When it comes to becoming a funded trader, there are many hurdles. Now at FunderPro, one of those hurdles has now been removed with the introduction of the single-phase challenge.
In the article, we’ll take a look at the new challenge and how it compares to their standard two-phase option and other similar challenges.
We are also going to have a go by purchasing a $100k challenge. Want to follow the progress? Join the FunderPro Traders Facebook group here.
What are the rules and targets for the single-phase challenge?
I’ve confirmed with support that all the rules for the challenge are the same as the standard account with a few small changes. Here they are:
Consistency Rule
The consistency rule was only active in phase two of the standard challenge and therefore it is now active for the single phase of the new challenge. This means that no single trading day can account for 60% of the total profits.
This rule is to prevent traders from simply placing one large trade to pass. Genuine traders should have no issue splitting the 12% profit target across a few successful days.
Daily and Overall Drawdown
As there is only one phase to pass, firms typically reduce the drawdown allowances to compensate for their added risk. FunderPro has slightly reduced the allowances but one important factor to note – the overall drawdown remains static.
Static drawdowns are far superior to trailing drawdowns in every way. So here are the drawdowns for the new challenge:
Overall Drawdown (Static) – 7% (This is down from 10% of the 2-phase)
Daily Drawdown – 4% (This is down from 5% of the 2-phase)
I’ve reviewed dozens of single-phase challenges and can say these are among the best drawdown allowances you will find!
Profit Target
When it comes to profit targets, FunderPro typically has slightly higher targets than other firms. When I met the team at the SigmaFX event in Cyprus, I queried this and they explained this is required as they are one of the few firms that provide real capital to their funded traders.
By providing traders with real capital, you can be sure that FunderPro is on your side and wants you to win (or they lose money!) There are countless other benefits to this, but we won’t go over them here. You can check out our full review by clicking here.
That said, the profit target is set at a very reasonable 12%. Down from 10% and 8% of the two-phase option.
Leverage
The leverage for all FunderPro accounts are varied from 1:30 to 1:100. Here is a breakdown:
Two-Phase Swing – 1:30
Two-Phase Standard – 1:100
Single-Phase – 1:50
This leverage should be sufficient for nearly all traders.
Buying a FunderPro Challenge (Including Discount Code)
If you would like to get started with FunderPro simply click the button below to signup. You can then head to the order page where you can configure your account. You can also choose a few addons which can tailor the challenge to your style at a slightly increased cost. These are:
- Double Leverage (+30%) – If your strategy relies on a high leverage level, you can boost it here. Not available on the TradeLocker platform.
- Increased Profit Splt (+20%) – Take an extra 10% of your profits with this addon which gives you a 90/10 profit split ratio.
- News Holding (15%) – Provides you the ability to hold your trades over high-impact news events.
Promo Code: Make sure to enter the promo code “PTC10” to claim an additional 10% discount on your challenge.
Thats it! Good luck with your challenge. Again feel free to follow our progress as well as others in the FunderPro Traders Facebook group.
