For your benefit and protection, it is mandatory for you take enough time to read and understand this entire Agreement, as well as any other additional information available to you on challenge.fidelcrest.com (hereinafter referred to as “Website”) prior to subscribing to any services with us and before you enroll in the Challenge or pay any fees.
You must read, agree with and accept all of the terms and conditions contained in this Agreement without modifications. Should you not understand any part of this Agreement or any information available on the Website, you should contact us before subscribing to the service and taking part in the challenge, or you should seek independent legal advice.
- Trading. It is important to understand that under this program we are looking for stable, long term returns. As such, you hereby agree, not to trade with ‘unreasonable’ risk. That is, we will not permit combined positions to require more than 4% of available margin of the whole account. The client also agrees to meet all trading objectives on the following link: challenge.fidelcrest.com/detailed-explanation All trading activity will be monitored in real time to be sure you adhere to the restrictions and guidelines below. Failure to do so may end our relationship immediately and forfeiture of any fees paid or profits due:
2.1 Leverage: Maximum leverage is 1:100.
2.2 Reasonable Trading Styles. Reasonable trading styles would typically have the following characteristics:
2.2.1: Risk/Reward Ratio: Risk/reward ratios must be at least 1:2 on average.
2.2.2: Position Sizes: Any single position must not utilize more than 3% of the available margin of the account. Multiple trades of the same side and instrument, opened within 10 seconds of each other are considered as a single position.
2.2.3: Stop Loss Orders: The use of stop loss orders is required.
2.2.4: News Events: Trading during significant news events in a demo account may cause us to adjust your demo to real market reaction. As for Real money accounts, news trading is prohibited.
2.2.5: Consistent Trading Strategy: Your trading strategy in the challenge phase must be consistent during the whole trading period. Your trading must demonstrate that your strategy works in the long term and is not based on pure luck. This means, for example, that you are not allowed to start with 2-lot trades, reach your targets quickly and then use 0.1 lot trades until the end of the required trading period.
2.2.6: Trading Instruments: During the COVID-19 pandemic, only pure FX crosses and gold/silver are allowed. This means that commodities, stocks indexes, derivatives and cryptocurrencies are not allowed. The duration of the pandemic is defined as the time during which World Health Organisation considers COVID-19 a pandemic.
2.2.7: Position Duration: Minimum position duration is 3 minutes (180 seconds). Scalping is not allowed.
2.2.8: Exceptions: Based on your individual trading methods, it is possible to be granted an exception, however, exceptions are granted only after an interview with our Risk Management team. Without such granted exception(s), traders who take unreasonable risk may face termination of our relationship.
2.3 Trading Account Management & Right of Refusal. The Company has the right to refuse to conclude the contract of the Fidelcrest Trading Challenge account with the Customer – during any part of the challenge. Should any concerns about profitability and excessive risks on a Real account arise, the company will attempt to contact the client immediately to conduct an interview and discuss employed trading practices. The company will attempt to find a remedy for the situation, however, should there be no remedy for concerns, the company reserves the right to terminate this Agreement immediately. Such concerns that may include:
2.3.1. The Company’s potential for suffering financial losses;
2.3.2. Investors of the company’s potential for suffering financial losses;
2.3.3. The potential damage to the Company’s reputation due to unreasonable losses of Investor funds.
- Protection of Capital. The company is under contractual obligation to protect investor funds against risk of unreasonable losses of capital under management, as described above. Should the company suspect that trading practices employed by a trader on a Demo account would not prove profitable on a Real account, the company reserves the right to terminate a contractual relationship with the trader.
- Termination of Agreement Due to Concerns. Trading Violations And Ethics. Any of following violations will result in immediate termination of our contractual relationship, unless you are able to justify the occurrence:
- Any form of arbitrage performed in your trading account, be it Demo or Real Account., E.g., usage of specialized software programs that are designed to exploit possible price latencies on a Trading Platform or that allow for the use of technological and/or algorithmic trading patterns that are aimed at exploiting price latency/priced freezes for arbitrage opportunities on a Trading Platform, thus resulting in unrealistic and/or fake profits on a trading account, which would not be possible within the real trading environment.
5.1. Abuse of technological issues of a broker, intentional or otherwise, where opening and closing prices might be readjusted and traders will be able to continue trading, which would decrease the profitability or increase the loss, this data will not be taken into the account for ‘passing qualification’.
5.2. Usage of guaranteed ‘Take Profit’ and ‘Stop Loss’ to trade news/price and weekend gaps, due to its possibility in a Demo account, but not on a Real account.
