FunderPro is a new initiative prop firm launched in February 2023. The team have a great deal of experience in the industry and wants to use that to build a team of consistent and profitable prop traders.
This firm offers a relaxed evaluation model based on the standard two-phase challenge with one key difference – no time limits. With this move, traders can take as much time as they need to pass the evaluation, without having to force trades.
In this review, we’ll look at what makes this firm unique and exactly what kind of trader FunderPro are looking for.
Promo Code Alert: PTC10
- Promo Code Alert: PTC10
- FunderPro Credibility – Are They Legit?
- Ferrari Sponsorship
- The CEO – Gary Mullen
- The key benefits of FunderPro
- Earnings Report
- The FunderPro Challenge – Overview
- The Trading Conditions at FunderPro
- Getting Paid – The Payout System at FunderPro
- How to get Support
- The FunderPro Community
- How to Get Started with Funderpro
- Affiliate Program – Win a Rolex!
- Final Thoughts on Funderpro
FunderPro Credibility – Are They Legit?
Short answer: Yes, Funderpro is a legitimate prop firm.
One of the first things we look for when reviewing a new prop firm is the level of credibility and trustworthiness they bring to the table. Sometimes it can be difficult to determine if a firm is legitimate or just out to make a quick buck.
However, it is clear Fundepro is operating a genuine prop firm with the trader’s interests at hand. Over the course of the review, we’ll look at how we came to this conclusion.
This level of investment in a firm’s image is rarely seen in the emerging prop firm industry and shows Funderpro means business. FunderPro is the official sponsor of Formula 2 and Ferraris driver Ollie Bearman.
The CEO – Gary Mullen
The CEO and co-founder of FunderPro is Gary Mullen. Gary is active in the community and social media. I have included one particularly interesting interview which covers a lot of details about the goals and workings of FunderPro. Note, this is partly in Spanish with English subtitles (Gary’s part is in English).
The key benefits of FunderPro
Here we outline the key parts of this prop firm which set FunderPro aside from the other prop firms in the industry.
- Live Capital – By providing its funded traders with live capital, it ensures that the firm’s interests are aligned with those of the trader.
- No Time Limits – By removing time limits from challenges, it allows the trader to wait for the right trades without being rushed.
- Weekly Pay-outs – Unlike many firms, FunderPro wants to see you withdraw profits regularly, that’s why they operate on a weekly pay-out schedule.
- Refundable Fee – Upon passing phase 2 of the evaluation, you will receive a refund of the initial fee.
- High Leverage – All accounts come with 1:100 leverage.
One way we like to explore the earnings potential with each prop firm is to analyse the profits from a typical trader. For this we have used the following details:
- The trader purchased a $100k Challenge
- The trader follows all the rules
- The trader makes an average of 6% profit each month
|Month||Start Capital||Profit/Month||Traders Share||Total Profit||Notes|
|Month 1||Demo Phase 1||0||0||0|
|Month 2||Demo Phase 1||0||0||0||Phase 1 Passed|
|Month 3||Demo Phase 2||0||0||0||Phase 2 Passed, Refund|
|Month 4||$100,000||$6,000||$4,800||$4,800||Live Account|
|Month 7||$150,000||$9,000||$7,200||$19,200||Scaled Up|
|Month 10||$225,000||$13,500||$10,800||$40,800||Scaled Up|
|Month 13||$337,500||$20,250||$16,200||$73,200||Scaled Up|
|Month 16||$506,250||$30,375||$24,300||$121,800||Scaled Up|
|Month 19||$759,375||$45,563||$36,450||$194,700||Scaled Up|
|Month 22||$1,139,063||$68,344||$54,675||$304,050||Scaled Up|
|Month 36||$5,000,000||$300,000||$240,000||$2,116,752||Max Scaling|
As you can see, the fast scaling program amplifies the profits on the account greatly. Between months 34-36 max funding is reach of $5 million at which point you could be earning an incredible $240,000 a month!
