E8 Funding Review 2024
Website: www.e8funding.com
Min. Deposit: US$ 228
Leverage: 1:100
Trading Platforms: MT4, MT5
Regulation: UK
Headquarters: London, UK
Founded: 2021
Regulatory Licenses:
- E8 Funding LLC — registered in UK registration no. 13392694
Updated on March 25, 2024
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In our comprehensive review process, we delve into the services, offerings, and performance metrics of forex brokers by comparing them against a rigorous set of criteria. Our analysis is based on an exhaustive research methodology that involves the evaluation of over 1000 brokers, ensuring that we provide you with the most accurate and insightful review possible. We consider various factors, including trading platforms, account types, available instruments, customer support quality, regulatory compliance, and trading conditions such as fees, spreads, and commissions. Our goal is to furnish traders with all the necessary information to make an informed decision when choosing a forex broker.
E8 Funding, inaugurated on November 5, 2021, stands as a Proprietary Trading Firm with roots in the United States, paving the way as one of the pioneering U.S.-based prop firms to embrace global funding. With its establishments in Dallas, Texas, USA, and Prague, Czech Republic, E8 Funding extends up to $300,000 in capital to traders, offering an attractive 80% profit share. Traders have the opportunity to scale their accounts based on earnings. E8 Funding collaborates with Purple Trading Seychelles as their brokerage partner. As a Proprietary Trading Firm, E8 Funding offers the unique opportunity to engage in actual trading activities with minimal personal investment required. Achieving the status of a Funded Trader, which involves trading with the firm's capital, necessitates passing a Test or Challenge to secure a Funded Account, enabling traders to operate as Professional Traders using a Company Account. Nonetheless, it's crucial to recognize the potential risks inherent to this business model.
Pros
Lower Profit Target
No Strict Overseeing
Affordable E8 Track program
Biweekly payouts
Profit Share from Challenge
MT5 and MT4 with EAs
Refundable Fee once you become a Funded Trader
No minimum trading day requirements
Scaling account option
Cons
It is hard to become a Funded Trader
Limited Instrument Range
Only MetaTrader Platform
E8 Funding is a legitimate entity based in Texas, USA. After a thorough examination of E8 Funding’s online presence and corporate details, we found no significant indicators to suggest it operates as a scam. However, it's critical to bear in mind that Proprietary Trading Firms typically function with limited direct oversight by financial regulatory bodies. This absence of stringent regulatory supervision complicates the task of unequivocally labeling these firms as wholly legitimate or fraudulent. Therefore, exercising caution and conducting extensive research into Proprietary Trading and its associated risks is essential before engaging with such firms. Opting for a well-established company with a proven track record can provide a more secure trading experience. Although Prop Trading involves less direct financial investment from the trader and instead relies on subscription fees, the risks, while potentially lower than trading with personal funds, still necessitate a comprehensive understanding and careful consideration.
A fundamental component of our extensive review of E8 Funding entails a deep dive into the structure and prerequisites of their evaluation challenge. This challenge is designed to test traders' abilities and determine their eligibility for a Funded Trading Account, establishing them as Proprietary Traders. An important aspect to consider is the financial commitment required from traders, typically in the form of a Registration Fee. Grasping these elements is crucial for a full comprehension of the path to becoming a trader with E8 Funding.
E8 Funding delineates a clear pathway for traders seeking funding through a two-stage process: the evaluation phase and the subsequent funding stage. Successful candidates who fulfill the criteria and excel in the evaluation phase are chosen to receive funding. The Evaluation Stage is segmented into two phases: the Kickoff Evaluation and the Deep Dive Evaluation. In the Kickoff Evaluation, Phase 1, traders are tasked with demonstrating sound trading and risk management capabilities by achieving a specified profit target within 30 days while adhering to drawdown limits. Those who profit without meeting the target are granted a free retry. In the Deep Dive Evaluation, Phase 2, traders who progressed from Phase 1 undergo further assessment with a slightly reduced 5% profit target over 60 days, with a similar provision for a free retry under specific conditions.
Account Balance and Registration Fee ▲
E8 Funding provides traders with two distinct account types: the E8 Account and the E8 Track Account, each offering four different funding options. Traders work with demo accounts that are connected to E8 Funding’s proprietary trading accounts, a common practice among proprietary trading firms to ensure accurate and efficient trade execution. E8 Funding’s account options start with balances of $25,000, $50,000, $100,000, or $250,000.
E8 Funding offers complimentary challenge retries under certain conditions. Completing a challenge profitably without reaching the specified profit target and without breaching any drawdown limits qualifies for a free restart from Phase 1. Additionally, achieving a profit of over 4% without any rule violations entitles traders to a 14-day extension to meet the profit target.
The initial challenge phase at E8 Funding sets a lofty goal for traders, requiring them to hit an 8% profit target within a 30-day timeframe. Subsequently, a 60-day period is allotted to achieve a 5% profit.
The minimum trading days requirement is a crucial rule, establishing the smallest number of days traders must actively trade before they can conclude an evaluation phase or request a withdrawal. For the evaluation's two phases, at least 5 trading days of activity are mandated. However, for those with a funded account, no minimum trading days are stipulated.
Once traders successfully navigate through the evaluation or challenge phase, their Funded Account is activated within a few business days. The configuration and balance of this account directly reflect the specifics of the account type they qualified for during the test phase. For those looking to elevate their account status to a higher balance tier, it's necessary to undergo the testing process once more for the respective Account Balance level.
Profit Split
The profit distribution cycle commences 8 days following the execution of the first trade, with profits being split bi-weekly thereafter. Traders enjoy an 80% share of the profits, and with each successful profit withdrawal, the account's loss limit incrementally increases by 1%, maxing out at 14%.
A thorough examination of Account Conditions reveals the firm’s extensive array of account variations, supported Trading Platforms, Tradable Instruments, and associated Costs. Additionally, examining Leverage options and Trading conditions is pivotal, as limitations on specific strategies or practices in Funded accounts might precipitate account forfeiture, necessitating a reevaluation for access. An elaborate analysis of these components is provided herein.
Trading Instruments
E8 Funding Spreads
E8 Funding delineates its trading fees through a blend of commissions and raw spreads, offering spreads starting as low as 0.3 pips. Nonetheless, a notable lack of clarity concerning their commission rates exists, posing a potential issue for traders wary of unexpectedly high charges.
Leverage
Depending on the trading instrument, E8 Funding provides leverage up to a ratio of 1:100. This leverage ratio is available throughout the Challenge phase and remains accessible for Funded traders.
E8 Funding App Platform
E8 Funding gives traders the flexibility to choose between the MT5 and MT4 trading platforms, supporting algorithmic trading. Moreover, the firm has developed a unique mobile application featuring the E8X Dashboard. This dashboard not only highlights trading objectives but also provides detailed portfolio analytics, thereby augmenting the trading experience with valuable tools and insights.
Trading Conditions
Investigation into E8 Funding's offerings uncovers that the firm accommodates various trading styles via its diverse account models. They offer two primary account types, each tailored to meet distinct trading preferences and strategies. E8 permits numerous trading strategies, including News Trading, Swing Trading, EA (Expert Advisor) Trading, and holding positions over weekends. Nevertheless, traders should note certain prohibitions. Techniques like High-Frequency Trading, Latency Trading, and Arbitrage are disallowed under E8's trading conditions. These restrictions are essential for traders to contemplate when devising their trading strategies.
Payout and Withdrawals
Our analysis indicates that challenges can be remunerated through various convenient methods, with these transactions incurring no additional processing fees. Eligibility for the first payout arises 8 days post the initial trade.
