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Pros
- Reasonable trading conditions
- Good customer service
- Multiple funding models
- It offers profit shares for both the demo account and the real account
Cons
- High slippage
- No crypto trading instruments
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FundedNext Review South Africa 2024: Is It Worth It?
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
- URL: https://fundednext.com
- Headquarter: United Arab Emirates, UAE
- Year Founded: 2016
- Max. Funded Capital: $200,000
- Profit Split: 15% during the assessment, but can be increased to 90% depending on your performance
- Evaluation Fees: $49 to $999
- Trading Platforms: MT4 and MT5
- Tradable Instruments: Forex, commodities, and indices
- Maximum Leverage: 1:100
- EA allowed: Yes on all funding models
- No. of Challenges: Up to 2 challenges
- Profit Target: Total of 15% for 2 phases
Funded Next Review South Africa: Our Opinion
Leveraging our expertise in prop firms, we observed that while Funded Next offers industry-average services it falls through in products available as the platform does not provide crypto trading instruments.
This is unlike a lot of its competitors in the prop trading industry.
That said, Funded Next stands out primarily for offering traders a variety of funding models, and lot of freedom, and reasonable trading conditions.
Table of Contents
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An Overview of FundedNext
Founded in 2016 and headquartered in the United Arab Emirates, Funded Next is one of the world’s leading prop firms. The current CEO of the company is Abdullah Jayed.
Currently, it has 51,000 funded traders and covers more than 195 countries including South Africa.
Since its launch, Funded Next has paid traders over $51 million in profits.
It is partnered with GrowthNext and Incenteco to offer users access to MetaTrader 4 and 5.
FundedNext South Africa: Reviews
The Funded Next has a TrustPilot rating of 4.7/5 star rating. This rating is built with 86% 5-star ratings by trading account users and 8%, 1%, 1%, and 4% for 4, 3, 2, and 1-star ratings respectively.
Beyond its star ratings, most traders’ reviews are satisfied mainly with the customer support of the proprietary trading firm. Many of them stated that FundedNext is the first prop firm to offer payments for demo trading.
That said, other traders complained of high slippage on their trading accounts causing them to lose trades. Some other traders were pleased with the Funded Next prop firm providing a dedicated FundedNext account manager with Online chat access as well as its quick payouts.
FundedNext Unique Features
FundedNext Economic Calendar
The FundedNext Economic Calendar is a collection of previous and upcoming global announcements, world news, and impactful events that can have an immense impact on the financial market.
The information provided on the economic Calendar lets you know what trading decisions to make to prevent loss as a result of an unfavorable event.
With the Economic Calendar, you can determine the profitable time to trade certain assets and when not to make any trades.
The FundedNext economic calendar displays different important information including different currency pairs, the name of the economic event, weekdays, levels of impact, and the limitations to trade or not. The Calendar has a filter that allows you to filter out low-impact news or global events.
Intraday traders can select the day they are on and the level of news impact. The calendar displays 4 levels of impact (Low, Medium, High, and Holiday). Traders can also see the Restrictions /No Restrictions for the day.
Interday traders on the other hand can choose multiple days for a heads up for the upcoming global news.
FundedNext has a News Rule restriction that you can use to prevent yourself from facing unpredictable losses during news time. To use the News Rule restriction, you need to set the Economic Calender on “Restrictions” to prevent any trades during the affected period.
FundedNext Trading Competition
The FundedNext Trading Competition is a monthly event where traders showcase their trading skills and stand a chance to win exclusive prizes.
In the Trading Competition, traders compete against fellow enthusiasts, refine their trading strategies, and climb the leaderboard.
The FundedNext Trading Competition is a global platform where users can demonstrate their trading style and expertise and earn money for outstanding performance. Due to the large volume of participants, FundedNext is generous with the number of winners chosen. A total of 150 winners are rewarded every month.
FundedNext eliminates any financial entry barriers for the competition. The platform does not charge any fees to start trading in the competition.
Despite being available to every registered user, FundedNext has a set of rules that all participants in the trading competition must adhere to.
Each participant is allowed to register only one FundedNext account using a single IP address and email address.
To be eligible to win a prize, you must actively trade for at least 5 days during the competition period.
FundedNext prohibits the use of Expert Advisors (EAs) during the competition. Only manual trading is accepted during the competition.
The Prop firm uses the standard leverage levels of 1:100 for all FX pairs and 1:30 for indices and commodities.
There is a daily loss limit of 5%. This means you are permitted to only lose 5% of your initial trading balance on any given day.
