Pros
- Limited trading restrictions
- Suitable for professional traders
- It offers a rewards program
Cons
- Slow customer service
- No educational resources
From our extensive testing of prop trading firms, we found that The Funded Trader stands out for having limited trading restrictions.
However, the prop firm isn’t for newbies as its interface at first glance requires getting used to and it offers no educational resources for upcoming traders.
It also has a small maximum funding amount without scaling when compared to similar options in the industry.
The Funded Trader was co-founded in 2020 by Angelo Ciaramello, Blake Olson, and Carlos Rico Jr., the experienced traders behind VVS Academy and Forex League.
The company offers its funded traders up to $400,000 in trading capital with the opportunity to scale to $1,500,000.
Since its launch, The Funded Trader has paid out over $55 million to its traders and has processed multiple six-figure payouts for individual users.
Currently, The Funded Trader hosts more than 100,000 active forex traders with website traffic of 1.8 million monthly visits.
Funded traders on the Funded Trader trading platform gave the prop firm a 4.5/5 star rating on user review platform TrustPilot.
In the breakdown, there were a total of 12,890 funded traders user reviews, of which 89% gave Funded Trader prop trading firm 5-star reviews, while 7%, 2%, 2%, and another 7% rated the trading platform with 4 Stars, 3 Stars, 2 Stars, and 1 star respectively.
Based on our meticulous research of Funded Trader’s user reviews, we found that while most funded traders are pleased with the overall service of the prop firm, the 2 recurring complaints include slow customer support response and a drawn-out withdrawal timeframe.
The Funded Trader offers clients a demo account which allows them to trade with virtual funds. The Funded Trader Simulated Trading platform is a fully simulated account with real market quotes from liquidity providers.
This means that trading in all stages is in the demo account.
The trading data from the Funded Trader is sent to partner proprietary trading firms where trades can be copied and trading strategies developed using the available data.
Demo/simulated trading is limited in the performance results it offers. Because the trades are not executed, the results may vary from that of live trading especially if it is impacted by any market factor like lack of liquidity.
The Funded Trader supports simulated trading for all available instruments.
Since trading in the demo mode is done with virtual currency, the gains cannot be withdrawn.
The Funded Trader King’s Program is an exclusive program for Simulated Funded Traders that allows traders to earn high profits by managing account sizes up to $1,500,000 and taking home large profit splits.
The King’s Program is for top, long-term, and successful traders who have proven themselves to be consistent and overall professionals within the industry.
Aside from the bragging rights, the King’s program gives you access to several benefits including the ability to withdraw profits at any time using Wise or Crypto.
You can make withdrawals at any time without having to wait for a set payout date and with no limitations or caps on the frequency of requests.
King’s Program payouts are processed within 8 business hours or less after your withdrawal request has been confirmed by the Payout team.
The Funded Trader offers payouts from 9 a.m. to 50 EST Mondays to Fridays.
King’s Programs members also enjoy a high profit share which is permanently set at 90%.
This amount is set in your Dashboard and for all payout requests.
To be eligible for the Funded Trader King’s program, you must have made at least 5 consecutive withdrawals on a single account.
You must also have a minimum closed virtual volume of 30M per $100k of the simulated initial account balance.
Other criteria that must be met include:
Your account must be positive at the time of eligibility without showing any pattern of risking a large percentage of account size with no clear trading strategy. Also, your account must not have violated any of the prop firm’s trading rules.
The Funded Trader team will reach out to any eligible participant so that they can get their simulated accounts adjusted with the benefits.
The Funded Trader Rewards Program rewards all active simulated funded traders for posting content. The rewards offered to users vary based on the type of content posted. Below are the bonuses awarded under the reward program.
Full Interview: You get rewarded a $10K virtual Simulated Standard Challenge Account. You can schedule an interview with the Funded Trader’s community manager in Discord.
Video testimonial: You get free $5K virtual funds for posting a video testimonial about the Funded Trader.
Simply make a video with your phone giving your honest testimonial of trading with the Funded Trader. The video should not be longer than 60 seconds.
Profits Post: When you make posts about the profits you have made from trading in the platform, you get free $5K. All you need to do is send a message with proof that you have received payment from the Funded Trader into the platform’s profits channel on Discord.
Trustpilot Review: The Funded Trader Rewards $5K for giving an honest review on Trustpilot and sending a screenshot of the review to the trader review channel on Discord.
