Ascendx Capital Review of Their Prop Challenges, Rules, and Cons

Do you dream of translating your trading talents into real-world capital, but the initial risk gives you pause? Prop trading programs offer an enticing solution, allowing you to manage significant funds without putting your own skin in the game upfront. Ascendx Capital stands out as a leader in this arena, and this comprehensive breakdown will help you decide if their program aligns with your aspirations.

Legit or Scam?

Ascendx Capital stands out positively in several key aspects as a prop trading firm, making it a compelling choice for aspiring traders. Ascendx Capital presents itself as a reputable and well-structured prop trading program. It unlocks the door to managing a substantial funded account while retaining the lion’s share of the profits you generate. However, approaching this opportunity with clear eyes is crucial. There are initial challenge fees involved, and success hinges on possessing a robust trading strategy and unwavering risk management discipline.

Pros & Cons

Ascendx Capital has mixed reviews when it comes to its legitimacy as a prop trading firm. Here’s a detailed look into the various aspects that can help you decide whether it’s legitimate or a scam.

Positives

1. Consistent Payouts: Ascendx Capital is known for regular and prompt payouts. They reportedly conduct multiple payouts daily without major incidents, which highlights their reliability in this aspect.
2. Clear Evaluation Process: They have a structured two-phase evaluation process which tests traders’ skills and consistency. Successful traders can achieve a funded account with up to a 90% profit split and potential scaling up to $400,000​.
3. On Time Support: Ascendx Capital offers extensive support, including a detailed trader dashboard, which are essential for trader development​.
4. The firm supports trading on popular platforms like DxTrade and cTrader, with plans to introduce additional platforms, enhancing the trading experience with advanced tools.
5. Consistent Promotional Offers: Ascendx Capital frequently offers promotions, such as discounts on evaluation fees, making it an attractive option for traders looking to minimize their initial investment​.
6. Traders have the freedom to choose your challenge amount, ranging from a starting point of $10,000 all the way up to a substantial $200,000. But here’s the beauty: everything begins with simulated trading. This ingenious approach allows traders to test the waters, refine strategies, and build confidence before venturing into the live market. It’s a risk-free playground to hone skills before real money enters the equation.

7. Trading Freedom: Ascendx Capital empowers you to deploy a diverse arsenal of trading styles. From scalping and news trading (with some sensible limitations) to leveraging pre-approved Expert Advisors (EAs) for automated trading, the possibilities are vast.

Negatives

1. Strict Rules: Ascendx Capital is known for its stringent trading rules and evaluation criteria. These rules are designed to assess a trader’s ability to adhere to disciplined trading practices and risk management. However, for some traders, these rules can feel restrictive. For traders who prefer more freedom in their trading strategies or those who have a non-traditional approach, these strict rules may be a challenge.
2. Strict Drawdawn Limt: Ascendx Capital imposes a strict drawdown limit that traders must adhere to during their evaluation period and while trading with Ascendx Capital’s capital. This limit is designed to manage risk and protect the firm’s capital, but it can also be a significant constraint for some traders.
3. Doesn’t accept traders from some countries: Ascendx Capital has geographical restrictions and does not accept traders from all countries. This can be a significant drawback for potential traders who reside in countries where Ascendx Capital does not operate.

Founders of Ascendx Capital

Ascendx Capital was founded by Scott Flook (CEO), James Manto, and Alexander Goodwin. Scott Flook leads the firm, which is based in London, UK, and focuses on providing a robust and supportive environment for proprietary trading.

Funding Process at Ascendx Capital

Evaluation Challenges

Ascendx Capital employs a structured two-phase evaluation process to assess traders’ skills and consistency.

• Phase 1: Traders must achieve a 7% profit target while adhering to a daily drawdown limit of 4% and an overall drawdown of 10%. There is no specific minimum or maximum trading day requirement, allowing traders to progress at their own pace.
• Phase 2: Traders need to reach a 5% profit target with the same risk management rules as Phase 1. Successful completion of these phases qualifies traders for a funded account.

Evaluation Pricing

The evaluation pricing varies based on the account size selected by the trader:

• $10,000 Account: $95
• $25,000 Account: $192
• $50,000 Account: $295
• $100,000 Account: $490
• $200,000 Account: $990

These fees are designed to cover the cost of the evaluation process and the capital allocation for successful traders.

Evaluation Profit Targets

• Phase 1: 7% profit target
• Phase 2: 5% profit target

These targets are set to ensure that traders demonstrate their ability to generate consistent profits under real market conditions.

Evaluation Drawdown Limits

• Daily Drawdown Limit: 4%
• Overall Drawdown Limit: 10%

These limits are in place to manage risk and ensure that traders maintain a disciplined approach to trading.

Profit Sharing

Upon successful completion of the evaluation phases, traders receive a funded account with a profit-sharing agreement. The profit split starts at 90%, meaning traders keep 90% of their profits while Ascendx Capital retains 10%. There are opportunities to increase the profit share percentage as traders grow their accounts and demonstrate consistent performance.

