Like other funding account challenges, E8 offers applicant traders the opportunity to demonstrate their trading skills through a series of internal evaluations. Contestants who pass the challenge then stand to be funded with up to $1 million, with the majority of risk assumed by the firm and profits taken home by the trader.
E8 Funding was set up by current CEO Dylan Elchami in 2021. Interestingly, Elchami comes not from a background in finance but in real estate and luxury cars. The prop firm is headquartered in the USA with its European base in Prague, Czech Republic.
What are proprietary trading firms?
The Forex proprietary firm industry grows bigger by the day, and one of the more recent players to join the game is E8 Funding. The propriety firm or “prop firm” has a similar offering to many of its competitors, with the overall attraction being the possibility of becoming a funded trader through the platform.
E8 Funding Challenge review
E8 is a relatively new “face” in the prop firm circle. E8 Funding is similar to many of the other funding sites: they use the MetaTrader 4 software, the leverage is up to 1:100, users can trade commodities, crypto, indices, forex, and equities, and account sizes vary from$25,000 to $100,000. Nothing stands out significantly in all the above.
The platform offers two evaluation options to traders: the E8 Account and the ELEV8 Account. The E8 Account is the classic avenue to funding. Traders need to pass the evaluation (in two stages) after which they can access the requisite funding and keep up to 80% of the profits. The ELEV8 Account operates slightly differently: once traders have passed the 2-phase evaluation, they will be instantly funded. Every time they continue to hit a profit target, the account size will increase by $100,000 every 30 days. In this scenario, traders may keep up to 90% of the profits.
Each account size will differ in the profit targets, maximum losses, and drawdowns. Let’s walk through the process for the entry account size – E8 $25,000. This account comes with a $2,000 profit target, and traders have a maximum of 30 calendar days to complete the challenge. The daily floating loss and closed loss are capped at a maximum of $1,250 and there is a max. initial deposit of $2,000. The opening fee is a one-time payment of $228. This is refundable before the account has been used, but once a contestant begins trading this becomes nonrefundable.
On the top end of the spectrum, the largest account size ($250,000) will set a trader back $988 in the initial fee. In both options, overnight, weekend, and news trading is allowed.
Let’s talk about the good stuff …
E8 Funding is known for its user-friendly interface and accessible payouts (Bank Transfer, PayPal, Revolut, Wisepay, Payoneer, or in cryptocurrency via Coinbase). The prop firm also prides itself on its easy-to-use and customizable dashboard (EX8) where traders can assess their metrics and analyze their progress.
... and the bad
Forget about fancy dashboards and flashy marketing spiels. What traders care about is in the detail: spreads, profit targets, and tradeable assets. Here is where E8 drops the ball. The spreads and commissions are some of the highest in the industry. Users have complained about not receiving payouts and a poor responsive rate from the customer support team. In fairness, there are plenty of glowing reviews too from satisfied contestants who have benefited from the platform.