Fidelcrest LLC is a proprietary trading firm that offers profitable traders an opportunity to trade with company funds if they pass a trading challenge and verification phase.
The company is headquartered in Cyprus but successful traders can manage an account of up to $2 million from anywhere in the world.
Traders start with the “normal” or “aggressive” trading challenge and these will result in different profit splits.
Find out more about this unique platform in our Fidelcrest review!
Pros and Cons of Using Fidelcrest
PROS
- Manage up to $2M in company funds
- Profit split of up to 90%
- Signup bonus of up to $30k in first profit split
CONS
- Traders must be highly skilled
- Favours a consistent strategy with a small downside
What is Fidelcrest?
Fidelcrest was founded in 2018 and offers skilled traders an opportunity to trade a proprietary account with the firm. In earlier years, these firms hosted traders in a shared office environment in key trading centers such as Chicago or London. New technology means that this can be done remotely.
Traders can trade a variety of financial products through forex and contracts for difference (CFDs). The month-long trading challenge has specific rules for traders with maximum downside targets of up to 20% for the month (aggressive) and a maximum daily downside of 10%. Trading would be halted if those targets are hit for the specific timeframe.
The Fidelcrest Platform in More Detail
Fidelcrest traders trade over 175 financial products which include Forex, cryptocurrency, CFDs, precious metals, and stocks. The company gets access to the low commissions expected by proprietary traders.
The trading platform used by Fidelcrest is Metatrader4, which is the industry standard platform for professional traders. Fidelcrest traders can open an account immediately and get access to top-quality trading conditions.
Fidelcrest Pricing and Fees
Fidelcrest offers transparent pricing on its website; traders will know what kind of agreement they are entering into.
The starting account size of $150,000 carries a €649 fee to get started with Fidelcrest. For successful traders, the first payout of the profit split can be after 11 days with a $3,000 commission bonus. This account is dependent on a normal trading strategy with an 80% profit split.
There are four tiers of fees which goes as high as €2,899 to trade with an account of $1 million. That comes with a profit split commission bonus after 11 days of trading, of up to $20,000. Successful traders should see this as an investment in their confidence to be profitable after 11 days. The normal accounts have a maximum downside of 5% in one day and a profit target of 10% for the month.
One obstacle for traders is that they have to reach the monthly profit target of 10% or they will have to purchase a new challenge. That should make traders think about the calendar month that they seek to start the challenge. Trading volumes can be lower around the summer holidays and Christmas period.
More About Trading Strategy
Fidelcrest is very strict about the strategy used by active traders when they are trading the company’s funds. While the expectations are clearly stated, those without prior experience in the proprietary trading industry may struggle with the tight risk versus reward profile.
Unfortunately, this seems to be one of the key areas for complaints with the Fidelcrest platform. However, it should be realized that a professional trading firm cannot have a large number of traders running volatile trading strategies with company funds. Fidelcrest states that traders can be disqualified for unsuitable trading strategies. This has led to negative feedback from disqualified traders who claim that they are a “scam company”.
It is possible that these traders were new to the proprietary trading environment and were trying to trade different products with different risk profiles. Having traded in proprietary firms before, it should be noted that the company would prefer that you trade the same 1-2 forex currencies or stocks every day with a very similar volatility profile.
Traders seeking an alternative to Fidelcrest can check out our guide to the best funded stock trading account-funded units.
Is Fidelcrest the Right Platform for You?
Successful traders with a profitable track record will find Fidelcrest to be an enticing option to manage a large company account from anywhere in the world.
If you have previous experience at a proprietary trading firm or have honed your strategy, then Fidelcrest is worth a deeper look. The firm was founded by traders with experience in the prop trading industry, so they know that competitive funds and profit splits are needed to attract the best traders.
Do you think you have what it takes to successfully manage a professional trading account for a 90% profit split?
Click here to sign up for the Fidelcrest reading challenge and pit your skills against the best on Wall Street.
