The Funded Trader Review
A Proprietary trading firm, also known as a ‘Prop firm’, is an oasis for all kinds of traders and investors. Just like there is an array of traders with different trading styles and needs, there is also a mixture of Prop firms at one’s disposal to choose from. However, in the collection of these prop firms, The funded trader Program has emerged as a rising name in the financial market among traders and investors.
Even when The Funded trader Program was established recently, it has contained the interest of the trader’s community. The reason for the approval of this firm is that it is seen as an inclusion of all the Positive aspects of other Prop firms that are accessible in the market. The massive account sizes, realistic challenges, approachable conditions, and high success probability rate make The Funded trader Program a valued Prop firm in the financial domain.
Moreover, the funded trader program is affiliated with a genuine and reliable broker, Eight caps, making this prop firm a better choice for skilled, passionate, and consistent traders. After passing the 2 phase evaluation processes, the funded trader program enables its customers to earn 80% profit splits in live trading with up to 90% scaling options.
This review intends to put across all the information regarding the Funded trader Program in depth, including the funded program account options, detailed requirements of each program and challenges, all positive and negative aspects of the program, comparison with other prop firms, and most importantly why this firm is the best option available for any trader or investor.
|Asia Forex Mentor Evaluation Criteria
At Asia Forex Mentor Evaluation, our aim is to provide the best and most relevant analysis based on excessive research to benefit all types of traders, investors, and financial firms. We cross-check all information and make sure to put forward the most unbiased review of any trading firm. So that readers can form an opinion for themselves and choose the best option available for them among all the firms through an informed investment decision.
There is a set standard of AFM evaluation criteria that is based on rigorous and strict conditions so that the assessment of any firm is done as accurately as possible. Any prop firm that complies with this set criteria is considered to be the most profitable firm for traders and investors.
The AFM criteria are based on the following rigid points:
The Funded Trader program has been evaluated on this criteria, and the results are above expectations. This is one Prop firm that has been able to successfully apply all these conditions for the traders and, at the same time, reach the profit target set by the traders.
Hence, the funded trader is a platform that is observed to be producing consistently profitable forex traders and is highly recommended to anyone who is looking to open a trading account with a proprietary trading firm.
What is The Funded Trader?
The Funded Trader Program was initiated recently in the year 2021 and has emerged as the leading Prop firm in the financial market affiliated with the Eight caps as its official broker. Traders and investors of every type are associated with this firm and have endorsed this firm for successful trading. The goal of this firm is to provide the capital required to a trader or investor so that they can have the opportunity to trade with liquidity and reach a massive profit target with 90% profit splits.
The capital limit that is accommodated by the Funded Trader Program is up to $1,500,000, which can help potential traders to gain substantial profits, which is otherwise not possible due to a lack of investments. However, this trading capital can be earned by the traders after going through 2 phase trading challenges to prove their trading skills. Moreover, the trading instruments facilitated by this prop firm include a variety of Forex, Commodities, Indices, and Cryptocurrencies assets.
The Funded trader programs offer skilled traders the advantage of opting for two account options for the evaluation challenges. The first is the standard account, where evaluation takes place in two rounds. Second is the rapid challenge account which also comprises of two-step evaluation, and last is the Royal challenge program for capital investments worth $ 200,000. All challenges differ from each other in their specifications and are targeted at different sorts of trading experiences.
Advantages and Disadvantages of Trading with The Funded Trader
Benefits of Trading with The Funded Trader
There are many benefits to trading with a Prop firm, specifically for skilled traders who are struggling due to insufficient availability of capital for investments. However, it is not easy to work with prop firms without proving to be an exuberant trader who can sail the trading ship from uncertain market situations.
Similarly, The Funded Trader Program is one such competitive prop firm that provides tremendous opportunities to the traders by providing excessive investment funds to traders up to $ 150,000. Nevertheless, this program also poses great challenges to the traders so that they can prove their worth before capitalizing on these funds.
Another benefit of this prop firm is that it offers high leverage to clients with 100:1 in forex, which is 200: 1 during the evaluation challenge, 40: 1 for commodities, 20: 1 for indices, and 2: 1 for Cryptocurrencies, respectively. These leverage statistics are much higher than other prop firms offer, which is a great advantage.