5.3 Difference of Demo and Real Accounts. The client confirms good understanding of major differences between Live and Demo trading, which include but are not limited to the following:
5.4. In most cases – Demo accounts have better prices and abnormal execution behavior relative to the markets. Therefore, a client has to consider that an employed trading system should be able to perform profitably in a real-market scenario, even with slightly less favorable spread.
5.5. Demo accounts have no or very little (artificial) slippage, due to no real liquidity.
5.6. Unlike Demo accounts, Real accounts with trades over 1 Standard Lot might not be filled immediately or fully on a Real Account.
5.7. On a real account ‘Stop Loss’ and ‘Take Profit’ are filled only at the level of closest available liquidity, not at the level of a set price.
5.8. Orders on Demo accounts are executed at the quoted price, whereas quoted price of a Real account displays the last available quote of an instrument, not necessarily the available quote.
- Indemnity and Liability.
6.1. The company shall not be liable to Client or to any third party except by reason of acts that constitute gross negligence, bad faith or intent to defraud on behalf of the company.
6.2. Client will indemnify, hold harmless, and defend the Company and its members against any liability, loss cost, damage, or expense and any amount paid in settlement thereof to which any of them may become subject to in acting pursuant to or in furtherance of this Agreement or in connection with any transaction for the Account.
6.3. The company will not hold the client financially liable for any losses incurred by Investors on Real Trading accounts, which were the result of technical issues, or caused due to ‘unusual’ market movements, which could not be avoided with risk mitigation.
- Refund Policy
The client has the right to cancel the ordered services within 14 days of purchasing the services (Fidelcrest Challenge). The client is aware and agrees that this does not apply after starting to use the services, meaning opening the first trade on the allocated Challenge account.
- Term of The Agreement. Either party may terminate this Agreement at any time upon at least 5 business days’ prior written notice to the other via email or telephone.
- No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by the Clients and an authorized officer of the Company.
Revision date 07.04.2020
1. GENERAL PROVISIONS
- These Terms and Conditions (hereinafter referred to as the “Conditions”) govern the relationship between the Trader, a member of the Fidelcrest Trading Challenge Program, Program membership offered through the website https://challenge.fidelcrest.com (hereinafter referred to as the “Trader”) and the Company FIDELCREST Kft (Korlatolt Felelossegu Tarsasag), EU Identification number: HUOCCSZ.01-09-348083, registered office at 1077 Budapest, Wesselényi utca 66. fszt. 1., Hungary, incorporated at the Commercial Register kept by the Municipal Court in Budapest, with company registration number 01-09-348083 (hereinafter referred to as the “Company”) in providing the DEMO ACCOUNT service through the website www.fidelcrest.com (hereinafter referred to as the “Demo Account”), as well as the conditions of further cooperation of the Trader with the Introducer.
- The Demo Account service consists of several variants depending on the level of initial capital and the measure of risk.
- The Trader is notified of these Conditions before the actual realization of the supply of services (as described below) and he or she has the opportunity to become familiar in detail with the Conditions in advance.
Purpose and activity of the Company
- Analytical activities aimed at increasing the expertise of members of Fidelcrest Trader Challenge Programs with respect to financial markets;
- Training about trading in financial products in the financial markets and in the investing of financial funds;
- Assessment of the trading results of Traders in order to increase their qualification and level of expertise;
- Increasing the financial literacy of Traders and of the general public about trading at the stock exchange and the investing of financial funds;
- Cooperation with major market entities in stock-exchange trading and in the investing of funds;
- Supporting Traders through internal applications in order to increase their qualification.
- The Company may, exclusively in order to support its main activities, engage in auxiliary economic activities consisting of business or in other gainful activity.
2. PROVISION OF SERVICES AND FEE
2.1. The Company assumes that the Trader has read and understood these Conditions and agrees to its content. The products and services are only provided by the Company upon Trader’s full accord to these Conditions. By electronically submitting an order for the Company’s product or service, the Trader acknowledges, understands and agrees with these Conditions. If the Trader disagrees with these Conditions or parts of the Conditions, the Trader is not required to subscribe for the products or services of the Company.
2.2. The Trader will be provided services based on his/her order of a variant of the Demo Account via the website www.fidelcrest.com (hereinafter referred to as the “Web Site”) and he or she at the same time confirms that he or she has become familiar with these Conditions and that he or she agrees with them. By confirming the Conditions and completing the payment of the Program Fee for one of the variants of the Demo Account, the Trader enters into a relationship with the Company based upon which, the Company is bound to provide the services to the Trader. This relationship comes into existence on the day when the Program Fee is paid.
2.3. After the Trader has completed the order of the services, he or she shall receive from the Company a pro-forma invoice – an accounting document in electronic form – containing the amount of the Program Fee paid for the respective variant of the Demo Account. The Trader undertakes to pay the fee within the payment deadline stated in the invoice, otherwise, the Company is under no obligation to provide services to the Trader.
