Elite Trader Funding Review 2024
Elite Trader Funding was set up in Delaware, US, in 2022 by three traders: Eric Ho, Kanwal Singh and Clint Chaney. The proprietary trading firm provides traders with access to up to 20 funded trading accounts through one single login, offering a generous profit-sharing scheme and with monthly sales and discounts further enhancing the overall package. While trading is permitted during news events and holidays, it is restricted during market closures, and a strict trailing drawdown policy is enforced.
Elite Trader Funding provides a platform for traders to demonstrate their skills in a simulated environment. Successful candidates who pass the evaluation are granted the opportunity to trade using the company’s capital in live markets. The firm’s approach follows the proprietary trading model in which the company finances traders and receives a portion of their earnings in return.
Elite Trader Funding’ Evaluations and Rules
Elite Trader Funding offers funding to traders with account balances ranging from $10,000 to $300,000, with no scaling plan. Traders can opt for one of five evaluation types to apply for funded accounts:
- 1-Step Evaluation
- EOD Drawdown Evaluation
- Fast Track Evaluations
- Static Evaluations
- Diamond Hands Evaluation
Upon successfully passing their chosen evaluation, traders are granted an Elite Account with parameters and rules mirroring those of the evaluation account they selected. Pricing for the smaller funded accounts starts at $45 and increases to $590 for the larger accounts. These fees cover the cost of participating in the challenges. Once qualified for a real account, traders are subject to a monthly fee of $80, regardless of the account type or size.
Each evaluation type comes with specific parameters including initial balance, maximum trading days, profit target, and drawdown limits. Traders qualify for funding once they achieve the profit target and trade for a minimum of five days without exceeding the maximum drawdown limit.
Both seasoned and inexperienced traders should find Elite Trader Funding appealing; below we look at who we think stands to gain the most from Elite Trader Funding:
- Novice traders: Without putting their own money at risk, newer traders may use Elite Trader Funding as a launch pad to obtain real-world trading experience. The ability to use a single login to manage many accounts can help strengthen their trading abilities.
- Traders with experience: Due to its high profit split and capacity to leverage bigger account sizes, Elite Trader Funding may be of interest to those with more experience.
- Traders valuing flexibility: Traders who would rather not be constrained by a set trading schedule will value Elite Trader Funding’s flexibility regarding trading hours.
- Swing and day traders: These traders can profit from the daily volatility in the financial markets, and Elite Trader Funding’s prop trading model is especially well-suited for them.
- Clear and Open Evaluation Process: Elite Trader Funding has a clear and open evaluation procedure. Everything is spelt out and discussed in detail, including the profit targets and drawdown regulations.
A further layer of transparency is provided by Elite Trader Funding’s comprehensive Risk Disclosure document, which helps traders get to grips with the possible risks and rewards of their trading operations.
Challenge 1 Step Evaluation
Elite Trader Funding’s one-step evaluation is carefully designed to suit traders who trade fast and frequently. The rules are as follows:
- Minimum trading day requirement of five days.
- No maximum trading day requirement, meaning you can take as much time as you need to complete the evaluation.
- Maximum trailing drawdown of 10% for the smallest account and 2.5% for the largest.
- Profit target of 12.5% for the smallest account and as little as 6.67% for the largest.
As soon as you successfully complete the challenge’s single step, achieving the profit target while adhering to the rules, you’ll qualify for funding with an Elite account.
Challenge End of Day Drawdown Evaluation
You can apply for accounts between $50,000 and $250,000 with this challenge. It includes a daily loss cap in addition to the trailing drawdown, which is calculated at the conclusion of the day. The rules are as follows:
- Minimum trading day requirement of five days.
- No maximum trading day requirement, meaning you can take as much time as you need to complete the evaluation.
- Maximum daily loss of around 2.2% for the smallest account and 1.7% for the largest.
- Maximum trailing drawdown of 6% for the smallest account and 2.8% for the largest.
- Profit target starts at 7% for the smallest account and goes down to 6% for the largest.
