BuoyTrade Review
3.8

BuoyTrade Review

BuoyTrade Firm is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

BuoyTrade Firm is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Pros
  • Maximum capital available: $1,024,000
  • Payouts every two weeks
  • Generous Profit Sharing
  • Exceptional Support Team
  • Capital Scaling
  • Bi-weekly Payouts
  • Permits holding positions overnight and during weekends
  • Allows trading during news events
  • Supports all trading strategies, including EAs, indicators, hedging, and copy trading
  • Offers a wide range of trading instruments, including all forex pairs, commodities, and indices
Cons
  • High leverage of up to 20:1, which can be risky for inexperienced traders
  • The absence of a free trial makes it less accessible for those wanting to test the platform before committing

What is BuoyTrade?

BuoyTrade, established in February 2021, is a Singapore-based proprietary trading firm. Their traders have the opportunity to leverage capital balances of up to $1,024,000, with profit splits of 50%. In collaboration with Eightcap, an Australian brokerage, BuoyTrade offers access to the institutional A-Book model.

The firm was founded with the vision of a promising future in which skilled traders have direct access to substantial capital. With your exceptional trading skills and their financial support, a mutually beneficial relationship can be established. Being traders themselves, they empathize with the challenges of starting with a small capital account.

BuoyTrade claims that they are committed to identifying and cultivating traders and have developed a strategy that encourages their development, allowing them to potentially turn trading into a successful career. They provide funding to traders to facilitate mutual development. Recognizing the vital role traders play, they ensure that traders enjoy favorable trading conditions.

Logo of BuoyTrade

BuoyTrade Funding Programs and Challenges: Rules and Requirements 

BuoyTrade is actively seeking successful traders from around the world, and they’ve designed a structured process to identify and differentiate exceptional traders based on specific criteria.

Here’s a comprehensive overview of their trader recruitment program.

I. The Evaluation Phase: Show Your Trading Skills

Before you can access BuoyTrade’s capital for trading, you must first navigate the evaluation phase. During this phase, BuoyTrade assesses your trading abilities and characteristics to determine if you meet their criteria for potential success. You have the freedom to choose from three distinct program alternatives, each tailored to your trading goals.

II. Program Alternatives:

Depending on your trading strategy and goals, you can opt for one of the three available program alternatives:

A. Apex Edition-

  • Evaluation Bypass: With the BuoyTrade Apex Edition funding program, you can skip the evaluation process entirely. This means you can start trading and making profits immediately.
  • Risk Limit: Your primary concern is adhering to the 5% maximum loss limit.  
  • Leverage: You can employ leverage up to 1:20 while trading.
  • Profit Share: You’ll receive 50% of the profits.
  • Initial Fee: There is a one-time fee of $78 to get started.

B. Standard Edition-

  • Evaluation Bypass: Similar to the Apex Edition, the BuoyTrade Standard Edition funding program allows you to forego the evaluation process and start trading right away.
  • Risk Limit: You must stay within the 5% maximum loss limit.
  • Leverage: You can utilize a leverage of 1:5.
  • Profit Share: You’ll be entitled to 50% of the profits.  
  • Initial Fee: A one-time fee of $68 is required to initiate this program.

III. Progress to BuoyTrade Proprietary Trading Firm:

Upon completing the program and demonstrating your trading competence, you’ll be offered the opportunity to join the BuoyTrade Proprietary Trading firm. In this role, you can remotely manage up to 10 accounts with a combined value of $1,024,000. This allows you to continuously develop your trading account through BuoyTrade’s Scaling Plan.

IV. Profit Sharing and Risk Management:

As a BuoyTrade trader, you are entitled to retain up to 50% of the profits you generate. Notably, the company will cover all losses incurred during your trading activities, reducing any potential financial risks.

It’s essential to note that while BuoyTrade offers a competitive profit-sharing model, other prop trading firms, such as FTMO, provide a more generous 90% profit share. BuoyTrade’s approach, however, is focused on offering traders an expedited path to trading success and financial independence.

BuoyTrade’s structured approach to recruiting and nurturing traders provides a clear path for individuals seeking to become successful traders, all while ensuring stringent risk management and profit-sharing mechanisms.

BuoyTrade Broker: Do They Use a Reliable Platform?

