OneUp Trader Review 2024
Website: www.oneuptrader.com
Min. Deposit: US$ 650
Leverage: 1:100
Trading Platforms: NinjaTrader
Regulation: US
Headquarters: US
Founded: 2017
Regulatory Licenses:
- OneUp Trader LLC — registered in US company number 6371102
Updated on January 24, 2024
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In our pursuit of providing the most accurate and comprehensive review of OneUp Trader, we employed a detailed methodology that involved comparing OneUp Trader against over 1000 brokers and proprietary trading firms. Our evaluation criteria encompassed a variety of factors, including trading conditions, platform functionality, customer support, fees, and the overall trading experience. We also took into account user feedback and firsthand testing of the OneUp Trader platform to ensure a balanced and informed review.
What is OneUp Trader?
OneUp Trader stands out in the proprietary trading firm landscape by offering futures trading opportunities to its clients through funded account programs. These programs range from $25,000 to $250,000 in account size, with clients required to pay a monthly subscription fee rather than a traditional deposit. This unique model allows traders to engage in futures trading without the need for significant personal capital investment upfront. By successfully passing OneUp Trader's evaluation or challenge, traders can gain access to the firm's funds and start trading on their behalf. It's crucial for prospective traders to thoroughly understand and weigh the risks associated with proprietary trading before embarking on this venture. More insights into Proprietary Trading can be found in our dedicated section.
Pros
Lower profit targets make it more accessible to become a funded trader
Competitive pricing model with low registration fees
Diverse range of account balances available
Profit share from the challenge period
Access to MT5 and MT4 platforms along with Expert Advisors (EAs)
Refundable fee once you become a funded trader
A wide array of challenge models to suit different trading strategies
Free competitions for traders
Cons
Lack of strict oversight may concern some traders
The challenge to become a funded trader can be difficult for some
Limited range of tradable instruments
Exclusive reliance on MetaTrader platforms may not appeal to all users
Is OneUp Trader Legit?
OneUp Trader is widely regarded as a legitimate platform for traders aspiring to manage funded trading accounts while enhancing their trading skills. The platform provides a transparent evaluation process alongside an array of tools and resources designed to support traders in their journey. Situated in the US, OneUp Trader is an officially registered entity.
Given that Proprietary Trading firms are distinct from Forex Brokers, they do not abide by a Forex Broker license. As a result, they are subjected to a more lenient regulatory framework and lack supervision from industry regulators. This diminished level of oversight suggests that while they may not guarantee the same extent of safety and security, recognizing the risks inherent in Prop Trading is essential, as the company oversees the entire operation and allocates funds for trading activities.
Is OneUp Trader Scam?
Upon examining OneUp Trader's official website, our findings reveal no indications of fraudulent activity, thereby affirming its legitimacy. However, the limited regulation of Proprietary Trading Firms by financial authorities renders it challenging to conclusively ascertain the firm's integrity. Our expert recommendation advocates for an in-depth understanding of Prop Trading, its associated risks, and the selection of a company with a proven, longstanding reputation for stability. Importantly, since traders primarily incur subscription fees rather than substantial capital investment, potential financial losses are considerably minimized in comparison to engaging in actual trading with personal funds.
OneUp Trader Challenge Evaluation Rules ▲
The focal point of our review on OneUp Trader centers around the structure of the evaluation challenge and the prerequisites for participation. This encompasses a comprehensive understanding of the specific tests or criteria necessary for qualification for a Funded Trading Account and subsequent engagement as a Proprietary Trader. Moreover, we explore the costs associated with pursuing this pathway, predominantly in the form of a Registration Fee. The primary objective of the Challenge or Test is to showcase your trading prowess. Unlike other prop trading firms that typically offer a 2-step evaluation, OneUp Trader simplifies the process with a straightforward 1-Step Evaluation, providing various account balances without concealed fees.
Account Balance and Registration Fee ▲
Prior to accessing OneUp Trader, selecting your preferred Account Balance is crucial as it influences the challenge conditions, which vary accordingly. This selection also impacts the registration fee. It's important to note that OneUp Trader does not facilitate subscription fee refunds. The platform offers a 1-Step Evaluation across diverse account sizes, ranging from $25,000 to $250,000, accompanied by varying profit split options. While OneUp Trader does not mandate initial funding, it does necessitate monthly subscription fees, which differ across account balances. Importantly, OneUp Trader does not provide fee refunds.
The challenge incorporates several rules, among which the Profit Target stands as a critical parameter. OneUp Trader's evaluation mandates traders to achieve a profit target of 6% relative to their selected account size. For instance, a trader with a $25,000 account is required to attain a $1,500 profit target. Successfully meeting this target within the bounds of the evaluation rules is essential for qualification for a funded account.
