OFP Funding Review
3.0

OFP Funding Review

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

OFP Funding is a forex prop firm with an attractive Two-step challenge. They offer up to 5 Million pounds in funding to traders.

Pros
  • Accessing funded accounts is simple and quick
  • Possibility of scaling up to £5 million in several accounts
  • No fixed profit targets; a loyalty program is provided
  • Availability of trading systems that are MT4 and MT5 compatible
  • Support for a range of trading strategies
  • Reasonably priced upfront fees with no ongoing costs
  • Relationship for brokerage services with IC Markets
  • A wide variety of exchangeable assets, such as stocks and cryptocurrency
  • Quick execution, affordable costs, and narrow spreads
Cons
  • Lack of procedures for evaluating trading skills 
  • Restricted reviews because the company is new

What is OFP Funding?

OFP Funding is a UK-based proprietary trading company run by OverviewFX LTD. It has one of the highest payout percentages in the financial industry and is renowned for its rapid and easy financing process. Traders don’t have to undergo laborious screening processes to receive cash since OFP Funding removes limitations related to proprietary suppliers. 

OFP Funding’s founders, Marcello Chiesa, and Ruggero Catalano Rossi Danielli, give thorough team bios on their website to ensure openness and confidence. OFP Funding stands out in the market with various account options and a quick fundraising procedure. The company’s success in the trading community may be attributed to its dedication to openness and customer satisfaction.

Logo of OFP Funding

OFP Funding Programs and Challenges: Rules and Requirements 

Reputable proprietary companies like OFP Funding provide a special method for trading accounts that eliminates the need for traders to invest their own money. Rather, they must first pay a charge to obtain a demo account. OFP Funding mirrors its transactions in its own funded account while it trades on this demo account.

The amount of trading capital traders wish to start with and the profit share plan tehy select will determine the cost they pay to manage the OFP Funding account. Every 28 days, a monthly profit split payout is made to each OFP Funding account. 

Additionally, accounts with higher trading capital amounts that nonetheless have the same profit split structure are an option. Additionally, the expenses associated with managing an OFP Funding account differ according to the denomination of the currency.

The following table summarizes OFP Funding accounts with USD values, including profit splits and upfront fees:

Account Type80% Instant Monthly60% Instant Monthly40% Instant Monthly26% Instant Monthly
$10,000$277$209$154$103
$25,000$443$333$246$171
$50,000$876$658$487$348

For example, managing a $5,000 trading account with a 26% monthly profit split payout will cost they $73, the minimum amount required to open an Instant Monthly account. Traders will have to pay $185 if they choose the same account size with an 80% payout. There is an initial $1,675 cost if they select a $100,000 account with an 80% monthly profit split. However, choosing the same $100,000 account size with a monthly profit split of 26% results in fees of just $686.

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 provide them with the opportunity 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 period.

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 for 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.

Check out the best forex funded accounts to see what the usual terms are for prop challenges.

OFP Funding Broker: Do They Use a Reliable Platform? 

For good reason, MT4 and MT5 are the most widely used trading platforms in the online retail forex trading market. Because of these platforms’ extensive onboard technical analysis tools and other crucial features, retail traders all over the world prefer them.

Though programmable EA software on MT4/5 platforms allows for complete trade automation, OFP forbids using them due to the possibility of account suspension. The limited customer service options offered by OFP and the lack of support for EAs both have a negative impact the on overall user experience. Additionally, copy trading external accounts is not supported.

Positively, OFP offers the OFP Dashboard, which gives users access to important account and performance information like equity, drawdowns, risk/reward ratios, and account balance.

Except for the lack of EA support, OFP’s MT4/5 trading platforms and dashboard offer a generally outstanding user experience. However, traders must become familiar with the trading restrictions and rules before they purchase a funded account.

OFP Funding Fees: How Much Do They Charge? 

Owning trading accounts with more trading money while maintaining the same profit-sharing arrangement is an option available to investors. On the other hand, the fees associated with maintaining an OFP trading account differ based on the currency in which the account is maintained. This table lists all OFP accounts in USD along with their initial fee structures and profit distributions.

