Funded-trader.com Review: Is this Funded Trader Program Scam?
Welcome to the Funded-trader.com review. The reason we are analyzing this website is because it is offering a funded trader program for the cost of $150 to $165 per month.
To become a funded trader at Funded-Trader.com, you have to pay the monthly subscription and meet certain conditions which include making $200 per day for 15 days.
Funded-Trader is an entity owned and operated by Michael Patak who claims to be a former Dow Futures floor trader. Mr. Patak has not revealed this information on his LinkedIn profile(at the time of writing this review) and is therefore very difficult to establish the truth here.
A quick search on the web reveals that Mr. Patak is the founder of TopstepTrader, a platform that was founded in June 2010 and has been funding Forex traders since then. At least this is the claim according to the various profiles that we have looked at.
Additionally, this funded trader program is also running a subsidiary called OneUpTrader and several similar operations that center their services around funded trader programs.
At the moment, we only know of 4 entities under the management of Mr. Patak . These include Funded-Trader, OneUpTrader (is linked to MES Capital since June 2017), TopStepTrader (we suspect this is also related to TopStepFX) and Savius, LLC.
The focus of this review is on Funded-Trader website as well as the program it is claiming to offer.
Is this the easiest way to make above average income? Not really. But should you join?
On the sales page of the site, you will see the announcement that you can get started with trading without risking your capital.
Nothing can be further from the truth. You are not risking indeed. But remember that Funded-Trader wants you to pay up to $165 per month to demo-trade under their trading combine challenge.
There are 4 different types of challenges with various rules of participation. One radical rule that has been instituted by Funded-Trader.com is that if you hit or exceed the daily loss limit which is up to $1,250, your account will be canceled with no chance of ever recovering it.
Remember that if a trader wants to join Funded-Trader program, they must pay an upfront subscription as stated above. So this simply means that all those newbies who want to try their luck can pay for a demo and then lose their money with no chance of recouping the subscription fees.
You can bet that 90% of those who join Funded-Trade.com and similar programs always end up losing. Mr. Michael Patak gladly makes an income from theses losses.
Having said that, let’s take a look at each of the challenges offered and what a trader must do in order to earn a fully funded Forex trading account.
Funded Trader Review – account types and features
I don’t understand, but Funded Trader is promoting 3 different types of trading accounts with unique challenges… all accounts representing the different subsidiary of the brand.
These include OneUpTrader, Savius and TopStepTrader. Details of the plans are are follows:
|Amount||Funded with $50k||Funded with $15K||Funded with $50K|
|Number of Days required||15 days of trading to qualify||10 days of trading||5 days of trading|
|Asset||Mostly future contacts||Mostly future contacts||Mostly future contracts|
|Daily Loss Limit||$1250||$750||$1000|
|First withdrawal||First $8,000 is free||N/A||First $5,000 is free|
|Trading Strategies||Not provided||Trading Signals, coaching and proprietary indicators||Not provided|
|Broker fees||$3 per contract||$2.50 per contract||$3 per contract|
|Platform fees||Depends on the platform||Is deducted from a/c balance||TSTrader is free, others are charged|
|CME data fees||Free||Deducted from account balance||$80 for each of these COMEX,NYMEX,CBOT|
In the second phase of the trading combine, rules change slightly. To qualify for TopStepTrader and Savius, a trader must demonstrate their skill for 10 days and 30 days respectively.
If you fail the combine at some point, a reset fee of between $99 and $100 applies but with the exception of Savius challenge which has zero combine reset fees.
Is funded-trader.com program a scam?
Well, Funded Trader isn’t a scam. But I can tell you for sure that it can feel like a ripoff if you lack sufficient skill to trade the Forex market.
I wouldn’t advice anyone to go for this funded trader program if they can’t successfully trade a Forex demo account to consistent profits.
Secondly, I do not understand why you should pay a monthly subscription fees to trade on a simulator.
You could as well practice your skill on a free Forex demo account and once you have successfully demonstrated some level of competence, you can invest the subscription fees into your starting capital.
The idea is that you could start with the $150 as your live trading balance and build it slowly. If you want trading tips, feel free to browse my lessons on Forex trading. For the head-start, just use this post as your reference.
In this blog, there are many articles that talk about how to preserve your capital and optimize your trading experience for success. For additional coaching, please invest in this masterclass because it will change your life and make you trade like a professional soon enough.
As I conclude this Funded Trader review, I’d like to remind you of the fact that Funded-Trader wins while you lose.
Unless you are an experienced trader, which I don’t think most readers of this review are, there is generally no need to donate your $150 only to be blocked from the platform a few days after sign up.
You will feel wasted. Again, If you are an experienced trader, I do not see how Funded-Trader can help you in the long run because you own the skill, and you can start with whatever little you have to build wealth. You are not under anyone’s mercy.
I understand that the advantage of approaching Funded-Trader is the amount of leverage they could give you.
But also remember that very few people pass the trading combine. If you are among the many traders who fail it, rest assured that you will lose your subscription, and that will be end of the story.
Conclusion of this Funded-Trader review
I have already given my advice and point of view concerning this trading combine type of operation. The decision is yours to make.
But if you want me to make things easier for you, my advice would be the following: