There are a huge number of prop firms out there, offering different services, which can make it hard when attempting to choose one to go with. Trading with a prop firm can beneficial for traders in many ways, particularly if you’re looking to expand your capital and/or test your experience as a trader. In this article we look at Enfoid and whether it’s worth considering. Read on to find out more.
Who Are Enfoid?
Enfoid are a prop firm with offices based in the USA. They offer funded accounts to traders with various ways of achieving these accounts to trade Live. They offer investment sizes between $25,000 and $700,000 with a choice of different trading platforms and brokers to choose from.
There are four different account types to choose from when looking to pass their initial challenge, and traders are able to keep 50% of all profits. It’s worth noting that there are other prop firms offering a larger profit share, however there are a few factors making it worthwhile considering this firm to trade with.
There are a couple of options to choose from when looking to Scale Up your account. Scaling from Enfoid involves a review of your account every quarter, with the potential of 20-25% capital added to your account! This is based on criteria such as a monthly gain of at least 2.2%, and low account volatility. On the other hand, if you’re looking to scale up through your own means, there is the potential to open additional funded accounts by going through the enrolling process again. Once $700,000 is reached through scaling by the trader, scaling up will only be possible through Enfoid. The scaling program is really one of the best in the industry when compared to other Top Prop Firms like FTMO, that don’t actually offer any scaling.
There are no monthly subscriptions or fees which is great news for those who prefer to pay a preliminary fee and know that that is exactly what they have to pay for- and that’s it. It is also 100% refundable! So far it’s looking as though Enfoid has some great services to offer, let’s delve a bit deeper into what they’re all about.
Getting Funding From Enfoid
Most, if not all, prop firms require an initial test to confirm you are eligible to trade a funded account Live. Enfoid is no different, however they offer several other options making it viable for many people no matter how experienced, or how much capital you have to spare.
The first option, labelled as ‘Free’, is to prove that you can trade a funded account in 3 easy steps. Step 1 (Evaluation) is to complete an initial evaluation proving that you can do it, by making 10% profit within 30 calendar days. Step 2 (Verification) is to show consistency, by making 5% profit within 60 calendar days. Finally, you’re able to trade a Live funded account with a 50% profit share. For all steps, there is a 10% maximum drawdown. This has initial funding limited to $50,000. This is very similar to the challenge style model you see a lot of the Top Prop Forex Firms offering.
If you’re looking to start trading with a prop firm and have some capital to spend, it may be worth looking at their ‘Fast’ option. By paying a 1% deposit of the selected account you wish to trade Live, you’re able to skip a lot of the process you’d have to go through in the Free option, such as references and experience, and go straight to the evaluation in which the steps are the same as the Free account. A Fast account also takes around 21 days before trading Live whereas the Free account takes around 100 days. This has initial funding of between $10,000 and $100,000.
Finally, if you have a lot of experience in trading you may want to consider their Pro option. By providing proof of previous experience, you can potentially start trading Live funded accounts straight away. Initial funding for this is between $100,000 and $700,0000. This isn’t going to be possible/applicable to the majority of traders.
What Makes Enfoid Different From Other Prop Firms?
When researching this prop firm, what made it stand out really was the options they provide when you’re looking to start Live trading a funded account. For those who are perhaps less experienced and looking to play with less capital, the Free option is perfect.
Steps are simple, easy to understand and reflect those of most other prop firms who are looking to confirm that you have enough experience to be trading a funded account. Individuals with less time, who maybe have that little bit more confidence with trading, can be on their way to a Live account in just 21 days with the Fast option. This option is very viable for most, particularly as only having to deposit 1% initially is a fairly cheap way of being able to start making a lot more capital in a short period of time. And for those who have a longer history of trading and come with a wealth of experience, just by proving their trading history can go straight on to trading Live without having to go through extra steps that the other options have.
Having multiple ways of being able to get a funded account means that Enfoid has a lot to offer a lot of traders. No matter your experience or your capital, there is an option for you.
On more of a negative note, compared to other prop firms like MyForexFunds or Lux Trading Firm, the website itself isn’t user friendly at all and frankly the challenges are more complicated than some of the other companies in the market. I think this really holds Enfoid back from getting more traders through the door – the lack of user friendliness and over-complication of the challenge processes.
Is Getting Funding From Enfoid Realistic?
Considering the options they have for different traders looking to start funded accounts, we’d say that gaining funding from Enfoid is pretty realistic and accessible to most.
There are a few rules to consider but this is the case with most prop firms. Following these rules for Enfoid means:
-5% Intraday Drawdown Limit
-10% Maximum Equity Loss
-Minimum of 10 trading days per month
-No entering/exiting trades 5 minutes before/after News events
Sticking to these rules, as well as the profit targets, should mean that getting funding is possible for all! Of course, the more experience you have means that getting funding is more attainable as you can go for the Pro option. Being flat before or after the news is going to be an issue for traders that like to capitalise on fundamental moves – meaning they may need to go with one of the other prop firms.
You’ll also get a 50% profit share, from the profits you manage to bring in on your funded account. If we compare this to some other companies in the industry, FTMO offers 70% and DT4X Trader offers 60%, so it’s not too far below what we would be wanting to see.
Enfoid Reviews- What Are Traders Saying?
As with our other Top Prop Firm articles, we like to include reviews from other traders who’ve had their own experiences with the prop firm. Please see below for real reviews from traders on Trustpilot.com.
Over all, Enfoid has an average rating from Trustpilot with 3.5 out of 5 stars. This clearly shows that the prop firm has a questionable reputation within the trading community and this should definitely be considered by traders when looking to start trading funded accounts. It is always worth doing research into individual reviews as they are personal and can give a good overview of their own experience with the company as well as including details that can be really useful. There are plenty of other prop firms like Lux Trading Firm and Funding Talent that have much better reviews – making them potentially safer options.
It’s worth noting that Enfoid doesn’t have the most reviews, which is something to bare in mind. They’re currently sitting at 21 reviews, which compared to FTMO with 700+, or 5%ers with 350+, is quite a concern.
Summary- Is Enfoid A Scam?
Our research into the company shows that it is not a scam, and actually is a fairly good prop firm that deserves consideration when looking to start trading funded accounts! In particular we found that the variety of options they provide for different traders makes it stand out from other prop firms. Most cater to different types of traders, but right from the start there are different ways of getting your funded account- whether you are less experienced or not wanting to spend too much money, or you come from a highly experienced background of trading, there is an option for you with Enfoid.
With the lack of positive reviews and complicated challenges, right now I’m sitting on the fence. I’d recommend taking a look at our Best Prop Firms List to see what else is out there in the market, to help make your decision. There are plenty of companies with much better reputations and a lot more withdrawal proofs out there. Be safe!
If you have any experience with Enfoid please do let me know in the comments below, I’d love to hear your opinion.