Online forex prop firms have grown massively in popularity over the last few months. Traders are quickly realising that they can get a lot further trading large capital for a firm, than they can compounding their small 4 figure accounts for the next few years.
With this surge in demand, there has also been a surge in low quality prop firms exploiting traders and not delivering on promises. Is Funded Academy legit? Let’s find out now…
Who Are Funded Academy?
Funded Academy is a relatively new online prop firm based out of Australia. The company has one of the best offerings in the industry and is offering forex traders the opportunity to take on up to $2,000,000 in capital, with an industry leading 80% profit share!
Along with the massive profit share, traders have realistic trading conditions, refundable challenges and 1:200 leverage to ensure you have everything you need to reach your profit targets!
The scaling plan means that the company doubles your trading capital every time you make just 10% on your account, speeding up the compounding by 10x!
Although Funded Academy is a new competitor in the market, it’s rapidly becoming one of my favourite prop firms and I think it’ll be dominating the space over the next few years. Let’s find out more…
Getting Funding From The Funded Academy
Getting funding from Funded Academy is very simple. The simple 2 stage process is much quicker and more simple than some of the other prop firms in our top prop firms list.
Regardless of which account/funding option you choose, the first stage is to make 10% profit. You will have 30 days to do this, with a maximum of 10% drawdown and 1:200 leverage. You actually get to choose between having a max of 5% daily drawdown, of 50% positive days on the challenge. This choice makes it potentially much easier for traders to actually get funded as they can tailor the challenge stage to their requirements.
Stage 2 is very simple and much less tricky than stage one. This is exactly what FTMO do too, making stage 2 much easier. In this stage you need to reach 5%, within 60 days with a maximum drawdown again of 10%. The rest of the trading conditions and rules stay the same. This should be an absolute ‘walk in the park’ for the majority of profitable forex traders.
Once stage 2 is complete, you will be funded. Maximum drawdown is capped at 10% and you have access to 1:200 leverage – perfect for making nice returns within the markets. I would definitely say that profitable traders should have no problem getting funded from Funded Academy.
What Makes Funded Academy Different From Other Prop Firms Like FTMO?
The majority of prop firms for forex traders are fairly similar. Beyond the branding, the core seems to be the same for most models. The only outliers are companies like DT4X Trader that offer instant funding without a challenge. Regardless, Funded Academy actually has a very useful USP for traders…
Funded Academy has a ‘Own Deposit Program‘ which allows traders to get a free challenge account. This works out much cheaper than having to pay full price for a funded account. For profitable traders, although this is nice, it’s not going to make much of a difference to you in the long run. For traders that are less consistent and may indeed fail the challenge a few times before passing, having access to a much cheaper challenge is a better option!
Funded Academy also has one of the best scaling plans I have ever seen. For every 10% milestone on your funded account, they will double the amount of capital you have to trade with. This is by far faster than even a really good compounding strategy. The capital you have will scale up to $2,000,000!
As the company is extremely new, I am assuming that no one has managed to reach the $2,000,000 mark just yet. Funded Academy claim to have just paid out around $10,000 right now – so you may in the running for being the first fully funded trader they have!
Some of the other factors that set the company apart are…
- Real money accounts. Some of the industry leading prop firms use demo accounts, which isn’t really an issue for us as traders, but it’s nice to know you’re on a real account!
- No lot size restrictions. You’re free to use whatever lot size you see fit, which is great for scalpers that were limited with some funded accounts.
- Unlimited challenge retakes. This applies to traders that fail, but don’t break any rules and still end in profit – you’ll be entitled for a free retake, as many times as needed!
- Holding trades over the weekend is allowed. This allows swing traders and day traders the opportunity to succeed and get funded.
- EA’s are allowed. Some prop firms ban automated trading, or martingale style strategies. The Funded Academy does not!
- Trade copiers are allowed. Using a trade copier to trade on multiple funded accounts at once is a great way to increase profits, and luckily – it’s allowed!
Is Getting Funding From The Funded Academy Realistic?
Getting funding as a trader from the Funded Academy is very realistic. The challenge is an easy 2 step process, with large drawdown limits and a realistic profit target. The time duration of challenges is also very do-able for most profitable traders.
You can use unlimited lot sizes, trade the news, hold positions overnight and over weekends, use EAs and even use trade copiers. This means you can use multiple of the top prop firms at the same time and potentially double your funding!
Funded Academy also offer unlimited and free retakes if you fail your challenge. To qualify for this though you need to be in profit when the challenge comes to an end. I believe that these conditions are all extremely fair and should give traders the best chance of success.
The Funded Academy Reviews – What Do Traders Think?
There are a lot of scams in the forex industry. There are just as many scams in the prop firm industry. Companies offering traders a huge amount of trading capital and never delivering on payouts or making trading conditions basically impossible. This is why we look at reviews from traders around the world to gauge the experiences of other traders…
On Trustpilot, the company is rated Excellent with 25 reviews currently, 70% of which are the best they could be. This is great news for the company as it shows traders are happy with the service being offered and the funded accounts. However, 25 reviews is not enough reviews. Companies like MyForexFunds literally have hundreds of positive reviews, which holds much more weight.
The lack of reviews is just because the company is new and therefore nothing to worry about. I would recommend keeping an eye on the reviews and checking to see if the quality stays the same as the company grows – if so, we will recommend Funded Academy!
In Conclusion – Is Funded Academy A Scam?
In summary, Funded Academy is a great online prop firm for traders looking to take on additional funding and take their trading career seriously. The conditions are fair, the perks are great, the 80% profit split is huge and the scaling plan can see traders compounding 10 times faster than they otherwise would.
The only drawback right now is the fact that the company is brand new. We don’t like to trust brand new companies with our money, especially in this industry. Therefore, I am sitting on the fence and I would advise you to do the same for the next few weeks.
Once Funded Academy has been around for a good few months and has much more exposure to traders and many more reviews online, we will revisit and then most likely use the company for funding.
If you have any experience with the company please do let me know in the comments down below, I’d love to know how it’s gone for you.