The Funded Trader Review 2024 (2024)

The Funded Trader Overview

What is The Funded Trader?

The Funded Trader, based in Liberty Hill, Texas, is a prop trading firm launched in 2021 by The Funded Trader LLC. It’s recognized for its refundable nominal access fees and relaxed trading guidelines, distinguishing it from its competitors.

Candidates worldwide can undergo an evaluation process. Successful traders, displaying apt trading acumen and prudent risk management, earn the title of a “funded trader.” This designation allows them to trade with the firm’s capital and retain a significant portion of the profits, starting at 80% and possibly reaching 90% under the scaling plan.

The Funded Trader features four distinct programs: Standard Challenge, Rapid Challenge, Royal Challenge, and Knight Challenge. Ambitious traders have the opportunity to tap into a capital pool of up to $600,000, which can further escalate to $1.5 million via the scaling program.

Through collaboration with Eightcap, its main broker, traders can venture into diverse markets including Forex, Cryptocurrencies, Commodities, and Indices. To avail the trading capital, however, traders must first clear two trading tests, post which they can aim for hefty gains with an enticing profit split favoring them.

Here’s a more in-depth look at the features and functionalities provided by The Funded Trader:

External The Funded Trader Review & Ratings

Here are some reviews from traders who have experienced the platform firsthand:

“Being a funded trader to so many prop firms, all I would say is that TFT is top notch on the the following aspects:
Good trading conditions,
Active and innovative CEO
Responsiveness of the customer support is commendable. Etc”

“It’s great for me to know about TFT. TFT is very reputable. Professional environment with quick support. Create conditions for me to participate in a healthy trader community. Thank you TFT!”

“The Funded Trader is the most trustful Prop firm They paid me a huge amount even after the Deel problem in my desired payment method and their support staff is very polite and they replied in time even in this tough situation.”

“I started with the funded trader because I heard a lot about it. I am very happy that I have now ended up at this prop company. I also hope to continue in the long term. The service is top and excellent. Fast payouts, good service and very helpful. Thank you!”

As you can see from the above feedback from reviews, The Funded Trader has mostly received positive reviews and positive feedback.

What Is The Funded Trader?

Located in Liberty Hill, Texas, The Funded Trader is a prop trading firm established in 2021 by The Funded Trader LLC. Despite being new, it’s making waves due to its refundable low access fees and more lenient trading rules compared to other firms.

Traders from anywhere can take an evaluation from the firm. If they showcase good trading skills and risk management, they can become a funded trader. This means they trade using the firm’s money and get to keep a large part of the profits, starting at 80% but potentially increasing to 90% with the scaling plan.

They offer four programs: Standard Challenge, Rapid Challenge, Royal Challenge, and Knight Challenge. Traders can access up to $600,000 of capital, which can grow to $1.5 million through their scaling program.

The firm has teamed up with Eight caps as its primary broker. This partnership gives traders access to various markets like Forex, Cryptocurrencies, Commodities, and Indices. But to get the trading capital, traders first have to pass two trading challenges. Once they do, they can start trading and aim for high profits, with up to a 90% profit split in their favor.

The Funded Trader History

In 2021, Angelo Ciaramello, a 24-year-old entrepreneur from New Jersey, started The Funded Trader. Initially, the venture was designed to gamify the process of retail trading in capital markets. Individual traders would compete for funding and aim to secure the top spot on a rankings leaderboard.

To provide opportunities for these traders, Angelo and his dedicated team devised multiple funding challenges. Successful participants could trade using the company’s capital and enjoy a share of the profits. Their innovative approach and success didn’t go unnoticed, as Angelo was acknowledged as one of New Jersey’s top 25 Financial Technology Leaders in 2022.

While Angelo was the brain behind the operation, he didn’t embark on this journey alone. On May 21st, 2021, alongside co-founders Blake Olson and Carlos Rico Jr., The Funded Trader was officially launched. The company quickly showcased its growth with impressive milestones. By January 2022, they had distributed over 1 million in payouts to traders. That figure skyrocketed to 30 million by January 2023, and by May 2023, they had surpassed 55 million in payouts.

