Traders with Edge Review 2024
Website: www.traderswithedge.com/
Min. Deposit: US$ 95
Leverage: 1:100
Trading Platforms: MT5, MT4
Regulation: Hong Kong
Headquarters: Hong Kong
Founded: 2022
Regulatory Licenses:
- Traders with Edge Ltd — registered in Hong Kong company number 3126405
Updated on March 19, 2024
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To provide a comprehensive and unbiased review of Traders with Edge, we have meticulously analyzed and compared it against over 1000 brokers in the forex market. Our evaluation process involves examining several key factors, including trading conditions, fees, spreads, commissions, platform usability, customer service quality, regulatory compliance, and educational resources. We also consider user testimonials and expert opinions to ensure a well-rounded assessment. This rigorous approach enables us to deliver a detailed, informative review that assists traders in making informed decisions.
Traders with Edge stands out as a proprietary trading firm that extends funding and educational resources to traders. This firm caters to traders at various expertise levels, ranging from novices to veterans, by offering diverse account types. It is renowned for its challenge-based methodology, requiring traders to meet specific criteria to secure a funded account. Traders with Edge presents a distinct avenue for traders to utilize company funds after successfully navigating a qualifying test or challenge. Nonetheless, it's crucial to carefully weigh potential risks prior to engagement.
Pros and Cons of Traders with Edge ▲
Traders with Edge boasts several advantages that make it an attractive option for traders. However, there are also some drawbacks to consider before proceeding.
Pros
Lower Profit Target
Competitive Pricing
Wide variety of Balances with Low Registration Fees
Free Trial available
MT5 and MT4 compatibility with Expert Advisors (EAs)
Refundable Fee upon becoming a Funded Trader
Diverse range of Challenges
Cons
Absence of Strict Oversight
Challenges in becoming a Funded Trader
Limited Range of Instruments
Exclusive reliance on the MetaTrader platform
Traders with Edge has received numerous positive testimonials across different platforms, showcasing its reliability in the proprietary trading sector. It is headquartered in Hong Kong, a region renowned for its rigorous financial oversight. The strict regulatory framework in Hong Kong ensures that businesses operating within its confines adhere to high financial standards, adding an extra layer of trustworthiness to Traders with Edge. Unlike Forex brokers, proprietary trading firms typically don't hold a Forex Broker license, which means they are subject to lesser regulatory scrutiny. This difference underlines the importance of understanding the risks tied to prop trading, where the firm finances and manages the trading activities.
After a comprehensive analysis conducted through their official platform, we found no indications that Traders with Edge is a fraudulent entity. It is crucial to remember that Proprietary Trading Firms are minimally regulated, which complicates the process of confirming their legitimacy conclusively. We recommend dedicating effort to grasp the intricacies of Prop Trading and choosing firms with an established history for enhanced security. Given that traders typically pay subscription fees instead of directly investing substantial capital, the financial risk is comparatively lower.
Traders with Edge Challenge Evaluation Rules ▲
The crux of our review for Traders with Edge lies in examining the structure and prerequisites of the trading challenge. This includes the specific metrics or benchmarks needed to secure a Funded Trading Account and become a Proprietary Trader. We also explore the costs linked to entering the trading world, predominantly through registration fees. The challenge aims to showcase one's trading acumen, with Traders with Edge breaking down the evaluation into two phases, each with distinct profit targets based on the Account Size selected. Phase 1 imposes more stringent conditions, while Phase 2 slightly relaxes the rules, especially concerning Drawdown. This framework evaluates both trading skills and the sustainability of trading strategies over time.
Account Balance and Registration Fee ▲
Before proceeding with your Traders with Edge account setup, selecting the appropriate Program and Account Balance that matches your objectives is essential. This decision affects the challenge's conditions and the registration fee required for participation. Traders with Edge promises to refund this fee upon achieving Funded Trader status. Below is a detailed comparison of registration fees for various challenges: The Hare and Turtle challenges cater to traders with different pacing preferences, offering specific targets and rules for qualifying for funding. For those looking for immediate entry into trading, Traders with Edge provides instant funding options, eliminating the need for a prolonged evaluation. The company offers a range of account sizes, from the Hare Account with funding options between $5,000 to $100,000, to instant funding accounts ranging from $2,500 to $20,000, with scaling possibilities up to $1.28 million and high-end funded accounts reaching $1,000,000.
The profit objectives at Traders with Edge vary based on the chosen account type. Hare Standard Accounts have a goal of 10% in phase 1 and 5% in phase 2, whereas Hare Aggressive Accounts aim for 20% in phase 1 and 10% in phase 2. These targets are integral to the firm’s evaluation strategy, designed to gauge a trader's profit-generating capability under specific conditions before granting funding.
