Elite Trader Funding Review: Are They Legit?

Hi, welcome to my Elite Trader Funding review.

I’ll be sharing my personal experience with the company as well as explain their rules, payout process, challenges and more.

Elite Trader Funding became quite popular due to their generous profit split of 80%. However, many traders are wondering if they are legit or not.

My following review will help you find the answer to that question.

Elite Trader Funding Pros and Cons

Pros

• Trading funds range from $10,000 to $300,000, with various tariffs and account types.
• New partners receive a 14-day free trial of all services before paying monthly.
• Traders keep all gains up to $12,500, then split 80/20.
• 76 popular futures contracts are available.
• Leverage without strategy restrictions
• Maximum drawdown can be reset.
• A partnership program pays traders 15% of monthly fees for each referral

Cons

• Elite Trader Funding prefers NinjaTrader, Tradovate, TradingView, and Rithmic over MetaTrader 4 and MetaTrader 5 (MT5) and charges a monthly subscription fee.
• Maximum drawdown is not indicated, although trailing and intraday caps apply. 

What is Elite Trader Funding?

Fully funded futures trading programs are available through Elite Trader Funding. It positions itself as a complete trading solution, offering traders appealing account options based on their trading preferences. Clint, Kanwal, and Eric three seasoned professionals formed the organization founded in February 2022.

Even though they are new, the founders have great experience. They have worked in the banking industry for 15 years, are experienced in energy and commodity trading for 40 years, and have 20 years each in web development and network engineering. Elite Trader Funding aims to support and encourage retail traders’ discipline. 

Elite Trader Funding Programs and Challenges: Rules and Requirements 

In my several weeks of testing out ETF, I realized one thing: Understanding the requirements to take on their assessment challenge and become a Proprietary Trader is the main goal of Elite Trader Funding.

It is crucial to comprehend the prerequisites for obtaining a Funded Trading Account as well as the associated registration fees.

The primary goal of the test or challenge is to show off your trading abilities. Five distinct evaluation programs, each linked to specific account types and balances, are offered by Elite Trader Funding. These programs are tailored to meet specific objectives. One-step, two-step, and fast finance assessments are the three evaluation types that are offered.

To meet the requirements, traders must select their chosen Model and Account Balance before using Elite Trader Funding. Selecting this option will affect the registration fees and challenge conditions; the registration payments are refundable if you become a Funded Trader.

Elite Trader Funding provides five distinct review processes, each specifically designed to meet certain needs: 1 Step, EOD Drawdown Fast Track, Static, and Diamond Hand. Certain account types and associated balance thresholds are linked to the programs.

Elite Trader Funding has a significant advantage over rivals thanks to its more enticing pricing structure and account balance requirements, which start at a lower level. To suit a broad range of traders, Elite Trader offers an extensive number of starting balance options, spanning from $10,000 to $300,000.

Elite Trader Funding’s profit objectives vary according to the size of the account and the kind of evaluation. A $10,000 account has a target of $1,250 in 1 Step Evaluations, and a $300,000 account has a target of $20,000. Similar variations are also seen in other types of assessments.

A 10% maximum drawdown of the account balance and a 3% daily loss restriction is enforced by Elite Trader Funding. Account termination occurs for exceeding these limitations. Program-specific profit-to-drawdown ratios might exist.

Some similar prop trading names include Traddoo and FX2 Funding.

During the challenge phase, participants are required to adhere to all stated regulations in the letter. If this isn’t done, the test will be canceled and you’ll have to pay to re-enter at the beginning.

A critical component of Proprietary Trading assessments is the requirement to achieve profitability in a predetermined minimum amount of time. For all account sizes, Elite Trader Funding requires a minimum of five trading days. 

What are Forex Prop Challenges?

As a seasoned trader, I have understood that forex prop challenges are an excellent way to get rewarded for your trading skills.

Prop firms, or proprietary trading enterprises, use forex prop challenges as a kind of evaluation process to identify great traders and give them the chance to trade with the firm’s capital. These challenges, which consist of a set of trading guidelines and goals to follow over a predetermined amount of time, are meant to evaluate a trader’s ability to make money while appropriately managing risk.

Typically, a forex prop challenge consists of two main phases:

1. The challenge phase: In this first stage, traders are given a demo account with a fixed balance and challenged to meet a profit target within a predetermined period, usually a month or two, while abiding by other trading guidelines and maximum drawdown constraints. This stage assesses the trader’s ability to make money within predetermined risk parameters.