For those keen to stay updated on Angelo Ciaramello’s activities and insights, he actively shares on platforms like Instagram and LinkedIn.

How Does The Funded Trader Work?

Like most prop firms, The Funded Trader requires traders to prove they are profitable forex traders before providing access to a funded account. It stands out for its unique evaluation process, offering four distinct challenges, each with their own trading conditions and trading objectives.

• The Standard Challenge: This challenge includes a larger daily drawdown (6%) and maximum drawdown (12%) across all account sizes. Traders can expect their first profit shares within 30 days, making it ideal for skilled traders looking to test their strategies.
• The Rapid Challenge: Designed with speed in mind, this challenge aims to deliver the first profit share within two weeks. It employs a balance-based daily drawdown, which allows traders to hold onto trades and potentially compound their profits.
• The Royal Challenge: The most flexible of the challenges, The Royal Challenge allows traders to use Expert Advisors (EAs) without any lot size limits. With a maximum drawdown of 10% and a profit target of 8%, this challenge gives traders more room to manoeuvre than the standard challenges offered by other prop firms.
• The Knight Challenge: Ideal for traders looking for a quicker payout, this challenge requires only one phase, and the first payout can be achieved within just 7-10 days.

Each challenge has its own minimum trading days, daily loss limit, and time limits, providing options to suit a wide variety of trading styles.

The Funded Trader Pricing & Plans

The Funded Trader has four challenges, and each one follows a different procedure. It’s best to refer to their site for specific details, as there are many different account sizes and details for the different challenges.

Here’s a brief summary of some of the simple rules for a $100,000 Regular Account:

The Standard Challenge Accounts

• Profit target: 10%
• Maximum loss: 12%
• Maximum daily loss: 6%
• Refundable Fees: $549

The Rapid Challenge Accounts

• Profit target: 8%
• Maximum loss: 8%
• Maximum daily loss: 5%
• Refundable Fees: $499

The Royal Challenge Accounts

• Profit target: 8%
• Maximum loss: 10%
• Maximum daily loss: 5%
• Refundable Fees: $489

The Knight Challenge Accounts

• Profit target: 10%
• Maximum loss: 6%
• Maximum daily loss: 3%
• Refundable Fees: $489

The Funded Trader: Mission, Principles, and Community

The team at The Funded Trader is driven by an unshakable mission: to empower traders to become capitalized professionals. Recognizing the significant barriers that traders often face in their journey, primarily access to capital, The Funded Trader offers a range of funding options that enable traders to choose the challenge that is best for them.

They understand that trading is not just about transactions but a business that requires support, mindset, technology, and efficient risk management. The Funded Trader operates with the utmost transparency, accountability, and excellence, creating an environment that encourages its traders to take pride in their work and establish a professional track record.

What sets The Funded Trader apart from many other prop firms is their vibrant community of traders worldwide. They believe in the power of collaborative trading and know that sharing ideas can lead to greater success for everyone. From beginners to experts, every member can learn from one another in this supportive ecosystem.

The Funded Trader’s ethos and core principles serve as the guiding compass for all their actions. These principles are:

• Trust: The Funded Trader is anchored in transparency and integrity, essential for building trust within their community. They foster a culture of honesty and accountability.
• Community: Committed to growing the largest, most supportive community of traders, The Funded Trader values their community as a hub for growth, connection, and success.
• Excellence: They pursue simplicity and excellence in all they do, holding each team member to the highest standards and continuously seeking ways to improve their services.
• Giving Back: The Funded Trader is committed to giving back to their community and team. They do so through various initiatives, including giveaways, promotions, and unique experiences.
• Growth: They believe in continuous learning and expansion, inspiring community members to develop the habits, mindset, and resilience to confidently pursue their goals.

Which Brokers Does The Funded Trader Use?

