Ascendx Capital Review: Service Overshadowed By Legal Issues

Prop trading firms provide a crucial lifeline to many professional traders who lack the initial capital of high net worth individuals. The proprietary trading niche of the financial industry, however, suffers at times from poor supervision by regulatory authorities.

This, unfortunately, prompted numerous con men to start their own fraudulent prop firms in order to deceive traders. We know that dealing with this sort of service may feel like walking a thin line, so we’ve created this Ascendx Capital review.

Not Fully Compliant With Law

Generally speaking, proprietary trading companies do not fall under regulation in most jurisdictions. Ascendx Capital prop firm, however, is incorporated in the UK, which you may easily check with the Companies House.

As you may already know, the UK is one of the strictest financial areas when it comes to regulation. Although this still doesn’t mean that a prop firm needs to be licensed, it must be registered with the local authority, FCA, and this one is not.

This is a clear indicator that something is not right with the firm. Investigating the website further, we’ve come across other issues. These include a blank company address in the “Terms and Conditon“ document, for instance. This sort of heavy advertising and low transparency is common with fraudulent entities like CryptoKings.

On another note, the company is partnered with an FCA regulated brokerage named Taurex, which is known for a good service. However, non-UK clients are only protected by a weak offshore license this broker has, so that is something to be aware of.

Who Posts the Reviews?

Ascendx Capital reviews can be found on the TrustPilot ratings platform, where the company enjoys a suspiciously good trust score of 4.8 stars out of 130 comments.

The clients who are critical of the firm speak of payout delays, poor customer service response times, and horrible overall experience. This tells us that the overwhelmingly positive reception might be the result of paid content by review seller networks.

If you remember our previous review of Bernstein Private Wealth Management, industry-leading companies rarely have a large number of client ratings.

Advertising on Social Networks

It has become almost customary for any company to have at least one social network profile. This firm is very active when it comes to advertising, and can be found on Instagram, X, LinkedIn and Discord.

Seeing how this business has first set foot on the net in September 2023, heavy ad campaigns are expected. One of the main pros of dealing with this firm includes an above average profit split, and a large scale of funding.

Ascendx Evaluation Programs

Every trader that wishes to obtain an Ascendx Capital funded account and scale up to $500.000 with 90% split profit first has to pass two challenges. These evaluation phases are meant to test the traders abilities to make educated decisions on the markets and to test their profit making skills. 

It’s of crucial value to perform well during these test phases, as the final result contributes to the individual’s chance to get funded and trade in real market conditions. Here’s what each of the phases contains, including trading conditions, limits and funded amounts.

Phase 1

Before starting the evaluation phase, a trader must choose one of the funded accounts to purchase. Ascendx Capital account price is as follows:

• 200k – $990
• 100k – $490
• 50k – $295
• 25k – $192
• 10k – $95

When making a purchase the participant chooses between trading on cTrader or MT5. Trading leverage is limited to 1:100, but the days you should pass the challenge within are not limited. Profit target to fulfill is 7% with the max drawdown of 10%. Commission charged is $5 per lot traded.

Phase 2

After passing the Ascendx Capital evaluation stage, interested traders that have shown some skill level can proceed to the next phase. 

The second round has somewhat less strict conditions, especially concerning the profit target. The required goal is to reach a 5% profit of the funded amount, which is less demanding. All other trading conditions remain the same.

How to Become a Funded Trader

Once the evaluation phase is complete, the successful individuals from the test phase get to be funded with the amount they applied for. Trading parameters do not seem to change after the evaluation ends, except for the fact that the Ascendx Capital profit split is 90% and clients get paid every two weeks. 

The website, however, gives somewhat opposing information, as one section claims the profit split is up to 85% while the other mentions other values. 

Affiliates Campaign

Referring new clients to the company can potentially be rewarded. The website claims that the program participants can earn up to 30% of revenue from referred clients. There’s 4 Tiers of referral commissions, and the percentage increases with the number of affiliates who join the platform.

Payment Information

The alleged multiple payout methods available are:

• Bank wire
• Paypal
• Crypto

You can request your withdrawal bi-weekly, and the minimum performance fee amount is $100. The firm explicitly declares that all requests are processed in a matter of 2 days, except for the first payout which takes up to 4 days.

Looking For a Reliable Solution? See Our Offer!

Ascendx Capital proprietary trading company displays behavior that does not seem to be in good faith. Due to the lack of registration with the local authority, we cannot recommend this Forex proprietary trading service.

If you’re one of thousands of traders that are trying to improve their profits, but just lack the initial capital, then look no further! With our prop trading firm you can expect up to $180,000 in funding. Don’t delay – book a Zoom meeting with our representatives, and start working with the capital you need!

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