One more plus of The funded trader program is that it offers its clients a vast choice of trading instruments. There is an option of more than 50 forex currency pairs to choose from in forex. Similarly, traders select from 7 trading alternatives in commodities 10 from indices, and more than 20 from Cryptocurrencies. So there are a lot of choices for the users to select the right asset for a profitable trading experience.
All in all, like some other prop trading firms, the evaluation conditions posed by the funded trader program are realistic and achievable by traders who follow the trading rules, apply effective trading strategies, and consistently work to reach their goals. Eventually, the reward given by the funded trader program to such traders in terms of the massive funds for trading is impressive.
The Funded Trader Pros and Cons
- Variety of trading instruments
- Realistic evaluation criteria
- Advances MT4 and MT5 trading Platform
- Assistance through the trader’s dashboard
- Fast payouts
- No free demo accounts
- Educational tools and resources are not present
Difficulties Met by the Traders who Participated in the Brokers Challenge
Even when FTMO is among the best proprietary trading firms, overcoming the broker sets challenges is not easy, and traders face many difficulties along the way. Some of these hurdles are mentioned below
#1. The 5% Daily Drawdown
One challenge arranged by the FTMO platform for the traders is the 5% daily draw down. Ths means that the traders only have the leverage to make losses of up to 5% of the investment. As it is difficult, especially for an inexperienced trader, to predict the price movement of any asset, they bear massive losses as the price action spikes. Therefore, the limit of 5% drawdown becomes a big obstacle for traders.
How to Overcome the Difficulty
Even when the obstacle of a 5% daily drawdown is significant, traders can overcome it by using some effective strategies. One way is to use technical analysis and tools to evaluate the price movement. Another way is to use the option of Stop-loss, where traders can order the advance selling of an asset before it reaches the 5% loss.
#2. High-Profit Targets
The task of achieving a high-profit target is troublesome for new traders, who are still struggling with the trading basics in the first phase. The profit target in the first challenge is about $ 1000 or 10% of the investment. This has to be achieved within 30 days to pass through the first stage.
How to Overcome the Difficulty
Making a 10% profit in 30 days is a task that seems formidable. However, to overcome this difficulty, traders need to go slow and steady. Rather than achieving the target in one shot, traders can go for a small trading volume with an achievable profit target. With consistency, it would be possible to get this done within the given time limit.
The Funded Trader Program Customer Reviews
The reviews of the customers serve as a mirror of performance for any company. Since feedback from the users can exactly tell us the real trader’s experience, it is important while analyzing any firm’s competencies. The same is the case with the funded trader’s program, where the reviews of the customers can guide the potential clients
According to the majority of the reviews that we read and assessed, the traders seemed satisfied and contended with the services of this program. The users did not complain regarding the challenges they faced during the evaluation period of the program, in fact, it was taken as a good step for training and preparation for real-time trading.
In the same way, the customer support of this prop firm was also highly appreciated even when the firm did not offer any direct or urgent assistance. Customer support is not present through phone calls or physical assistance. However, prompt response from live chat and email options has been quite productive for the users.
Most clients shared their success stories and how they easily managed to earn big-figure profits through the funded trader program. Similarly, there were no reviews that reflected slow payouts or difficult withdrawal procedures, which is quite often an issue for traders. Hence, the feedback and response of the present customers are positive and encouraging for future clients.
The Funded Trader Fees and Commissions
The funded trader program has a fixed commission rate of $5 per lot on each instrument, including Forex, indices, commodities, and Cryptocurrencies as well. The commission increases per lot. For instance, 25 for 5 lots, $50 for 10 lots, and so on. The $5 commission may seem to be high compared to some other prop firms however, it is in benefit for the trader in the long term.
This is because the commission rate of the funded trader program is fixed so no matter how much the trader earns, the commission remains the same. This is more profitable for traders compared to other commission procedures, where a certain percentage is charged according to the trading transactions.
As far as other fees are concerned, there are no additional fees or charges that are applied on the withdrawal or deposit of funds. However, third-party transaction charges may apply. Moreover, another cost that traders have to pay is the subscription charges for the challenge accounts. Even though this fee is refundable, one still has to pay according to the challenge, and there are no free demo accounts
The first and basic standard challenge account has the highest subscription fee of $1898. The Rapid challenge has a refundable fee of $ 899, and the Royal challenge phase has a handsome fee of $ 1399. These charges clearly suggest that this program is for real-time traders who want to do serious trading and not for traders who lack the skills or intent.