The Funded Trader collaborates with three prominent brokers: Eightcap, ThinkMarkets, and Purple Trading Seychelles.

Originating from Melbourne, Australia, Eightcap was established in 2009 and is regulated by ASIC. With its dedication to offering exemplary financial services, Eightcap has expanded globally, boasting five offices.

ThinkMarkets, on the other hand, is a top-tier multi-asset online brokerage with main offices in both London and Melbourne. Renowned for its trading solutions, ThinkMarkets supports the MetaTrader 4, MetaTrader 5, and their proprietary ThinkTrader platform.

Lastly, Purple Trading Seychelles stands out by promoting fair business practices and leveraging cutting-edge technologies, presenting itself as an equitable partner to its clientele.

When it comes to trading platforms, both Eightcap and ThinkMarkets offer Meta Trader 4 and MetaTrader 5. Purple Trading Seychelles, however, solely supports the MetaTrader 4 platform.

Diving deeper into The Funded Trader’s broker options:

• For Challenge Accounts, traders can select from three broker options: Eightcap, Purple Trading SC, and Think Markets. Notably, Purple Trading is available exclusively on Meta Trader 4.
• Simulated Funded Accounts offer two broker options, namely Eightcap and Think Markets, compatible with both MetaTrader 4 and 5.
• As for Competition Accounts, only ThinkMarkets is currently available.

What Assets Can Be Traded With The Funded Trader?

The Funded Trader provides a wide range of trading assets, each boasting varied leverages. With forex pairs, you can harness a leverage of 100:1, which extends to 200:1 during evaluations. Commodities come with a 40:1 leverage, indices with 20:1, and the dynamic realm of cryptocurrencies offers a 2:1 leverage.

Diving into specifics, here are the financial instruments that can be traded with The Funded Trader:

• Forex: The platform allows trades in major forex currency pairs such as EURUSD, GBPUSD, and USDCHF, as well as several others including AUDNZD, GBPCAD, and USDMXN, to name a few.
• Commodities: Key commodities accessible for trading encompass gold (XAUUSD), silver (XAGUSD), platinum (XPTUSD), as well as Brent (UKOil) and WTI oil (USOil), among others.
• Indices: Traders can engage with prominent indices, which include the likes of US30, SPX500, DAX, UK100, and NAS100.
• Cryptocurrencies: In the digital currency space, traders can capitalize on popular cryptos like Bitcoin (BTCUSD), Ethereum (ETHUSD), Litecoin (LTCUSD), and Ripple (XRPUSD), along with a range of others such as NEO, EOS, and ADA.

Top Competitors of The Funded Trader

When considering a prop trading firm like The Funded Trader, it’s essential to explore alternatives due to various reasons such as the firm’s integrated brokers lacking big-name recognition, its somewhat dated site design, and the absence of educational resources which could be a deterrent for some traders.

Additionally, the limitations highlighted in the cons section, such as the lack of futures or options trading, may prompt traders to seek other platforms that align better with their trading needs and preferences.

1. Take Profit Trader

Benefits

• Data-Driven Trade Alerts
• Comprehensive Educational Content
• Supportive Trading Community

Overview

Take Profit Trader is designed for traders who prioritize a systematic approach to learning and trading, offering a structured curriculum that gradually elevates a trader’s understanding from basic to advanced trading concepts. The platform differentiates itself by not just providing theoretical knowledge but also by emphasizing practical application, ensuring traders can apply what they learn in real market scenarios.

Furthermore, Take Profit Trader’s continuous update of course material in response to market changes ensures traders remain relevant and informed, making it a dynamic learning hub for continuous trading education.

Company

Take Profit Trader is built on a foundation of experienced traders and educators who are deeply committed to fostering a comprehensive learning environment. The company prides itself on creating a supportive community where traders at all levels can interact, share insights, and grow collectively.

Beyond just trading education, Take Profit Trader aims to empower its users with confidence and competence, enabling them to navigate the complexities of the trading world with greater ease and success.

