FundedNext Prop Firm Review – Want to take a leap forward in your trading profession with the power of a prop firm behind you? FundedNext empowers traders with access to substantial capital and a wide range of tools, providing a significant opportunity to thrive in the prop trading business. This in-depth review discusses the critical components of FundedNext, the advantages, and some weaknesses. Whether you’re an established trader looking to expand your opportunities or a newcomer to prop trading in general, an understanding of the pros and cons of FundedNext will put your mind at rest in making a decision. This article will guide you in understanding how FundedNext measures up and whether it aligns with your trading goals.
Overview of FundedNext Prop Firm
In 2022, Next Ventures launched a new platform: FundedNext was live. The prop firm quickly made a name for itself by its generous capital allowance: a staggering $4 million was on the table for FundedNext traders who get to keep 90% of any profits made. Let us take a moment to consider that offer. If you got a $4 million FundedNext account and trade profits of $500,000, you could be walking home with $400,000. Scratch that – you could be driving your new Ferrari home with your profits! FundedNext made instant waves in the prop firm circles with the potential capital on the table. Prop firms vary widely in funding levels, ranging from a few thousand dollars to several million but the industry average is between $25,000 to $250,000.
For traders seeking to fast-track their funding journey, FundedNext offers an excellent opportunity. The $4 million scale-up plan significantly surpasses the average offerings of most prop firms, making it an ideal choice for ambitious traders eager to leverage their trades. Less-experienced traders can benefit from FundedNext, which offers a 15% profit share from the start. FundedNext has hit the prop firm ground running: in just a few short years they have established themselves in over 195 countries, paid out over $34 million in funding, and recruited over 32,000 traders.Â
How does FundedNext work?
Before getting to the pros and cons, let’s review FundedNext and how it works. FundedNext offers a virtual funded trading opportunity to users who pass its evaluation challenge program. It has three types of challenges on the platform, namely:Â
- Evaluation: This includes a two-phase evaluation challenge that urges participants to hit a profit of 10% and 5%, respectively, in the allotted time frames. The Express Challenge involves a higher profit target of 25%, requiring more skills and a disciplined mind in handling. In contrast, there shall be no time limits to those who will go for the Express Challenge and will also enjoy the profits at 15% from their challenge phase.
- Stellar: The Stellar Challenge is simpler and smoother; it has exact profit targets, no time limits. The lower the profit targets the easier to pass the Stellar Challenge. As a FundedNext simulated funded trader, you will go up to $300,000 in virtual capital. Their scaling option increases payout splits as high as 95%. Newcomers also have a unique opportunity to take home 15% of the profit generated during challenge phases.
Pros and Cons of FundedNext Prop Firm
Some of the pros and cons of FundedNext are discussed below.
Pros FundedNext Prop Firm
- Huge capital: One thing that cannot be taken away from FundedNext is that it is indeed very generous. Under the FundedNext program, traders have the opportunity to earn up to $4 million and take home 90% of the profits, which they can deposit directly into their personal accounts.
- Leverage: With all the accounts of FundedNext, the application of standard 1:100 leverage can be found in helping traders get the right lot size even when small stops are placed. That is friendly and creates room for trading during evaluation and funding.
- Personal account manager: FundedNext has assigned every trader with a personal account manager with whom one can address queries every day at any time personally.
- Legitimacy: Not every prop firm is regulated, but FundedNext is partnered with an ASIC-regulated broker, EightCap, which won the Best Global Forex MT4 Broker 2020 during the Global Forex Awards.Â
Cons FundedNext Prop Firm
- Potential fees and costs: Most of the prop firm challenges have upfront evaluation fees or subscription fees to be paid by the trader for accessing the trading platform and trading tools. The FundedNext fees are not above the average in the industry, but of course, there is an entry payment to be paid when participating in the Challenge.
- Evaluation fee loss risk: In case of failure to meet either the performance targets or the rules of risk management during the evaluation period, one risks losing an evaluation fee and being excluded from the Program.
- Reduced control over trading conditions: As it would be with any prop house, there are certain dos and don’ts that need to be followed during the evaluation period of becoming funded. FundedNext traders will have to hit their profit targets without excessive day and/or overall losses. T
FundedNext Features
- One-step or two-step evaluation with a profit target of 25% and 10%, respectively
- A minimum of five to ten trading days to achieve the profit target without a maximum.
- MT4 and MT5 trading platforms
- Maximum leverage of 1:100
- A 3% to 5% daily loss limit
- A 6% to 10% overall loss limit
- 60% to 90% profit share
- 15% profit share during the evaluation process
- Algorithmic and copy trading.
- Weekend positions and news trading available
- Refundable evaluation fee
- 10% discount on the evaluation fee for retrials
- Average withdrawal time of five hours
- Ability to combine multiple accounts into one with a maximum value of $300,00
- 51 currency pairs, including exotics and emerging markets.
- Five commodities
- 13 indices
- Swap-free trading accounts
FundedNext Platforms
This Prop firm gives you access to the most popular trading platform used by Forex brokers. You can use:
- MetaTrader 4
- MetaTrader 5
- cTrader
Frequently Asked Questions (FAQs)
What is FundedNext?
- FundedNext is a proprietary trading firm that provides traders with capital to trade in exchange for a share of the profits. It offers an evaluation process to ensure traders meet their criteria before being funded.
- Traders pay one evaluation fee per evaluation, depending on the desired size of the funded account and the type of evaluation. The price ranges between $49 and $1,099. FundedNext refunds this one-time evaluation fee for all its approved prop traders. Note that at the time of approval, traders cannot alter the account value; being qualified for a $15,000 account means they can manage a portfolio of $15,000. The maximum profit share of 90% puts FundedNext on the higher end to ensure that this prop trader receives the most impressive levels available in the industry. The first payout has a profit share of 60%, and the second one increases to 75%, while from the third onwards, the trader will receive 90%.
Are there any fees associated with FundedNext?
- Yes, there are fees for participating in the evaluation process and possibly for ongoing account maintenance. It’s important to review these fees before committing.
What support and educational resources are available?
- FundedNext provides educational materials, trading tools, and sometimes mentorship to help traders improve their skills and performance.
What should I do if I have issues with my account or support?
- FundedNext offers customer support to address issues related to accounts, trading, and technical problems. Contact their support team through the provided channels for assistance.
