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BuoyTrade Review 2024

Website: www.buoytrade.com

Min. Deposit: US$ 50

Leverage: 1:20

Trading Platforms: MT4

Regulation: Singapore

Headquarters: Singapore

Founded: 2021

Regulatory Licenses:

- BuoyTrade Private Ltd — registered in Singapore company number 202104630D

Updated on February 8, 2024

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Our Review Method ▲

In our comprehensive review process, we meticulously examine and compare forex brokers using a set of stringent criteria. Our evaluation is based on an in-depth analysis of over 1000 brokers, focusing on aspects such as regulatory compliance, trading platforms, fees, spreads, customer service, and educational resources. We prioritize transparency, reliability, and the overall trading experience offered to users. Our goal is to provide traders with clear, unbiased information to help them make informed decisions.


What is BuoyTrade? ▲

BuoyTrade, a proprietary trading firm, was established in February 2021, with its headquarters located in the US. This innovative company empowers traders by providing them the chance to manage capital balances up to $1,024,000, offering a lucrative 50% profit split. In partnership with Eightcap, an Australian brokerage, BuoyTrade extends access to the institutional A-Book model. As a Prop Trading Firm, BuoyTrade enables traders to operate with minimal initial capital. By successfully passing a qualification test, traders can attain the status of Funded Traders, allowing them to trade with the company's funds as seasoned professionals. Although this presents a promising opportunity, potential traders are advised to carefully consider the associated risks before proceeding.


BuoyTrade Pros and Cons ▲

Pros

  • Low Entry Fees

  • Competitive Pricing

  • Opportunity for Upscaling

  • Attractive Profit Share

  • Access to MT4 platform with Expert Advisors (EAs)

  • Refundable Fee upon achieving Funded Trader status

Cons

  • Lack of regulation

  • Challenges in becoming a Funded Trader

  • Limited range of trading instruments

  • Absence of alternative trading platforms


Is BuoyTrade Legit? ▲

BuoyTrade stands as a reputable proprietary trading firm headquartered in Singapore, extending funded trading accounts to a global audience. Proprietary trading firms, unlike traditional forex brokers, operate without a Forex Broker license, which translates to reduced regulation and oversight from governing financial bodies. This diminished regulatory environment underscores the importance of understanding the inherent risks, given the firm's sole responsibility for operations and funding trading ventures.


Is BuoyTrade Scam? ▲

Upon scrutinizing the company's legitimacy through its official online presence, it became evident that there are no signs suggesting BuoyTrade is fraudulent. Nonetheless, the inherently lower regulation of Proprietary Trading Firms by financial watchdogs complicates the task of unequivocally classifying a firm as either a scam or genuine.


BuoyTrade Challenge ▲

The BuoyTrade challenge is ingeniously designed as a single-step journey, aimed at advancing traders through various tiers based on their trading performance, without segregating into a distinct initial evaluation phase.


Account Balance and Registration Fee

The BuoyTrade challenge articulates a progressive route for traders to escalate their trading capital, initiating at the "One Foot In" stage and advancing through multiple levels up to $1,024,000. Commencing with a $1,000 capital, traders can ascend by achieving a 5% profit target, exempt from evaluations or profit shares until higher echelons are reached. BuoyTrade's pricing structure and account balance options stand out for their affordability and adaptability, offering traders significant leverage to amplify their potential with minimal initial outlay.


Profit Target

The BuoyTrade challenge delineates a profit objective for traders aiming to elevate their account tiers. Specifically, a 5% profit goal is mandated to progress through each tier without engaging in a profit share. Conversely, for those desiring a profit share, the threshold is pegged at 10%.


Maximum Loss

The ceiling for permissible losses is firmly set at 5% of the account balance, functioning as an account stop-loss to safeguard the equity of the trading account from plummeting below 95% of the original account value at any juncture. This loss parameter encompasses all trading activity, both open and closed positions, affording traders a safeguard to adeptly manage their trades while averting substantial drawdowns.


Minimum Trading Period

BuoyTrade imposes no minimum trading duration for participants in its challenge, empowering traders to petition for account elevation upon achieving the profit benchmark, devoid of any obligation to adhere to a predetermined number of trading days. This policy champions traders capable of swiftly reaching their goals, facilitating prompt advancement through the tiers sans unnecessary postponements.


Free Trial

BuoyTrade refrains from offering a free trial or demo account within their program. Conversely, they provide an evaluation program featuring a smaller account size for traders seeking to acquaint themselves with trading under BuoyTrade's auspices, which also encompasses entitlement to a profit split upon successful completion of the evaluation program.


BuoyTrade Funded Account ▲

Upon completing the challenge successfully, traders are set up with a Funded Account, a process that generally takes a few business days to complete. It's important to note that the account conditions and balance reflect the level at which you were successful during your test. If you wish to pursue a higher account level, you must start a new test tailored to the larger account balance you aim to manage.


Profit Split

The profit-sharing scheme at BuoyTrade begins at 50% of all profits generated on their accounts, with a chance to escalate to 80% depending on the trader's performance and advancement through various levels. Traders are compensated on a bi-weekly schedule, allowing for regular income from their trading endeavors.


Account Conditions ▲

Trading Instruments

BuoyTrade provides traders the opportunity to interact with a broad spectrum of markets. Although specific details on the exact markets available were not provided, platforms like BuoyTrade typically grant access to principal financial markets, including Forex pairs, commodities, indices, and potentially cryptocurrencies.


BuoyTrade Commission

BuoyTrade prides itself on offering competitive ECN spreads starting from 0.0 pips across numerous markets, striving to maintain low trading costs for its clientele. This pricing model is made possible through a mix of tier-1 bank, non-bank, and ECN liquidity sources, ensuring narrow spreads and swift execution for traders.


Leverage

For the introductory "One Foot In" level, leverage is set at 1:5. However, to aid traders in scaling their operations more swiftly, leverage is elevated to 1:20 for the initial $1,000 account.


BuoyTrade App Platform


Trading Conditions

BuoyTrade distinguishes itself by bypassing preliminary evaluations, enabling traders to immediately engage with the market. The platform supports a variety of trading instruments without restrictions on strategies or position sizes, accommodating discretionary trading, hedging, algorithmic trading, and the use of Expert Advisors (EAs). It is crafted to support legitimate trading strategies that are viable in BuoyTrade's live corporate accounts, providing traders with unrestricted trading freedom.


BuoyTrade Promotions

It has been noted that the company occasionally runs promotions using BuoyTrade promo codes for discounts, which may include various savings deals. However, these promotions are generally temporary. It's recommended to check their current availability upon logging in.


Payout ▲

BuoyTrade arranges for profit payouts on a bi-weekly basis, facilitating prompt payment of traders' profit shares within 1-2 business days following the submission of an invoice. Traders have the option to reinvest their profit share back into their account to foster growth and enhance their balance and drawdown buffer, though BuoyTrade consistently withdraws its share of the profit.


Withdrawal Method

Traders have the flexibility to receive payouts through international bank wire, PayPal, or Wise, providing multiple options for payment methods.

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