2.4. The Trader shall pay the Company the one-time Evaluation/Program Fee of (medium risk strategy):
- USD 75 or EUR 75 for the variant with initial capital of EUR 2500 or USD 2500,
- USD 149 or EUR 149 for the variant with initial capital of EUR 5000 or USD 5000,
- USD 225 or EUR 225 for the variant with initial capital of EUR 10 000 or USD 10 000,
- USD 299 or EUR 299 for the variant with initial capital of EUR 15 000 or USD 15 000,
- USD 375 or EUR 375 for the variant with initial capital of EUR 25 000 or USD 25 000,
- USD 599 or EUR 599 for the variant with initial capital of EUR 50 000 or USD 50 000,
- USD 899 or EUR 899 for the variant with initial capital of EUR 100 000 or USD 100 000,
- USD 1,349 or EUR 1,349 for the variant with initial capital of EUR 200 000 or USD 200 000,
2.5. Before confirming the order, as well as in the course of the relationship with the Company, the Trader has the possibility to check his or her data and, where appropriate, also correct them. The Trader may correct any possible errors in the order or in the Trader’s data with the Company at the e-mail address: email@example.com.
3. TRADER’S RIGHTS
3.1. By ordering the services, the Trader shall be entitled to use the Demo Account service for a period of 30 calendar days. The Trader has the right to activate the Demo Account service within a reasonable time period after paying the Program Fee, but no later than 14 days after the payment of the Program Fee.
3.2. If the Trader satisfies the conditions listed in article 4 of the Conditions within the period services are provided, he or she is entitled to the Trainee Demo Account (herein and after as “Trainee Demo Account”) access of 30-90 days with contract offered by the Company.
3.3. If the Trader satisfies the conditions listed in article 5 of the Conditions within the period stated in section 2 of this article, the Introducer may offer him or her the conclusion of a contract with the Investment Company Fidelcrest LLC , Reg. No: 404572609, registered office at Krtsanisi district, Mtkvari street 6-1, 0179 Tbilisi, Georgia, incorporated at the Commercial Register kept by the Republic of Georgia, or any other individual or legal entity who has registered on www.fidelcrest.com as a Fidelcrest Investor (hereinafter also referred to as the “Investor”) the subject of which will be the management of a Copy/Trade Demo Account through which some rights to remuneration by the Investor to the Trader may arise upon the fulfillment of certain conditions in agreement with the Company’s guidelines and based on an agreement closed between the Company and the Investor (hereinafter also referred to as “C/T Demo Account”).
4. DEMO ACCOUNT SERVICE (“Trading Challenge”)
4.1. The subject matter of the Demo Account service is the establishment of access to an account in the context of the electronic interface of the broker, which for the time when services are provided will allow the Trader to conduct fictitious trades on the FOREX market or other financial markets and also to receive analytical summary of the Trader’s performances on these markets when services are provided.
4.2. The Company shall provide the Trader with access to the Demo Account via Trader’s e-mail.
4.3. The Company does not provide to the Trader any investment service (either primary or secondary) within the meaning of Act No. 256/2004 Coll., on the capital market, as amended, in any of the variants of the Demo Account. Company gives the Trader no guidelines, instructions or information on how or in what way the Trader should conduct trades on the Demo Account, or any similar information on trading the financial instruments.
4.4. In all variants of the Demo Account service, the Trader has total freedom in term of what trades and in what way to conduct on the FOREX market or other financial market. The Trader is only limited by the conditions of trading in the electronic interface provided by the broker. Some of the restricted ways of trading are listed here: https://challenge.fidelcrest.com/trading-according-to-the-real-market/
4.5. All variants of the Demo Account include a number of functionalities which are used to produce analytical summaries of the Trader’s performance over the period when services are provided.
4.6.The term (i) “calendar day” is understood as the period from midnight to midnight of the current time zone of Hungary (CE(S)T), (ii) EUR is understood as Euro, (iii) USD is understood as United States dollar, (iv) BTC is understood as BITCOIN.
5. C/T Demo accounts
5.1. The Trader is entitled to enter into a Contract on managing a C/T Demo Account with the Investor in order to enter into an agreement, the subject of which shall be the management of a C/T Demo Account if during the period when services were provided, the Trader has met the conditions listed in Article 3.2 of these conditions and the conditions listed in Article 5.1,
- The legal form of the Contract on Management of the C/T Demo Account, as well as its contents are chosen according to the Investor’s discretion. The offer for entering the Contract on Management of the C/T Demo Account with the Investor shall be submitted to the Trader without undue delay after the expiry of the period according to Articles 4 and 5 of these Conditions.