The account types of the Funded trader program are not just like any typical account that a trades open with any online broker. The funded trader accounts are actually evaluation procedures or, as they are called, ‘challenges’ to allow the trades to go through a trial trading condition. Each of these evaluation accounts has phases and time limits, after which the trader gets the green signal to do real-time trading.
The Standard Challenge Account
The First evaluation account is the Standard challenge account. The capital limit of this account has a range starting from $5000 up to $400,000. Within this standard challenge account, there are also two options for customers. The first option is the regular challenge, and the second is the swing challenge. Both these options within the standard challenge also have different specifications. For example, the leverage for regular account value is 1: 200, whereas, for the swing account value, the leverage is 1: 60.
Other features of the regular and swing account are the same, with each having the same number of trading days (3), phase 1 (35 days), and phase 2 (60 days) targets of 10% and 5%, with maximum overall (12%) and daily loss(6%) and the subscription fees as well which is $ 1989. There is one major difference that keeps the regular and swing accounts apart, and that is their weekend holdings. Swing accounts allow weekend holdings, whereas regular account does not.
The Rapid Challenge Account
The account balance for the Rapid challenge account makes it different from the standard challenge account. The range of capital starts from $50,000 and goes up to $200,000. Moreover, Just like the standard challenge account, this account type also has two options regular and swing accounts for traders.
In the regular account for the rapid challenge evaluation, the leverage is 1:100, phase 1 (30 days) trading target is $16000 (8%), phase 2 (60 days) trading target is $10000 (5%) Max loss is 8%, and daily loss limit is 5%. The profit split is 80%, with the scaling option of increasing up to 90%.
There is no weekend holding in the regular account option, and the subscription fee is less than the standard fee, which is $899. The only difference between the swing account is that it has lower leverage of 1: 30 however it allows weekend holdings.
The Royal Challenge Account
The Last course of action for traders is the Royal Challenge phase. This evaluation account does not have any alternatives for swing or regular accounts, and traders who choose the Royal challenge will have to follow the only set of given features.
The account value of the Royal challenge account sizes starts from $50,000, reaching up to $300,000. The leverage is higher than the Rapid challenge account of 1:200. Additionally, The 35 days phase 1 has a trading target of $24,000, making 8% of the total value, and phase 2 has a 60 days target of $15000, which is 5% of the trading balance. The overall maximum loss limit is 10%, whereas the daily loss limit is 5%.
The additional advantage of the Royal challenge account is that it offers constructive financial advice from trading experts that can help traders to a great extent. The profit split is also high starting from 80 % and leading to 90% after the scaling plan. The refundable fee for this Royal challenge account type is $ 1399, less than the standard account type.
How To Open Your Account?
Opening funded trading accounts with the funded trader program is a fast and convenient process. However, one should keep in mind that opening a trading account with this Prop firm is not just like opening a trader’s account with a broker.
The major difference is that before doing any kind of live trading, a trader must go through an evaluation account, also known as the evaluation challenge. If the trader passes through the criteria of each evaluation program, only then will they be eligible to switch to real-time trading.
For this reason, the first step towards opening an evaluation or challenge trading account is to go through the official website of the Funded Traders Program. On the very first page, there is an option of “Start Challenge,” and by clicking on this tab, the user will be redirected to the challenging trading account selection page.
On the selection page, the user can view all the challenge-funded accounts the firm offers. Along with the list, a complete detail with specifications is also mentioned with each funded account, making it easier for the user to select. Once the user selects a funded trader account and clicks ‘buy’, the website opens the billing details page.
The funded trader account registration page has a form to be filled in with all the correct user personal information. From the name, email, phone number, nationality, zip code, and billing address. This page also requires the user to fill out details about the trading account that they are buying, including account sizes, trading platform, broker selection, and account type.
The billing details also include the Credit or debit card details for online payment of the account subscription fee. There is also an option available for Cryptocurrency payment, including Bitcoin and others. Lastly, after reading and agreeing to the terms, conditions, refund, and dispute policies, the user can Place an Order for the selected funded trading accounts.