2. The Verification Phase: After completing the challenge phase and adhering to the rules, traders move on to the verification phase. This phase is comparable to the challenge phase, although it usually lasts longer and could have slightly different profit goals or standards.

Verifying the trader’s reliability and experience over an extended period is the aim of this step.

Upon fulfilling both phases, traders are frequently granted access to a funded account. This suggests that a portion of the prop business’s funds are allocated for the trader to manage. The trader and the prop firm split the earnings from trading this cash per a prearranged split.

Each prop business has a different cost associated with forex prop issues. This fee ensures that traders are committed to the offer and pay for the evaluation process.

The specific requirements, objectives, and format of prop challenges may vary greatly throughout companies. Traders should meet the following standard requirements:

Profit targets: A set percentage of the account balance that traders have to reach in advance.

Drawdown limits: The most daily and cumulative percentage loss that can be incurred from the account’s peak amount.

Minimum trading days: The total amount of days that must be traded actively during the challenge.

Trade style limitations: Certain corporations may impose restrictions on trading tactics, such as prohibiting overnight positions or high-frequency scalping.

Forex prop challenges, other than the initial challenge fee, give traders access to substantial trading capital without requiring them to risk their own money. Participants must carefully consider the conditions of these challenges, though, as the strict standards set by the prop firms are meant to assess traders’ trading skills, risk tolerance, and discipline. 

Elite Trader Funding Broker: Do They Use a Reliable Platform? 

Every account with Elite Trader Funding comes with a free NinjaTrader license in addition to free real-time data. With the use of the platform’s assortment of trading tools, traders have several options for efficiently executing transactions, including NinjaTrader, Tradovate, Rithmic, and TradingView. 

Elite Trader Funding Fees: How Much Do They Charge? 

A variety of trading account options are available from Elite Trader Funding, each with a different pricing structure. Traders can access accounts worth up to $300,000 for a minimum subscription fee of $80. Resetting an account costs $75.

Numerous assessment options that are suitable for different trading strategies and account balances are offered by the software. Fast Track Evaluations come in three different price tiers: $25,000, $100,000, and $250,000 accounts cost $45 and $75, respectively. For a $10,000 account, 1 Step Evaluations cost $80, but for a $300,000 account, they cost $655.

For a $25,000 account, End-of-Day Drawdown Evaluations are $275; for a $250,000 account, they are $745. For a $100,000 account, a static drawdown evaluation costs $135, and for a $150,000 account, $300. For a $100K account, Diamond Hands Evaluations cost $365.

Elite Trader Funding will retain 20% of any additional gains made by a trader after they reach a $12,500 profit threshold. To suit traders with different degrees of risk tolerance, Elite Trader Funding provides a wide variety of account sizes and types.

Thus, the expenses related to joining a proprietary trading business (prop) especially those that give traders access to trade the firm’s capital are referred to as Forex prop trading fees. For many forex prop firms, especially those that conduct challenge or evaluation programs to screen potential traders, these fees are an essential part of their business strategy. 

Here’s a breakdown of the types of fees that traders might encounter:

1. Costs of challenges

Traders must pay this upfront to participate in a trading challenge or evaluation program. The challenge is simply an assessment of a trader’s capacity to turn a profit while abiding by particular risk management guidelines. The trader is typically given the option to trade using the company’s funds if they are successful. Depending on the firm, the amount of the sample account offered for the challenge, and the difficulty of the challenge itself, challenge fees can vary greatly.

2. Setup or administration fees for accounts

A one-time setup fee may be imposed by certain prop firms to create and maintain a trader’s account. This charge may cover the administrative expenses related to establishing the trading infrastructure, keeping an eye on the trader’s account, and providing other backend services required before the trader may start trading.

3. Desk fees per month

Desk fees are similar to what you would pay to hire the prop firm’s resources (such as software, data feeds, and trading tools) and real or virtual premises. Certain online FX prop businesses may charge a monthly fee for access to premium trading platforms or tools; this practice is more prevalent in conventional prop firms that include physical trading desks.

4. Divided Profits

The profit split arrangement is an important financial factor in prop trading, even though it isn’t a fee in and of itself. Traders can use the firm’s capital to trade if they pass a challenge, and any profits they make are divided into a predefined ratio between the trader and the firm. Splits that benefit the trader, like 70/30 or 80/20, are common. The details of the profit split must be understood since they have a direct impact on the trader’s potential earnings.

5. Data or Software Fees

When accessing specialized trading software, real-time data feeds, or analytical tools that aren’t part of the prop firm’s base package, traders may occasionally have to pay extra costs.

