Audacity Capital has built a strong reputation for sponsoring traders with Forex trading potential.
- No demo account or challenges
- Live account
- EAs allowed
- Hedging to manage risk allowed
- Overnight position allowed
- Not allowed to keep positions open during major news events.
- Weekend holding not allowed
- Monthly platform fee
- 7 minimum trading days
Audacity Capital Review
Audacity has been around for a while. They started in 2012 and have been active since then. They offer traders up to $480,000 in trading capital with a 50-50 profit split and utilize real money from the start. Audacity also provides a fast-scaling plan that involves increasing the size of the trading account if the trader reaches the 10% target.
About Audacity Capital
Audacity Capital is a well-known proprietary trading firm. They have supported traders in over 140 countries since 2012. They have also built a strong reputation for sponsoring traders with Forex trading potential. The prop firm has won multiple honors, including the International Investor Award Winner 2020, and has been featured in publications like the Daily Mail and The Europe Financial Review.
Funding Program Options
An interview is necessary for this in order to receive instant funding. If you are successful, you will be accepted into their Funded Trader Program, which offers accounts with maximum potential funding of $500,000. The challenge account functions in a manner comparable to that of other prop firms. The challenge account that includes a two-step evaluation comes with an associated fee. Once you have successfully passed, you will be able to switch to a live account.
The program also includes a quick scaling plan in which they double the capital every time the trader reaches the 10% objective. In addition, there is a 10% absolute drawdown. Forex trading takes place exclusively in stages 1 through 3. When you reach levels 4 to 6, you will be able to trade indices and commodities as well.
The Ability Challenge Program is divided into four different stages. It begins at 15,000 dollars and may go as high as 120,000 dollars. The one-time charge begins at 149 pounds for a capital of 15,000 dollars. However, keep in mind that the monthly platform cost of 99 pounds will still be applied. You have 30 days to complete the first part of the verification process, and you have 60 days to complete the second stage. This is standard procedure for all prop firms.
The difference lies in the fact that the second step is more difficult than the first one. In all, the drawdown for the first stage is 15 percent, while the drawdown for the second step is 10 percent. In addition, the max daily drawdown goes from 7.5% down to 5%. However, the profit target for both remain at 10%. When you have successfully completed this step, you will be given a real account with a profit split of 75% to 25% monthly, provided that you meet the 10% profit target.
You should also know that once you pass the challenge, you can choose to join the funded trader program, which pays 50-50. You might wonder why you want to go from 75% profit share to 50%. That is because the account scaling is available in their instant funding account. For the challenge account, you trade with only the capital you paid for.
After you have been accepted by Audacity and are ready to start funding, you must pay a one-time fee of £298 as well as a monthly platform fee of £99. In order to join through their challenge, the fee starts from £149 with funding of $15,000 and £629 with funding of $120,000.
Audacity Capital traders can trade forex majors and minors. Commodities and indices are not permitted unless you have proven your worth and have been approved by their team. In order to trade them, you need to be at Stage 4 with a $120,000 account Then they can consider allowing commodities or indices to be traded on your account.
Audacity’s trading rules are easily flexible. Aside from the ability to earn money from anywhere in the world at any time. They do not set minimum trading days or deadlines for their traders. They employ an institutional liquidity provider, which allows users to profit from narrow spreads and no commissions or swap costs.
Every Trader who is accepted into the program begins with a capital of $15,000. At this point, you can employ a maximum lot size of 0.5 all cumulative. To get your account doubled to $30,000, you must make a 10% profit, taking it to $16,500. Because the drawdown is 10%, the most you may lose is $1,500 from the initial amount, which means your equity cannot go below $13,500.
They offer a 10% absolute drawdown that does not trail behind the trader’s profits. Traders are not responsible for any losses incurred within this limit.
Weekend roles are subject to risk management clearance. If you want to keep a position available over the weekend, you need to fill out the form at weekend.audacitycapital.co.uk. This is also available on the trader’s dashboard.
During important news events such as the NFP, interest rate decisions, and Central Bank speeches, positions must be closed. They will give out news releases to all of their traders through email in advance.
Audacity has 2 options, which are without challenge and with a challenge. Without challenge, Audacity Capital’s evaluation of traders is similar to FundYourFX. Fill out their form to apply for their Funded Trader Program. Then wait for their talent acquisition team to contact you.
One of their talent acquisition team members will contact you to schedule an interview via phone or face-to-face if you are based in London. The team will ask questions about your trading experience and strategy. Their risk management team will determine whether you are a good match for their funded program based on your interview.
If you are accepted, you will receive an email with a contract to sign as well as payment information for the fees. After you have finished the payment and signed the contract, you will be emailed the trading account login information.
The other option is to go through their ability challenge. Here you pay a fee for the 30-day trading challenge and 60 days verification, similar to other prop firms.
Audacity is a well-known prop firm that has been around for a long time and has a great reputation. Their fee to join the funded program is not necessarily the cheapest. They are similar to FundYourFX. But for Audacity, you pay a one-time fee of £298 as well as a monthly platform fee of £99. In FundYourFX you pay a £297 one-time fee but no monthly platform fee.
Most traders don’t have to worry about being removed from the program. As long as you adhere to their risk guidelines, you are unlikely to have a drawdown. If you do, you will not be accountable for damages, but you will be automatically removed from the program.
In some situations, a second opportunity may be available, for which the risk management team must assess your account and authorize you. If you are authorized, you must pay the £199 joining fee again, to begin with, a $15 000 account.
What is disappointing is that they said that they have a one-off joining fee of £199, as well as a monthly platform fee of £99, but the fees are not for them to make a profit. They are to cover expenses such as data, technology, and administration. However, we can understand if this was for the one-off joining fee, but the monthly platform fee is what makes it disappointing when other prop firms similar to them don’t even have recurring fees. We don’t think that is fair for the traders.