X Charter

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.

Is X Charter Legit?

X Charter holds an Appointed Representative (AR) under license no. 001308821, authorized by ASIC in Australia. However, its current status is revoked.

Pros and Cons

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.

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.

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.

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.

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 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.

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.

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 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.