Rating breakdown
Things we didn't like:
Stop-loss required for each tradeNo weekend positions
Trailing drawdown
Low leverage
Why would you want an alternative to SURGETRADER?
According to SurgeTrader, the company has just “two straightforward rules.” The aim of the game is to hit a 10% profit target while not incurring losses above 4% of the account size, nor violating the maximum daily drawdown. Breaching either of the two rules (drawdown and loss limit) would count as a “hard breach” and account access would be instantly revoked.
There is also a “soft breach” which could be minor issues, for example failing to close trades by the weekend (before the market close on Friday) or not implementing a stop-loss order. A soft breach would result in the trade being closed but the trader would still have access to their account.
SurgeTrader offers relatively low leverage is available (1:10 max). This may works if you’re conservative in your risk-taking or if you’re still learning how to trade currencies in general, a lower level such as 1:5 or 1:10 might work best for you.
The biggest drawback to SurgeTrader is the cost. For the smaller account sizes, SurgeTrader is roughly 20% more expensive than other firms.
Another disadvantage for SurgeTrader is that it offers little or no educational material to its traders comparing with other prop firmsWhat to look for in a SURGETRADER Alternative?
Finding a firm offering higher Leverage, or trading on margin, enables you to open large positions with only a limited amount of money in your trading account.
Some prop trading firms are extremely expensive and in reality is making more sense to just start trading the money you’d have to pay as fees rather than give it over to a prop firm. You just need to find the balance between reasonable fees and great trading platform with a good customer support.
Best SURGETRADER alternatives – Proprietary Trading Firms like (or better than) SURGETRADER
Rating breakdown
Things we liked:
10% Exclusive Discount Code (SBOCOUPON)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 Dubai 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:
it takes a low percentage cut on your profitsThings we didn't like:
Not one-off paymentChallenges perceived to be too hard or pointless
Topstep Overview
Founded in 2012, TopstepForex has become one of the biggest proprietary trading sites online. Topstep FX is based in the USA, but it is available for everyone to use worldwide. Traders are invited to join their "forex funded trader program," which gives them the chance to use Topstep FX's money (and gain a healthy cut of the profits), without risking their capital.