X Charter is a Contract for Difference (CFD) broker officially registered on March 22, 2024. The broker primarily offers a vast array of trading markets through its proprietary trading platform and mobile application, including forex, stocks, futures, energy, precious metals, cryptocurrencies, CFDs, and more.
Company Registration Information and Regulatory Status:
Public information on X Charter's official website reveals that its headquarters are located in New York, USA. Moreover, the broker has registered with the United States National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) and is regulated by them, with an NFA ID of 0561418 and an MSB number of 31000263262302.
Upon verification, it was found that the entity with NFA ID 0561418 registered with the United States National Futures Association (NFA) is SMART GLOBAL, registered as a non-member unit, thus not regulated by the NFA. Likewise, the entity with the MSB number 31000263262302 listed on the Financial Crimes Enforcement Network (FinCEN) website is also SMART GLOBAL. However, FinCEN's primary mission is anti-money laundering, and it does not regulate normal financial derivative transactions. The relationship between X Charter and SMART GLOBAL remains unclear.
Additionally, the broker's official website shares almost identical web page design and content with other broker websites like XRB-MAX, Ticmill, HANTEC FINANCIAL, LeSen Financial Limited, Gold Harbor, and GO Markets.
Account Opening:
To open an account with X Charter, visit the broker's official website and click on "Register" on the homepage or the top right corner of the page. Follow the instructions to fill in your name, email address, set up a password, and upload proofs of identity and bank card. After submitting the application, the account can be successfully registered.
Trading Account Information:
The X Charter official website only discloses information such as spreads, trading leverage, margin call/stop out levels, and contract size, while details on account types, trading commissions, minimum/maximum trading volume, maximum number of positions/orders, and minimum price granularity are not provided.
- Spread: Variable spread
- Trading Leverage: 1:100—1:500
- Margin Call/Stop Out Level: 100%/50%
- Contract Size: 1 lot = 100,000 currency units
Trading Platform:
X Charter claims to offer the MT5 trading platform on its official website, but upon examination, it was found that new accounts could not be opened through the broker on the MT5 platform, only existing accounts could be linked.
Deposits and Withdrawals:
X Charter has not clearly disclosed the supported methods of deposit and withdrawal, the fees, or the minimum deposit and withdrawal amounts on its official website.
Conclusion:
Traderknows warns investors that X Charter is a foreign exchange scam website with opaque registration and regulatory information, and it is suspected of false advertising. The only way to contact this broker is through email, which is extremely limited. The website design and content of its official site use the same template as those of other brokers like XRB-MAX, Ticmill, HANTEC FINANCIAL, LeSen Financial Limited, Gold Harbor, and GO Markets. Traderknows advises investors to choose brokers with transparent information, strong regulation, and good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected of scam" on Traderknows.
