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FundedNext Review 2024

Website: www.fundednext.com

Min. Deposit: US$ 59

Leverage: 1:100

Trading Platforms: MT5, MT4

Regulation: Cyprus, UAE

Headquarters: Cyprus

Founded: 2021

Regulatory Licenses:

- Incenteco Trading Ltd - authorized by CySEC (Cyprus) license no. HE307114

- GrowthNext - F.Z.C - registered in UAE license no.28831

Updated on February 20, 2024

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Our Review Method ▲

In our comprehensive review process, we meticulously analyze and evaluate forex brokers and proprietary trading firms to provide traders with clear, unbiased insights. Our evaluation is based on a detailed comparison against a pool of 1000 brokers, focusing on aspects such as pricing, trading conditions, platforms, and customer service. We also consider user feedback and conduct our own trading tests to ensure our recommendations are well-rounded and reliable.


What is FundedNext? ▲

FundedNext has emerged as a prominent proprietary trading firm, offering traders worldwide a compelling opportunity to become funded account traders. The company boasts a community of 50 million traders globally, making it one of the largest in the proprietary trading industry. It regularly organizes meetups across the globe, demonstrating its strong reputation and commitment to its trader community. As a proprietary trading firm, FundedNext provides a unique chance for traders to engage in real trading with minimal initial funds. Traders are required to pass a test or challenge to obtain a funded account, allowing them to trade with the company's funds as professional traders.


FundedNext Pros Cons ▲

Pros

  • Lower profit targets make it accessible for traders to become funded.

  • Competitive pricing and low registration fees for a variety of balance options.

  • Profit sharing from the challenge, along with MT4 and MT5 support including EAs.

  • Refundable fee once traders achieve funded trader status.

  • Offers a good range of challenge models and free competitions.

Cons

  • Lack of strict overseeing might concern some traders.

  • The process to become a funded trader can be challenging.

  • Limited range of tradable instruments.

  • Only supports MetaTrader platforms, restricting platform diversity.


Is FundedNext Legit? ▲

FundedNext operates from Cyprus, while also leveraging technology providers from the UAE, making it a subsidiary of GrowthNext F.Z.C., a company established in the UAE. This dual-base operation provides FundedNext a solid foundation in the industry, marking it as a legitimate entity. It is crucial to understand, however, that unlike forex brokers, prop trading firms like FundedNext operate under a different set of regulations. They are not governed by forex broker licenses and are consequently less regulated. This lack of comprehensive oversight means that while FundedNext is a legitimate company, traders should be aware of the inherent risks involved in engaging with less regulated entities.


Is FundedNext Scam? ▲

After thorough examination of official records and the company's website, there is no evidence to suggest that FundedNext is a scam. However, given the nature of prop trading firms and their generally lower level of regulation by financial authorities, it can be challenging to fully assess the legitimacy and safety of such firms. Traders should proceed with caution and conduct their own due diligence.


FundedNext Challenge Evaluation Rules ▲

A pivotal aspect of this review is the examination of the evaluation challenge set by FundedNext. This challenge is designed to test prospective traders' abilities and determine their suitability for a funded trading account. The challenge is divided into two phases, each with its own set of profit targets based on the account size chosen. The first phase features stricter rules, while the second phase offers slightly more lenient conditions, particularly regarding drawdowns, to assess the sustainability of the trader's strategy over time.


Account Balance and Registration Fee ▲

To participate in the FundedNext challenge, traders must first select an account balance model, which will determine the specific conditions and registration fee. FundedNext offers two main models for evaluation: Stellar and Express. The Stellar model has no time limit and requires a lower profit target, while the Express model has a time limit and requires a higher profit target. Registration fees are refunded upon successful completion of the challenge and promotion to funded trader status. FundedNext's fees and account size options are competitive, starting lower than many of its competitors and offering a range of starting balances from $6,000 to $200,000.


Profit Target ▲

The challenge includes various rules, one of the most critical being the profit target. In the Stellar model, the profit target is typically set at 10%. The Express model, however, demands a 25% profit target. It is essential to thoroughly understand all conditions before participating.


Maximum Loss ▲

Another critical rule in the challenge is the maximum loss limit. FundedNext sets a maximum daily loss limit at 3% for all accounts and an overall loss limit at 6%. These limits are designed to test the trader's risk management skills. The Stellar and Express models may have varied loss limits, emphasizing the importance of aligning with all set rules to avoid disqualification.