All users who have passed the evaluation stage for any of the challenges and are already active funded traders with funded accounts can take part in the challenge.
You can only submit content to the Rewards program once per month. With a maximum of one reward claim in the month.
The Funded Trader competitions allow users to participate in a monthly challenge and be one of the 30 winners who earn prizes.
The rules for the Funded Trader competitions are the same as the rules for the Standard Challenge. This includes the prohibition of EAs, 5% Max Daily Drawdown, Simulated 10% Max Total Drawdown, and 5 simulated minimum trading days.
The Funded Trader also prohibits taking advantage of unrealistic fills in the demo environment.
The competition starts on the first of the month and ends on the last day of the month. If you are participating in the monthly competition, you must be active for more than 14 days. Funded accounts that fall short in the number of days of activity will expire and be disqualified from taking part in the current competition. To prevent this, you need to engage with the competition regularly. If you are disqualified, you will be able to join next month’s competition.
All trades must be closed before the end of the competition to be eligible for the respective prizes.
The Funded Trader does not just reward the first top three traders, it offers prizes for the top 150 rank holders. Slight changes are made to the rewards for every month. For instance, the 1st place winner for the September 2023 competition was awarded 300K virtual funds Simulated Royal Challenge + $5,000 CASH + a Weekend in Miami. The weekend getaway in Miami is not included in the prize for the first-place winner for October.
Below are the October competition prizes for the top 150 rank holders.
All prizes for winning participants are distributed within 10 days after the end of the competition.
The Funded Trader has a 2 phase evaluation process as mentioned below.
This is the first stage of the evaluation process to become one of the platform’s funded traders.
To pass this phase you must achieve the set virtual profit targets while adhering to the trading conditions placed by the prop trading firm for South African funded traders.
In the phase 1 challenge, you will execute simulated trades in a demo environment that appears to simulate the live market via latency and static slippage that’s associated with the potentially funded traders’ orders.
After completing all the proprietary trading firm’s trading objectives and proving your trading skills you will in turn be upgraded to a phase 2 account within 24 hours and will need to pass that evaluation before you become one of their funded traders.
This is The Funded Trader’s validation phase where you would have to prove your trading skills to the proprietary trading firm again.
To pass this phase, you’ll need to achieve the virtual profit targets while adhering to the trading rules just like most prop trading firms.
In this phase, you will execute simulated trades in a demo environment that appears to simulate the live market via latency and static slippage in proportion to the size of your order.
That said, if you successfully pass all required trading objectives and prove your skills then the prop firm will verify your results and upgrade you to become a Funded Trader.
This is the final stage as with most prop firms – where you get funded. However, you must keep displaying consistency in profits and sound risk management to increase your profit share to 90%.
Also, your simulated performance will be evaluated once every 3 months and if you pass the evaluation you can scale your virtual account balance to $1,500,000.
The Funded Trader also states that when you trade on their Funded account, the real market is simulated closely by utilizing real order book quotes obtained from several liquidity providers.
This means that in periods of high volatility, you would be exposed to high slippage. So trading strategies that were successful in the Challenge and Verification stages may not be profitable in the last phase.
The Funded Trader charges a refundable one-time evaluation fee that differs depending on the Funded Trading account you want to open and the size of funding you want.
Standard Challenge Account (Swing): From $65 to $1,879
Standard Challenge Account (Regular): From $65 to $1,879
Rapid Challenge (Swing): From $79 to $899
Rapid Challenge (Regular): From $79 to $899
Royal Challenge: From $289 to $1,869
Knight Challenge: From $189 to $939
The Forex prop firm charges funded traders different trading commissions based on the financial instrument being traded and the partner broker used to facilitate the trade.
Eightcap
Forex: $7 per lot
Metals: $3 per lot
Indices/Crypto/Oil: $0 per lot
Purple Trading
Forex/Metals/Oil: $3 per lot
Indices/Crypto: $0 per lot
Think Markets
Forex/Metals: $7 per lot
Indices/Crypto/Oil: $0 per lot
This Forex prop firm charges users dynamic swap fees based on the broker being used and market conditions.
The Funded Trader splits profits with funded traders 80/20% first then offers good users with consistent profits the opportunity to increase it to 90/10%.
Funded Trader supports the trading of several instruments including Forex, Indices, Cryptocurrencies, and Commodities. Below is a list of the available trading instruments.
