In today’s technologically-driven financial world, it’s more important than ever to ensure that the trading firms and platforms you invest time and money into are legitimate and trustworthy. One name that’s been making waves in the realm of prop trading is Fidelcrest. But the big question everyone seems to be asking is, “Is Fidelcrest a scam?”. This Fidelcrest review helps you understand the ins and outs of this popular platform.
Introduction to Fidelcrest
Fidelcrest, a prop trading firm headquartered in Nicosia, Cyprus, was founded in 2018. Established with the aim of providing traders with adequate capital to maximize their trading potential, it has managed to gain the trust of over 6,000 traders globally.
Fidelcrest at a Glance: Key Features
- Evaluation Phases: Like many other prop firms, Fidelcrest requires traders to pass an evaluation phase before granting access to funded trading accounts. This evaluation consists of the Trading Challenge and Verification stage.
- Wide Range of Trading Options: Traders can choose from various financial instruments including stocks, CFDs, cryptocurrencies, commodities, metals, and forex trading.
- Diverse Trading Challenges: Depending on one’s proficiency, there’s the option to choose between normal and aggressive risk challenges
- Customer Support: One of the standout features of Fidelcrest is its robust customer support system. Users can reach out through multiple channels, with live chat boasting an average response time of just one minute.
Fidelcrest Plans and Pricing
Fidelcrest provides traders with an opportunity to obtain funding if they can meet certain trading criteria outlined in their diverse challenges.
The firm offers varying challenges, each with distinct specifications such as profit targets and maximum loss limits. The type of challenge selected by a trader can influence their final profit share. Fidelcrest does not set a minimum trading days requirement for any of its challenges, and trading is permitted even on weekends. The specifics for each challenge are transparently outlined on the company’s official website.
Like other proprietary trading firms, to qualify for funded trading with actual capital, Fidelcrest mandates traders to undergo a multi-stage evaluation. Traders have the liberty to choose their risk levels: either “normal” or “aggressive”. Almost every kind of trading strategy is permissible, excluding the use of robo-traders or third-party traders. The challenges encompass two primary sections: the Trading Challenge and the Verification stage. It is essential for challengers to maintain consistency in their strategies across stages due to changing conditions. For instance, while the first phase spans a 30-day trading period, the conditions from the initial phase are doubled in the subsequent phase. Nonetheless, the profit objective remains unchanged in the Verification stages. In this phase, both the maximum loss and the maximum loss limit are doubled, easing the pressure on traders.
Pricing is another important consideration. Fidelcrest’s pricing structure is contingent on the chosen challenge. The most affordable is the $15k “Micro Trader” challenge priced at €99, escalating to €3,499 for the $500k Pro Trader Aggressive challenge. A significant benefit is the absence of any additional membership fees once a trader qualifies for a funded account. Moreover, Fidelcrest generously offers unlimited free retries
Trustpilot Speaks Volumes
To begin with, we turn our eyes to Trustpilot, one of the most reputed platforms for genuine customer reviews. Fidelcrest Ltd. boasts an “Excellent” rating with a commendable 4.6/5 score. Here’s a quick breakdown of the ratings:
- 86% of reviewers gave a 5-star rating.
- 6% offered 4-stars.
- 1% rated it 3-stars and another 1% gave it 2-stars.
- Only 6% rated it at 1-star.
What are Customers Saying?
Diving deep into the reviews, a significant majority of Fidelcrest’s customers have had a positive experience. Here’s a glimpse of what they say:
- Customers appreciate the Challenge funds feature and highlight that Fidelcrest offers a better experience than many other fund challenges.
- The customer service team, including individuals like Elizabeth and Juan, has been lauded for their excellent service.
- The firm’s onboarding process is simple and intuitive. Plus, the challenge rules are described as fair, with a commendable payout structure.
- There are also mentions of Fidelcrest having competitive drawdown percentages and enticing promotions.
- However, like any business, there have been some criticisms. One reviewer pointed out their dissatisfaction with the company’s response to their queries. There were also concerns raised about VAT charges for non-Cyprus residents. It’s essential to approach these reviews with an open mind, understanding that while many have had positive experiences, some did face challenges.
The Broader Forex Trading Landscape
While understanding user reviews is crucial, it’s equally vital to place Fidelcrest in the broader context of the Forex trading industry. The realm of Forex trading now allows traders to get live trading capital from third-party providers, with several thousands accessing this facility annually.
In this vast ocean, Fidelcrest stands out as one of the leading names among other firms such as Alpha Capital Group, FTMO, and Blue Guardian Capital. Traders, especially those skilled but lacking funds, can take advantage of such platforms.
- Funding: Some funding firms provide up to $10,000,000 or more USD, offering significant buying power. Fidelcrest is part of this league, empowering traders to expand their horizons.
- Fees: Like all businesses, these firms have varying fee structures. Some might charge upfront, others a percentage of the profits. Ensure you are clear about these before jumping in.
- Platform and Brokerage Queries: When choosing a funding provider, it’s vital to understand their trading platform’s nuances, the spreads they offer, and the policies surrounding trades.
Final Verdict: Is Fidelcrest a Scam?
While the question “Is Fidelcrest a scam?” is a valid one, the overwhelming evidence points towards it being a legitimate prop trading firm. The high ratings and positive customer feedback, coupled with its standing in the Forex industry, solidify its reputation. However, as with all investments, it’s essential to do your research and due diligence before diving in. If you want to try out Fidelcrest and learn the ropes of prop trading, click here to get started.
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