Traders with Edge delineates both daily and aggregate loss limits according to account specification. Hare Standard Accounts are restricted to a 5% maximum daily loss and a total maximum loss of 10% per phase. On the other hand, Hare Aggressive Accounts permit a 10% maximum daily loss and a total maximum loss of 20% per phase. It's important to note that failing to adhere to these rules during the challenge will result in test cancellation, necessitating a reset fee for another attempt.
The minimum trading duration at Traders with Edge is contingent upon the chosen program. While the Turtle Challenge imposes no minimum trading timeframe, the Hare Challenge and Instant Funding accounts require activity across at least 5 different days to qualify for scaling. Refer to the comprehensive table below for detailed conditions based on Account Size:
Traders with Edge provides a unique opportunity for those interested in their trading challenges, offering a 14-day trial period for a nominal fee of $15 per account. This fee is primarily to cover technology-related costs associated with the trial. During this trial period, participants get the chance to experience different challenge formats that Traders with Edge offers, such as the Turtle and Hare challenges. Each of these challenges comes with its own set of specific targets and rules, allowing trial users to get a comprehensive understanding of what the full challenges entail. This trial period serves as an invaluable opportunity for traders to familiarize themselves with the platform's environment and requirements before committing to the full challenges.
Traders with Edge Funded Account ▲
Once a trader successfully completes the evaluation phase or challenge, Traders with Edge sets up their Funded Account, usually within a few business days following verification. It's important for traders to realize that the account specifications and balance will reflect the level achieved during the evaluation phase. Those looking to operate with a higher account balance must undergo and pass the challenge for the desired Account Balance anew.
Profit Split
At Traders with Edge, the distribution of profits varies according to the type of account. Standard challenge accounts generally provide an 80% share of the profits to the trader. For Instant Funding accounts, the profit sharing begins at 50%, although there is an opportunity to enhance this rate by 10% through certain account customizations. The specifics for Aggressive accounts remain somewhat vague, but these may offer different profit shares due to their inherently higher risk profile. This profit-sharing model represents the share of profits allocated to the trader from successful trades.
Our assessment of the broker's offerings includes an analysis of account types, platforms, available instruments, trading costs, leverage options, and overall trading conditions. Some brokers may implement restrictions on certain trading strategies within Funded accounts, which can lead to account closure and necessitate retaking the evaluation challenge. Below is a detailed exploration:
Trading Instruments
Traders with Edge boasts an extensive selection of trading instruments, encompassing Forex pairs for currency trading, a variety of digital currencies, commodities such as metals and energy resources, major global indices, and a curated list of individual company stocks. This diverse assortment allows traders to deploy a range of strategies across various markets and asset classes, accommodating a broad spectrum of trading preferences and methodologies.
Traders with Edge Commission
For comprehensive details regarding the commission structure, participation fees, and other pertinent terms and conditions, it's recommended to visit the Traders With Edge website or reach out to them directly.
Leverage
The leverage accessible through Traders with Edge is contingent upon the account classification. Turtle and Hare accounts typically feature a leverage of 1:100. Similarly, the default leverage for Instant Funding accounts is set at 1:100, with the provision for traders to adjust their account settings, potentially doubling the available leverage.
Traders with Edge App Platform
Traders with Edge provides access to renowned trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are celebrated within the forex trading community for their comprehensive features, including advanced charting capabilities, a vast array of technical indicators, and support for automated trading through Expert Advisors (EAs).
Trading Conditions
Traders with Edge meticulously formulates its trading conditions to foster a fair and structured trading ecosystem. These conditions are designed to offer traders ample opportunities for profit generation and progress within their trading endeavors. Traders with Edge permits a wide array of trading strategies, including discretionary trading, hedging, and algorithmic trading, while establishing prohibitions against practices such as tick scalping, arbitrage, inter-account hedging, and unrealistic fills. Additionally, traders should be aware of the potential for slippage, particularly during periods of significant market volatility or around major news releases, where the executed price of a trade may differ from the anticipated price.
Traders with Edge Promotions
Traders with Edge enables traders to initiate requests for payouts and withdrawals every 14 days, contingent upon advancing to phase 2 in a funded account and having traded for a minimum of ten days.
Withdrawal Method
A variety of withdrawal methods are available, including BTC, Wise, USDT, and bank transfers. Upon processing a withdrawal, Traders with Edge appropriately deducts its share of the profits, aligning with the agreed profit split.