Ascendx Capital Scaling Up Plan

Ascendx Capital offers a comprehensive scaling plan designed to reward traders who demonstrate consistent profitability. This plan provides significant opportunities for traders to expand their trading accounts, potentially reaching substantial funding levels.

Scaling Plan Mechanics

• Initial Scaling: Traders who achieve a 10% profit on their current account balance can request a scale-up. Each time a trader reaches this profit milestone, the account balance is increased by 10% of the original amount.
• Long-Term Potential: The scaling plan allows for continuous growth, with the possibility of scaling accounts up to $2,000,000 at the company’s discretion. This ensures that traders who maintain consistent performance have ample opportunity to manage larger sums of capital over time​.
• Profit Split Requirement: To incentivize traders, those who opt for an 80% profit split during payout will see their accounts scale by 10%. This alignment of incentives ensures that both the trader and the firm benefit from the trader’s success​​.

Eligibility and Requirements

• Profit Target: Traders must achieve a 10% profit target on their current account to qualify for scaling. This profit must be maintained in the account to request the scale-up​.
• Evaluation Stages: The scaling process is available to traders who have successfully passed the two-phase evaluation process, which includes achieving a 7% profit target in Phase 1 and a 5% target in Phase 2, while adhering to strict drawdown limits.
• Drawdown Limits: Throughout the evaluation and scaling process, traders must respect the maximum daily drawdown limit of 4% and an overall drawdown limit of 10%. These risk management parameters are crucial for maintaining account eligibility for scaling​​.

Benefits of the Scaling Plan

• Increased Trading Capital: By reaching the profit targets, traders can significantly increase their trading capital, enabling them to take advantage of more substantial market opportunities without additional personal financial risk.
• Enhanced Profit Potential: As the account size grows, so does the potential for higher absolute profits, given the same percentage returns.
• Motivation for Consistency: The scaling plan is designed to reward consistent, disciplined trading. This encourages traders to maintain high standards in their trading strategies and risk management practices.

Trading Rules

Ascendx Capital has established clear trading rules to ensure consistency and risk management among traders. The rules cover various aspects of trading, including drawdown limits, lot sizes, and trading activities during news events and weekends.

Maximum Account Size

The maximum account size at Ascendx Capital without scaling is $400,000 per platform. With the scaling plan, accounts can potentially grow up to $2,000,000 depending on the trader’s performance and the firm’s discretion. This offers traders significant growth opportunities as they demonstrate consistent profitability​​.

Maximum Lot Size

Ascendx Capital enforces a strict lot size limit based on the account size:

• $10,000 Account: Maximum 5 lots
• $25,000 Account: Maximum 10 lots
• $50,000 Account: Maximum 20 lots
• $100,000 Account: Maximum 40 lots
• $200,000 Account: Maximum 100 lots

Exceeding these limits can lead to severe penalties, including profit forfeiture and potential account termination​.

News Trading

Traders are allowed to trade during news events, but with specific restrictions. Trades must not be initiated within 10 minutes before or after a high-impact economic news release. However, positions or limit orders set more than 10 minutes before or after a news release are permitted. This rule aims to minimize the risks associated with market volatility during news events​.

Weekend Trading

Ascendx Capital allows traders to hold positions over the weekend. This flexibility is beneficial for traders who prefer longer-term strategies and wish to avoid the costs and risks associated with closing and reopening positions due to the weekend gap.

Account Termination

Account termination at Ascendx Capital can occur due to several reasons, primarily related to breaches in trading rules:

• Exceeding Drawdown Limits: Accounts that breach the maximum daily drawdown limit of 4% or the overall drawdown limit of 10% are subject to termination.
• Lot Size Violations: A first breach of the maximum lot size limit results in a profit reset for the period. A second breach leads to account termination and forfeiture of all profits above the limit.
• Unacceptable Trading Practices: Engaging in prohibited trading strategies or failing to adhere to specific trading rules, such as those related to news trading, can also result in account termination​​.

User Interface

The user interface at Ascendx Capital is designed with traders in mind, offering a blend of intuitive design and powerful functionality. From the moment you log in, the platform provides a clean and organized dashboard that highlights key metrics such as your account balance, equity, and margin levels. Navigation is straightforward, with easy access to different sections like trading history, open positions, and performance analytics. This streamlined design minimizes the learning curve, allowing traders to focus on what matters most: their trading strategies.

Trading Platforms

Ascendx Capital supports some of the most popular and robust trading platforms available today, including DxTrade and cTrader. Each platform offers unique features that cater to different trading styles and preferences.

• cTrader: Known for its fast execution speeds and detailed level II pricing, cTrader is preferred by many professional traders. It offers a sleek interface, powerful charting tools, and advanced order management features​​.

