|💰 Fees:||The SurgeTrader Challenge with an initial balance $25K costs $250; $50K balance for $400; $100K balance for $700; $250K balance for $1800; $500K balance for $3500; $1 mil. balance for $6,500|
|🚀 Profit split:||Traders are entitled to 75% of profits generated, with the option purchase an add-on to increase profit share to 90%.|
|✔️ Evaluation:||SurgeTrader offers its traders a one-step evaluation program that you must pass to get your trading account funded with six different account sizes.|
|🎯 Profit Target:||10%|
|⚓ Maximum drawdown (MDD):||The daily drawdown is no more than 5%, and the maximum loss is up to 4%.|
|⌛ Trading Period:||The SurgeTrader Challenge has No time limits.|
|⚖️ Leverage:||The leverage offered is as follows: For cryptocurrencies, it is 1:2; for fiat currencies, oil, metals, and indices, it is 1:10; and for stocks, it is 1:5.|
|🔧 Instruments:||Forex, Crypto, Metals, Energy, Indices, Shares|
|📰 Allow Trade News:||News trading is allowed|
|🔄 Weekend Position:||No|
As prop firms jostle for recruits in the funded trading arena, another firm has joined the ranks: enter SurgeTrader. SurgeTrader is a Florida-based prop firm founded by serial entrepreneur Jana Seaman. The company offers “Accelerated trader funding” where successful applicants keep up to 90% of profits earned through allocated accounts.
Like most prop firms the premise is simple: pass an internal evaluation and you could be trading with an amplified account (in the case of SurgeTrader, up to $1 million in funding). Any profits earned will be split between the firm and trader, in this case with a 90% share in the traders’ favor.
Before we delve into the fine print of the SurgeTrader project, let’s take a step back and review: what exactly are prop firms and how does funded trading work?
Traders starting out on their professional journey are all too often faced with an immediate hurdle: lack of capital. Enter the funded trading program: an opportunity for accelerated capital from an administrating firm. Why would a large company go to the trouble – and expense – of funding new and potentially inexperienced traders? The answer is simple: shared profits. Only traders who can prove their ability to glean consistent profits and trade within the parameters of risk control will go on to be funded.
Funding programs vary widely in what they offer – and require from – traders. Some claim they will fund traders with up to a million dollars, but on closer inspection, this will be virtual money traded within a demo account. Others may offer generous payouts but there will be strict restrictions or irregular withdrawal access. In the case of SurgeTrader the emphasis is marketed as “up to 90%” but traders should take this with a pinch of salt: the reality is largely 75% and the upper tier is only when you purchase an add-on at 20% of the audition fee.
The popularity of funded programs is growing at a phenomenal speed and for small wonder. Using funds from a prop firm represents a number of benefits to traders from all backgrounds and levels of experience. To name a few:
The list goes on but the message is clear: traders can hone skills, access capital, and learn the ropes of a new strategy using company capital. Now onto SurgeTrader: what exactly does this prop firm demand of its traders and does it meet expectations?
SurgeTrader Firm Challenge review
SurgeTrader prides itself on simplicity: the Challenge is a quick one-stage assessment with minimal trading restrictions. Would-be funded traders should bear in mind that while the rules are small in number the targets are by no means a walk in the park. Traders aiming for accelerated funding from SurgeTrader need to do the following:
Traders can choose between six account sizes and profit targets and sign-up fees (referred to as “audition fees”) vary accordingly.
As you can see there is a huge range in costs with the starting package costing just $250 but the largest account setting a trader back $6,500. On the plus side, however, traders choosing the top tier account could be sitting on $1 million in funding, profits from which they would keep 75% (90% in certain circumstances).
For all six accounts, certain parameters stay the same. The daily loss limit is capped at 4% across all six, and the maximum trailing drawdown is 5%. There is up to 10:1 leverage offered but only for forex and metals trading. Most importantly, the profit share is mirrored across the board: the standard profit share is 75% which can be increased to 90% with an add-on.
Getting set up with SurgeTrader is relatively straightforward. While some prop firms will have multiple stages of an assessment before passing to funded accounts, the SurgeTrader “audition” takes place in a single evaluation. You simply choose your tier and pay the fee for said account size. Trade within the profit targets and loss limits using whichever style or strategy that is desired. Traders can trade any instruments with no time limit (neither minimum trading days nor overall period). Traders who meet their targets will move onto funded accounts with instant capital upon passing the audition.
Let’s talk about the good stuff …
where does SurgeTrader blow us out of the water? Traders looking for freedom will appreciate the flexibility of the SurgeTrader Challenge. Any strategy is permitted including hedging, scalping, and algorithmic trading.
The firm is reassuringly transparent and aboveboard. The capital is backed by an international venture fund and the trading is licensed by ASIC, an Australian regulator. The profit share is generous, with traders keeping at least 75% of any profits earned. Any losses are borne in full by SurgeTrader. The company website is loaded with tutorials, trader testimonials, and a blog. There is also a section “In the News” featuring SurgeTrader company announcements and media highlights such as charitable endeavors and sponsorship.
There is a wide range of available instruments to trade. The trader portal is an intuitive and feature-rich platform that lets you track activity, monitor numbers and improve performance through in-build metrics. A final generous perk is that all SurgeTraders get a complimentary 30-day membership with the trading group BKForex under the guise of industry experts Boris Schlossberg and Kathy Lien.
... and the bad
Where SurgeTrader may disappoint would-be recruits is with the initiation fee – up to a hefty $6,500 – and while the firm prides itself on the easy Challenge the 5% daily drawdown and 4% maximum loss would be restrictive in practice throughout the evaluation. Traders looking for historic longevity may have reservations about the shelf life of SurgeTrader: the company was only founded in 2021 so one could argue it has not been fully put to the test of time.
The withdrawal system has its flaws: while there is no cut-off date by which traders need to request payouts they can only take out funds once a month which could be frustrating to some. The company may boast of the simplicity and lack of rules but the ban on weekend trading will be significantly limiting to traders looking to implement long-term strategies. The leverage on offer is low compared to other prop firms (10:1 where competitors give as much as 100:1) and constrained to forex and metals only. For stocks and cryptocurrencies it is lower still, at 5:1 and 2:1 accordingly.
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