- LOW COST EVALUTATIONS
- HUGE RANGE OF ACCOUNTS
- STOCK TRADING TOO
- GOOD REPUTATION
- FAIRLY LOW AMOUNT OF REVIEWS
- NEW TO THE INDUSTRY
- COMPLICATED ACCOUNTS
- LOW QUALITY WEBSITE
- LACK OF INFO ON WEBSITE
Joining a prop firm and trading a funded account may be the perfect next step for traders who are looking to progress in their career. Not only can you increase your capital significantly, it’s a really good way of testing your skills and moving to the next level in your trading. Our articles are designed to offer you a refined look into certain prop firms, making it way easier for those looking to join one. Read on to discover more about what Funded Trader are all about.
Who Are Funded Trader?
Funded Trader are a prop firm registered in the UK offering funds to traders from all over the world (aside from US clients) and claim to be known to the FCA. They are a prop firm set up by traders, for traders and are committed to providing a service where everyone benefits.
In terms of their accounts, they offer FX and Stocks accounts with a great variety of funding. There are 10 FX accounts to choose from, ranging from $10k to $300k and 3 Stocks accounts from $50k to $100k. Five different levels to the FX accounts include:
There are two different types of accounts to each level of account. The wide variety of accounts means that everyone is catered to and is able to choose an account size that they’re comfortable with no matter your capital! Once passing the initial evaluation phase you’re required to deposit the minimum capital required and are free to start trading your funded account Live. They also use MT4 and MT5 as their platforms which are widely known to many for their user friendliness and charting tools. Most of the highest rated companies on our Top Prop Firms List use these platforms.
The potential with this prop firm seems to great so far considering how much variation they’re offering, but lets dive a little deeper into their process to getting a funded account…
Getting Funding From Funded Trader
In terms of achieving a funded account from this prop firm, they’re no different to other firms in the way they require an initial evaluation first. However, Funded Trader has a lot of really great benefits that definitely make it worth considering if you’re looking at joining a prop firm.
For all accounts, traders are required to undertake an evaluation where they will be assessed for their skills. However this is completely free which is amazing news for all, especially those who have less capital to play with. Furthermore, there are no specific guidelines that come with the evaluation. Traders only need to trade a Demo account for between 3-6 months and demonstrate their ability to trade consistently to a high standard. Traders only need to deposit the minimum amount required for the specific account they’ve chosen, the lowest starting at only $300, and are able to keep ALL profits.
Once you’ve passed the evaluation you’re able to get trading Live with a funded account! There are some guidelines to be abided by of course, unlike the evaluation, that differ according to which account you choose to use. For example, the $10k FX account has a profit target of 10% and a maximum drawdown of of 5%. Fully funded accounts have a massive profit split of 60% and the option of scaling up is there too, as they double your account every time you hit profit target.
The scaling progression really does make a huge difference and makes it much quicker to grow an account, than if you were just trading by yourself. Some other prop firms like CTI offer a scaling plan too, but nothing is faster than Funded Trader!
What Makes Funded Trader Different From Other Prop Firms?
There are several factors making this prop firm different in comparison to other industry leading prop firms like MyForexFunds and Lux Trading Firm and therefore worth choosing if you’re thinking about expanding your trading career!
The first is obviously that their evaluation challenges are free. Most other prop firms require either an upfront single payment or a monthly fee which can be problematic if you have less cash to spare. There are also essentially no rules when it comes to completing the evaluation which gives traders the freedom and leeway to trade in the style they are most comfortable with, as long as you’re showing steady profitable consistency.
Another thing worth noting is the range of accounts offered to traders. Of course many prop firms have a lot of account sizes to choose from, but from 10 FX accounts available and several Stocks accounts traders have a great deal of variation when it comes to choosing the capital they’re most confident trading Live. The sheer amount of accounts offered can also be seen as a negative factor as it very much overcomplicates the account choosing process, compared to a prop firm like FTMO or CTI where the process is very simple.
