FundedNext Prop Firm Review 2024: Discount coupon Code

FundedNext Review and Analysis

Overview

There has never been a better time to join a prop firm. The industry of prop firms (or “propriety firms”) is growing at an exponential rate as ever more traders seek to be recruited as funded traders with up to $1m in trading capital. The concept behind prop firms is simple: traders lacking capital can seek funding through a prop firm, with some companies offering up to $1 million to trade.

The profits from the firm’s capital are shared between the trader and firm, generally with an 80/20 split in the trader’s favor. Prop firms do not distribute funded accounts to any recruit. However, traders wanting to join a firm need to pass a series of internal evaluations (sometimes referred to as a “Challenge”) to prove their mettle and get verified. The latest to join the ring is a new platform: FundedNext. Who is FundedNext, how does their Challenge work and are they worth a punt?

First off, we will get an overview of the industry. Why are prop firms increasing in popularity and can any traders pass the Challenge?

Prop firm challenges, also known as trading challenges or evaluation programs, are increasing in popularity for several reasons:

• Access to capital: Challenges provide an opportunity for traders to prove their skills and abilities, and potentially gain access to larger amounts of capital for trading. This can be especially attractive for traders who have limited access to funding or who may not meet the minimum requirements of traditional trading firms or banks.
• Practice: Prop firm challenges typically offer a low-cost way for traders to gain exposure to the markets and test their strategies in a live trading environment without risking their capital. These challenges often have strict risk management rules and performance targets that help traders to develop discipline and consistency in their trading, which can be beneficial in the long run.
• Support: Prop firm challenges often provide traders with access to advanced trading platforms, analytics tools, and professional support and guidance, which can help traders to improve their trading skills and performance.
• Flexibility: Lastly, prop firm challenges can be an attractive option for traders who value flexibility and autonomy in their trading, as they typically offer greater control over trading strategies and decision-making compared to traditional trading firms or banks.

Overall, prop firm challenges are becoming increasingly popular because they offer traders a unique opportunity to gain access to funding, develop their skills and strategies, and potentially build a career in trading. Now, who is FundedNext and should traders consider their platform?

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.

Traders looking to fast-track their funds would be well-positioned with FundedNext. The $4 million scale-up plan is far above the average offered by most prop firms and would suit ambitious traders looking to leverage their trades. Less-experienced traders with potential would also benefit from the platform, which is the first to offer a 15% profit share from the very beginning.

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. Their progress has not gone unnoticed either, while the new prop firm has already been featured in many major news outlets, including Bloomberg, Yahoo Finance, and Nasdaq.

Funded Accounts

There are two potential avenues to funding via the FundedNext platform.

• Evaluation route:
  Traders with time and confidence can choose the Evaluation route. The goal presented to Evaluation traders is to demonstrate adequate ability over 2 phases by meeting profit targets. Once these have been met traders can go on to begin using funded accounts and keeping up to 90% of any profits earned. There are four account sizes to choose from, ranging from $25,000 to $200,000. The entry fees vary accordingly, starting from $199 to $999. Each account will have its parameters within which traders must meet their targets. Regardless of the account size, there will be certain conditions traders must meet. There will be a maximum daily and overall loss, a minimum number of trading fees, and the leverage will range from account to account.
• Fast-track option:
  Traders who are certain of their chances and limited by time may wish to fast-track through the Challenge. This option is available via the Express route. Many of the surrounding rules and stipulations will remain the same, but there is no time limit with the Express model. Moreover, traders using Express accounts withdraw 15% profit from the demo account every month. Once Express traders have hit their profit target they can come on board as funded traders, starting with a 60% profit split but moving up to 90% based on performance.

Challenge Overview

FundedNext Firm Challenge review

The FundedNext challenge is renowned for its simplicity and ease of access. There is no lengthy onboarding process, nor do traders have to meet excessive trading rules throughout the Evaluation. FundedNext traders can access their accounts within seconds of signing up and begin trading right away.