What Can You Trade on The Funded Trader
Traders have multiple options of all major trading instruments on the funded accounts, including Forex currency pairs, Indices, Commodities, and Cryptocurrencies. Since the authorized broker of the funded accounts is Eightcap, therefore all trading instruments provided by this broker are accessible through a funded account.
In the Forex league, all major and minor currency pairs, with a total of 40 pairs, can be traded in the funded account. During the evaluation process, the trader gets the high leverage of 200: 1 for buying and selling of forex pairs, whereas the leverage in live accounts for forex is 100: 1. The low leverage compared to the evaluation period is an advantage for the retail forex traders as high leverage can lead to great losses if the market conditions are not supportive.
With the partnered broker Eight caps, this prop firm offers funded trading accounts and provides traders the opportunity to trade in commodities, including raw materials as well as metals and oil, etc. The leverage that funded account holders get is 40: 1, and the commission fee is $5 per lot. Hence, traders can take long or short positions in commodities by taking an informed decision about investment.
A trader can make a profit through the eight most in-demand indices or Index CFDs through a funded account. In trading these indices, the customer can either take a long or short position with more than one index from the same account. Moreover, the leverage given to the funded accounts is 20: 1, which is high, and traders can use this liquidity for a massive profit target.
Cryptocurrencies were recently introduced on the Funded trader program due to their high demand and popularity among traders. Not just this most sought-after trading instrument is now available on this prop firm, but it also offers the widest range of Cryptocurrencies leading to more than 100 digital currency options like no other competitor.
Moreover, the biggest advantage of trading Crypto on funded accounts is that the trader gets the tightest spreads and high liquidity of 2: 1 which any other Prop firm rarely offers. In addition to this, the fast order executions and advanced trading platforms, including Trading View, MT4, and Mt5, also make trading Crypto profitable for traders.
The Funded Trader Customer Support
In this modern era, all firms greatly depend on customer support for a better user experience. This can be achieved by evolving the customer support system with the latest communication technology. Therefore, effective customer support involves not only traditional methods of conveyance but also advanced social media platforms.
The funded trader program is among the prop firm with a competent customer support team with financial experts and technical staff available to solve user issues. Moreover, this support system includes various social media domains, including Instagram, Twitter, Facebook, and Telegram. Along with these, there is also an official Discord channel and Youtube channel of The funded trader that provides all the latest news and information to the traders.
In addition to social media platforms, there are also other ways to coordinate and ask for assistance. This includes a live chat box on the website and an official email address for all kinds of queries and concerns.
Even when this firm provides no phone calling options, the customer’s feedback regarding customer support is very positive. This is because the support staff is prompt with a live chat box, email, and social media forums without delays or slow customer assistance processing.
Advantages and Disadvantages of The Funded Trader Customer Support
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Withdrawal Options and Fees
The funded trader account holders get the perks of claiming an 80:20 profit split, and if the trader proves tier trading skills and potential, this proprietary trading firm also has a scaling plan. The scaling plan can increase the profit split up to 90:10, through which customers can hit a massive profit target. However, all this is possible when a trader succeeds in both the phases of the evaluation process and manages to open a funded account.
The withdrawal or payout claim is quite simple for any funded account holder by just selecting the withdrawal option on the account dashboard. Almost all major withdrawal options are available on the funded trader account, including e-wallets and major online payment options like Skrill, Neteller Payoneer, Wise, PayPal, Revoult, Deel card, etc.
Similarly, payments in Cryptocurrencies are also available through Coin base and other options. Additionally, all Master, Visa, and American Express Credit and Debit cards can also be used for the payouts. Lastly, withdrawal payments can also be made through the standard bank transfers.
The duration of payout is instant for all online payments and card options. However, bank transfers may take 3-5 days, depending on the selected bank procedures. Moreover, there are no additional charges or fees for any payment method from the Prop firm. However, third-party fees may be on bank transactions based on bank transfer policies.
What makes The Funded Trader different from other prop firms
The best form of evaluation for any kind of business company is to make impartial comparisons with other adversary companies. Such comparisons help the customers to clearly view the strengths and flaws of the firm they want to invest in and can also make informed decisions regarding which company to choose from the best available options.
FTMO is the biggest competitor of The funded trader Program in the financial market. When we compare the Funded Trader with FTMO, we can observe many similarities and some differences. Since traders can grab many trading opportunities with weekend and overnight holding, this is an added benefit for the customers. So in many ways, we can say that The funded trader has the edge over the FTMO, providing maximum benefits to the potential traders.