The daily loss limit is calculated using this formula:
Daily loss limit = Your Last day’s Balance – Today’s Balance/Equity
The lot size limits are set at 5 lots for FX instruments and 3 lots for indices and commodities. Also, the maximum lot size limits for FX forex pairs are set at 5/position and 3/per for indices and commodities.
The maximum allowable drawdown in the competition is set at 10% of your initial balance.
There are no restrictions on trade closure. You can hold your trades overnight or over the weekend.
The Trading Competition begins on the 1st day of every month and ends on the last day of the same month.
FundedNext does not just reward the top 100 traders, but the top 600 traders on the leaderboard.
The 101st to the 600th position will get a chance to win the lottery and 50 winners will be selected from among them and each winner will receive a Stellar 1-Step 6K account.
FundedNext Evaluation Process
Funded Next has 2 funding challenge phases (Challenge 1 and Challenge 2) that contain 5 different sub-phases. All funding challenges have a 15% profit share.
The challenge phases sub-stages include:
- Evaluation
- Express Model (consistency)
- Express Model (non-consistency)
- Stellar (1-step)
- Stellar (2-step)
Evaluation Models Comparisons Table
| Evaluation | Express (Consistency) | Express (Non-consistency) | Stellar (1-step) | Stellar (2-Step) | |
|---|---|---|---|---|---|
| Challenge Phases | 2 | 1 | 1 | 1 | 2 |
| Profit Target | P1:10%, P2:5% | 25% | 25% | 10% | P1:8%, P2:5% |
| Maximum Daily Loss | 5% | 5% | 5% | 3% | 5% |
| Maximum Overall Loss | 10% | 10% | 10% | 6% | 10% |
| Drawdown Type | Balance-dependent | Balance-dependent | Balance-dependent | Balance-dependent | Balance-dependent |
| Time Limit | P1:4, P2:8 weeks | No limit | No limit | No limit | No limit |
| Minimum Trading Day | 5 days | 10 days | 10 days | 5 days | 5 days |
| Commission | $3 commission per lot | $3 commission per lot | $3 commission per lot | $3 commission per lot | $3 commission per lot |
| Profit Split | Up to 90% | Up to 90% | Up to 90% | Up to 90% | Up to 90% |
| Trading Leverage | 1:100 | 1:100 | 1:100 | 1:30 | 1:100 |
| News Trading | Yes | No | No | Yes | Yes |
| Weekend Holding | Yes | No | Yes | Yes | Yes |
| Expert Advisors | Yes | Yes | Yes | Yes | Yes |
| Trade Copier | Yes | Yes | Yes | Yes | Yes |
| Reset Discount | 10% | 20% | 20% | 10% | 10% |
| Consistency Rule | No | Yes | No | No | No |
| First Payout | Monthly | Monthly | Monthly | Bi-Weekly | Bi-Weekly |
| Subsequent Payouts | Bi-Weekly | Monthly | Monthly | Bi-Weekly | Bi-Weekly |
There is a refundable registration fee for all Funded Next challenges once you become a funded trader. This fee is based on the amount of trading capital you get.
Funded Next Fees, Charges and Profit-Share
Funded Next prop firm charges a flat registration fee based on the initial trading capital of the challenge you take on and charges a commission on your trades.
Registration Fee
Stellar 1-step Challenge: From $59 to $999
Stellar 2-step Challenge: From $59 to $999
Evaluation Model Challenge: From $49 to $999
Express (Consistency): From $49 to $999
Express (Non-consistency): From $59 to $699
Funded Next prop firm refunds your registration fee when you become a funded trader and successfully meet all requirements as well as achieve a payout from your Funded Next trading account. Payouts are processed through Deel using several methods including bank transfer, Wise, Paypal, etc.
The refund is processed alongside your initial account payout.
Top Up Fee
Funded Next traders can restore their trading account balance to the initial amount by paying the top-up fee.
This fee varies based on the consistency of trading, desired Funded Next amount, and account type.
That said, fees range from $40 to $824 for swap-free Express accounts and $37 to $749 for swap Express accounts.
Commissions
Funded Next prop firm charges a $3 per lot commission for Forex and gold/silver/oil instruments.
There are no commissions charged for trading indices and commodities.
FundedNext Profit Sharing
Traders are eligible to get a 15% share of profits made during the challenge phase on all Challenge accounts.
Once you become a funded trader, profit sharing then becomes dependent on your account type.
The Express Funded Next account offers a profit split of 60% for your first withdrawal, then 75% and 90% consecutively.
On the other hand, both the Stellar and Evaluation Funded Next accounts, give 80% of the profit initially then with scale-up, you can become eligible for 90% of the profit.
Cryptocurrencies and Other Tradable Instruments on FundedNext
FundedNext supports the trading of several instruments and assets including indices, Forex, and commodities.