The FundedNext platform welcomes diverse trading styles including swing trading, intraday trading, and scalping. Nor are traders banned from seeking expert advice or outside opinion throughout the assessment. In terms of what is on offer, FundedNext enables a decent range of tradeable assets, from exotic pairs to scalping and more, commissions are generously low, and the firm offers leverage of 1:100 across all accounts.

Pros and Cons

Prop firms appeal to many and for good reason, but there are cons as well as pros to this form of trading and FundedNext is no exception. Here are some of the pros and cons of FundedNext:

Pros:

• Vast capital: It cannot be denied that the FundedNext program is highly generous – traders who are brought onto trade with FundedNext can access up to $4 million – 90% profits from which they could bank in their personal accounts.
• Leverage: The standard 1:100 leverage available across all the FundedNext accounts allows traders to use the right lot size even when small stop losses are in place. This trader-friendly feature maintains flexibility even during the evaluation stage of funding.
• Dedicated account manager: FundedNext allocates each trader a personal account manager dedicated to individual queries at all times of the day.
• Trustworthy: Not all prop firms are regulated, but FundedNext is partnered with an ASIC-regulated broker EightCap which was awarded the Best Global Forex MT4 Broker 2020 at the Global Forex Awards. Transparency goes a long way in the longevity and potential of a prop firm and traders can be reassured by this collaboration.

Cons:

• Potential costs and fees: Many prop firm challenges have upfront costs or fees associated with them, such as evaluation fees or subscription fees for access to trading platforms and tools. The FundedNext fees are not above the industry average, but there is of course an entry payment required for participating in the Challenge.
• Risk of losing evaluation fee: If a trader fails to meet the performance targets or risk management rules during the evaluation period, they may lose their evaluation fee and be disqualified from the program.
• Limited control over trading conditions: Like any prop firm, there are certain requirements to be followed during the evaluation phase of seeking funding. FundedNext traders must meet their profit targets without excessive daily or overall losses. Fortunately for the rule averse, however, traders who choose the Express route can have unlimited time in which to meet their targets.

Evaluation Metrics

Overall metrics

No prop firm is without its rules and requirements, and FundedNext traders need to demonstrate their ability not only to make consistent profits but to do so while appropriately managing risk. These skills are necessary to proceed to the verification stage and become a funded trader, but outside of the evaluation context, they will be useful learning for traders managing real funds.

The FundedNext rules are like those of most prop firms: traders must trade a minimum of 10 days a month. These need not be consecutive, however, and as a bonus, there is no maximum number of trades per month, you simply need to stay within your risk cap.

When it comes to when you can trade, there is a slight difference between the funding models. Traders who choose the Evaluation or the Express Consistency model can trade 24 hours a day, 5 days a week. Those trialing the Express non-Consistency account can hold trades overnight and over weekends.

Across all account types and sizes, there will be caps on the maximum daily loss and overall drawdown, and certain profit targets must be met. Similarly, traders managing all accounts except the non-consistency express account will have to meet the consistency rule requirement. This rule was designed to help traders mitigate risk by maintaining consistency every week. The consistency rule is initiated in week 2 and is determined week by week using an average of trading days, trades, and lot sizes. There is a helpful video explaining the consistency rule on the FundedNext site, alongside a breakdown of each rule.

Regarding the permitted trading instruments, traders are free to trade any instruments, assets, or position sizes available on their trading platform. In an extension of this freedom, any trading style or strategy is allowed.

Meet the CEO

Abdullah Jayed is the Founder and CEO of FundedNext and NEXT Ventures. Abdullah Jayed attended North South University.

Jayed has gained prominence for his successful ventures, including Growth Alliance, MoneyBackFX, and eComChef, which swiftly became market leaders in their respective domains. Building on his track record, he founded FundedNext, a multi-million dollar proprietary firm that is revolutionizing the prop firm industry on a global scale.

A strong advocate for supporting young and passionate individuals in pursuing their dreams, Jayed shares his values and works to empower others in their entrepreneurial journeys.

Frequently Asked Questions (FAQs):