Prop firms, especially in 2023, are a great way for retail forex traders to increase their assets under management, their trading capital and ultimately their profits from the market.
There are now over 50+ prop firms all with slightly different offerings, providing traders with the opportunity to increase their capital much faster than any compound trading strategy ever could!
With that being said, it’s crucial to find a prop firm that actually suits your trading style and your trading ability to complement you, rather than hinder your trading.
In this article we’ve reviewed Goat Funded Trader
Who Are Goat Funded Trader?
Goat Funded Trader are a new prop firm offering traders up to $800,000 in trading capital, with a 95% profit split for funded traders! With high leverage, no time limits on challenges and no minimum trading day requirements (on certain challenges), it’s clear to see why the company is going such an online presence and many traders are trying their hand at obtaining funding from the firm!
I’ve had a fairly large amount of emails requesting prop firms reviews over the last few months and Goat Funded Trader has been mentioned by a number of traders now, looking for reviews and further information regarding our experience. So, we’ve tried and tested them to show you exactly what you need to know!
Could this be the prop firm for you? Let’s look at obtaining a funded trading account...
How Do I Get Funding From Goat Funded Trader?
When it comes to actually obtaining your funded trading account, you’ve got 2 options for challenge types.
The first type of challenge, that is in theory the best option for traders, is the ‘No Time Limit’ challenge. The second type is the standard challenge.
Let’s take a quick look at the differences and what you’ll need to know when choosing your options…
No Time Limit Challenge
This challenge is exactly what it says on the tin. A 2 stage trading challenge, similar to FTMO, however, you will have no limit on phase 1 or phase 2!
In phase 1, you’ll have a profit target of 8%, with a daily drawdown limit of 5% and a maximum drawdown limit of 8%. This is slightly better than the industry standard!
If you’re successful, in phase 2, you’ll have a 5% profit target but the loss and drawdown rules remain the same. Again, you’ll have an unlimited time duration to make your profit target.
If successful in phase 2, you’ll be awarded your funded trading account with 5% daily drawdown and 8% maximum drawdown limits. You’ll also be refunded for the fee of the challenge. This fee varies depending on which challenge you purchase, but the $100,000 challenge costs $515.
The classic challenge works in a very similar way to the ‘No Time Limit’ challenge and mirrors a conventional FTMO challenge.
The only difference is that in phase 1, you’ll have a maximum of 30 days to complete your profit target.
In phase 2, you’ll have 60 days to complete your profit target.
In all honesty, the fee of $515 is exactly the same as that of the no time limit challenge, so it makes no sense to buy the classic challenge.
You might as well purchase the challenge that allows you to take your time and focus on high quality trades, since it’s the same cost!
What Makes Goat Funded Trader Different From Other Prop Firms In The Industry?
Goat Funded Trader has a few perks that makes it different from other prop firms in the industry – which is great! Many firms these days are just cookie cutter moulds of FTMO – which is fine but if that’s the case, you might as well just use FTMO!
So, what sets them apart?
1. Relaxed Rules
The firm has fairly relaxed rules when compared to other prop firms in the industry. These include the ability to trade news, use EA’s, conduct hedging and even open positions with no fixed stop loss or take profit in place. Some of these would be instant bans on other prop firms.
There is also no minimum trading days. This doesn’t mean you can be instantly funded, but it does mean that the time it takes to get funded will most likely be lower than with some of the other funded trading account providers in the space.
2. 95% Profit Split
The profit split for funded traders of 95% is huge! For reference, many of the top prop firms in the industry offer anywhere from 70% to 80% by way of profit split – which explains why we are so impressed with 95%!
These are the two main differentiators between GFT and other prop firms in the industry. Seemingly there are a lot more features being added to the website soon but it’s still early days and a lot of these features are still in the development and testing stages, so we won’t count those just yet!
Is Goat Funded Trader Realistic? How Many Traders Pass The Challenge?
If you’ve read any of our other prop firm trading reviews, you’ll know how much importance we place on actually being able to obtain a funded trading account. Prop firms can easily dangle a carrot with 100% profit splits and a billion dollars in funded capital but if it’s impossible for traders to pass the challenge, you’re better off working with another firm!
It is very very realistic to get funding from Goat Funded Trader. There are a few reasons for this…
1. No time limit on challenges (On certain challenges)
By challenges not having a time limit, traders can focus on taking just high quality trades that meet their trading plan, rather than needing to force trades purely because they’re against a 20 day clock to reach a profit target. This will make it much easier for traders and enable real trading rather than emotional trading.
2. No minimum trading day requirements
Many prop firms have a minimum trading day requirement. This means that if traders are finished with the profit target in 15 days, they will still need to continue trading in some cases, causing losses and eating away at the probability of passing the challenge. This firm allows traders to finish the challenge as soon as they’re finished, making it faster and safer to pass!
3. 8% maximum drawdown limit
Some firms are hamstringing traders with 2-5% drawdown limits, making it hard for traders to take risk or suffer any kind of drawdown, which is inevitable in the markets. Goat Funded Trader are offering an 8% maximum limit, which gives traders just a bit more breathing room to be able to confidently trade your strategy without constantly having your back against the wall.
4. Hedging, news trading and EA’s are allowed
By allowing many different types of trading, you’re going to have a much better chance at succeeding in the trading challenges, than you would if you worked with a prop firm with incredibly strict rules. You’re also allowed to trade without a TP and SL if you desire, but I wouldn’t recommend that – ever!
Goat Funded Trader Reviews – Is It Legit?
One of the best ways to gauge the validity and legitimacy of a prop firm is through using Trustpilot reviews. Many traders like to leave reviews of their experience with a prop firm and there’s typically a lot we can learn from these experiences!
As shown above, Goat Funded Trader is starting to compile some really strong reviews online within the community with traders being satisfied with the service. I would say that we struggled to find the actual TrustPilot profile for the company, so we will continue to dive deeper and update when we manage to track down the URL!
In terms of YouTube reviews
So, from a trader review perspective, we need to see more before coming to any kind of meaningful conclusions. Largely, everything looks positive but of course, we would prefer to see more reviews. We will keep updating this review over the coming months as we see more reviews rolling in to keep you abreast of the progress the company is making in the industry!
In Conclusion – Is Goat Funded Trader Legit?
In summary, Goat Funded Trader seems to be a legitimate prop firm offering traders capital of up to $800,000, with a huge 95% profit split and a range of features that make it a perfect hub for EA traders and day traders looking to get funded.
With that being said, the firm is extremely new and it’s hard to draw conclusions without seeing more traders going for funding! As it stands currently, the firm is looking like it could be great – but we’ll need to see more traders through the door and more reviews rolling in with payouts prior to making any firm decisions!
To that end, if you have any experience working with Goat Funded Trader, please do drop us a note so we can update the review accordingly.