OneUp Trader establishes maximum loss limitations for its traders, commonly referred to as "drawdown limits." These limits are typically set at 6% of the account balance, mirroring the profit targets. For instance, a $25,000 account entails a maximum loss limit of $1,500, equivalent to 6% of the account size. It is imperative to adhere to all set rules at the challenge stage; non-compliance results in test cancellation, necessitating payment of a reset fee to reinitiate the challenge.
The Minimum Trading Period is another pivotal rule in Proprietary Trading tests, requiring profitability within a specified number of days or periods. For OneUp Trader’s evaluation, a minimum trading period of 15 trading days is stipulated. This period need not consist of consecutive days, thereby offering traders flexibility during fluctuating market conditions.
Our investigation uncovered that OneUp Trader offers a free trial, a significant advantage for individuals interested in exploring the platform. This trial typically spans 7 days, enabling prospective traders to familiarize themselves with OneUp Trader’s interface and functionalities without any financial obligation. This provision is notably beneficial, as not many prop firms extend a free trial offer.
After successfully passing the evaluation challenge, traders will receive their Funded Account, which is typically activated within a few business days. It's crucial to understand that the account conditions and balance will mirror those of the account you qualified for during your test. If you wish to upgrade to a higher-tier account, you'll need to undergo and pass the evaluation process anew for the desired account balance level.
Profit Split
OneUp Trader offers an attractive profit split where traders retain 90% of their earnings, with OneUp Trader claiming the remaining 10%. Monthly fees are scaled according to the account size, starting from $125 for a $25,000 account. Additionally, funded traders enjoy benefits such as no monthly data fees and the freedom to trade according to their own schedule.
OneUp Trader Express Funding
For those looking to expedite their funding process, OneUp Trader's Express Funding option is a standout feature. This accelerated evaluation route is open to traders who have previously held a funded account with OneUp Trader but lost it within the past 30 days. The Express Funding option offers a faster way to regain funded status, compared to the standard evaluation timeline.
Our comprehensive evaluation of Account Conditions includes an analysis of the broker's account preferences, platforms, trading instruments, costs, leverage, and overall trading conditions. Some brokers may impose restrictions on trading strategies and practices in funded accounts, potentially leading to account loss and necessitating a reevaluation for reinstatement. Below is a detailed examination of these aspects:
Trading Instruments
OneUp Trader focuses on futures contracts trading, offering a variety of instruments depending on the chosen trading platform. These typically include metal futures, e-mini futures, and forex futures. However, it's worth noting that the use of automated trading systems, such as bots, is not supported in funded accounts.
OneUp Trader Commission
OneUp Trader's commission structure for funded traders incorporates a mix of regulatory, trade commissions, platform, and exchange fees. These fees are integrated into the overall account balance as trades are executed, affecting the net trading results.
Leverage
Leverage options provided by OneUp Trader for its funded accounts vary by program and traded instruments. For futures trading, leverage is commonly set at 1:1, reflecting a conservative approach to risk management.
OneUp Trader App Platform
Traders at OneUp Trader have the liberty to choose from over 19 different trading platforms, including NinjaTrader, Sierra Chart, R-Trader, and Order Flow Trading. This diversity ensures traders can work on a platform that best suits their needs, potentially enhancing their trading performance.
Trading Conditions
OneUp Trader has established specific trading conditions and rules to foster a disciplined trading environment. The platform accommodates various trading strategies like scalping, day trading, swing trading, and news trading, provided they adhere to its risk management and trading guidelines. While automated trading strategies are expected to comply with these rules, the platform's stance on slippage is not explicitly stated, though it is a common aspect of trading that participants should be prepared for.
OneUp Trader Promotions
Occasionally, OneUp Trader runs promotions offering promo codes, including discounts on account resets. These promotions are usually temporary, so it's advisable to verify their current availability and specifics upon registration.
Funded traders with OneUp Trader enjoy the benefit of unlimited free profit withdrawals from the first day, subject to meeting a minimum withdrawal threshold of $1,000. There is no cap on the maximum withdrawal amount, and withdrawal requests are processed the same day, ensuring timely access to profits.
Withdrawal Method
To withdraw profits from funded accounts, OneUp Trader offers traditional banking methods such as bank wire transfers and modern digital options like cryptocurrency transfers, providing flexibility and convenience for traders.
In the competitive world of forex trading, it's essential to explore alternatives to OneUp Trader. Our extensive research, encompassing over 1000 brokers, has identified the Top 12 alternatives that offer comparable or superior trading conditions, platforms, and customer support. These alternatives were selected based on their performance, reliability, and the overall trading experience they provide, making them worth considering for traders seeking options beyond OneUp Trader.
