FundedNext Review

It seems like more and more forex prop firms have been popping up in recent years. Aspiring and experienced forex traders are seeing a good opportunity to get a funded account so they can possibly earn profits without needing to take any financial risk themselves. Of course, you will need to prove that you have got what it takes to trade successfully, as it would be risky for a prop firm to give you a funded account without seeing what you are capable of achieving. FundedNext is once such prop trading firm which I will be reviewing here in this article, covering what they do along with the pros and cons. Hopefully this will give you an idea as to whether they can be a suitable prop firm for you to get a funded trading account with.

Who are FundedNext?

For FX traders, FundedNext is a recently established proprietary trading firm. The global launch allows traders from all over the world to take advantage of the risk-free funded account opportunities. With its roots in Bangladesh, FundedNext offers trade enthusiasts capital of up to $200,000, backed by a sound risk-reduction plan.

Global traders can eventually access up to $4 million in trading capital through the platform, with the ability to use any type of trading technique and the chance to split up to 90% of the earnings. However, they must continue to trade consistently and profitably to qualify.

A subsidiary of Next Ventures, a fintech business, is FundedNext. It is the creation of Syed Abdullah Jayed, an undergraduate student at North South University. For the trading community and financial institutions, Next Ventures has been developing several B2B products and solutions (mostly apps and websites) for a number of years.

FundedNext Homepage
FundedNext Homepage

How does FundedNext work?

FundedNext wants to give traders the finest possible trading experience and give them as many chances as possible to reach their full potential.

A trader must first subscribe to the company’s platform ($99-$990 subscription charge, depending on the size of the account and the funding option) in order to take the funding test. The exam places the trader in a simulation of the trading environment where everything—aside from the money—is real. The goal is to assure profitable trading by adhering to the guidelines.

Only after demonstrating their abilities and turning in satisfactory performances do the aspiring traders qualify for actual investment. Surprisingly, just one out of every ten traders are approved for funding.

At FundedNext, there are two funding models: Evaluation and Express. The trading must take place within a set timeframe. However, the assessment methodology provides traders a profit split of up to 90% based on their success.

The express approach, on the other hand, gives the traders more flexibility with their time but reduces their profit share to 60%.

Both types include a number of stringent guidelines. The algorithms in the models prevent traders from suffering losses greater than 5% every day. The system will immediately disable their accounts for the day once they achieve the criteria.

The corporation covers the 5% loss and makes up the difference with additional profitable trades. For this, the business has a dedicated risk management staff.

FundedNext Express Account

With a leverage of 1:100 and no maximum trading day restrictions, traders can fulfil the one-step evaluation requirements using a FundedNext express model account.

A trader must achieve a profit target of 25% during the express model evaluation period without exceeding the 5% daily maximum profit or 10% maximum loss limits. You can take as much time as you want because there is no maximum trading day requirement. You must, however, trade for at least 10 trading days each month during your trading time. In order to improve your trading habits and ensure that you are making profits consistently up until you reach your profit target, you must adhere to the consistency rule while trading.

When your express model evaluation period is through, you are given a funded account without any profit targets. You only need to adhere to the 10% maximum loss and 5% daily maximum loss restrictions. Keep in mind that even after receiving funding, you must still adhere to their consistency requirement.

Additionally, each monthly trading cycle must include a minimum of 10 trading days for you to trade. Based on the earnings, you will receive 60% of the initial profit split. Along with your initial pay out, you also get a 15% profit share based on the revenue you generate throughout the evaluation phase. Your profit split will rise to 75% following your first withdrawal, and it will reach 90% following your second withdrawal.

Express model accounts have a scaling strategy as well. Within a four-month period, you must achieve a profit target of 10% or higher, with the final month of the time also having to be profitable. With the potential to boost your account amount all the way up to $4,000,000, you will receive a 40% account increase over the initial account balance.

FundedNext Evaluation Account

In the two-phase review period, the FundedNext evaluation model account seeks to find serious and talented traders who are rewarded for their consistency. You can trade with a leverage of 1:100 using the evaluation programme account.

In order to pass the first evaluation phase, a trader must hit their 10% profit target while adhering to their 10% maximum loss or 5% daily loss limits. You have 30 calendar days from the day your first position is placed on your evaluation account to reach your profit goal. To move on to phase two, you must trade for a minimum of five trading days.

The second round of evaluation requires a trader to hit a 5% profit target while staying within their 5% daily loss or 10% maximum loss limits. You have 60 calendar days from the day your first position is placed on your evaluation account to reach your profit goal. To move on to a funded account, you must trade for a minimum of five trading days.

When you successfully complete both evaluation rounds, you are given a funded account without profit targets. You are simply required to abide by the 10% maximum loss and 5% daily loss restrictions. Based on the earnings, you will receive an initial profit share of 80%. Along with your initial reward, you will also get a 15% profit share based on the revenue you generate throughout each evaluation phase. You will begin receiving your rewards on a biweekly basis following your initial pay out.