Another competitor of the Funded trader Program is the ELEV8 prop firm. The difference between the funded trader program and ELEV8 is that the latter is a bit expensive, with a $588 subscription fee, whereas the former comes with a price of $549. All in all, the funded trader has an upper hand of more drawdown leverage at a slightly lower price. However, ELEV8 has a marginally lower profit target with a minimum trading days requirement.
My Forex Fund is another opponent of the funded trader program. However, in many ways, it cannot compete with the special features offered by the funded trader program. For instance, the profit split of 80:20 provided by the funded trader is given at a reduced ratio of 70:30, and the minimum trading days for My Forex Fund is 5 compared to 3 days requirement by the funded trader program. Based on these distinctions, any trader or investor can easily decide which Prop firm to choose, keeping in mind the trading needs and profit target.
Conclusion: The Funded Trader Review
With many online brokerage companies available in the market, there is tough competition between traders and investors to earn maximum profits with their investments in the financial market. However, in such a scenario, traders who have a low budget or completely lack the capital to invest, withstanding being skillful and talented traders, struggle to be among the profitable traders.
Specifically, these traders and others as well have a great opportunity to get funded with massive capital for trading starting from a whooping $150 000 through the Funded Trader Program with the highest profit split of 90:10. However, this capital is not simply handed over by the Prop firm without any evaluation process. In fact, it requires traders to go through a 2 phase trading challenge, and the funds are granted to the eligible trader only.
Regardless of the evaluation criteria, the best part about the funded trader program is that the evaluation process is based on realistic terms and conditions with a plausible target that can be achieved with some effort. Hence, any skilled, consistent, or passionate trader can pass through the evaluation phase with the right trading strategies and can earn massive funds.
Other highlights of the funded trader program are the high-profit split ratio of 80:20, which also comes with a scaling plan reaching 90:10, and the minimum trading days requirement of only 3 days Moreover, the traders also have room to withhold trading on weekends, receive fast and convenient payouts, high leverage of 200: 1, trade in a variety of trading instruments, and accessing the minimum trading loss requirement of 6% daily and 12% in total.
Overall, the funded trader program can turn out to be a blessing for a trader who manages to sail through the 2 phase trading challenges and gets a green signal to trade with a funded account balance of $150,000. Along with this, the prop firm also provides the best trading conditions with a partner broker of eight caps giving the most advanced trading platforms of MT4 and MT5 and taking home big profits and a great trading experience.
The Funded Trader Review FAQs
What is the Funded Trader Standard Challenge?
The standard challenge of the funded trader prop firm consists of a two-phase evaluation process. In this process, traders can choose from two types of accounts. The first is the standard regular challenge account and the standard swing challenge account. Both these account types come with different trading specifications and can be bought after paying a refundable subscription fee of $ 549.
Once the trader buys one of the two account types, they will have to trade under set criteria of the account balance of $ 100 000, with minimum trading days, minimum daily and total loss, and defined profit targets. After successfully completing the standard challenge following the terms and conditions, the trader may be eligible to earn the funded account to do live trading in the financial markets.
What is the maximum account size?
The account size differs from one to another in terms of the fund provided by the prop firm. Therefore, all accounts have different account sizes. Nevertheless, the standard challenge has a maximum account size of $500,000, which can be bought with a refundable fee of $1,898. However, once a trader passes the evaluation phase, then the maximum funds available to the trader is a whooping $ 150 000 with a 90:10 profit split.
What is the leverage?
The leverage offered y the funded trader program varies with the trading instruments. In forex, the given leverage by this prop firm is 100: 1 (200: 1 in the evaluation period), for indices 20:1, commodities 40:1, and Cryptocurrencies with 2: 1 leverage. Overall, the funded trader program offers the highest leverage among its competitors in all trading instruments.
In addition to this, the leverage also shifts from one account type to the other. In the standard challenge regular account, the leverage is 1: 200, whereas, in the standard challenge swing account, the leverage declines to 1: 60. Similarly, in the rapid challenge regular account, the leverage is 1: 100, and the rapid challenge swing account offers leverage as low as 1: 30. Lastly, the royal challenge account has the sweeping leverage of 1: 200.