Fidelcrest vs MyFundedFX

Prop Firm Comparison: Fidelcrest vs MyFundedFX

To help retail traders and potential users navigate the complex world of proprietary trading firms, we offer an unbiased comparison between two prominent players: Fidelcrest and MyFundedFX. Understanding the nuances and offerings of each firm can significantly impact a trader's decision-making process. Herein, we provide detailed insights to facilitate informed choices in the prop firm arena.

Fidelcrest: Catering to Ambitious Traders

Fidelcrest stands out with its remarkable 4.6/5 Trustpilot rating, a testament to the firm's reliability and satisfactory user experience. The unlimited free evaluation reattempts feature offers traders an unrivaled opportunity to prove their worth without the pressure of single-shot success. Moreover, its zero-fee structure and authentic spreads, courtesy of Fidelcrest Markets technology, set a high standard in the industry. The firm's multilingual customer support ensures that help is always within reach, no matter the trader's location. The ability to hold trades overnight and during news events, coupled with a hefty maximum leverage of 1:200, can be particularly enticing for traders looking to maximize their strategies. In addition, the possibility of managing capital up to $2,000,000 speaks volumes about Fidelcrest's trust in its clientele. However, the steep profit goals of 15% to 20% for Aggressive accounts may be intimidating and could deter less confident traders.

MyFundedFX: Flexibility and Rewarding Structure

MyFundedFX slightly edges Fidelcrest with an outstanding Trustpilot score of 4.7/5, highlighting customer satisfaction and trust. The firm appeals to those seeking growth, with a robust account scaling feature and bi-weekly payouts emphasizing the firm's commitment to the trader's financial well-being. The 80% profit split on a maximum account balance of $1,500,000 is a competitive offering in the industry. MyFundedFX's strength lies in its trading flexibility, allowing traders to maintain positions over the weekend and during market-driving news without constraints. This is a significant advantage for those who employ long-term strategies. In addition, access to an extensive range of trading instruments furnishes traders with the tools necessary to diversify and solidify their portfolios. Navigating the challenges, MyFundedFX imposes a trailing drawdown which could limit aggressive strategies. Restrictions on lot sizes may also influence how traders approach risk management. Lastly, the absence of a free trial can be seen as a drawback, requiring traders to commit financially without a preliminary evaluation of the firm’s platform and services.

Operating Guidelines: Risks and Restrictions

Both firms enforce rules to mitigate risks, such as Maximum Daily Loss, Maximum Loss, and Profit Targets. However, Fidelcrest's prohibition of strategies like Martingale and the oversight by a Risk Desk Team indicate a stricter environment, which could either be seen as ensuring disciplined trading or potentially stifling trader creativity.

Funding and Withdrawal Policies

Both firms accept universally available deposit methods like Bank Wire Transfer, Crypto, and Credit/debit cards, ensuring easy access to their services. However, Fidelcrest offers an additional withdrawal method - Bank Wire Transfer, which could be more convenient for some traders compared to MyFundedFX's two options.

Diversity in Trading Instruments and Account Sizes

Fidelcrest asserts itself with a wider array of account sizes, catering to a broader scope of traders, while both firms provide an extensive range of tradable instruments. The inclusion of Stocks and Metals by Fidelcrest and MyFundedFX, respectively, reveals their targeted appeal to certain trading sectors.

Establishment and Industry Presence

Fidelcrest has been incorporated since September 2018, providing it with a longer track record and potentially a more tested and refined approach to proprietary trading. MyFundedFX, being a newer player incorporated in June 2022, may offer fresh perspectives but could lack the battle-hardened experience of its competitor.

Final Thoughts

In summary, Fidelcrest and MyFundedFX present unique advantages and challenges. Fidelcrest might attract traders who appreciate an established firm with greater capital offerings and technology-driven trading, but who do not mind higher profit targets. In contrast, MyFundedFX could be a better match for those prioritizing flexibility, regular payouts, and a high-profit share, accepting some limitations in exchange. Conclusively, the decision to team up with either Fidelcrest or MyFundedFX should align with a trader's personal goals, risk appetite, and trading style, with both firms offering compelling reasons to be considered top contenders in the proprietary trading industry.