AscendX Capital’s Rule Changes Explained

AscendX Capital, a new firm in the trading world, has recently gained significant popularity. As they grow, AscendX has implemented several major rule changes to improve their services and ensure fair trading practices. Here’s a comprehensive look at these new rules and what they mean for traders.

MT5 Broker Acquisition

AscendX Capital is in the process of acquiring an MT5 broker. The holding company to purchase the broker has been set up, the board has been decided on, and the MQ license has been paid for. The next steps involve the transfer of ownership, after which regulatory authorities will approve the broker for business. The entire process is expected to take about 4-6 weeks.

Service and Support Changes

To enhance customer service, AscendX is restructuring their support system by introducing Fresh Desk. This new platform will be available from Monday, directly through their site. All technical issues, payout queries, refund queries, and any other questions about existing accounts and purchases will be exclusively handled through Fresh Desk.

AscendX is moving away from handling issues through Discord tickets, direct messages on Discord, panel tickets, and emails. Clients will be directed to open support queries through Fresh Desk. To ensure efficient service, AscendX promises that if a ticket isn’t responded to within 6 hours, the client will receive a free account on DX Trade.

The reason for this change is to manage the volume and workload of queries more effectively. Some clients have been targeting multiple staff through various channels, which limits the support available to all clients.

Discord Support Adjustments

To curb malicious behavior on Discord, AscendX is implementing a 3-strike rule for traders not following the system:

1. Warning
2. One-week timeout
3. Permanent ban

This system is designed to ensure a fair and supportive community for all users.

Stage 2 and Payout Process

AscendX has updated the timeline for stage 2 and payout verification to 5 working days. This change is intended to better manage the workload of the team and set clear expectations for clients.

DX Trade Launch

DX Trade is set to go live by the following Friday. AscendX is currently testing to ensure fair usage and integrating it with their liquidity provider.

C Trader Spreads Issue

AscendX has noticed that C Trader spreads are slightly higher than usual. They have assured clients that this is a temporary issue affecting trading and expect it to be resolved soon.

Rule Adjustments

Due to a significant number of clients 'gaming' the rules, AscendX is adjusting several trading rules:

Minimum Holding Time

All trades must be held for a minimum of 2 minutes from opening to closing. Any trades falling below this minimum holding time will result in the account being reset and the profit payout cycle being reset if it is a funded account.

High Economic News Release Restrictions

Trades must not be initiated within 10 minutes before or after a high economic news release. However, a position or limit order set more than 10 minutes before or after a news release, with a predefined Stop Loss (SL) and Take Profit (TP), that is activated during the release is permissible. Manual opening or closing of trades during this time is strictly prohibited.

Lot Limit Breaches

First Breach: A lot limit breach will be considered a soft breach. Second Breach: A second lot limit breach will be considered a hard breach, with profit reset on the first breach and the account hard breached on the second.

Lot Limits:

• $200k: 80 lots
• $100k: 40 lots
• $50k: 20 lots
• $25k: 10 lots
• $10k: 5 lots

Note: Lot limits can be increased after 60 days and a successful withdrawal request, subject to a review and meeting with the compliance team.

Layering

A maximum of 3 open positions on the same instrument will be allowed. Exceeding this limit will result in a soft breach on the first occasion and a hard breach on the second.

News Trading Restrictions

Trades must not be opened within 10 minutes before or after an existing position. A breach of this rule will result in an account reset on the first occasion and a hard breach on the second.

Funded Account Rules

All the rules from Phase 2 will be in effect for funded accounts. This ensures consistency and fairness across all trading activities.

Refund and Processing Fees

AscendX will process payments, but any associated fees, including processing fees, currency conversion fees, and payment provider fees, will be the responsibility of the recipient, including those for refunds.

Effective Date

All these new rules will come into effect on June 30, 2024, at 10 pm GMT.

Conclusion

AscendX Capital’s new rules are designed to enhance service efficiency, ensure fair trading practices, and manage client expectations. These changes reflect AscendX's commitment to providing a supportive and fair trading environment for all clients.