FundedX Review
3.3

FundedX Review

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

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

Pros
  • MT4 Platform Used
  • Strict Trading Terms
Cons
  • Relatively New
  • Fewer Reviews

What is Fundedx?

FundedX is a renowned proprietary trading company frequently likened to other organizations like Elite Trader Funding, Fidelcrest, and FTMO. FundedX distinguishes itself by being accessible and adaptable to a variety of trading methods, despite each firm having its strengths and drawbacks.

Before becoming a member of FundedX, it is crucial to assess the upfront expenses and the potential loss of the assessment charge in case the traders fail to fulfill their trading criteria. FundedX, like any other proprietary trading firm, has strict trading terms that must be adhered to to keep the funded account.

logo of FundedX

Fundedx Funding Programs and Challenges: Rules and Requirements 

The Rules of the FundedX challenge differ according to the funding level that is chosen. Review the pricing and challenge regulations for each account in the table below:

5K10K25K50K100K200K500K$1.0M
Price$69.00$129.00$199.00$299.00$529.00$989.00$2,500.00$5,000.00
Trading PeriodUnlimited daysUnlimited daysUnlimited daysUnlimited daysUnlimited daysUnlimited daysUnlimited daysUnlimited days
Phase 1 Target – 8%$400.00$800.00$2,000.00$4,000.00$8,000.00$16,000.00$40,000.00$80,000.00
Phase 2 Target – 5%$250.00$500.00$1,250.00$2,500.00$5,000.00$10,000.00$25,000.00$50,000.00
Max Loss – 10%$500.00$1,000.00$2,500.00$5,000.00$10,000.00$20,000.00$50,000.00$100,000.00
Max Daily Loss – 5%$250.00$500.00$1,250.00$2,500.00$5,000.00$10,000.00$25,000.00$50,000.00
Minimum Trading Days3 Days3 Days3 Days3 Days3 Days3 Days3 Days3 Days
Split90%90%90%90%90%90%90%90%
Refundable Fees115%115%115%115%115%115%115%115%

What are Forex Prop Challenges?

Forex prop challenges are a form of evaluation procedure put up by proprietary trading businesses (prop firms) to find exceptional traders and allow them to trade with the firm’s funds. These challenges are intended to put a trader’s capacity to earn profits while properly managing risk to the test, with a set of trading rules and objectives to adhere to over a specific time.

A forex prop challenge normally has two primary stages:

1. The challenge phase: During this initial phase, traders are given a demo account with a fixed balance and are asked to meet a certain profit objective within a set timeframe, often a month or two, while adhering to maximum drawdown restrictions and other trading guidelines. This phase evaluates the trader’s capacity to earn profits within specified risk constraints.

2. The Verification Phase: Traders who successfully met their profit objectives and followed the regulations during the challenge phase advance to the verification phase. This stage is similar to the challenge phase, although it often lasts longer and may include somewhat different profit objectives or criteria. The goal of this phase is to confirm the trader’s consistency and expertise across a longer time frame.

After completing both steps, traders are often awarded a funded account. This implies that the prop business sets aside a portion of its funds for the trader to handle. The profit gained by trading this capital is split between the trader and the prop business according to a predetermined split.

Forex prop challenges need a cost, which varies each prop business. This charge covers the expense of the review procedure and guarantees that traders are committed to the offer.

The particular criteria, aims, and structure of prop challenges might differ significantly between businesses. Traders are expected to match the following common parameters:

Profit targets: A predetermined proportion of the account balance that traders must meet.

Drawdown limits: The maximum permissible percentage loss from the account’s peak amount, both daily and cumulatively.

Minimum trading days: The number of active trading days required throughout the challenge period.

Trade style restrictions: Some companies may have regulations about trading strategies, such as forbidding high-frequency scalping or overnight positions.

Aside from the initial challenge fee, forex prop challenges provide traders with access to considerable trading capital without putting their cash at risk. However, participants must carefully evaluate the terms and circumstances of these challenges, since the criteria established by prop businesses are stringent and intended to test traders’ discipline, risk management, and trading acumen.

Fundedx Broker: Do They Use a Reliable Platform? 

DX Trade is a contemporary trading platform tailored for professional traders and private corporations. The platform provides several advanced features like configurable user interfaces, robust charting tools, algorithmic trading capabilities, and access to multiple asset classes such as stocks, options, futures, and currency. 

Fundedx prop business uses DX Trade for its strong functionality and adaptability, enabling traders to customize the platform to suit their trading tactics and workflows. DX Trade’s extensive risk management capabilities and up-to-date market data make it an excellent platform for efficiently handling significant trading volumes.

Conversely, MT4 (MetaTrader 4) is a prominent trading platform recognized for its user-friendly interface and widespread adoption among individual traders. MT4 has several features such as powerful charting tools and automated trading capabilities. 

However, it may not be ideal for proprietary trading firms because of its limitations in scalability and customization. Fundedx prop company and AJ Currency, known for their complex trading methods and thorough risk management, would discover that MT4 has limitations in comparison to DX Trade and TradeLocker.

Fundedx Fees: How Much Do They Charge? 

