The forex trading industry, notorious for its challenges, has seen a rise in funded accounts.
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These accounts allow traders to trade the market without the risks associated with using their own capital. But, as with every shiny new trend, there are gems, and there are duds. Recent findings from Traders Union (TU) experts shed light on the top companies in this sector.
The appeal of Forex-funded accounts
For the uninitiated, here's the draw: traders partner with companies that provide them with capital. After proving their trading prowess, these traders then trade the market using the company's money. The profits (and losses) are then split based on pre-agreed percentages.
FundedNext trading company
TU experts noted that Funded Next is not a newcomer to the industry. With a business history spanning years and physical offices globally, they've solidified their standing. What sets them apart is their partnership with Eightcap, a broker regulated by ASIC (Australian Securities and Investments Commission), one of the global leading authorities.
With FundedNext broker, traders can choose from two unique models - a time-bound challenge with two stages or a more flexible one-stage model without time constraints.
Starting at a lucrative 60-80% of the profit, traders can earn up to 90% as they grow. Plus, completing a demo account challenge earns traders 15% of the money right off the bat.
Daily loss limits ensure traders don't dive too deep. They've set boundaries at 5% of the budget for daily losses and an overall 10% cap.
Funded Next also provides traders with the opportunity to flex their muscles in currency pairs, indices, and commodities.
While the company does come with its drawbacks, like the non-refundable $99 initial fee and the restriction to the MT4 trading platform, their comprehensive mobile app is a boon for traders.
Other Mentioned Standouts in the Forex Funded Scene
Besides funded next, TU experts also mentioned some other top Forex funded account free with notable offers:
- Topstep: Offers virtual accounts starting from $50,000 and prompt payout options.
- SurgeTrader: Stands out with a 75% profit split and varied tradeable assets.
- FTMO: Known for its rigorous evaluation but boasts varied assets and platform choices.
- City Traders Imperium: This London-based firm stands out for its flexibility in trading strategies.
- Earn2Trade: Offers an extensive choice of trading platforms and distinct programs for traders.
- The5ers: Their offering of live real-money accounts sets them apart.
- Fidelcrest: Offers options to use platforms like MetaTrader 4 and 5 and collaborates with other prop firms.
While the attraction of Forex-funded accounts is undeniable, it's essential to understand everything about the program and apply caution. Funded Next, with its global presence, impressive features, and trusted partnerships, is making waves and comes highly recommended by TU experts. However, every trader should assess individual needs and risks before diving in.
TU experts rounded up their report with a piece of advice: “Forex-funded accounts can be a good way to get into the trading game. But remember, always do your homework. Understand the rules, and choose wisely. And always remember: in trading, there's never a guaranteed win.”
It’s attributed to Nikhil Gupta, head of marketing & integrated communication, and commercial operations, South Asia, Signify (“Formerly Known as Philips Lighting”)
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