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Get funded firms 2023/2024 - Any recommendations or words of warning?
Oh yes, many payouts completed, that's why I trust them. I'm trading it through their recommended VPS, ninjamobiletrader, so they have no problems with the IP for the payout approval
May I ask if you've withdrawn larger sums or smaller sums?
What spooked me with Apex is that you basically have to wait for quite a while in order to withdraw your full amount. Any restrictions on payouts is a big red flag for me. In comparison, E2T lets you withdraw the full amount whenever you want. Maybe other firms, too.
I try to follow what I can, from the news, because I am going to need a funding company of some kind (and preferably one with a well timed special offer) to get started with anything with potential to move beyond demo, as I have almost no funds of my own to risk.
I would not really wish to use CFD anyway, and especially now, with all the regulatory interest, litigation, denied payments etc. etc. and would not wish to use Metatrader either. The only CFD one I would ever consider, and only as temporary measure to try to get started, is The 5%ers, about whom it is really difficult to find anything negative at all.
Yes, their refusal to change this, now for years, is weird and offputting.
It seems to me they still are. I would not object to the $130 monthly which goes to CME, because if you trade someone else's money on a profit sharing arrangement you are by definition a professional, which I can understand. The activation-fee when you go live is tolerable (to me) in exchange for using an ethical, honest company. I am hopeful about them.
That and many other things, for me. I will not touch this company with a 5-metre barge pole.
Yeah, it's also the price though. You can get a ton more drawdown from Apex for less money. Literally get 4 50k accounts with a total of $10k drawdown for less money than Tradeday's $50k with $2k of drawdown.
These things are very subjective, and it may be that my own reasons are not relevant to others. I should also mention openly, in responding to your question, that I have no personal experience at all of dealing with the company, myself (and I won't), so all my information is second hand.
Among my reasons are:-
1) The company's owner/manager has what seems to me to be an extremely murky and unpleasant history in the binary options "business" (I find this terribly offputting - others perhaps may not)
2) They seem to me to have a large number of obstacles and delays to actually paying people out (I do not suggest that their overall record is the worst on this front, though, as these companies go)
3) They are a latecomer to futures funding and mostly a CFD funder, I think
4) Even with futures funding, when people pass their evaluation, I understand that they do not give people a genuine, funded account but keep them on a simulated one until they decide they want the person to move to a funded account (this apparently gives them an incentive for their customers to do badly, just like a CFD counterparty marketmaker)
5) A friend who I know and trust very well had a particularly unpleasant encounter with their "service" and has warned me off them in no uncertain terms (I will not repeat his language here, and obviously this point is entirely subjective and not evidenced here, equally obviously it influences me strongly)
100 % agree. I'll say that point 4) is a concern since it means a profit for you is a loss for them. Basically a conflict of interest. I know many will say that this is not an issue since losing traders will pay for your profits, but no matter how you consider it, a profit for you is still a loss for the firm. Apex isn't the only firm that does this, though.
Honestly, I don't think I'll be going down this path again. I'll rather fund a small account with my own money.
But I figured it was worth asking the question and see what people have to report.
I share your thoughts, for the most part, but the amount with which I could do that, myself, for the foreseeable future, is not enough to trade futures.
So I am still tempted, for example by Tradeday’s nominal “$50k” account, especially if I can try it when they have some discount offer available: they do seem very honest and like nice people.
To be honest, I am even tempted by the 5%ers’ no-time-limit, no-monthly-cost offer of a (nominally “$5,000”) CFD account on passing a one-off challenge to make $400 profit. It costs only $39 to try, but you have to be willing to use Metatrader-5, lol. The company’s reputation is very good, though. I would look at this as a temporary way to try to get together a few hundred $$, to afford a “proper futures evaluation” probably with Tradeday. It seems logical and reasonable enough, to me, but what do I know?
Tradeday were great a while back, the owners themselves used to respond to emails and from what I've seen the service was good. However that seems to have changed now, as my friend has just had a pretty awful experience with them. They have expanded, and the customer service is now populated by uncaring bots who give out bad information and don't care at all. I've read the email chain, and have to say I'm shocked. My friend has spent quite a bit of money with them, and they basically treated them like they're nothing, so I can't honestly recommend Tradeday. Plus their evaluations are annoying, you have to trade within consistency parameters, you're not allowed to "sit in the funding zone" so basically have to keep trading once you hit the target, you're not allowed news trading, scalping etc, quite a few rules tbh.
And overall, their plans just aren't that good a deal. You can spend a few hundred dollars(subscripton plus activation fee) to get access to a sim funded account that allows you to withdraw $5k, then you have pro data fees after that. Feasibly you could withdraw half of that and hit the live markets with $2500, but it'd be a slow process as it's easy to overleverage such a small account.
For those complaining about Apex limiting withdrawals in the first few months, believe me you don't want to withdraw too much as you will almost certainly blow the account. It's far more sustainable to grow an account and make small withdrawals. They allow $2000 per $50k account twice a month anyway, you stretch that across the 20 accounts allowed and that's $80k a month. How much do you need to withdraw anyway lol.
Thank you for your perspective, Mark. It is certainly very different from mine and from those of friends who successfully got started this way. Doubtless a good thing as it expands my range of awareness and opinions.
This perhaps shows mostly how subjective such assessments are?
Nothing there that puts me off.
I would expect someone to see 10 days trades before funding me, rather than a couple of lucky days and 8 days trading MNQ once for 1 tick.
I would not trade news (actually they restrict very, very few news things - e.g. the next news restriction, now, is April 5th!).
They allow "scalping" up to 200 trades per day.
They allow you to choose, when you pass, between sim funded or live funded.
I would not want more than 1 account.
I agree they are more expensive than some, but sometimes they have good discount offers.
Many of these firms do that. I think the MFF litigation and the US regulatory interest has scared off many customers and demand is falling, together I am told with traffic to 'prop firm' websites which is very significantly down across the industry.
There are new 'prop firms' starting all the time. Competition is much increased even while customer availability is maybe reduced.
Are you funded by any of these companies, yourself, Mark? Which ones did you try? (I have not yet tried one at all but am on the mailing lists of many!).