Minimum Trading Period ▲

Proprietary trading tests often require profitability within a minimum number of trading days. At FundedNext, this minimum is set to 5 days for all account sizes, underscoring the firm's emphasis on consistent trading performance over time.


FundedNext Stellar Model ▲

The Stellar model is one of the two main evaluation paths offered by FundedNext. It is distinguished by its lack of a time limit and more flexible trading rules, including a lower profit target, making it an attractive option for traders who prefer a less pressured environment.


Free Trial ▲

FundedNext offers a free trial for traders to familiarize themselves with the platform and its conditions without financial commitment. This trial is an excellent opportunity for prospective traders to gauge the challenge's suitability to their trading style and strategy.


FundedNext Funded Account ▲

Once the evaluation phase or challenge is successfully completed, the trader will receive their Funded Account, which is generally activated within a few business days. It's crucial to remember that the account conditions and balance will mirror those of the account for which you qualified during your test. Should you wish to upgrade to a higher-grade account, you must undergo the testing phase again for the desired account balance.


Profit Split ▲

At FundedNext, after meeting the necessary targets and obtaining a Funded Account, you will begin trading with an initial 80% profit share. This rate is quite competitive and can be elevated to as much as 90% based on your trading performance, making it an enticing proposition.


FundedNext Express ▲

FundedNext offers two challenge models, with the Express option presenting a unique approach by eliminating time constraints. Instead, it introduces a higher profit target of 25%. Upon achieving this goal, your profit share will start at 60%, similar to the Stellar model. This percentage has the potential to increase to 90%, contingent upon your performance.


Account Conditions ▲

When examining Account Conditions, we assess whether the broker provides a variety of account options, as well as the available Platforms, Instruments, and Trading Costs. Additionally, it's essential to consider the Leverage levels and trading conditions provided, as some brokers may impose restrictions on certain strategies or practices, which could result in account termination. To regain an account, you would need to retake the test. Below is a detailed breakdown:


Trading Instruments ▲

FundedNext offers a modest range of trading instruments, including Currency Pairs, Commodities, and Indices. While this selection caters to the majority of Forex Traders, those interested in other instruments such as Stocks or Futures might need to look for alternative Prop Firms.


FundedNext Commission ▲

The commission and spread rates at FundedNext are quite favorable, with the broker charging only $3 per lot per round for Commodities and Currencies, and $0 for Indices. These rates are below the industry average.


Leverage ▲

FundedNext provides leverage of up to 1:100 for all trading instruments, applicable during both the challenge phase and after becoming a funded trader.


Fundednext App Platform ▲

FundedNext supports the popular MetaTrader platforms, including both MT5 and MT4, and collaborates with MetaQuotes and other technology providers. However, no other trading platforms are offered, so those preferring different software might want to consider alternative proprietary trading firms.


Trading Conditions ▲

FundedNext's trading conditions include Swap Accounts, suitable for swing trading, and swap-free accounts for traders wishing to avoid overnight charges. The broker permits News Trading, Swing Trading, EA Trading, and Weekend Holding, and allows Copy Trading from another FundedNext account. However, High-Frequency Trading, Latency Trading, and Arbitrage are prohibited. Note, during News Trading, opening and closing trades are restricted 5 minutes before and after news announcements to prevent slippage.


FundedNext Promotions ▲

FundedNext occasionally offers promotions, including discount coupons and reset discounts. These promotions are typically available on a temporary basis, so it's advisable to check the current offerings when signing up.


Payout and Withdrawals ▲

FundedNext supports various convenient payment methods for challenge fees without imposing additional processing charges. The firm boasts rapid payouts, typically within 5 hours, and uniquely offers a 15% profit share on your challenge, a feature not commonly found among other Prop trading firms.


Withdrawal Method ▲

FundedNext provides several convenient withdrawal methods for your Funded Account, including Perfect Money, cryptocurrency transfers via USDT and USDC, classic bank transfer, and Wise.


FundedNext Alternative ▲

For traders seeking alternatives to FundedNext, it's essential to compare the offered trading conditions, instrument range, leverage options, platform availability, and support for trading strategies. Additionally, considering the profit split percentages, speed of payouts, and withdrawal methods can help in making an informed decision. It's advisable to conduct thorough research, possibly among 1000 brokers, to find a Prop Firm that best aligns with your trading style and preferences.

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