FundedNext Scalping Plan

Scaling strategy is often included in evaluation model accounts. Within a four-month period, you must achieve a profit target of 10% or higher, with the final month of the time also having to be profitable. With the potential to boost your account amount all the way up to $4,000,000, you will receive a 40% account increase over the initial account balance. When you scale your account for the first time, your profit share will likewise rise to 90%.

FundedNext Restrictions

The lack of limits on FundedNext is fantastic for traders. On MetaTrader 4, you can trade with a leverage of 1:100, trade during news events (on demo stages), hold trades overnight, and trade on the weekends.

It’s acceptable to use a bot or expert advisor. You can use your EA or bot to make your trading style easier, but copy trading is not allowed. A similar trade from another party will be viewed as a breach of the rules.

You can only trade one hedged position at a time when hedging. It is not permitted to hedge using numerous accounts because doing so does not represent a sound trading strategy. You cannot, for instance, make hedged entries between two accounts if you have two.

Why choose FundedNext?

Due to its adjustable trading rules that essentially have no restrictions, FundedNext differs somewhat from the majority of industry-leading prop firms. For example, you can exchange news (on demo stages). Hold exchanges till the end of the week and for the time being. In contrast to other prop trading companies, FundedNext provides a one-step express approach with higher leverage of 1:100 and a two-step assessment process. Additionally, they have a sizable scaling strategy that allows you to grow your account up to a $4,000,000 surplus.

By providing two distinct funding programmes, FundedNext distinguishes itself from the majority of the sector’s leading prop providers. They are a great option regardless of the type of trader you are because they also provide very flexible trading guidelines.

When searching at prop firms, it’s critical to consider how realistic the trading conditions are in order to choose the ones that best match your forex trading style. For instance, it sounds wonderful when a business offers a high percentage profit split on a heavily funded account, but your odds of success drop to almost nothing if they anticipate large percentage profits each month and low percentage maximum drawdowns.

Despite the express model’s 25% profit aim, 5% daily maximum profit, and 10% maximum loss restrictions, receiving funds from them is realistic. There are no maximum trading day restrictions, which is the fundamental justification for that. By gradually generating income and reaching your profit goal to get funded, you can take your time.

Receiving funds from the evaluation model is practical mainly because they have maximum loss restrictions (5% maximum daily and 10% maximum loss) and industry-average profit targets (10% in phase one and 5% in phase two).

After taking all of that into account, FundedNext is a great option for becoming financed because you can select between two funding programmes: Express and Evaluation, both of which have reasonable trading objectives to meet and requirements for pay-outs.

Conclusion: is FundedNext a good prop trading firm?

Overall, $99is one of the most recent and reliable proprietary trading companies on the market, giving traders the option to select between the express and evaluation methods. Additionally, their trade regulations are fairly lenient. Phases one and two of the Evaluation model accounts can be used to trade during the news, hold deals over the weekend, and hold trades overnight on both types of accounts.

Express model accounts are one-phase evaluation challenges that must be finished in order to become funded and qualify for profit splits. Before being financed, FundedNext requires traders to meet a profit target of 25% and abide by the 10% maximum loss and 5% daily loss restrictions. Depending on the kind of trader you are, you can also select between Consistency and Non-consistency Express model accounts. There are no maximum trading day restrictions, so you can build up earnings gradually and take as much time as you need. You must trade for a minimum of five calendar days. With express model accounts, you can scale your accounts and receive a profit split of 60% to 90%.

Evaluation model accounts are a two-phase, industry-standard evaluation challenge that must be finished in order to be funded and qualify for profit splits. Before becoming funded, FundedNext asks traders to meet profit targets of 10% in phase one and 5% in phase two, which are reasonable trading goals given that you must adhere to a 5% daily maximum and 10% maximum loss regulation. With assessment programmes, you can scale your accounts and make profit splits of 80% to 90%.

Despite being among the newest prop firms in the business, they have established themselves as reliable and a secure option for anyone trying to get funds from them. Additionally, they provide traders with exceptional terms for a sizable group of people using distinctive trading approaches. After taking into account all FundedNext offers to offer, it is clear that they are now one of the top proprietary trading companies in the sector.

FundedNext

$99
8

Features

8.0/10

Challenges

8.0/10

Value

8.0/10

Pros

  • Unlimited evaluation free retries
  • 15% profit share from demo phase
  • Expert advisors allowed
  • Profit split up to 90%
  • Maximum balance of $4,000,000
  • No restrictions on trading style
  • Overnight and weekend holding allowed
  • Flexible leverage up to 1:100
  • Scaling account option
  • Good choice of financial instruments

Cons

  • Relatively new prop trading firm
  • Copy trading from traders not allowed
  • Minimum 5 trading days
  • Consistency rule for express accounts