Are you exploring prop trading firms and want a comprehensive Fidelcrest review? Look no further. Our detailed analysis will take you through the key aspects of this popular prop trading firm, Fidelcrest LLC.
Fidelcrest, established in 2018, is a prop trading firm with its headquarters in Nicosia, Cyprus. This small country punches above its weight due to its low corporate tax rate and favorable tax status, as well as its status as an EU member state. Fidelcrest is a perfect example of the type of company that is flocking to this idyllic Mediterranean island. The company has developed a reputation for offering a highly competitive trading environment and being among the best funded stock trading accounts. Their platform allows for generous maximum loss levels of up to 20% and a competitive leverage of up to 1:100.
Fidelcrest provides the opportunity for traders to work with their funds on leading trading platforms like MetaTrader 4 and MetaTrader 5. The firm is renowned for its broad array of trading instruments that include forex, indices, metals, commodities, stocks (CFDs), and cryptocurrencies.
The firm offers two funding programs: Micro Trader and Pro Trader, both offering two trading styles: Normal and Aggressive. These programs are designed to cater to different trading preferences, with the Normal trading style being suited for risk-averse traders, and the Aggressive style being better suited for risk-seeking traders. Each trading style comes with its unique risk and return characteristics. The cheapest account permits trading a capital of €15,000 for a one-time fee of €99.
One of the most enticing features of Fidelcrest is its generous profit-sharing splits, from 80% to 90%. Customer support is a standout feature with Fidelcrest, which you can reach through email, Facebook chat, or Live Chat, the latter having an impressive average response time of only one minute.
To become a qualified prop trader with Fidelcrest, you must pass a stringent verification process to prove your consistent strategy capable of hitting profit targets.
- Trading Challenge: This phase, which has a maximum period of 30 days, requires traders to hit profit targets ranging from 10% to 15%, depending on whether the account is Normal or Aggressive. The conditions vary according to the challenge attempted, and the specific rules are clearly defined on the company’s website.
- Verification Period: Although the detailed requirements for Phase 2, the Verification Period, aren’t fully disclosed in the search results, it’s known that the conditions from phase one are doubled in this phase. Challengers are required to use a consistent strategy across both phases. During the Verification phase, there are zero minimum trading days, and traders can trade on the weekends as well. The Verification phase provides 60 days for review, compared to the 30 days in the Challenge phase.
Fidelcrest operates with a high level of transparency and customer support, offering its traders a profit split ranging from 80% to 90%, which is one of the highest in the industry. It allows traders to manage a funded trading account of up to $1 million right out of the box, without any complex scaling schemes.
One potential drawback lies in the firm’s evaluation process. Traders must pass a two-stage assessment process to qualify for funded trading. This process may be complicated for less-experienced traders and could be time-consuming and stressful for some. This challenge may discourage potential traders who want immediate access to trading opportunities.
Although Fidelcrest offers different levels of initial capital, only two types of trading styles – normal and aggressive – are offered. This limitation could pose a constraint for traders looking for a broader range of trading styles and strategies.
Although Fidelcrest permits a range of trading strategies, it restricts the use of robo-traders or third-party traders. This limitation could be seen as a drawback for traders who prefer automated trading or who wish to employ the services of a third-party trader to manage their funds.
Despite the opportunities that Fidelcrest provides, the initial fee to get started might be steep for some traders. You need to pay a one-off fee to undertake the challenge, which is mandatory to qualify for funded trading. The high initial fee might be a deterrent for traders with limited initial capital.
Fidelcrest is a reputable prop firm that works with thousands of investors across the globe. It is especially reliable for forex trading, and the firm follows strict protocols to ensure the legitimacy of all traders who use their platform. That makes it a great option for a business looking to leverage prop trading for financial growth.
Fidelcrest’s mix of high profit potential, variety of account options, and strong support structures make it a compelling choice for prop traders at all levels. However, traders must carefully read and understand the rules, particularly the maximum daily loss and minimum trading days, as violation could lead to account cancellation.
Despite the positive reviews, traders should always do their due diligence. That’s our Fidelcrest review, thanks for reading.