As soon as you successfully complete the challenge’s single step, achieving the profit target while adhering to the rules, you’ll qualify for funding with an Elite account.
Challenge Fast Track Evaluation
You can apply for accounts between $100,000 and $250,000 with this challenge. It was designed for traders who think they can swiftly reach their profit target. You have a maximum number of days to complete this challenge and reach the profit goal. The rules are as follows:
- Minimum trading day requirement of five days.
- Maximum trading day requirement of 14 calendar days.
- Maximum trailing drawdown of 3% for the smallest account and 2.6% for the largest.
- Profit target of 8% for the smallest account and as little as 6% for the largest.
Challenge Static Drawdown Evaluation
This challenge allows you to apply for accounts of between $100,000 and $150,000. There are no trailing drawdowns or maximum losses. Instead, it has a maximum drawdown, which is a minimum account balance that must not be surpassed. The rules are as follows:
- Minimum trading day requirement of five days.
- No maximum trading day requirement, meaning you can take as much time as you need to complete the evaluation.
- Maximum drawdown of between 0.6% and 0.8% of the initial balance.
- Profit target of 1.3% for the smallest account and 2.6% for the largest.
Challenge Diamond Hands
This challenge allows you to apply for a $100,000 account exclusively. This account is designed for swing traders who want to hold trades for longer periods compared to day trading. The rules are as follows:
- Minimum trading day requirement of five days.
- No maximum trading day requirement, meaning you can take as much time as you need to complete the evaluation.
- Daily loss limit stipulates that you can’t lose more than 1.5% on any day.
- End-of-day trailing drawdown of 3.5%.
- 5% profit target.
News Trading
For traders who like to trade news, Elite Trader Funding is the ideal firm as they impose no restrictions at all on news trading.
Traders simply need to be cautious and practise effective risk management, as well as learning how to calculate the maximum lot size.
ETF Trading Platforms
All Elite Trader Funding accounts have free real-time data and a complimentary license for NinjaTrader. The firm is also compatible with Tradovate, TradingView and Rithmic.
Trading Hours
All trades must be closed one minute before the market’s closing. You should be aware that not all instruments close at the same time, and on certain days, such as holidays, the closing hour may differ from usual.
The Diamond Hands account allows for overnight trading, with no limitations. You can keep your trades open for as long as you need to, depending on your trading style.
Elite Trader Funding Payouts
Elite Trader Funding splits earnings with traders at 80%. Once funded, you receive 80% of all gains, while the prop firm takes 20%. The exception is your initial profits: Traders keep the entirety of their initial $12,500 profit.
The futures prop firm also provides an optional $75 evaluation reset, which allows traders to restart if they reach the maximum drawdown limit.
Elite Trader Funding Withdrawals
Payouts are made to US traders via ACH, while those outside the US use PayPal, Wise, or Stripe. Traders can request profit withdrawals after 15 trading days for a minimum of $100 and withdrawal limitations based on account size and payout cycle. For example, in the first cycle of a $10,000 account traders can withdraw $1,000.
Customer Support and User Experience
Elite Trader Funding invests significantly in the quality of their customer service and user experience. This dedication is shown in the numerous help channels available to traders and the overall fluidity of the platform’s design.
Customer Support:
Elite Trader Funding provides customer assistance via email and has a dedicated FAQ area on their website. This approach provides traders with a reference point for the most commonly asked questions as well as a direct line for communicating about more complicated or unusual situations. The customer support team is renowned for providing prompt and competent responses, which play an important part in reducing trader anxiety and addressing technical issues. The most prevalent feedback in Elite Trader Funding reviews is how helpful the customer service team has been.
User Experience:
Elite Trader Funding also excels in terms of user experience. The platform is designed to be straightforward and intuitive, allowing traders with varying degrees of experience to easily navigate the system.
Key tools like real-time account monitoring and performance tracking can be accessed easily, providing traders with valuable insights into their trading activities. In addition, the platform is built to accommodate several trading accounts with a single login, making things easier for traders who want to vary their trading tactics.
