Funds For Traders Review: Low Cost Challenges Attract Beginners

Having a shabby website built on a WordPress pattern doesn’t exactly scream “quality investment service”. The platform for this Forex prop firm is so unstable, the server kept returning Error 503 while we were reviewing the site.

Still, we did manage to get quite a bit of information out of the site. The overall impression turned out better than expected, as you will see in our Funds For Traders review.

Offshore Prop Firms: Yes or No?

The recent explosion of the proprietary trading firm businesses can be attributed to the fact that this branch of financial services is not yet strictly regulated. While some nations, like the UK, require such businesses to be entered into the registry of the financial regulator, most jurisdictions simply require the firm to be a registered entity.

As a business entity, Funds For Traders prop firm is owned and operated by Prop Trade Tech LLC. This parent company can be found registered with the offshore SVGFSA, while claiming to operate from the Netherlands.

Many firms are incorporated in this small island nation in order to benefit from low taxation, and lax supervision from the authorities. What this ultimately means is that it has become a common ground for various swindlers, and that caution is advised when dealing with SVG based entities.

Strictly Regulated Partner

The parent company, Prop Trade Tech LLC, is partnered with Eightcap, which provides the entire infrastructure for the challenges to work.

Through their Certified Challenges program, the broker administers nearly all aspects of the business, including each Funds For Traders account, payments and payouts.

Since the partnered broker is a multi-regulated brokerage with a good overall reputation, you can rest assured that your funds are secure. More information is available on the brokers’ website.

Costs and Platform Overview

Users of a Funds For Traders funded account can expect a trading commission of $7 per lot, which is not very costly. Available leverage is as high as 1:100, as advertised on the site. Available trading software includes MT4 and DX Trader, both provided by the broker.

Clients Testimonials

Due to the young age of the firm, we cannot expect a large number of Funds For Traders reviews. After all, their website, fundsfortraders.com, was launched only in November 2023.

That said, the company does have a TrustPilot page, albeit with only 11 separate ratings. Although the current rating score is 4.2 stars, many of the comments are not testimonials from the people who have a Funds For Traders login access, but rather questions posed by potential clients.

We’ve noticed some bad rep as well on various other sites, where the clients have voiced their complaints. Some of them say that the firm simply cut them off after receiving payment for a challenge, which is a serious issue.

Fishy Advertising Methods

Many prop firms today use social networks to grab the attention of potential clients. This one is no different, sporting profiles on Facebook, Instagram, X, LinkedIn, Discord and YouTube.

The advertising comprises meme culture videos, and is directed at young and inexperienced traders. It plays on the idea of getting rich quick, similar to how various con artists like Hyro Trader operate.

Challenges Overview

Funds For Traders challenge offers a wide variety of accounts you can choose when entering the test phase. Of course, each sum you want to get funded with requires you to deposit a certain amount of real cash to unlock.

However, before you can acquire capital for trading, you have to showcase your online trading skills, risk-management experience and other crucial talents. That is possible by completing any of the phases of the evaluation.

1 Phase

Profit target is the highest during this phase. Users have to make a profit of at least 10% and not lose more than 6% overall in order to pass it. There is also the requirement of having to trade for at least 5 days during the test. 

Fees for each funded sum are the following:

• $500 – $11
• $1,000 – $20
• $2,000 – $30
• $5,000 – $89
• $10,000 – $149
• $25,000 – $225
• $50,000 – $319
• $100,000 – $525
• $200,000 – $999

2 Phase

This stage of the challenge may seem a bit more relaxed, as it requires you to reach a 8% / 5% profit in total. At that, maximum total loss allowed sits at 10%, which is quite generous compared to the first mentioned conditions. 

There’s also no minimum trading days required to be active, so you can pass the challenge in whatever time you see fit. 

Minimum deposit requirements are as follows:

• $500 – $7.50
• $1,000 – $13.50
• $2,000 – $20
• $5,000 – $49
• $10,000 – $89
• $25,000 – $189
• $50,000 – $350
• $100,000 – $499
• $200,000 – $949

3 Phase

This concrete challenge has three profit targets that have to be accomplished for the evaluation to be successful – 8% / 5% / 5%. Maximum total loss is limited to 10%, with no particular requirement when it comes to the amount of days spent trading.

Mandatory fees are somewhat lowered in comparison to the previous challenge:

• $500 – $5
• $1,000 – $10
• $2,000 – $15
• $5,000 – $39
• $10,000 – $59
• $25,000 – $129
• $50,000 – $209
• $100,000 – $349
• $200,000 – $599

Free Trial

During a limited period of time, traders can use the Demo account if they wish to first test their skills on their own. This is a completely simulated trading environment and does not reflect real trading circumstances. Virtual margin available is $100.000.

Payment Information

First Funds For Traders payout is an exception as it can be made after 30 days of trading. After that, withdrawals are available bi-weekly or every 14 days. The company doesn’t display much transparency when it comes to supported payment channels, commissions and withdrawal costs. 

Also, it is not clarified how long it takes for the withdrawal request to be processed. We advise you to always head to the broker partner’s website and try to find out more about that concrete aspect.

Try Our Forex Prop Trading Service!

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