6. Training or Education Fees

Additionally, some prop companies provide mentoring programs, trading workshops, and training courses. These may be compulsory or optional components of the trading program, and the cost will vary greatly according to the breadth and length of the material. 

Key Considerations

Value for Money: Traders must determine whether a prop firm’s fees represent a fair price for the services rendered, particularly when considering the availability of trading capital, available technology, and available support.

– Transparency: Reputable prop businesses don’t have any hidden fees and are upfront about their price schedule. Before committing, traders should carefully read over all terms and conditions.

– Risk: Although it may seem tempting to pay fees in exchange for the opportunity to trade with a lot more capital, traders should think about the possibility of failing the challenge and losing the money they spent.

Prop trading on the forex market presents a unique opportunity for me to leverage larger amounts of capital than I could otherwise obtain. To make an informed choice about which prop firm to work with, I must understand the fee structure.

Elite Trader Funding Proof of Payment:

For the first reward cycle, traders must have been active for at least 15 days; for subsequent payout cycles, they must have been active for at least 10 days. Payout requests will be verified by Elite Trader Funding, and the procedure is often finished in less than a day.

Weekly payouts take place on Fridays, while customers can ask for withdrawals every month. PayPal and ACH are accepted as payment options by Deel, the payment processor. 

Elite Trader Funding Customer Support: 

Through email correspondence and a dedicated FAQ section on its website, Elite Trader Funding offers its traders outstanding customer service. With this method, traders can get a quick reference for frequently asked inquiries and a direct line of communication for more complicated or specific issues.

Our customer service team is well-known for our prompt and knowledgeable responses, which go a long way toward easing traders’ concerns and resolving technical problems. We at Elite Trader Funding are always praising our customer service team for their exceptional work.

What Makes Elite Trader Funding Unique? 

During my trading experience with Elite Trader Funding I learned that experienced and novice traders alike are drawn to Elite Trader Funding because it provides a special trading evaluation and financial support option. In a virtual setting, traders can show off their trading prowess, and depending on their results, they could be eligible for funding. The three main features are flexible trading conditions, few trading limitations, and leverage advantage. 

Elite Trader Funding Reviews: What Do Their Customers Say?

On Trustpilot, Elite Trader Funding has 4.1 stars out of 5 stars, and a total of 285 customers reviewed them there. They are a verified company on Trustpilot. The company is in an excellent state on this platform.

#1. Excellent company to trade with ETF is the greatest if you’re searching for a serious prop firm and support crew. Thank you, ETF, for the new guidelines that make it obvious that there is no gray area when it comes to payout denials.

#2. Anyone with natural skills and the capacity to follow rules can apply for incentives and opportunities offered by the organization. I enjoyed the challenge and learned some crucial lessons for success. It improved my trading skills.

#3. Hello, I am experiencing problems with my payout. After several days, customer service still hasn’t offered any help or responded in any manner. Since you seem to be active on this site, I’m hoping someone can assist me.

#4. Recurrent lagging problems with trade-ovate repeatedly result in needless losses. I’ve never experienced latency with Tradovate and problems with topstep. asked several times in vain; the trader was always eager to assign blame, and there were no answers to the lag and the charts’ inconsistency with the dom price. The payment plan is among the worst in the industry; you have to wait months because they limit your withdrawals for six months, but the dynamics make sense one step, no scaling plan, etc. Much better businesses with live support, a better payout structure, less lag, and a phone number to call rather than email that takes hours to get a response. Not advised.

#5. What occurs if you trade ETFs and earn large profits? Hey, they’ll just throw you out without giving you a good reason or having a rational conversation.

Thankfully, after filing a lawsuit, all costs were reimbursed.

Regretfully, additional legal action is required to recover the agreed-upon profit split.

Therefore, ETF is the place to go if you want to waste time and money while also brushing up on your legal knowledge!

Elite Trader Funding Review: Conclusion

Well-known futures proprietary trading firm Elite Trader Funding offers a wide range of products, clear conditions, and a focus on trader education. The company supports both novice and seasoned traders with severe financial constraints and is committed to enhancing trader experiences.

Since every trader has a different style, set of objectives, and risk tolerance, selecting the right proprietary trading firm is crucial. It’s critical to locate a business that understands these nuances and provides the right resources and support to ensure success.

If you want to begin your trading journey, I recommend going with The Trading Pit’s Scaling Plan. Not only will you get instant funding with them but also get access to their vast selection of tools & resources.

In the dynamic world of futures trading, traders can gain a competitive edge through efficient coordination. After carefully weighing the benefits and drawbacks of Elite Trader Funding, it is evident that this platform is among the best choices.