis Despotis, with over 20 years of experience, available to VIP education package subscribers. These resources are tailored for use with MT5 and include professional algorithmic technology analysis, serving as essential tools for precise investment decisions.
Conclusion
In conclusion, X Charter offers a diverse range of trading instruments and is regulated by FinCEN, which adds a level of credibility. The broker provides 24/7 customer support, catering to the needs of traders globally. However, there are some drawbacks, such as limited information on deposit methods and bonus offerings, as well as a relatively high minimum deposit requirement for the Shares Account. Traders should carefully consider these factors when choosing X Charter as their brokerage.
FAQs
Q: What trading instruments does X Charter offer？
A: X Charter offers a variety of trading instruments, including forex, indices, commodities, and precious metals.
Q: Is X Charter regulated？
A: Yes, X Charter is regulated by FinCEN in the United States.
Q: What are the customer support options available at X Charter？
A: X Charter provides 24/7 customer support, which can be contacted via email.
Q: What is the minimum deposit required to open an account with X Charter？
A: The minimum deposit varies depending on the account type, ranging from $5 to $10,000.
Q: Does X Charter offer bonuses to traders？
A: There is limited information available on bonus offerings from X Charter.
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 provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-04-16 16:51