BuoyTrade has established a strategic partnership with Eightcap, an ASIC-regulated brokerage firm headquartered in Melbourne, Australia. Founded in 2009, Eightcap is committed to delivering top-tier financial services to its clientele. With a global presence spanning five offices and regulatory oversight in multiple jurisdictions, Eightcap empowers traders from all over the world to participate in diverse markets such as forex, indices, commodities, and stocks. Eightcap maintains a moderate risk profile, boasting a Trust Score of 73 out of 99.

This broker facilitates a wide array of trading options, including forex and CFD trading, as well as cryptocurrency and social trading/copy-trading. The extensive range of tradable assets includes 326 symbols and 45 forex pairs. Eightcap caters to traders with two distinct account types: Standard and Raw, each with varying commission and fee structures. Standard accounts feature fixed spreads, while raw accounts incorporate fixed commissions. Traders should also be aware of overnight fees, which represent interest charges for holding positions overnight.

Eightcap exclusively supports MetaTrader platforms, offering both MetaTrader 4 and MetaTrader 5 from MetaQuotes Software Corporation. The company’s dedication to providing a personalized trading experience and a robust technological infrastructure has earned it accolades, including the title of “Best Global Forex MT4 Broker 2020” at the Global Forex Awards.

BuoyTrade Fees: How Much Do They Charge? 

At BuoyTrade, they claim to offer competitive trading fees across various asset classes to ensure that our traders can focus on their strategies without unnecessary overhead costs.

Here’s a detailed breakdown of their trading fees:

Forex Trading (Forex Icon):

  • Trading Fee: $3.5 per LOT

Commodities (Commodity Icon):

  • Trading Fee: $3.5 per LOT

Indices:

  • Trading Fee: $3.5 per LOT

Cryptocurrencies (Crypto Icon):

  • Trading Fee: $3.5 per LOT

These fees are designed to be straightforward and transparent, allowing traders to calculate their costs accurately and plan their trading activities effectively. They claim to provide a cost-effective trading environment, whether you’re interested in Forex, commodities, indices, or cryptocurrencies. Their commitment to fair and competitive pricing is a fundamental aspect of their dedication to supporting traders in their pursuit of success.

BuoyTrade Proof of Payment:

The company BuoyTrade was started in February 2021. They pay out to their clients every two weeks. Direct accounts can choose between a 5% profit goal without profit splits or a 10% profit goal with profit splits. There is no minimum return goal for verified traders with funds in their accounts.

BuoyTrade Customer Support:

For any inquiries or concerns you may have while using BuoyTrade’s services, there are several avenues to seek assistance and information.

  • FAQ Page: To start, you can explore BuoyTrade’s FAQ page. This resource is designed to provide answers to common questions and address potential issues you might encounter. Many users find this to be a helpful initial step in resolving their queries.
  • Email Support: If your questions go beyond what’s covered in the FAQ, you can reach out to BuoyTrade’s support team via email at support@buoytrade.com. The support team is responsive and will assist you with your concerns. Please note that they operate during business hours, which are from Monday to Friday, 8:30 AM to 5:30 PM, following the local time zone of GMT+8.
  • Social Media Accounts: BuoyTrade also maintains a presence on social media platforms. You can contact their support team through these channels as well. They will typically respond to inquiries made through their social media accounts.
  • Live Chat Support: For real-time assistance, BuoyTrade offers a live chat support feature.

The availability of this service is as follows:

  1. Local Time (GMT+8): From 8:00 a.m. to 9:00 p.m.
  2. New York (EST): From 8:00 PM to 9:00 AM (next day).
  3. Central Europe Summer Time (CEST): From 2:00 AM to 3:00 PM
  4. Discord Channel: In addition to these contact methods, BuoyTrade also operates a Discord channel. Within their Discord community, you can find a dedicated support channel where you can seek assistance and report any technical issues you may encounter. This can be a great platform for real-time discussions and getting prompt resolutions to your concerns.

Whether you have general questions, need technical support, or require assistance with your trading activities, BuoyTrade offers multiple ways to get in touch with their support team and access the information you need. They’ve designed a comprehensive support system to ensure you have a smooth and productive experience with their services.

What makes BuoyTrade unique? 

BuoyTrade distinguishes itself as a distinctive proprietary trading firm, standing out in the financial world by presenting traders with two distinctive direct funding programs: the Apex edition and the Standard edition. Notably, BuoyTrade sets itself apart from other leading firms with its absence of a maximum daily loss rule and any restrictions on trading periods. This unprecedented approach affords traders an unparalleled degree of flexibility in their trading strategies, enabling them to navigate financial markets without constraints, including trading during significant news events, holding positions overnight, and even on weekends.

