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XCharter: Forex Trading Scam

TraderKnows
TraderKnows
06-21

This article will thoroughly expose the fraudulent activities of XCharter, analyze its operational model, and provide relevant advice to help investors identify and avoid similar financial scams.

With the continuous development of financial markets and the widespread use of the internet, more and more investors are getting involved in forex and financial derivatives trading. However, various scams and fraudulent activities have also emerged, bringing significant risks and losses to investors. XCharter is allegedly a forex fraud broker that deceives numerous investors through false advertising and opaque operations.

Business Registration Information and Regulatory Status:

XCharter (www.xchartfx.com) claims its full company name is XCharter GROUP LIMITED, headquartered in London, UK, and regulated by the US MSB with MSB number 31000234126807. However, our investigation found that both the UK Companies House and the Financial Conduct Authority (FCA) have no registered information for a company named "XCharter." Additionally, the US Financial Crimes Enforcement Network (FinCEN) website shows that the MSB number 31000234126807 belongs to SJTCF GROUP LIMITED, not XCharter GROUP LIMITED. This indicates that XCharter is actually a fraudulent broker with no corporate entity or regulatory oversight.

XCharter website domain registration time

XCharter website information

XCharter website information 2

Regulatory information 1

Regulatory information 2

Moreover, XCharter’s website design and content are identical to other known scam broker sites such as VTPTRADE, CTRL FX, PLSXA, HOTBGLOBAL FINANCE LIMITED, MONEYTT INTERNATIONAL LTD, and FXPRO COIN. These similarities further validate the suspicion of XCharter's fraudulent nature.

Account Opening Process and Trading Account Information:

XCharter's account opening process is relatively simple but lacks detailed account information. On its website, investors can register by filling out personal information and setting a login password. However, critical information such as account types, trading leverage, margin levels, trading commissions, minimum/maximum trade sizes, maximum positions/orders, and minimum price precision are not disclosed. This lack of transparency prevents investors from fully understanding the trading conditions and potential risks.

XCharter account opening 1

XCharter account opening 2

Trading Platform:

XCharter claims to offer a self-developed trading platform for users, available in desktop and mobile versions, and claims it provides over 50 technical indicators and intraday analysis tools. However, there is no detailed information about this platform, raising concerns about its technical support and trading tools. In fact, XCharter may modify trading data to deceive investors, further increasing the risk involved.

XCharter trading platform

Deposits and Withdrawals:

XCharter does not clearly specify on its website the supported deposit and withdrawal methods, fees, or minimum deposit/withdrawal amounts. This opaque financial operation could impose additional fees and restrictions on investors during the deposit and withdrawal processes, increasing uncertainty and risk.

Suspicious Aspects:

  1. Short Domain Registration Time: XCharter's domain was registered on May 19, 2024, indicating a very short existence, increasing the likelihood that it is unreliable.
  2. Inaccurate Public Information: There is no public information about the company’s staff or actual office records available online.
  3. Fake Trading Software: No information is provided about XCharter's trading software, which may manipulate trading data to deceive investors.
  4. Regulatory Issues: XCharter is not regulated by any local regulatory bodies in Japan, and its claim of being regulated by the US NFA is also false.

Scam Methods and Consequences:

Common fraudulent tactics used by XCharter include romance scams, guaranteed return on investment scams, and providing fake trading signals. They contact victims through social media platforms like LINE, Facebook, and LinkedIn, gaining their trust before committing fraud. Ultimately, users are unable to withdraw funds and are required to pay various fees, such as taxes, but even after paying, they still cannot withdraw their money.

What to Do if You Get Scammed?

If you have been scammed by XCharter or a similar platform, we recommend taking the following actions:

  1. Immediately stop all contact with the scammer: Do not continue to pay any fees or provide more personal information.
  2. Save all related evidence: This includes chat logs, transaction records, payment receipts, and emails for future litigation purposes.
  3. Report to relevant regulatory authorities: Report the incident to local financial regulatory bodies, such as the US Financial Crimes Enforcement Network (FinCEN) or the UK Financial Conduct Authority (FCA), to help track and combat such criminal activities.
  4. Seek legal assistance: Consult with professional legal advisors to understand possible legal avenues and measures to recover lost funds.
  5. Warn others: Share your experience on social media and related forums to warn other investors and prevent more people from being deceived.

Investors should choose brokers with transparent information, proper regulation, and good reputation before engaging in any financial transactions to ensure the safety of their funds and avoid unnecessary financial losses.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Foreign exchange trading is a financial trading activity that seeks profit through the exchange rate differences between different countries' currencies. It is characterized by globalization, high liquidity, and leveraged trading. Participants include central banks, commercial banks, investment institutions, enterprises, and individual investors. However, it also involves potential risks such as market fluctuations and leverage risks.

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