2. TopStep

Benefits

• Specialized in Futures Trading
• Comprehensive Trader Development Program
• No Capital Contribution Required

Overview

TopStep stands out in the proprietary trading firm landscape by offering a distinctive Trading Combine® program that challenges traders to prove their skills in simulated trading environments before accessing real capital, particularly in the futures market.

This unique approach not only tests traders’ abilities under market pressures but also instills disciplined trading practices, making it an invaluable platform for those looking to specialize in futures trading. TopStep’s commitment to trader development is further demonstrated by its extensive educational resources and personal coaching, which are geared toward fostering long-term trading success.

Company

With a strong foothold in the futures trading community, TopStep has established itself as a premier provider of trading opportunities, underscored by a commitment to nurturing and funding trading talent.

The company’s innovative model for evaluating and funding traders reflects an in-depth understanding of the trading profession’s requirements and challenges, aiming to create sustainable trading careers. As TopStep continues to expand its global reach, it reinforces its position as a leader in the field, committed to excellence and the success of its trading community.

3. Apex Trader Funding

Benefits

• High Profit Split Options
• Extensive Range of Tradable Assets
• Flexible Trading Rules

Overview

Apex Trader Funding distinguishes itself with a versatile approach to trader funding, offering an extensive selection of account sizes and funding options to cater to the diverse preferences and risk profiles of traders globally. Its straightforward evaluation process demystifies the path to obtaining trading capital, allowing traders to concentrate on showcasing their trading acumen within clearly defined rule sets.

Apex Trader Funding’s attractive profit split model underscores its commitment to rewarding traders’ success, making it a compelling choice for those aiming for substantial financial returns in their trading careers.

Company

Apex Trader Funding is dedicated to empowering traders to achieve their maximum potential, rapidly rising to prominence in the proprietary trading industry through transparent policies, generous funding options, and steadfast support for its community of traders. The company’s ethos revolves around providing an environment where traders can excel, supported by state-of-the-art trading tools and a collaborative network.

As Apex Trader Funding continues to innovate and enhance its offerings, it cements its status as a pivotal player committed to the advancement and prosperity of traders in the competitive financial markets.

In conclusion…

While The Funded Trader offers a platform with potential benefits like a variety of funded account options and a competitive payout structure, exploring competitors such as Take Profit Trader, TopStep, and Apex Trader Funding can provide traders with a broader perspective on available prop trading opportunities.

Each of these alternatives brings unique advantages, from data-driven strategies and futures trading specialization to flexible trading rules and high profit splits, catering to diverse trading preferences and goals. Ultimately, the choice of a prop trading firm should align with your trading style, educational needs, and financial objectives.

Is The Funded Trader Worth It?

The Funded Trader is well worth consideration for anyone exploring prop firm options. It has competitive pricing, flexible payouts, and numerous ways to obtain your funded account. It presents a great opportunity for talented traders to reach their profit objectives.

Plus, The Funded Trader is definitely not a scam, with a 4.7/5 score on Trustpilot.

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Frequently Asked Questions

The Funded Trader distinguishes itself with refundable challenge fees and relaxed trading guidelines, offering a straightforward path to funding for skilled traders.

No, The Funded Trader does not currently support futures or options trading, which may limit some traders’ strategies.

The default profit split is 80/20, with the potential to reach a 90/10 split under certain conditions.

The Funded Trader lacks comprehensive educational resources, which might be a drawback for traders seeking to enhance their trading knowledge.

Traders undergo an evaluation through one of four challenge options, aiming to meet specific trading objectives to qualify for a funded account.

The Funded Trader primarily uses MetaTrader 4 and MetaTrader 5 platforms, in partnership with selected brokers.

Yes, The Funded Trader allows traders to hold positions overnight, but restrictions apply to holding stock trades into earnings releases.

Payouts from The Funded Trader are typically processed swiftly, often within a few business days, depending on the chosen payout method.