Indices and Commodities available include:
AUS200, EUSTX50, XPTUSD, XAGUSD, XAUUSD, USOUSD, FRA40, GER30, US2000, SWI20, HK50, SPX500, NDX100, NTH25, UK100, US30, JP225.
FundedNext supports the following Forex Currency pairs:
EURCHF, NZDCAD, NZDCHF, NZDJPY, NZDSGD, USDJPY, SGDJPY, USDBRL, USDCAD, USDCHF, USDCNH, USDDKK, USDHUF, AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURGBP, EURHKD, EURHUF, EURJPY, EURNOK, EURNZD, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSGD, GBPUSD, MXNJPY, NOKJPY,, USDMXN, USDNOK, USDPLN, USDSGD, USDTRY, USDZAR, ZARJPY, NZDUSD, USDHKD.
The prop firm does not support the trading of cryptocurrencies or crypto CFDs.
FundedNext does not impose any limits on the instruments or position sizes traded by users.
Is FundedNext Legit?
Drawing from our hands-on evaluations, we can state that FundedNext is a legit Prop Firm.
FundedNext is registered and based in the United Arab Emirates (UAE).
That said, due to the nature of its services and products, FundedNext does not hold a special license as it is not subject to any financial service regulation.
Security: Is FundedNext Safe To Use?
FundedNext is a registered proprietary trading platform. It does not hold users’ funds and does not conduct trades on behalf of its users.
It has several security measures in place to prevent fraud and trading malpractices.
Available security includes the verification of the identity of all users during registration.
It also uses sophisticated algorithms and machine learning techniques to identify and flag potential signs of tampering or fraud.
Users’ accounts are constantly monitored to ensure that they adhere to the platform’s rules and supported trading strategies. Any similarities or discrepancies in trading strategies including hedging in multiple accounts with the same IP address are considered a violation.
The prop firm recommends that you use a single device with a unique IP address during your trading activities on the platform.
This is to ensure the security of user’s accounts. If you move to a different country and your IP address changes, you will be required to provide a valid document to verify your physical movement to the new location.
If FundedNext detects that a significant number of accounts from similar IP addresses are flagged, the violation attracts a warning as well as a deduction of profit and resetting of the account.
Depending on the severity of the violation, the account can be terminated.
Customers’ data are stored on computers and other devices in an encrypted database.
FundedNext also has several technical and organizational safeguards in place to protect users’ data from unauthorized access, disclosure, modification, or destruction.
Trading Conditions on Funded Next
Through our first-hand exploration of this prop trading firm, we discovered that in general Funded Next offers a free hand to traders in their trading journey. You will be able to participate in news trading, leave trades running overnight as well, and use Expert Advisors. It also offers a high maximum balance of $4 million.
Funded Next also requires a minimum trading timeframe of 5 days weekly and offers a leverage of up to 1:100.
Trading Experience
Our hands-on experience with Funded Next prop trading firm revealed that it offers a trading experience best suited for intermediate to advanced crypto traders in South Africa.
It also allows South African traders to gain access to dedicated account managers for one-to-one support.
That said, some users have complained of high slippage, which affects their profits.
Different Platforms Used to Trade
Funded Next only supports 2 trading platforms including MetaTrader 4 and MetaTrader 5.
Does Funded Next Trade Offer Education?
Yes, Funded Next offers trading educational resources on various topics like trading strategies, trading psychology, etc.
How Does Funded Next Compare with Other Prop Firms
The 2 main competitors of Funded Next are FTMO and Funded Trading Plus. Both of these prop firms like Funded Next offer a profit share of up to 90%. However, unlike Funded Next, both competitors offer crypto trading and FTMO offers cTrader not just MetaTrader 4 and 5.
Final Thoughts
Funded Next is targeted at intermediate to advanced South African traders and it’s known for the free hand it gives traders.
However, some users have complained of high slippage. It also only supports 2 trading platforms unlike some of its competitors.
While the prop firm we’ve discussed stands out in several areas, it’s always beneficial to compare and contrast. Get insights into another major player with our Topstep Review.
FAQ
Most frequent questions and answers
Funded Next is registered in the United Arab Emirates and has been on the scene since 2016.
Funded Next only supports 2 trading platforms, it does not support crypto trading, and it has only up to 1:100 leverage.
Funded Next offers different payouts depending on your account type which range from a 28-day cycle to, a 14-day cycle, to instant withdrawals once you gain 5% growth in your Funded Next account.
Funded Next prop trading firm offers access to MetaTrader 4 and 5 via Incenteco and GrowthNext. They are also partnered with various liquidity providers.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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