Furthermore, Elite Trader Funding works to educate its traders by offering a wealth of resources, including seminars, articles, and videos that cover a wide range of trading topics, such as risk management, trading techniques and market analysis.
To summarise, Elite Trader Funding’s dedication to customer service and a positive user experience contributes considerably to its position as a top prop trading firm. It recognises that a successful trader is concerned with more than just profitability; they also value a smooth and enjoyable trading experience. This combined emphasis on service and performance enhances the firm’s appeal to traders globally.
Tips for Success with Elite Trader Funding
For traders thinking about partnering with Elite Trader Funding, in this section we give some pointers that we think may help you succeed:
- Before getting started, it’s important to ensure you’ve grasped all the key elements of the evaluation process and any prerequisites. This involves figuring out any rules, including profit targets, any drawdown limits, trading day requirements, and daily loss limit.
- Choosing the right evaluation type for your trading objectives and preferred techniques is vital. Two-stage evaluations may suit traders without a huge amount of experience who prefer a more cautious approach, while one-stage evaluations are a fantastic alterative for experienced traders who feel comfortable meeting profit targets quickly.
- Understand trading restrictions, especially regarding drawdown limits (day and maximum). It’s also a good idea to familiarise yourself with trading regulations for news events and other particular market conditions.
- Creating a strong trading strategy is essential for day traders alike. Elite Trader Funding supports a variety of trading techniques, so devise a plan that works within their parameters and is consistent with your trading abilities and experience.
- Effective risk management requires adhering to the firm’s drawdown requirements. To keep your trading account active, you must stay under the daily loss limit and not exceed the maximum drawdown limit.
- Successful trading requires patience. Maintain discipline and consistency with your strategy, and don’t be tempted to take more risks in order to meet your profit goals sooner.
- Make use of the help provided by Elite Trader Funding to get you sorted with any technical queries or concerns regarding the evaluation process.
- Maintain a mindset of continuous learning to enhance your trading abilities. Trading is an ever-changing business where there’s always more to learn, and staying abreast of market trends and the latest strategies can greatly improve your chance of success with Elite Trader Funding.
Keep in mind that all trading carries a certain degree of risk, so it’s crucial to make decisions that are in keeping with your risk tolerance and financial targets. You can maximise your profitably with a winning trio of discipline, expertise, and the right approach.
- Multiple evaluation choices to accommodate various trading styles.
- Flexible trading environment without restrictions on trading hours.
- Traders can keep 80% of profits after their first $12,500, and all of them up to this amount.
- Your account will be reset for free each month if you fail the evaluation.
- 14-day free trial.
- Ability to trade up to 20 accounts using a single login.
- The daily loss limit and maximum drawdown rules may make things more difficult for traders with less experience.
- To be eligible for funding, you must meet your profit targets and trading days.
- Trading is limited to futures contracts.
Conclusion
Elite Trader Funding (ETF) is raising the bar in the field of prop trading. With its approach of putting traders at the centre of things, as well as providing a highly flexible trading environment, the platform offers an attractive option for traders looking to demonstrate their skills and acquire funding for trading the futures market.
While trading always comes with attendant risks, Elite Trader Funding seeks to manage them through strict drawdown limits and a transparent risk disclosure policy. The firm’s free trial also helps aspiring funded traders to become acquainted with the platform before having to commit money.
Elite Trader Funding caters to both aspiring and experienced traders. Its innovative approach prioritizes profitability while offering strong trader support. New traders can gain valuable experience through ETF’s evaluation process, while seasoned traders can access significant capital. Consider ETF if you’re looking for a futures prop firm that prioritizes both your success and its own. Furthermore, we recommend thoroughly analyzing the firm’s strengths and weaknesses compared to industry leaders like Topstep, Apex Trader Funding, and MyFundedFutures. Each one of these prop firms offer access to multiple account options for undercapitalized traders, enabling them to perform in the futures market. Just as Elite Trader Funding, these prop firms grant you access to sophisticated trading platforms and futures contracts as well as offering attractive payout structures.
Make an informed decision with our comprehensive Prop Firm Plus reviews:
