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The Worst Prop Trading Challenge Ever?

Founded in 2018 by a group of traders in Cyprus, Fidelcrest is one of the most well-known prop trading firms. Yet, their latest challenge offer has truly surprised the trading community, making us think we might have come across (probably) the worst prop trading challenge available on the market right now. Why? Let’s take a look at its details and compare them to the industry standards.

Fidelcrest’s Sky-High Entry Fee

First and foremost, joining Fidelcrest’s two-phase 100k challenge costs $1396 (€1,299), which is a lot higher than the average market price of $515 per this kind of challenge. This price is especially drastic when you look at the rest of the values we describe later in the article.

Can Anyone Beat This Challenge?

Beyond the steep entry fee, the terms of the challenge itself are equally discouraging. Traders are offered a profit target of 10% in both phases (1 and 2) of the challenge differing from the more favorable market average of 10% in Phase 1 and 5% in Phase 2.

Additionally, the maximum allowable drawdown is set at 5%, half of the typical market allowance of 10%, with a daily drawdown limit of only 2%, compared to a more common 5%. These terms are notably restrictive, creating an environment that could be seen as unreasonably challenging, even if the entry fee was as low as $200 for a 100k challenge.

What Fidelcrest Won’t Let You Do?

Another limitation within Fidelcrest’s challenge is the prohibition of trading during news events and the use of Expert Advisors (EAs). This restriction not only limits traders’ ability to leverage timely market movements and automated strategies but also places them at a potential disadvantage compared to other trading environments where such tools are permitted.

Can It Get Any Worse? Yes, With the Profit Target in the Funded Phase

But wait, there’s more! In a twist that could only be described as baffling, traders must reach a 10% profit to even think about requesting a withdrawal. This is what’s referred to as the Profit Target for Funded Accounts. This rule doesn’t just apply to the first payout but haunts every subsequent one. It’s a policy that is not just unheard of; it’s practically a myth in the prop trading world.

Is the Fidelcrest Challenge the Worst Prop Trading Challenge Ever?

So, is Fidelcrest’s prop trading challenge the ultimate financial fiasco? From the absurd entry fee to the draconian trading restrictions and the Sisyphean payout conditions, this challenge seems less like an opportunity and more like a trap.

In an era where traders seek fair, competitive opportunities to showcase their skills, Fidelcrest’s challenge stands out — but for all the wrong reasons. It serves as a warning, reminding us that not all that glitter is gold. As the trading community looks on, we can’t help but wonder: Will Fidelcrest heed the call for change, or will this challenge go down in history as the worst prop trading challenge ever?