The BuoyTrade Apex Edition funding program extends a direct funding opportunity to traders, complete with a profit target of 5% to initiate scaling. However, traders can become eligible for a profit split if they successfully achieve a profit target of 10%. This program imposes two fundamental rules: a 5% maximum loss limit and a requirement of at least one minimum trading day per week. Remarkably, there are no limits on maximum daily losses or trading periods. Additionally, traders are granted the ability to utilize leverage of up to 1:10, enhancing their trading potential.

Similarly, the BuoyTrade Standard edition funding program offers traders a direct funding account, featuring a 5% profit target for scaling. Just as in the Apex edition, traders can also earn a profit split when reaching a 10% profit target. The essential guidelines for this program mirror the Apex edition, with a 5% maximum loss limit and a minimum of one trading day per week. Notably, there are no restrictions on maximum daily losses or trading periods here either. However, the Standard edition provides traders with even greater leverage, allowing for positions with leverage of up to 1:20, further expanding their trading opportunities.

BuoyTrade Reviews: What Do Their Customers Say?

Trustpilot Reviews:

According to Trustpilot, BuoyTrade has a rating of 4.2 out of 5 stars. The platform has received 21 customer reviews, positioning BuoyTrade favorably.

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Customer reviews on Trustpilot:

#1. Martin points out a significant issue, emphasizing the absence of a drawdown detector. Despite the platform’s claim to send automatic emails, he has never received any such notifications on his account, which has experienced violations.

It’s frustrating to put in the hard work, believing you’ve achieved a 5% gain, only to be surprised at the end with a message stating that you violated the drawdown rule. Martin regards this as a time-wasting experience.

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#2. Ckart asserts that the company’s model prioritizes the trader, not the other way around. His experience has been excellent thus far, as he was offered a reevaluation opportunity within a day after his initial attempt concluded. Moreover, the customer service he encountered was prompt, amiable, and equitable.

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#3. According to Christian Seruph Duse, exceptional customer service is a standout feature, especially for disciplined traders. This platform is tailored for traders who exude confidence in their strategies, have a competitive edge, and are ready to tackle the challenge with determination. His upcoming goal is to reach the $200,000 account milestone.

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#4. Architect Trader emphasizes his strategy of prioritizing account scaling, progressing from one level to level 3. He proudly notes that today marks his first payment from BuoyTrade, which will facilitate his journey toward scaling the account to level 4. He commends the cooperative and friendly nature of the BuoyTrade team, and it appears he is on the right path to solidify his partnership with the company.

Buoytrade reviews

#5. Zhneya argues that the prop firm consistently exposes clients’ capital to risk while not risking any of their own, which prompts him to question the rationale of trading under such rules. In a specific example, he invests $68, earns a 10% profit, and the firm takes $50, resulting in total earnings of $118 after the first step. However, the second step’s risk is only $100, less than the earnings.

This leads Zhneya to conclude that the prop firm doesn’t share in the risk, raising doubts about the benefits of trading with them. He contemplates revising his review to ensure their models do not create a deceptive impression, especially regarding the “Max Static Drawdown.”

Buoytrade reviews 2

Wrapping it up:

In summary, BuoyTrade’s Prop Trading offers a chance to trade with up to $16,000 in initial funds. You’ll receive 50% of your trading gains, with the funding partner taking the rest. Importantly, you won’t be responsible for losses; the funding partner covers them.

BuoyTrade’s trading approach is more flexible, with no strict daily limits, stop losses, or position size restrictions. They focus on monitoring your results and offer a balanced environment for effective trading. You’ll receive your 50% profit share monthly, and if you consistently show profitability, they may increase your trading capital for both growth and payouts.

While relatively new in the prop trading industry, BuoyTrade provides a competitive option, especially if you’re comfortable with a 50% profit share and prefer trading with a regulated brokerage firm. It’s a compelling choice for traders looking to start or enhance their trading journey.

Account size up to:
$1,000,000
Profit Split Up to 50%
*Choose your account type and start trading

4.0
Fees
3.0
Trading Platforms
4.0
Deposit and Withdrawal
4.0
Customer Support
3.8 Overall Rating

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BuoyTrade Review
3.8/5
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