Is fidelcrest legit? This Fidelcrest Review focuses on answering that question about this company but also on other Fidelcrest reviews on forums and sites such as Trustpilot and Reddit.
There are several facts you should know about Fidelcrest.com before you decide to apply for the trading challenges. Without further ado, allow us to explain why we are reserved when it comes to the Fidelcrest prop firm and also explain how you can get your money back with our help if you think you’ve been tricked.
Fidelcrest was founded in 2018 in Cyprus. This proprietary company provides trading capital to clients, which they then use to make profits from which the company takes a cut. In order to get fidelcrest funding, traders first have to complete a two-phase challenge to reach Fidelcrest Trader status and a share of 80/90% of the profits.
Since Fidelcrest is a proprietary company, it does not require a license; this type of business is not regulated anywhere. We based this analysis on what the company offers on its website and what traders wrote on the forums.
In the Q&A section on the company’s website, it says that the “proprietary trading company is located in SVG.” If you don’t know what SVG stands for, it’s Saint Vincent and the Grenadines, a shady offshore domain in the Caribbean Sea.
Why are we rattled by this statement? Simply because Forex trading is not regulated in SVG. The local Financial Services Authority explicitly states on its website that it does not issue Forex trading licenses and Fidelcrest Forex trading is supposed to go through this offshore broker.
In any case, having your trading company in a notorious offshore domain such as SVG certainly won’t do your reputation any good. If you still decide to trust Fidelcrest, please be wary about this.
However, there are some complaints as well. One common theme in all of the negative reviews is the considerably wide spreads for stocks & indices trading. Traders also had problems with the fidelcrest rules, claiming that the company keeps changing them without notifying the users.
Spread is too wide, specially on Asian Session or early morning +8 GMT, I always trade XAUUSD and normally they vary 1.2 pips to 1.6 pips but theirs usually go as much as 6 pips. That is too wide. If you are a scalper be aware of this… Already raised this concern to their support and only say, we will inform management. That’s it.
They offer trading TSLA stock with 1,9 USD spread. While other offer 0,2-0,1 USD. Also they urge to close positions same day. It is not possible for daytrader to be successful with such a huge spread…
I just bought a challenge from them and discovered that their “raw” spreads on stock CFDs are anything but. The spread on NVDA which is the main instrument I trade, is a whopping 60 cents. I don’t know how they are with Forex, but if you trade stocks stay far away. Their customer service is uncaring, unhelpful and extremely slow to respond as well.
To reiterate, the company does not require a license to operate in these domains. We checked the website and there’s no Fidelcrest promo code option that shady companies usually include, which is a good thing. Still, you have to be careful since trading goes through an unauthorized offshore broker.
According to Fidelcrest’s website, there are over 1,000 tradeable instruments from the following main asset classes:
In order to become a Fidelcrest trader, you first need to pass two steps – the trading challenge and the verification test. After you have successfully completed the challenge, you get to choose either a Normal or Aggressive trading account type.
Both trading programs and accounts can be Micro (beginner) and Pro, varying in the starting capital. This all may seem confusing so let’s make an overview to make things more coherent.
Trading challenge:
Verification:
Fidelcrest Trader:
The only difference between the Micro trading programs and the Pro trading programs is in the profit target segment; the Pro trading program’s profit targets are 10% (N) & 20% (A) for the challenge, and 10% (N) & 20% (A) for the verification process.
Micro Trader Normal:
Micro Trader Aggressive:
Pro Trader:
The platform that Fidelcrest’s offshore broker provides is MetaTrader 4, a world-class trading software with advanced tools and cutting-edge features such as automated trading, lightning-fast order execution, a user-friendly interface, customizable charts, etc.
When you click the platform link on the website, it simply takes you to the Fidelcrest login page so don’t bother. But there is a demo account version so be sure to first try that out. Or contact us if you need help getting your money out.
As for the maximum fidelcrest leverage, the website claims it can be set to 1:100, with a “double” option of 1:200. Bear in mind that super-high leverage is a double-edged sword that increases the risks of trading.
Fidelcrest promises raw spreads from 0 pips and zero trading commissions but as you have already read in the trader review section, the spreads users got were pretty wide, too wide to be profitable, especially for indices & stocks.
The fidelcrest payout system includes the following payment methods:
The minimum withdrawal amount was not set but if you want to withdraw funds to a bank outside the SEPA area, you have to pay a third-party transaction fee of 50 $. The profits made will be split between the trader (80% (N) – 90% (A)) and the company. Fidelcrest states that clients can manage capital of up to 2,000,000 $.
To sum up, Fidelcrest promises a lucrative opportunity for beginner and experienced traders to make money and manage substantial capital. However, we noted that all the trading goes through an offshore broker with no Forex trading license.
Also, many of Fidelcrest’s clients have complained about wide spreads for CFD trading, mainly for stocks & indices. Whether you will apply for Fidelcrest’s evaluation process is up to you but please take everything that we have written into account.
If you think you’ve been scammed by this company, please book a free consultation with our team and share your experience. We can help you get your money back via a chargeback procedure but you must act quickly!
If this company stole your money, contact us for help and initiate the chargeback process.
We wouldn’t call Fidelcrest completely legit but that doesn’t necessarily mean that this company is a scam. Several of its clients did indeed receive their payouts. Call us if you’ve been scammed.
Our sources revealed that the company offers MT4, which is a great trading platform but the broker that offers it is unlicensed.
Yes, Fidelcrest offers a risk-free demo account so please try that out first.
We wouldn’t call Fidelcrest completely legit but that doesn’t necessarily mean that this company is a scam. Several of its clients did indeed receive their payouts. Call us if you’ve been scammed.
Our sources revealed that the company offers MT4, which is a great trading platform but the broker that offers it is unlicensed.
Yes, Fidelcrest offers a risk-free demo account so please try that out first.
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