Is Getting Funding From Funded Trader Realistic?
From what we’ve seen, in our opinion it is totally realistic to expect to achieve a funded account with Funded Trader. From their simple process to their fee-free evaluation of traders, there is plenty reason to expect to get funding from there. Further, the fact that traders are able to take part in the evaluation with no rules to abide by makes chances of getting a funded account even greater. Other prop firms such as FTMO often have strict sets of rules that can be restrictive and mean that you end up trading badly because you’re forced to trade in a way that isn’t your style. Trading with no rules means you can use this to your advantage and demonstrate your full potential.
What Are Other Traders Saying About Funded Traders?
If you’ve read our other articles you’ll know that we like to include reviews coming from other traders. It’s always worth having a look what a wide range of people are saying about a prop firm as they offer their own personal experience with the service and can include some good insights.
Funded Trader have an ‘Excellent’ rating on Trustpilot with an average of 4.7 out of 5, so it seemingly has a glowing review! Traders have praised the prop firm for it’s simple and smooth process with a great opportunity for people to progress in their trading career and make some really good capital. See below some of the reviews from other traders and what they’ve been saying specifically about Funded Trader.
By way of update, we have been continuously monitoring this company over the last few months to see the volume of reviews that come in and any trends from this. In the last month or so, no new reviews have been published on the Trustpilot which is slightly concerning. With prop firms we do like to see large growth, for instance every month MyForexFunds will have maybe 100 new reviews – so this is a red flag.
it’s worth noting that the company only has a small amount of reviews at 47. Though most have only been complimentary, it may be a good idea to have a look at some more reviews just to be on the safe side! However, overall the reviews are pretty impressive and they back our opinion that this prop firm is worth signing up with.
Education And Support For Traders
Currently, Funded Trader don’t offer any kind of education and support for traders doing the evaluation or trading with the funded accounts. There is of course a support team, if you have any queries, but nothing beyond that. Some companies like Speedup Trader, for instance, offer a huge amount of support in terms of education courses, a dashboard to monitor results and mentors. Funded Trader offers no education, at all.
Although some traders may see this is as a negative, I personally don’t think traders should be relying on prop firms for education. There are plenty of resources online, such as Babypips, where you can learn for free. You shouldn’t really be looking for education from a prop firm because unless you’re already profitable, you won’t pass a challenge anyway so you should get profitable first – in my opinion!
Interestingly, Funded Trader is now offering the services of a trading psychologist. Psychology plays a huge part in trading and it is thought to be the hardest part of learning to trade the markets. Traders can typically learn the technicals and chart work in a few months, but it takes years to learn the mental skill. The company is offering you time with David Hulman, a trading psychologist, to help you attain better trading results and master your emotions. I think this is absolutely brilliant and it’s following on from the footsteps of the big players like FTMO!
In Summary – Should You Trust Funded Trader?
Our review of Funded Trader shows that they’re a really great option if you’re thinking about signing up to trade a funded account. Funded Traders has an amazing range of accounts for those looking to trade either FX or Stocks, meaning that you can sign up with them no matter your preferences over how much capital you’re comfortable trading with.
Additionally they offer some great benefits that aren’t seen very often within other prop firms such as their free evaluation programme which is a really good feature for everyone trading as you can stick to your style and trade the best you can. Finally, our praises are confirmed further by other traders who have had good experiences with Funded Trader.
To sum up, we would definitely recommend looking at this prop firm if you’re looking to enhance your trading career and make some more capital! If you’re not sold yet, check out our list of the Best Prop Firms to shop around at some of your other options for funding!
It’s still early days for this company, they’re new to the industry and yet to have the kind of exposure that the big players like DT4X have. The website leaves a lot to be desired too, so personally I am sitting on the fence until they have more exposure in the industry and many more reviews. I’d love to know your opinion in the comments below.