- The Company has the right to refuse to conclude the proposal of a contract with the Trader on entering into the Contract on Management of the C/T Demo Account with the Trader, if during the period when services are provided, the Trader conducted trades on the Demo Account contrary to how trades are to be conducted on the FOREX market or other financial markets or in a way that constitutes legitimate concerns that the Company may suffer financial or other damage due to the Trader’s activities. In such case, the Association shall not return the Program Fee paid for the corresponding variant of the Demo Account to the Trader.
6. Cancellation of the Provision of Services
6.1. The Trader has the right to cancel the ordered services within the period of 14 days from ordering the services. This does not apply if the Company has started providing the services and the Trader has begun to conduct fictitious transactions on the FOREX market or other financial markets using the Demo Account.
6.2. The Trader can submit a withdrawal from the Contract and these Conditions by submitting the withdrawal form, which is available on https://challenge.fidelcrest.com/cancellation/
6.3. The services can be cancelled through an agreement of the parties or by withdrawal by the Company also in case that the Trader has, in a substantial way, acted in a fashion that breaches any of these Conditions.
7. Rights from defective performance and complaints
7.1. The time to exercise rights from defective performance of the services provided starts upon granting the Trader access to the Demo Account and ends upon the expiration of the period when services are provided.
7.2. The Trader has the right to exercise complaints to the Company for the following reasons:
- non-provision of ordered services,
- provision of incomplete services.
7.3. Complaints and other comments can be exercised electronically at: firstname.lastname@example.org.
7.4. In the event of incomplete or faulty services being provided and the suspicion of incomplete or faulty services provided, the Trader is obligated to report these without undue delay. Late retroactive complaints shall not be taken into account.
8. Personal-data protection
8.1. Your personal data are safe. You may cancel your newsletter subscription at any time. We will never spam you or pass your data to other administrators or third parties.
8.2. Personal data protection is in accordance with the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data (hereinafter referred to as “GDPR”) provided for in the Personal Data Protection Principles which may be found here: https://challenge.fidelcrest.com/privacy-policy/
9. Final Provisions
9.1. The Company undertakes to provide services to the Trader upon the fulfillment of the above stated conditions for the time period agreed.
9.3. The Trader is solely responsible to ensure that these Conditions are in compliance with all laws, rules and regulations relevant to the Trader. The Company has the right to revoke access and/or use of the products and services, where these Conditions conflict with any applicable law, rule or regulation. The products and services offered by the Company are intended only for the Trader’s use, and not for the use or benefit of any other entity, third party or a person.
9.4. The Trader acknowledges and agrees that the Company is not a broker or broker-dealer, as such terms are used in the USA financial services regulations, and that the Company does not trade securities as part of the products and services, nor does the Company offer any financial or investment advice or recommendations. The Trader acknowledges and agrees that the Company is not liable for any losses or gains that may arise from Trader’s reliance on information provided by or as interacted with other entity, third party or a person.
9.5. Any special arrangement between the Company and the Trader deviating from these Conditions shall prevail.
9.6. Neither the Company nor the Trader wishes that any rights and obligations be inferred from existing or future practice established between the parties or customary practices generally maintained, or in the sector related to the subject of the order of services beyond the expressed provisions specified in the order, order confirmation or in any written contract, unless otherwise agreed in writing. Besides the above-mentioned, the parties confirm that they are not aware of any other practices hitherto established between them.
9.7. The entire content on the Company’s website is provided for information purposes only and without any warranty or assurance concerning the nature or accuracy of the content. The Trader acknowledges and agrees that the Company is not liable for any outcomes arising from the use of such content.
9.8. If during the period when services are provided or at any time thereafter a change occurs in the circumstances, which at the time of the establishment of the relationships the parties relied on, to the extent that it cannot reasonably be required that the subsequent Contract on Management of Professional Demo Account be closed, the obligation to close the Contract ceases to exist. The party to whom a substantial change of circumstances applies shall promptly notify the other one.
9.9. In case any provision of the Conditions is invalid or inapplicable, or becomes such, these invalid provisions of the Conditions shall be replaced by such provisions whose meaning is closest to the invalid ones. The invalidity or in-applicability of one provision of the Conditions does not mean the invalidity of other provisions of the Conditions.
9.10. The Company website and part of the products and services may refer to another entity, third party or person. The Trader is responsible to perform own due diligence and assess if such another entity, third party or other person’s products or services are appropriate for the Trader. The Trader agrees that the Company is not responsible for any harm, damages, or negative experience arising from or by using other entity, third party or other person’s products or services.
9.11. The Trader may be notified via their electronic address.
These Terms and Conditions are valid and effective as of the 17th of March 2020.