This AudaCity Capital review will reveal everything you need to know about the firm. The truth is that all forex traders want to build capital. Many build their way up from scratch, trying to become the most profitable traders they can be, and perhaps you have the same goals. Sadly, sometimes you cannot do everything by yourself, and you need the help of a prop firm.
Proprietary trading firms are a way for traders to gain access to capital and improve their skills. There’s an abundance of such companies online, though, which makes it hard to settle for one.
AudaCity Capital is one of the multiple companies you might stumble upon during your search. Can you trust it, though? Read this AudaCity Capital review to find out whether this prop firm can be trusted or not.
What Is Audacity Capital?
AudaCity Capital is a proprietary trading firm that was founded a decade ago by Karim Yousfi. The company is known to offer traders funding accounts of up to $500,000, and it is based in London. What makes many people choose this prop firm for capital is the trust they’ve established by winning awards.
For instance, on top of being on different types of media, including The Europe Financial Review and the Daily Mail, the firm has won the International Investor Award Winner in 2020.
Due to its amazing offers, AudaCity Capital funded more than 5,000 traders over the years. They have a wonderful scaling program, a 50/50 profit split, and fixed and algorithmic income trading. After getting a funded account, people can take advantage of instruments such as equities, commodities, and currency pairs.
So, AudaCity Capital is great at empowering forex traders.
How Is Audacity Capital Unique?
AudaCity Capital has a lot of competitors in the market. So, what makes AudaCity worth choosing? Why wouldn’t you go for one of the hundreds of other similar companies?
While the firm certainly centers around the same type of services, it has a few things that make it stand out.
For instance, you have the chance to speak to the people at AudaCity Capital face to face, a personal approach that other proprietary trading firms do not have. Not only does this help build trust, but it also makes it less difficult to ask questions regarding the services. As such, the process is very smooth.
Another unique feature is their superior scaling plan. If you make 10% in profit, you will have your capital doubled up to $500,000 from $15,000. As such, anyone can have access to a very high amount of capital, which gives them more chances to boost their accounts and become more experienced and skilled traders.
Other companies do not offer scaling plans like this, and if they do, they have drawbacks when it comes to other features.
Lastly, AudaCity Capital offers a “Refer a Trader” feature. Basically, you get a customized link that you can use to refer other traders to the firm and by doing so, you get a commission. It works the same way as a referral link.
How Do You Get Funded by Audacity Capital?
If you want to get started with a firm like AudaCity Capital but dread the long challenge process you keep hearing about when it comes to such services, you’ll be happy to learn that things are different with this prop firm. They do not make you go through 6 week-long challenges before deciding whether you’re suitable to become a funded trader or not.
Instead, their process involves three easy steps with a different approach. After going through these steps, you can obtain an account that goes up to $500,000 in capital. You can also get a profit split of 50%.
Here is what the steps involve:
Step 1
The first step is applying to the desired AudaCity Capital program. Forex traders are required to complete this form in order to show how long they’ve been doing forex trades, as well as what their trading strategy is. Having some experience is one of the requirements for obtaining a funded account with this prop firm.
Step 2
Once you send your application, you will have a face-to-face interview with the AudaCity Capital team. The goal of this interview is to learn a little bit more about you and your past experience with forex trading. Besides this, you will be told what is expected of you when using a funded account to trade. If you are not in London, you’ll have the interview over the phone. If you are in London, you will go to their trading floor for this part of the process.
Step 3
Lastly, you will receive a notification regarding whether you qualified for a funded trading account or not. It will only take 24 hours for the firm to confirm this. If you get approval, you can start your funded trading account adventure.
Most other prop firms will have you pay a fee upfront, then embark on a challenging journey before you become a funded trader. You have to prove yourself by following certain rules, and if you fail the challenges, you lose your chances to obtain a funded trading account. You will also lose the money you spent on the application fee.
As you can see, AudaCity Capital takes a different approach by interviewing you face to face before deciding if you’re eligible for a funded trading account.
Audacity Capital Reviews
Taking a look at public opinion will reveal many positive reviews. Forex traders who have tried AudaCity Capital praise the company and its services for the most part, and complaints are minimal.
On TrustPilot, AudaCity Capital has an overall rating of 4.7 stars out of 5. 87% of the reviewers gave the firm the maximum rating, with only 2% giving it the minimum one. So far, the company has more than 700 reviews on this platform.
Among some of the praised features is the quick working process, right next to the wonderful customer service. It’s clear that reviewers who left good reviews make common points in their comments, meaning the firm is trustworthy and a great option for traders.
Checking these reviews will tell you enough about AudaCity Capital. At the same time, it’s also important to take a look at what the negative reviews are saying.
Is Audacity Capital Legit?
AudaCity Capital is a legit company that is committed to helping forex traders reach their goals. After being evaluated by many industry experts, it’s clear that the firm is not a scam, but a trustworthy and reliable business that fulfills its promises.
The prop firm has been in the industry for more than 10 years, which goes to show that it’s been doing something right. They’re experienced and well-established.
The high number of positive reviews is also an indication that the company is legit. Most of the reviews are talking about how amazing the features of the firm are and how outstanding the customer service is.
Sure, there are a few bad reviews too, as any business in the world is prone to getting at least one complaint. However, the number of positive reviews outshine the bad ones, which is a great sign.
Audacity Capital Pros and Cons
AudaCity Capital has several benefits, and over the years, it proved itself as one of the top prop firms on the market. However, it also has some downsides which you should be aware of:
Pros
- You don’t have to go through lengthy challenges to get approved for capital
- The trading conditions are outstanding as the firm uses institutional liquid providers
- The scaling program is very convenient
- You cannot be held liable for any losses suffered on your account
- The customer support is superior
Cons
- 50/50 profit share, which is much lower compared to many companies
- There is a monthly fee
- Limited funding compared to other firms
- It’s harder to be approved for a funded account as the company is selective
Conclusion – Should You Use Audacity Capital?
AudaCity Capital is one of the best prop firms you can choose. If you want to obtain a funded account without going through multiple challenges, this is the firm you should settle for. It offers high capital to profitable traders, and it has one of the best customer support services out there. Overall, it’s a good company to work with.