Instruments

Ascendx Capital provides access to a diverse range of trading instruments, including:

• Forex: Trade major, minor, and exotic currency pairs.
• Commodities: Includes gold, silver, oil, and other popular commodities.
• Indices: Trade major global indices like the S&P 500, NASDAQ, and FTSE 100.
• Cryptocurrencies: Includes popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Spreads

Spreads at Ascendx Capital are competitive, with tight spreads on major forex pairs and other instruments. This is crucial for traders who rely on small price movements to generate profits. The platform ensures transparency in pricing, with real-time spread information available directly on the trading platform. This allows traders to make informed decisions and manage their costs effectively.

Brokers

Ascendx Capital partners with reputable brokers to ensure a high-quality trading experience. The primary broker for their platform is Purple Trading, known for its excellent execution speeds, reliability, and competitive trading conditions. This partnership ensures that traders have access to a stable and secure trading environment, which is critical for executing trades efficiently and effectively​​.

Leverage

Leverage at Ascendx Capital is up to 1:100, offering traders the ability to control larger positions with a smaller amount of capital. This high leverage can amplify profits, but it also increases risk, making it essential for traders to manage their positions carefully. The platform provides tools and resources to help traders understand and manage leverage effectively, ensuring they can maximize their trading potential while mitigating risks​.

Commissions

Commissions at Ascendx Capital are transparent and competitive. For forex trading, the commission is typically $4 per round lot, which is relatively low compared to many other brokers. This fee structure helps keep trading costs down, allowing traders to retain more of their profits. The platform ensures that all commission details are clearly outlined before executing trades, providing full transparency to traders​​.

Account Registration & Verification

Opening an account with Ascendx Capital is a straightforward process. The online application requires basic information, and verification typically involves submitting a government ID and proof of residence.

Step-by-Step Registration Process

1. Visit the Website:
   • Navigate to Ascendx Capital’s official website.
   • Click on the “Sign Up” button located at the top right corner of the homepage.
2. Create an Account:
   • Personal Information: Fill in your basic details such as full name, email address, and phone number. Ensure the email address is valid as it will be used for account verification.
   • Username and Password: Choose a unique username and a strong password. A strong password should contain a mix of letters, numbers, and special characters to enhance security.
3. Agree to Terms and Conditions:
   • Carefully read the terms and conditions, privacy policy, and any other relevant documents.
   • Tick the checkbox to confirm your agreement.
4. Initial Email Verification:
   • After submitting the registration form, you will receive a verification email.
   • Open the email and click on the verification link to confirm your email address.

Detailed Verification Process

1. Login to Your New Account:
   • Use your username and password to log into your new Ascendx Capital account.
   • You will be prompted to complete the verification process to activate full account functionalities.
2. Complete Your Profile:
   • Personal Details: Enter additional personal information such as date of birth, nationality, and residential address.
   • Trading Experience: Provide details about your trading experience, financial background, and objectives. This helps Ascendx Capital tailor their services to your needs.
3. Identity Verification (KYC – Know Your Customer):
   • Proof of Identity: Upload a clear, colored scan or photo of a government-issued ID such as a passport, driver’s license, or national ID card. Ensure that all details are visible and not obscured.
   • Proof of Address: Provide a recent utility bill, bank statement, or any official document that shows your name and residential address. This document should not be older than three months.
   • Selfie Verification: Some platforms may require a selfie with your ID next to your face to match your physical appearance with your ID photo.
4. Financial Information:
   • Bank Account Details: Enter your bank account information for withdrawals and deposits. Ensure the account is in your name to comply with anti-money laundering regulations.
   • Payment Methods: Add details of your preferred payment methods, such as credit/debit cards or cryptocurrency wallets.
5. Review and Submit:
   • Double-check all the information you have entered to ensure accuracy.
   • Submit your verification documents for review. This process can take anywhere from a few hours to a few days, depending on the volume of applications.
6. Approval Notification:
   • You will receive an email notification once your documents have been reviewed and your account has been verified.
   • In case of any issues with the documents, you will be contacted with specific instructions on what needs to be corrected or resubmitted.

Customers support

Uncertainties are inevitable, and Ascendx Capital recognizes that. They offer comprehensive support through multiple channels, including email, live chat, and even a dedicated Discord community. Their team is there to assist you in navigating both the program and the intricacies of the markets. It’s important to note that for tax-related inquiries, they recommend seeking the counsel of a qualified professional.

Comparison Vs Top Alternatives

Final Verdict

If the world of prop trading ignites a fire within you, and you possess the skills to back it up, Ascendx Capital’s program could be the springboard that propels you to trading glory. Visit their website to delve deeper into the challenges and determine if this program aligns with your vision for your trading journey.

Is Ascendx Capital Perfect Match?

Ascendx Capital presents itself as a reputable and well-structured prop trading program. It unlocks the door to managing a substantial funded account while retaining the lion’s share of the profits you generate. However, approaching this opportunity with clear eyes is crucial. There are initial challenge fees involved, and success hinges on possessing a robust trading strategy and unwavering risk management discipline.