Introduction
Starting a futures prop firm seems to be the latest craze in the prop industry right now, and the most recent addition to the futures prop space is FundedNext.
FundedNext shouldn’t need much introduction, as it’s already a leading CFD prop firm, so their futures platform is built on rock solid foundations.
Funding Program
Pricing
Right out of the gates FundedNext are changing the futures game, with a one-time evaluation fee in place of the common monthly subscription model that’s used by most futures firms, and no activation fee is required upon passing the evaluation.
There are three account sizes available:
- $25K for $129
- $50K for $249
- $100K for $449
Evaluation Rules
- Profit Target: 5% on $25K & $50K, 6% on $100K
- Daily Loss Limit (soft breach): 1.2%
- Maximum Loss Limit: 5% on $25K & $50K, 3% on $100K (trails EOD account balance high)
- Consistency Rule: 40%
- Time Limit: Unlimited
- Maximum Allocation: $300K (evaluations and simulated funded combined)
- Overnight/Weekend Trading: Not allowed, trades must be closed at the end of the trading day
- News Trading Restrictions: None. News trading is allowed
Performance Reward from Challenge Phase
Once a trader has passed an evaluation and earned 10% profit on their funded account they will be eligible for a 15% performance bonus from the challenge phase.
Withdrawal Rules
Traders can be paid after as little as 5 trading days, provided the following conditions are met:
- The trader’s biggest profitable day cannot account for more than 40% of the profit made during the payout period.
- After the first withdrawal the account balance is set at the initial balance.
- The trader must complete 5 benchmark days. A day qualifies as a benchmark day if the trader reaches a minimum gain of $100 for the $25K account, and $200 for both the $50K and $100K accounts.
- Traders are only allowed to withdraw up to 50% of their profits until they have completed 30 benchmark days.
- Once the trader has completed 30 benchmark days they can withdraw 100% of their profits.
When the trader withdraws profit from the account the maximum loss limit is reset to the account starting balance, regardless of its prior position. This means that if the trader withdraws all of their profits at any point the account will return to its starting balance, resulting in a breach.
Payouts are protected by the FundedNext brand promise, which means that if your payout takes more than 24 hours to arrive after being approved, FundedNext will pay you an additional $1000.
Symbols & Trading Costs
At FundedNext Futures there is a wide selection of futures contracts to trade, from Forex pairs such as the British Pound, the Euro, and the Japanese Yen, and US stock indices such as the Nasdaq, Dow, and S&P 500, to cattle, metals, oil, and gas, there is something here for most traders.
Commissions are quite high at FundedNext Futures, with a $6 per contract round trip commission, plus a $1 regulatory fee per contract, which is charged upon closing the trade.
Spreads are good, as is trade execution, but overall there are cheaper futures firms to trade with.
Trading Platforms
At FundedNext Futures there are two available trading platforms; Tradovate and Ninjatrader. Both are excellent and popular platforms for futures trading.
Conclusion
I think that FundedNext Futures is going to be very popular with traders. Whilst the evaluation fees might be more expensive than the competition, the evaluation fee is a one-time payment, there is no activation fee, there are no news trading restrictions, and the trader receives 100% of the profits they withdraw.
The $25K and $50K accounts are good value, but I don’t think it’s worth buying the $100K account as it only has a 3% maximum loss limit vs the 5% maximum loss limit on the smaller accounts.
Overall this I think FundedNext Futures is a great addition to the futures prop space, and I think the program is going to be very popular.
