Are you a forex trader looking to take your trading efforts to the next level? If you’ve been struggling with limited capital and the challenges of finding investors, The Funded Trader may be the solution you’ve been seeking.
Launched in June 2021, this prop firm offers funded accounts to consistently profitable forex traders, allowing them to scale up their trading and potentially achieve higher profits. With an impressive reputation, attractive profit splits, high leverage, and multiple funding options, The Funded Trader has garnered attention in the industry.
In this comprehensive The Funded Trader review, we’ll take a look at its pros, cons, and features. This will help you determine if The Funded Trader is right for you.
How Does The Funded Trader Work?
The Funded Trader offers a unique evaluation process consisting of different challenges, allowing traders to showcase their skills and earn access to funded accounts. With four distinct challenges to choose from, traders have options that cater to their specific trading goals and preferences. Here’s an overview of the challenges and their key features:
1. Standard Challenge:
This challenge involves two evaluation phases, with a maximum duration of 35 days for phase one and 60 days for phase two. Traders must meet profit targets and adhere to the risk management rules, including a maximum daily loss and maximum loss percentage. The Standard Challenge offers different modes, allowing traders to choose their preferred leverage and trade holding options.
2. Rapid Challenge:
Designed for traders seeking faster results, the Rapid Challenge consists of two evaluation phases. There is no minimum trading day requirement, allowing traders to progress more quickly. The profit targets and risk levels are slightly adjusted compared to the Standard Challenge.
3. Royal Challenge:
This challenge stands out for its flexibility, permitting the use of Expert Advisors (EAs) and trading during economic news releases. Similar to the Standard and Rapid challenges, it comprises two evaluation phases with specific profit targets and risk levels. Unlike previous challenges, no modes are available, and maximum leverage remains constant.
4. Knight Challenge:
Distinguished by its single evaluation phase, this is the closest The Funded Trader offers to an instant funded account. Like the Royal Challenge, the Knight Challenge enables traders to use Expert Advisors (EAs). With no minimum trading day requirement, traders can progress as soon as they achieve the set targets. The profit target and risk levels are adjusted accordingly, and traders have a fixed maximum leverage option.
Funded Trader Features
Funded Trader stands out from its competitors and is one of the best prop trading firms, by offering a range of features that contribute to its success and appeal. Let’s explore these features:
1. Numerous Challenge Options:
Unlike many prop firms that provide limited eligibility options, The Funded Trader offers four different challenges. This allows traders to select the challenges that best align with their trading style and goals, providing more flexibility in the evaluation process.
2. Scalability up to $1.5 Million:
Successful traders can continue to grow their trading accounts with The Funded Trader, with the opportunity to scale up to $1.5 million. This high scalability sets it apart from other prop firms and provides traders with the potential for substantial growth.
3. Vibrant Discord Community:
Recognizing the importance of community support and idea sharing, The Funded Trader has a rapidly growing Discord channel. Traders can connect with like-minded individuals, exchange insights, and foster a sense of camaraderie within the community.
4. Leverage and Overnight Holding:
The Funded Trader offers traders the advantage of 1:200 leverage on forex pairs, allowing them to trade in substantial positions. Unlike some other prop trading firms, the Funded Trader allows traders to hold positions overnight and over the weekend.
5. One-Step Challenge:
The Funded Trader offers a unique one-step challenge option, simplifying the funding process for traders. By completing the first half of a standard challenge, traders can secure funding more efficiently, saving time, minimizing trial and error, and increasing the chances of successful funding.
Funded Trader Review: Pros and Cons
PROS:
1. Accessible Risk Criteria: The Standard Challenge has more lenient risk criteria compared to other prop firms, providing a lower risk threshold.
2. High Leverage: The Funded Trader offers a high leverage level of up to 1:200, allowing for larger trading positions.
3. Wide Range of Financial Instruments: Traders have access to a diverse catalogue of financial instruments, including forex, metals, commodities, indices, and currencies.
4. Efficient Profit Withdrawals: The platform ensures quick processing of profit withdrawals, with multiple payment methods available.
5. Affordable Challenge Access Fees: The Funded Trader offers low, refundable challenge access fees compared to other prop trading firms. Save 40% using The Funded Trader Discount Code
CONS:
1. No Free Trial: The Funded Trader does not offer a free trial, limiting the opportunity for traders to test the platform before committing.
2. Relatively New Track Record: The Funded Trader has a shorter track record compared to competitors, established in 2021.
3. Higher Commissions and Spreads: There are instances where commissions and spreads on certain financial instruments are considered higher compared to other platforms.
4. Limited Educational Resources: The availability of educational resources on The Funded Trader platform is relatively limited.
Final Thoughts
The Funded Trader stands out as a reputable prop firm offering funded accounts to skilled traders. With its adaptable programs, high leverage, and positive user rating, it presents an attractive opportunity for traders looking to scale their trading efforts.
While it may have limitations such as the absence of a free trial and limited educational resources, its competitive features and low-challenge access fees make it worth considering. If you’re a consistently profitable trader seeking funding and growth, Click Here to explore The Funded Trader and take your trading journey to the next level
