Overview
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.Things we didn't like:
Consistency rule for express accountsNo free trials available
Minimum 5 trading days
Why would you want an alternative to FUNDEDNEXT?
Not all traders will be suited to the FundedNext approach. While the rewards are high, the evaluation does not come without its rules and some traders will simply not be suited to the parameters of a prop firm challenge. Another consideration is time, unless traders choose the Express funding model, they will have to meet their profit targets within the adequate time limit. Not all traders can perform within the pressured environment of limited periods.
What to look for in a FUNDEDNEXT Alternative?
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.
Best FUNDEDNEXT alternatives – Proprietary Trading Firms like (or better than) FUNDEDNEXT
Rating breakdown
Things we liked:
Exclusive Discount Code (20% Off Exclusive Offer)Minimal rules & unlimited time for completion
Two-part assessment leading to $200,000 in funding
Scaling plan & fast-track funding opt
Things we didn't like:
New player in the funded account offeringAn entry fee to sign up for the challenge.
FunderPro Overview
Founded in Malta in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. FunderPro traders can trade in their own time, for as long as they want or need, there are no deadlines looming down nor petty restrictions to trip over.
Rating breakdown
Things we liked:
FTMO charges a one-time fee onlyFTMO has generous conditions for its traders
Things we didn't like:
Complaints about the platform freezingComplaints about lack of customer support
FTMO Overview
FTMO is the latest in a burgeoning series of scouting programs. Propriety trading firms or “prop firms” put traders to the test (for a fee) through evaluations and challenges. The lucky few who pass are then funded with capital, and successful trades are split down a percentage with the broker. As scouting firms go, FTMO is an excellent all-rounder. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching.
Rating breakdown
Things we liked:
No restrictions on applied strategies plus, traders can use their advisors;Ability to repeat a challenge.
Things we didn't like:
While Eightcap provides many different instruments, only a few of them are available;Trading cryptocurrencies is possible only during the challenge.
The Funded Trader Overview
Lack of real funds aside, there is much to love about the Funded Trader. If you enjoy a gamified approach to trading, then you will find plenty to appreciate on this platform. In summary, traders can leverage the highly realistic simulations of the Funded Trader Challenges to prepare themselves for a live market scenario and the risk of their own real funds. There is also a Kingdom of interactive and entertaining tools and features that will see you building up your traders’ portfolio of skills and strategies without feeling like classroom learning!