Forex
AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHUF, EURJPY, EURNZD, EURPLN, EURUSD, GBPAUD,
GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, SGDJPY, USDCAD, USDCHF, USDDKK, USDJPY, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTHB, and USDZAR.
Metals
Funded Trader supports the trading of three metals – silver, gold, and platinum against the US dollar. The available metal pairs are XAGUSD, XAUUSD, XPTUSD,
Indexes
AUS200, EUSTX50, FRA40, GER30, JPN225, NDX100, SPX500, UK100, and US30.
Cryptos
Available crypto pairs include BCHUSD, BTCUSD, ETHUSD, and LTCUSD.
Commodities
UKOUSD and USOUSD.
Our detailed research and testing of this Prop Trading firm indicate that it is legitimate indeed. The Funded Trader is a registered company and complies with applicable laws. Just like most Prop firms, it is not regulated by any financial regulatory body. This is because it is not a broker, it is simply a demo trading evaluation company that offers customers simulated Funded demo accounts.
Yes. After a thorough examination and usage of this Forex Prop Firm, we came to the conclusion that the platform is safe to use.
The Funded Trader has several security measures in place to create a safe trading environment and ensure the security of all Funded Trader accounts and user’s personal information.
The Funded Trader securely stores users’ data and protects them from unauthorized access, modification, or disclosure. When determining the length of time to retain users’ personal information, the Funded Trader considers several factors including the sensitivity of the information and the potential risk of harm from unauthorized use or disclosure of the information.
You can protect your account with passwords. You are 100% responsible for the confidentiality of your passwords and use of your account. All unauthorized use of your password or account must be promptly reported to the support team.
To ensure a secure and reliable simulated trading platform, the Funded Trader securely shares users’ data with other prop firms or third parties to detect deceptive, fraudulent, or criminal behavior.
Despite not being regulated, the Funded Trader complies with relevant laws, regulations, and requirements and also respects the functioning of the actual markets. It prohibits any simulated trading practice that does not comply with the functioning of real markets.
Accounts that violate the terms, regulations, or requirements can be immediately terminated with no refund.
The Funded Trader offers different trading conditions per challenge phase and account type or paths as listed below.
Account Type or Path – Standard Challenge (Swing Risk) for $5,000
Account Type or Path – Standard Challenge (Regular Risk) for $5,000
The same Funded Trader trading conditions are applicable for up to $400,000 funding for South African-funded traders.
Account Type or Path – Rapid Challenge (Swing Risk) for $5,000
Account Type or Path – Rapid Challenge (Regular Risk) for $5,000
Note again that the same Funded Trader trading conditions are applicable for up to $400,000 funding for South African-funded traders.
Account Type or Path – Royal Challenge for $50,000
Account Type or Path – Knight Challenge for $25,000
Drawing from our in-depth analysis of this forex prop firm, we noticed that it offers a free hand to funded traders.
For example, unlike some prop firms, the Funded Trader allows news trading, Expert Advisors, and no limits on lot sizes.
Funded traders also have the option of scaling up their profits with consistent positive performance.
There’s also a broad selection of financial instruments including forex trading, commodities, indices, and crypto (BTC, BCH, ETH, & LTC).
The Funded Trader supports the following trading platforms: MetaTrader 5 and MetaTrader 4.
No, the Funded Trader does not offer forex trading or crypto trading educational resources.
The 2 main competitors of The Funded Trader include Blue Guardian and FTMO.
In comparison to these competitors, The Funded Trader offers a lower evaluation process price, which is also refundable after verification. That said, it offers lower maximum funding amounts without scaling than Blue Guardian and FTMO.
It also only allows EA trading on one account.
The Funded Trader is best for skilled traders looking to get funding for increased profits. It isn’t for beginner traders who still need coaching or educational resources as it doesn’t offer any of such.
While The Funded Trader is a top choice for many South African traders, diversifying your options is crucial. Explore another top contender with our True Forex Funds Review
The Funded Trader has a TrustPilot score of 4.5/5 most of which are positive reviews from other traders. It has been operational since 2020.
Yes, it is worth it to become a funded trader if you’re good at trading and need extra capital to boost your earnings.
The profit split for funded trading accounts on The Funded Trader program starts at 80/20% with the opportunity to increase it to a 90/10% profit split.
Yes, you can make money with funded trading, if you’re a professional trader willing to stick to the trading platform’s rules.
We always try to provide the most accurate information available, and make sure our team follow through.
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