Obtaining physical assets via FundedX is a simple undertaking:

1. Fulfill the Trading Challenge: Demonstrate proficiency in trading while satisfying the requisite standards.

2. Funding Offer Recipients will be presented with a funding offer after the worthy completion of the challenge.

3. Accept the Offer: Traders may commence trading using the FundedX account upon acceptance of the offer.

Thus, Forex prop trading fees refer to the costs associated with participating in a proprietary (prop) trading firm’s program, particularly those that offer traders the opportunity to trade the firm’s capital. These fees are a critical aspect of the business model for many forex prop firms, especially those that run challenge or evaluation programs to vet potential traders. Here’s a breakdown of the types of fees that traders might encounter:

1. Challenge Fees

These are upfront fees paid to enter into a trading challenge or evaluation program. The challenge is essentially a test that evaluates a trader’s ability to generate profits while adhering to specific risk management rules. If successful, the trader is usually offered the opportunity to trade with the firm’s money. Challenge fees can vary significantly depending on the firm, the size of the demo account provided for the challenge, and the complexity of the challenge itself.

2. Account Setup or Administration Fees

Some prop firms may charge a one-time setup fee for creating and managing a trader’s account. This fee might cover the administrative costs associated with setting up the trading infrastructure, account monitoring, and other backend services necessary for the trader to begin trading.

3. Monthly Desk Fees

Desk fees are akin to rental fees for the physical or virtual space and resources (like software, data feeds, and trading tools) provided by the prop firm. While more common in traditional prop firms that offer physical trading desks, some online forex prop firms might also charge a monthly fee for access to premium trading platforms or tools.

4. Profit Split

While not a fee per se, the profit split arrangement is a significant financial consideration in prop trading. After successfully passing a challenge, traders are allowed to trade with the firm’s capital, and any profits generated are split between the trader and the firm according to a predetermined ratio. Common splits might be 70/30 or 80/20, favoring the trader. It’s essential to understand the profit split terms as they directly affect the trader’s potential earnings.

5. Software or Data Fees

In some cases, traders might need to pay additional fees for access to specialized trading software, real-time data feeds, or analytical tools that are not included in the basic package offered by the prop firm.

6. Education or Training Fees

Some prop firms also offer educational courses, mentoring programs, or trading workshops. These might be optional or required parts of the trading program, with fees varying widely based on the content’s depth and duration.

Key Considerations

– Value for Money: Traders must assess whether the fees charged by a prop firm offer good value for the services provided, especially in terms of the trading capital access, technology, and support offered.

– Transparency: Reputable prop firms are transparent about their fee structure, with no hidden charges. Traders should thoroughly review all terms and conditions before committing.

– Risk: While paying fees for a chance to trade with significantly more capital can be appealing, traders should consider the risk of not passing the challenge and the potential loss of the fee paid.

Forex prop trading offers a unique opportunity for traders to leverage more substantial capital than they might otherwise access. However, understanding the fee structure is crucial to making an informed decision about which prop firm to engage with.

Fundedx Proof of Payment:

Achieving one’s initial compensation requires the successful execution of trades for a cumulative duration of four weeks, or 28 days. Following this preliminary phase, disbursements are planned to occur every two business weeks, or for fourteen days. For their convenience, the following is a synopsis:

  1. The initial payout is scheduled to be issued following a successful trading period of four weeks (28 days).
  2. The frequency of subsequent disbursements is every two weeks (14 days).

Fundedx Customer Support: 

FundedX offers customer service around the clock through email and live chat. Their working hours are from 8:00 a.m. to 5:00 p.m. EST, Monday through Friday. Contact them at support@fundedx.co or join their Discord group at https://discord.gg/TcJRKAakPr.

What Makes Fundedx Unique? 

As advisors, FundedX is staffed by a dynamic group of seasoned traders and financial experts. The platform offers remarkable assistance to individuals at all skill levels, including novices and experts, bolstering their aspirations and resolve. FundedX equips traders with an abundance of resources, expert guidance, tools, and mentorship to attain genuine success in the world of trading.

Fundedx Reviews: What Do Their Customers Say?

On Trustpilot, FundedX has 4.0 stars out of 5 stars, and a total of 3 customers reviewed them there. The company is in an excellent state on this platform.

FundedX Trustpilot page

#1. Ella stated that the processes were easy and the communication from the support team and founder AJ was excellent. Excellent in resolving concerns and with a straightforward compensation process, he highly suggests this proprietary trading service.

FundedX complaints on Trustpilot

#2. Jort Van Adrichem mentioned that he was expelled from TFT owing to excessive spread and began seeking another proprietary trading organization. He ended up at FundedX through a buddy. Subsequently, it was an excellent decision! Efficient and high-quality service, possibly with zero spread, even after the challenge.

FundedX reviews on Trustpilot

Conclusion

FundedX has an average rating of 4.0 stars on Trustpilot, comprising both good and negative feedback. Scamadviser categorizes FundedX as “suspicious,” however no reviews have been discovered to confirm this classification. FundedX is distinguished by its favorable customer service reviews. 

During the challenge phase, a client highlighted the zero spread feature as a significant advantage for traders. These reviews and insights might assist the traders in evaluating whether FundedX’s performance and reliability are in line with the trading style and objectives.

FundedX Review Details

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3.0
Fees
3.0
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4.0
Deposit and Withdrawal
3.0
Customer Support
3.3 Overall Rating

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FundedX Review
3.3/5
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