In this blog post, we would be talking about a new prop trading firm called Fundednext.com which has been flooding the internet lately with its juicy promises of providing funds to forex traders up to a million dollar.
Fundednext is a prop firm which launched in march 2022 and claims in just a year of operation, it has funded more than 100,000 traders with over 51 million usd in 195 countries.
In Nigeria, Forex prop firms are now becoming popular as they seem to be a good option for forex traders who are looking for funds to trade the forex market. While most prop firms are scams, there are also real and regulated prop firms that have built a level of reputation over the years with no track record of fraudulent activities. This is why we would be reviewing this new prop trading firm called fundednext.
Prop Firms or Proprietary trading firms are companies that fund traders to trade the forex market. The company provide the funds and the trader trades the market with it to make profit. The trader usually keep a large chunk of the profit while the prop firm takes a commission.
Benefits Of Choosing Fundednext.com
15% Profit Sharing from Challenge Phase
FundedNext offers 15% profit sharing from the profit you make during the challenge phases. This is to incentivize our top traders and to deliver on our promise of the world’s best payout bonuses.
No Time Limit on Challenge Phase
FundedNext offers no time limits in its funding challenges. This means that you can trade with complete peace of mind. No more anxiety to reach the profit target within a deadline.
Balance Based Drawdown
Max daily drawdown is calculated based on your balance. If you have trades running when a new trading day starts, the ‘balance’ at that time will be considered for Daily drawdown calculation, not the ‘equity’. This is to deliver on our promise of the world’s most reliable prop firm.
Raw Spreads & Lowest Commissions
FundedNext ensures raw spread, including in Swap Free accounts to deliver on its promise of the world’s best prop trading conditions. FundedNext also offers the lowest commissions for traders with 3$/round lot on Currency Pairs & Commodities and 0$/round lot on Indices.
How To Get Funded On Fundednext
To get started on fundednext, the first step is to complete any of the 3 challenges offered by fundednext. These challenges are to test if you are a good trader and a good fit for the company. The challenges would test your trading ability, trading style and risk appetite. The 3 challenges would be listed below. Also all fees paid to participate in the challenge are refundable meaning if you dont pass the challenge, your money would be refunded..
Challenge Type-1
This is the Evaluation stage and the goal is to test your ability to in 2 phases with very realistic profit targets. Once you achieve the targets, you will start trading on FundedNext Account with a 80% profit split. The profit split percentage can be increased all the way up to 90% based on your performance.
Achieve your profit goals in 5 days to go to the next phase faster. What’s more, you can extend the profit share to 90% with exceptional performance.
Challenge Type-2
The goal of this challenge is for you to hit an ambitious profit target with no time limit. Once you achieve the target, you will start trading on FundedNext Account with a 60% profit split. The profit split percentage can be increased all the way up to 90% based on your performance.
Challenge Type-3
In this challenge, the rules are simpler compared to other challenge types. Your goal is to hit a specific profit target with no time limit. Once achieved, you’ll move to the FundedNext Account with an initial 80% profit share. After scale up, this will rise to 90%.
Fundednext Stellar Challenge Live Account Details
| Account Size | Profit Share From Challenge Phase | Phase 1 Profit Target | Refundable Fee |
|---|---|---|---|
| $6,000 | 15% ($117) | 8% | $59 |
| $15,000 | 15% ($292.5) | 8% | $119 |
| $25,000 | 15% ($487.5) | 8% | $199 |
| $50,000 | 15% ($975) | 8% | $299 |
| $100,000 | 15% ($1,950) | 8% | $519 |
| $200,000 | 15% ($3,900) | 8% | $999 |
Is Fundednext Legit
Yes, fundednext is a legit prop trading company based un UAE. The company which started operation in 2022 has been covered by top financial news platforms like Nasdaq, yahoo finance, bloomberg, etc. Also a lot of traders who have been funded on a live account have shared a lot of positive reviews but the platform