In 2023, forex prop firms are exploding! It’s even rumored that eventually traditional CFD brokerage firms will be out of business – why bother risking $5000 of your own money in the markets when you could be trading $200,000 for a prop firm?
Regardless, it’s not easy to find the right prop firm, with more popping up each and every week! This, however, presents a great opportunity for traders as there’s more options than ever – ensuring your trading style will be catered for.
In this article we are reviewing Ultimate Traders – a new prop firm launched in 2023 with a very interesting offering! Let’s find out more…
Who Are Ultimate Traders?
Ultimate Traders is a brand new prop firm offering forex traders up to $400,000 in initial trading capital! With a 90% profit split, 1:100 leverage and no rules on the kinds of strategies you’re allowed to trade, this is a firm worth keeping your eyes on!
These guys have a really interesting approach to trading challenges, allowing traders to add additional features or take rules away from the challenge accounts. This is the first time I’ve seen this in the industry in the last 3 years since prop firms started popping up, so this really peaked my interest!
So, is Ultimate Traders the prop firm for you? Let’s find out…
How To Get Funding From Ultimate Traders?
When it comes to actually becoming a funded trader, you have two very simple options – classic or speedy. Let’s start with Speedy…
The speedy challenge is the one step verification challenge. In short, it takes half as long to complete as the classic challenge but it usually comes in at a more expensive cost to sign up!
You can choose an account balance between $10,000 and $400,000 – obviously increasing the price depending on how large of an account you’re looking to start with.
Once you have the login details, you’ll be trading your challenge account with a profit target of 10%.
You will have to take a minimum of 3 days to do this (no lucky trades!), 1:30 leverage, a maximum daily loss of 4% and a maximum total loss of 6%.
These rules are much stricter than the classic challenge, which may be worth bearing in mind!
The add-on options still apply for the Speedy Challenge, meaning you can give yourself weekend holding and no fixed stop loss etc if needed.
The Classic Challenge
The classic challenge is the two step challenge, which takes longer to complete but has much more lenient rules and it’s much cheaper than the speedy challenge!
As with the speedy challenge, you can choose an account balance of $10,000 to $400,000 and the pricing of these challenges scales depending on what size account you’re looking for.
You’ll receive the login details and be trading in phase 1 with a profit target of 10%. You’ll have 1:100 leverage, 12% maximum loss and a 6% maximum daily loss. There is no time limit on this challenge.
If successful, you’re on to phase 2! The rules are exactly the same as in phase 1 but your profit target is reduced to just 5% in phase 2 – which most traders will not struggle with.
If again successful, you’ll be refunded your initial fee and be given the details to your new trading account. You’ll forever have the 12% maximum loss and 6% maximum drawdown but no profit targets apply.
What Makes Ultimate Traders Different From Other Prop Firms In The Industry?
Ultimate Traders has a few very interesting USP’s that set it apart from the market. At a high level, the prop firm is very similar to the likes of FTMO, just with more favorable rules for the trader.
However, at a micro level, there are some interesting nuances!
The biggest difference is the fact that you’re able to almost customize the rules of your trading challenge and afford yourself some advantages as a trader. This is a paid option and comes as an ‘add-on’ package when you’re purchasing your trading challenge.
These add-ons include:
- Receive a 90% profit split during the funded account stage.
- Allow weekend holding throughout the challenge stage.
- Remove the need to have a stop loss in every trade.
The need for these add-ons greatly depends on your trading styles and what you actually need in order to succeed in the markets – but it’s great to have!
Another selling point, although not necessarily a unique selling point, is the option for traders to select a ‘Speedy Challenge’, which only has one part to it!
This, of course, makes passing and getting funded much faster than your standard 2 step verification challenge.
Is Getting Funding From Ultimate Traders Realistic?
It’s all well and good seeing a prop firm with a stunning offering but if we can’t achieve that funding, it’s all for nothing! So, is it realistic?
Of course, obtaining funding capital vastly depends on a traders ability to trade consistently and profitably – so we will just focus on the rules Ultimate Traders has put in place.
- Unlimited time to pass the challenge
- Maximum daily loss of 6%
- Maximum loss of 12%
- Profit target of 10%
You’ve also got 1:100 leverage on your side, should you need it!
Having unlimited time to pass a trading challenge is great and a maximum loss of 12% is very large – meaning traders have a lot of room to move. If traders position their risk per trade very small and take their time over the months chipping away, it’s very possible and realistic for even not great traders to get funded!
It’s also worth pointing out that the ‘Speedy’ challenge is only one phase, making it much quicker and potentially easier to become a funded trade – worth bearing in mind!
Ultimate Traders Reviews – What Do Traders Think?
At the time of writing this review initially, Ultimate Traders is a very new prop firm so there aren’t a great deal of reviews to be looking at right now.
This is positive, from the respect that they are clearly not purchasing thousands of fake reviews like some of the prop firms in the sector are doing!
However, this article is a living and breathing review and we will keep checking in over the next few months and updating this reviews section as more traders get funded and review the prop firm!
If you, reading this, have worked with Ultimate Traders please drop us an email, we’d love to hear from you!
Ultimate Traders Partnerships
Ultimate Traders is partnered with Deel – which you may or may not have heard of. I’ve been around in the prop firm space for a long while now and Deel seems to be a really popular method of payment for overseas employees/companies.
When you request a withdrawal from Ultimate Traders, they will send this to your Deel account. From your balance on Deel, you can move that money to a bank account of your choice, a currency or your choice and there are a huge range of payment options available.
To some traders this isn’t going to sound too interesting but it’s honestly been great for me as a trader since prop firms started introducing this payment method as an option!
In Summary – Is Ultimate Traders A Scam?
In conclusion, Ultimate Traders is a great prop firm for traders looking to scale their capital within the markets. However, it’s still a very new firm so it’s one we are keeping our eyes on over the next few months to see how the company grows and the experiences traders have.
It’s early days, but it’s looking great so far so we’re very excited to see where this firms goes!
We’ll keep updating this review every few weeks as the company grows so be sure to bookmark this and circle back!
If you trade with Ultimate Traders please drop us an email detailing your experience so we can update our review!