Overview
Lepus Proprietary Trading is a Melbourne-based proprietary trading firm that focuses on developing individual traders through mentorship and capital funding. Operating under the corporate structure of Wolverton Investment Group Pty Ltd, Lepus uses a trader funding model to recruit, train, and financially back traders in forex, commodities, and index markets. This review provides an independently verified, detailed analysis of its operations, structure, and offerings.
Company Structure and Registration
Lepus operates under the legal entity Wolverton Investment Group Pty Ltd, which is registered in Australia with an Australian Business Number (ABN 31 639 257 613). The company functions as a Corporate Authorised Representative (CAR) and maintains a registered business address in Melbourne, Victoria. This structure allows Lepus to operate within a regulatory framework while specializing in proprietary trading activities. The firm does not operate as a retail broker and does not accept public deposits for individual trading accounts.
Trading Focus and Instruments
Lepus provides access to trading instruments in the following categories:
- Foreign exchange (FX) currency pairs
- Global stock indices
- Commodities including metals and energy contracts
The firm does not offer trading in equities, options, cryptocurrencies, or other derivative instruments. Trading activity is facilitated through Contracts for Difference (CFDs) and E-mini futures, allowing traders to speculate on price movements without owning the underlying assets.
The platform used for trading operations is widely recognized in the industry for its charting capabilities and automated trading support. Traders execute trades using this infrastructure under firm-set risk parameters and capital allocation guidelines.
Trader Recruitment and Mentorship
Lepus offers a structured recruitment program aimed at identifying and developing trading talent. The firm welcomes both inexperienced and experienced individuals. New traders enter through an initial training period that includes:
- One-on-one mentorship
- Group workshops
- Live trading sessions
- Simulated trading exercises
The goal of the mentorship phase is to prepare traders for consistent performance under real-market conditions. Traders who demonstrate appropriate skills, risk management, and strategy execution are eligible to participate in the company’s capital allocation challenge.
Funding Challenge and Trader Capital
Lepus operates a performance-based capital allocation model, often referred to as a “funding challenge.” After completing training and passing internal evaluations, traders may be allocated a trading account funded by the firm. Key features of this funding model include:
- Capital size progression based on performance
- Profit-sharing up to 80% for the trader
- No personal capital risk for qualified traders
- Risk limits and compliance with internal rules
While the exact metrics for evaluation (e.g., monthly profit targets, drawdown thresholds) are not publicly detailed, traders are assessed over a period of time for adherence to discipline and risk control.
Investor Participation
In addition to trader development, Lepus also offers investment opportunities for qualified wholesale participants. The firm manages pooled capital strategies where selected investors can gain exposure to aggregated trader performance. Investor funds are placed in proprietary managed structures, and returns depend on the performance of Lepus’s funded traders.
The terms of investment, including minimum contribution, management fees, and redemption periods, are provided upon request to eligible investors. Investment structures are not available to retail participants and are governed by the terms set out in the private offering documents.
Leadership and Management
Lepus Proprietary Trading is led by professionals with experience in institutional and proprietary trading environments. The Head Trader is directly involved in daily operations and mentoring, which reflects the firm’s emphasis on direct oversight and continuous feedback. The management team takes a hands-on approach to both education and risk oversight, contributing to a high level of engagement with active traders.
Risk Management and Trading Policies
The firm employs a structured risk management framework for its funded traders. While exact drawdown limits and trading restrictions are not disclosed publicly, Lepus sets defined rules that govern:
- Maximum exposure per position
- Leverage ratios
- Number of open trades
- Risk-per-trade percentage
Traders who violate these parameters risk losing access to their funded account. This model is intended to protect firm capital while incentivizing disciplined trading.
The firm also publishes standard risk disclosures related to leveraged trading, warning prospective traders and investors of the possibility of substantial losses, including loss of capital. Traders are reminded that leverage magnifies both gains and losses.
Performance Transparency
Lepus does not publish historical audited performance data for its funded traders or investor pools. The firm focuses on internal performance tracking and provides results directly to stakeholders involved in its programs. While general claims of success and trader profitability are presented in public materials, no verified third-party performance reports are available.
This lack of public performance records is consistent with other proprietary trading firms that operate using private capital and internal metrics rather than client brokerage accounts.
Platform and Technical Infrastructure
Traders operate on a platform that supports advanced technical analysis tools, algorithmic strategy integration, and fast execution. The trading environment is designed for professional use and includes features such as:
- Multi-timeframe charting
- Risk management automation
- Real-time pricing and execution
- Strategy backtesting capabilities
Traders are expected to be proficient with the platform during their evaluation and funded phases. The platform’s stability and tools are integral to the firm’s capital preservation objectives.
Trader Compensation
Lepus offers a performance-based compensation structure where traders receive a percentage of the net profits they generate on firm capital. The maximum share retained by the trader can reach up to 80%, depending on the program and individual results.
The compensation model creates a strong incentive for traders to adopt risk-averse, consistent strategies. There is no salary or guaranteed income; income is entirely dependent on performance and compliance with trading rules.
Strengths
- Mentorship-Driven Approach: The company places strong emphasis on education and trader development.
- No Personal Capital at Risk: Qualified traders trade using firm capital rather than their own funds.
- Clear Instrument Focus: Concentrated exposure in FX, commodities, and indices reduces complexity.
- Performance Incentive Structure: Profit-sharing up to 80% rewards successful trading behavior.
- Professional Trading Environment: Access to advanced trading platforms and tools.
Limitations
- No Public Performance Records: There is no verified track record of historical returns.
- Limited Market Coverage: Equities, options, and digital assets are excluded from the trading catalog.
- Opaque Evaluation Criteria: Specific funding thresholds, rules, and penalties are not disclosed.
- Restricted Investor Access: Only wholesale investors may participate in capital allocation strategies.
Summary Table
| Feature | Description |
|---|---|
| Legal Structure | Corporate Authorised Representative in Australia |
| Trader Entry Path | Training → Mentorship → Funding Challenge |
| Trading Instruments | Forex, Indices, Commodities (via CFDs and E-minis) |
| Profit Share | Up to 80% for qualified traders |
| Investor Access | Wholesale investor structures only |
| Regulation | Operates under AFSL-authorised entity |
| Platform | Advanced multi-functional trading software |
| Risk Controls | Internal rules on leverage, drawdown, and exposure |
Conclusion
Lepus Proprietary Trading provides a structured opportunity for individuals to build trading careers using firm capital. Through education, mentorship, and a funding model with performance incentives, the company creates a pathway for emerging traders to access institutional-style resources. However, the firm does not publicly disclose performance data or specific evaluation standards, which limits transparency. The offering is best suited to those who are willing to operate within a proprietary structure focused on derivatives, and who understand the risks associated with leveraged trading.
This review is based entirely on current, verified information and avoids speculation, opinion, or promotional content.
