Introduction
Ascendx Capital, a proprietary trading firm established in the United Kingdom in 2023, has garnered attention within the trading community for its distinctive funding model and trader-friendly policies. Offering traders the opportunity to manage up to $200,000 in virtual funds with a generous 90% profit split, Ascendx Capital presents itself as an appealing option for aspiring and experienced traders alike. However, as with any financial entity, it’s imperative to scrutinize its operations, reputation, and overall legitimacy to determine its suitability for individual trading goals.
Company Overview
Ascendx Capital operates as a prop trading firm, providing traders with access to substantial virtual capital to engage in various financial markets, including Forex, commodities, indices, and cryptocurrencies. The firm emphasizes a two-phase evaluation process designed to assess traders’ skills and discipline before granting access to funded accounts. Notably, Ascendx Capital has recently undergone a rebranding, now operating under the name Quant Tekel. This transition aims to reflect the company’s evolving vision and commitment to innovation in the prop trading industry.
Evaluation Process and Trading Conditions
Ascendx Capital’s evaluation process is structured to identify proficient traders capable of managing risk and generating consistent profits. The two-phase evaluation comprises:
- Phase 1: Traders must achieve a 7% profit target without exceeding a 10% maximum drawdown or a 4% daily drawdown. There are no time constraints, allowing traders to progress at their own pace.
- Phase 2: Upon successful completion of Phase 1, traders enter Phase 2, which requires a 5% profit target under the same drawdown limitations.
Once both phases are completed successfully, traders receive a funded account with a 90% profit split. The firm permits the use of Expert Advisors (EAs) and news trading strategies, offering flexibility in trading approaches. Additionally, Ascendx Capital supports various trading platforms, including cTrader, DXTrade, and MT5, catering to diverse trader preferences.
Funding Options and Costs
Ascendx Capital offers multiple funding tiers to accommodate different trader needs:
- $10,000 Account: Entry-level option for traders seeking to start with a smaller capital base.
- $25,000 Account: Mid-tier option balancing affordability and capital access.
- $50,000 Account: Suitable for traders aiming for moderate capital exposure.
- $100,000 Account: Designed for experienced traders seeking substantial capital.
- $200,000 Account: Premium tier offering the highest capital allocation.
Each funding tier requires a one-time fee, varying based on the account size. These fees grant access to the evaluation process and, upon successful completion, the corresponding funded account.
Profit Sharing and Payouts
Ascendx Capital’s profit-sharing model is notably generous, offering traders a 90% share of the profits generated in their funded accounts. Payouts are processed bi-weekly, with an average processing time of four hours, ensuring timely access to earnings. The firm employs blockchain technology to verify and record payouts, enhancing transparency and trust in its financial operations.
Regulatory Status and Transparency
As of the latest available information, Ascendx Capital operates without oversight from major financial regulatory bodies. While this is not uncommon in the prop trading industry, it underscores the importance of due diligence when engaging with such firms. The company’s use of blockchain for payout verification and its transparent evaluation criteria contribute positively to its credibility. However, the absence of regulatory supervision necessitates caution and thorough research by prospective traders.
Customer Feedback and Reputation
Ascendx Capital has received mixed reviews from the trading community. Positive feedback often highlights the firm’s generous profit split, flexible trading conditions, and efficient payout processing. Conversely, some traders have expressed concerns regarding customer support responsiveness and the firm’s relatively recent establishment, which may impact long-term stability perceptions. It’s essential for traders to consider these varied experiences and assess how they align with their personal expectations and risk tolerance.
Conclusion
Ascendx Capital presents a compelling opportunity for traders seeking substantial capital access, flexible trading conditions, and a high-profit-sharing model. Its structured evaluation process, support for various trading platforms, and transparent operations contribute to its appeal. However, the firm’s lack of regulatory oversight and mixed customer feedback necessitate careful consideration. Traders should conduct comprehensive research, evaluate their risk appetite, and possibly engage with the firm through smaller funding tiers initially to assess its suitability for their trading objectives.