The FunderPro Challenge – Overview
The evaluation model which FunderPro uses is the standard two-phase challenge. This consists of phase 1 (Evaluation) and phase 2 (Verification) before being moved onto a live account.
Some key details about the FunderPro challenge:
- Phase 1 Profit Target – 10%
- Phase 2 Profit Target – 8%
- Minimum Trading Days (Both Phases) – 5
- Maximum Daily Drawdown – 5%
- Maximum Overall Drawdown – 10%
- Leverage – 1:100
The consistency rule is only active in phase 2 of the challenge. The rule is simple to understand and should not cause traders any issues. The rule reads:
- No single trading day should account for more than 60% of the total profit target.
This rule was implemented to ensure traders can trade in a sustainable manner and avoid emotive-based trading.
Minimum/Maximum Trading Days
Each phase of the evaluation has a requirement of a minimum of 5 trading days you must complete before moving on to the next phase.
As stated, there are no maximum trading days for this challenge; traders have as long as they need to complete the evaluation.
The Trading Conditions at FunderPro
One of the most important factors to look at when joining a prop firm, it the environment they create for their traders. By offering live funds, it is in FundeerPro’s best interest to create ideal trading conditions.
The Broker and Platform
For platforms, traders can currently choose between Metatrader 4 and Metatrader 5.
For those who wish to trade directly from Tradingview, this firm is currently working on a new platform to allow this. We will update the review with the full details when available.
As for a broker, this does not use a typical retail broker and instead has partnered with a tier-1 liquidity provider to offer the best possible trade execution.
The Instruments and Spreads
In terms of tradable assets, FunderPro has a wide range of options including:
- FX Majors
- FX Crosses
- FX Exotics
- EU Shares
- US Shares
You can see a full breakdown of these assets as well as their live spreads in the link below.
The Trader Dashboard
Upon purchasing a challenge, you will receive access to your trader dashboard which you can use to analyze your trading history. The dashboard holds some vital trading metrics such as:
- Balance, profit and daily profit/loss
- Average win/loss
- Win rate
- Trade duration
- Profit Factor
- Total lots traded
Traders can use these metrics to drill down on how their strategy is performing. For an example of the dashboard, see below.
Getting Paid – The Payout System at FunderPro
This is an area which sets this firm apart. With most firms, you generally have to wait 28 days to receive payouts. With FunderPro, payouts are made weekly.
You can request your first payout 7 days after your first trade on the live account, and weekly after this. Pay-outs are typically received within 24-48 hours.
All payouts are currently made with cryptocurrency.
How to get Support
FunderPro leads the way in terms of support. They offer multi-lingual support 24/7 which is available directly from the traders portal. There are also trade professionals on hand to answer some of the more technical questions you may have.
The FunderPro Community
As with most prop firms, one of the best ways to interact with fellow traders is via Discord. FunderPro is also active across a number of social channels.
How to Get Started with Funderpro
To get started with a FunderPro challenge simply follow these steps:
- Head to the FunderPro website and scroll down to the challenges section
- Pick your challenge and hit “Get Started” (Use Promo Code: PTC10)
- Complete the sign-up form to receive your login details
- Complete payment using one of the payment methods allowed
- Check your email or traders portal for your trading credentials and begin your challenge.
Affiliate Program – Win a Rolex!
For anyone who has experience as an affiliate or even if you just have some friends you can refer, FunderPro offers a generous affiliate program.
For every person you can refer to FunderPro, you will receive 10% of the challenge purchase price. What’s more, there is currently a promotion running where the first person to reach 500 sales will win a Rolex worth $15,000.
You can get started with the affiliate program by signing up and heading to the affiliate section of the traders portal.
Final Thoughts on Funderpro
Overall, this is an exciting prop firm coming into the industry at pace. Some key features of this firm which sets them apart include the weekly payouts, tier-1 liquidity provider and the no time limit challenge.
If you’re looking for a relaxed prop firm to partner with, make sure to check out what FunderPro has to offer.