For example, traders who put $5,000 in a trading account that distributes profits at a rate of 26% per month will pay a primary fee of $73 for an Instant Monthly account with this proprietary firm. However, they will pay $185 if they choose the same account size with an 80% payout.

Traders will be charged $103 if they select an account that provides 40% instantaneous monthly access to $5,000 in trading money. On the other hand, the $139 account costs 60% quick access to $5,000 each month.

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 by traders 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.

OFP Funding Proof of Payment:

Four accounts offered by OFP Funding have leverage levels as high as 100:1. The platform allows for a 5% daily decrease, a 10% overall reduction, and a 25% trader value rating. It also manages all records and trial accounts.

Customers can use US dollars, euros, or British pounds to open any one of these four account kinds. Different profit-sharing plans and upfront fees apply to each account. All positions must be closed within the allotted 28 days to receive earnings; otherwise, payments may be postponed.

OFP Funding Customer Support: 

For customer service goals, OFP Funding uses social media channels to engage with the public and clients. During this reviewer’s testing, the live chat feature on the company’s website did not respond right away.

Users can easily access the company’s social media platforms, such as Facebook, Instagram, TikTok, LinkedIn, YouTube, or Telegram channels, even though the OFP Funding website does not have phone contact information. 

Online user reviews indicate that these social media assistance alternatives are practical and beneficial.

The OFP Funding offered a Discord link, but at the time of this review, it was expired, making it impossible to evaluate its worth.

What Makes OFP Funding Unique? 

One legal financial activity that occurs on the international currency market is forex trading. Financial authorities in different regions keep an eye on online retail forex trading, although the uncontrolled wholesale market is common in many countries. Due to the prevalence of fraud and scams in the forex market, traders must exercise caution and only trade via reliable brokers.

OFP Funding Reviews: What Do Their Customers Say?

On Trustpilot, Forex Prop Firm has 4.3 stars out of 5 stars, and a total of 1,091 customers reviewed them there. They are a verified company on Trustpilot. 

OFP Funding review

#1. Karan Aery claims that he ordered a new account on February 26 and was told to wait till now. They were promised details on March 12 but received none, and as a result, no one wants to respond to support requests or use the live chat feature. It’s very ridiculous, people. At the very least, update something, or just return the money. He said that they have time to update their Instagram status, but nobody wants to respond on Support.

OFP Funding complaints

#2.  Julian ITEMs claims that since the migration began, they have stopped his account, and when he tries to log in to his funded account of $25,000, it keeps saying that authentication failed. 

Additionally, he recently purchased $50,000, but they haven’t given him access to it until now, and they continue to claim on their Instagram page that everything is OK and that trading is possible. Since he isn’t based in the US or a citizen of the US, why is his account not provisioned, and why can’t he access my live-funded account? Thus far

Customer service claims that he has active open trades while they perform thorough maintenance. What happens if my account fails before they restore access to it?

Customer service asked how he gained access in two weeks.

Does this appear typical? When the deadline for think service ends on March 7th, service will cease.

OFP Funding reviews on Trustpilot

#3. According to Karan Aery, he ordered a fresh account on February 26 and was told to wait till now. He stated on March 12 that they would supply specifics, but they never received anything. As a result, no one is interested in responding to support requests, and there is no longer a live chart option. It’s ridiculous, people. At least, update something; if not, just return the money. He added that while the boys had time to post their Instagram status, no one was interested in responding on Support.

OFP Funding reviews

Conclusion

OFP Funding is a private trading company that sets itself apart from its competitors by emphasizing empowerment, transparency, and adaptability. The company has distinguished itself from other businesses in the sector by continuously providing traders with outstanding chances since its founding in 2021.

OFP Funding prioritizes unrestricted trader expansion by offering instantaneous funding alternatives, adaptability, and strong security measures. The business values the experience of both seasoned pros and inexperienced traders.

Under its sophisticated dashboard, dependable support network, and unwavering dedication to safe trading methods, OFP has become one of the top proprietary trading companies in the market.

OFP Funding Review Details

Trading Platforms
Account Size
Trading Programs
Incorporation

Account size goes up to:
£5,000,000
90% profit split
*Choose your account type and start trading

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

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OFP Funding Review
3.0/5
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