FundedNext Review with Rankings 2024 By Dumb Little Man
Overall Rating | Overall Ranking | Trading Terminals |
4.1 | 4th  |  |
FundedNext Review
Proprietary trading, often shortened to “prop trading”, is when a prop firm trades stocks, currencies, commodities, and other financial instruments using its own money instead of the money of its clients. Essentially, the prop firm’s capital is put at risk for the purpose of making a profit.
One notable company in the prop trading domain is FundedNext. Located in the bustling financial hub of the United Arab Emirates, FundedNext began its operations in 2016 and has since established itself as a substantial presence in the prop trading landscape. Known for its innovative strategies and unwavering focus on the success of its traders, FundedNext is a game changer in the prop trading sector.
In this article, we’ll delve into a comprehensive review of FundedNext. We aim to cover its strengths, weaknesses, what customers have to say about it, the bonuses they offer, how secure the platform is, and other crucial details. By the end of this review, traders and investors alike should have a clearer picture of what FundedNext has to offer, and whether it aligns with their goals and needs.
What is FundedNext?
FundedNext is a proprietary trading firm provides an advanced trading platform tailored to elevate the trading experiences for beginners and professionals alike. Unlike other prop firms, the firm presents traders with an enticing chance to trade, beginning with a capital pool of up to $200,000. Proving their prowess, traders can see this sum amplified, reaching a staggering potential of $4 million, provided they meet profit targets and adhere to set protocols.
The platform’s attractive profit-sharing scheme, which can range from 80% to 90%, places FundedNext ahead of many competitors. Such an impressive profit division potential captures the interest of a broad spectrum of traders. Additionally, the firm’s commitment to innovation and progress is evident. Regular platform upgrades and the addition of new features underscore its dedication to staying a cut above the rest. Distinctively, FundedNext offers traders a notable 15% profit share even during their demo phase, coupled with consistently low spreads.
FundedNext Pros and Cons
Pros:
- Offers four different trading account types
- Increasing profit share options
- Trustworthy partnership with ASIC
- Attractive affiliate program
- Reduced trading fees through Eightcap
Cons:
- No available free plans
- Requires a good understanding of trading
Safety and Security of FundedNext
FundedNext is a registered entity but is not a financial institution, so it doesn’t hold a specific financial license. However, its partner, Eightcap, is licensed and regulated by ASIC and has operated transparently around the globe. Given that Eightcap has been in the industry since 2009 and hasn’t had any legal issues or failed its clients, it’s considered to be a dependable broker.
FundedNext Bonuses and Contests
At FundedNext, performance doesn’t go unnoticed. Both assessment models of the platform offer traders a commendable 15% profit-share bonus during the evaluation stages, acting as an incentive for consistent, quality trading.
FundedNext Customer Reviews
Customers seem to have a generally positive perception of FundedNext, with many praising its trading conditions, notably the low spreads, and its active, supportive community on platforms like Discord. Some highlight the firm’s social commitment, providing traders from various backgrounds opportunities to showcase their skills and potentially change their life circumstances. They also appreciate the daily offers and contests on their Discord channel.
However, some feedback also pointed to delays and inefficiencies in their system, with one customer mentioning a lengthy wait time for account activation after payment. Overall, the majority feel that FundedNext genuinely supports its traders, although there are areas for improvement in their operational processes.
FundedNext Commissions and Fees
FundedNext itself doesn’t charge trading fees, but its partner broker, Eightcap, does. The exact fee varies based on several factors, including the kind of asset you’re trading. For the specifics on fees, it’s best to check Eightcap’s website or you’ll find out as you trade.
Although you might incur fees with Eightcap, trading through FundedNext typically offers better conditions than if you were to trade directly with Eightcap. When you sign up with FundedNext, the fee you pay upfront depends on the trading plan you choose. This plan determines the trading balance you get once you’ve completed a challenge.
For example, if you go for the beginner plan that gives you a $15,000 balance post-challenge, you’ll pay a one-time fee of $99. But if you’re aiming high with a plan that offers a $200,000 balance, the fee is $999. Remember, these upfront fees are not refundable. On the upside, if you don’t clear the challenge in your first go, you can try as many times as you want, giving you multiple shots at securing the trading balance you’re aiming for.
>> Also Read: 10 Best Websites to Learn Forex Trading in 2024
FundedNext Account Types
FundedNext provides four distinct account types tailored to suit different traders:
Evaluation Model
- It has two phases that traders must clear.
- Traders aim to hit specific profit goals and demonstrate their trading skills.
- After successfully completing these phases, traders access the funded account with an initial 80% profit share, which can potentially rise to over 90%, depending on their performance.
Express Model
- This model simplifies things with just one challenge phase.
- Traders need to achieve a 25% profit goal, with no set timeframe.
- After hitting this target, they start on the funded account with a 60% profit share. As with the Evaluation Model, stellar performance can boost this profit share up to 90%.
Stellar (1-Step) Model
- This is another single-phase challenge.
- The goal here is a 10% profit. However, traders need to be careful about losses, with daily limits set at 3% and an overall cap of 6%.
- Successful traders get a profit share between 80% and 90%, and they also have the chance to increase their account size.
Stellar (2-Step) Model
- This involves two challenge phases.
- In the first phase, traders aim for an 8% profit, and in the second phase, they target a 5% profit.
- There are stricter loss rules here, with a daily limit of 5% and a total cap of 10%.
- Clearing both phases grants access to the funded account. As with the 1-Step model, the profit share lies between 80% and 90%, and there’s an opportunity for account growth.
Opening a FundedNext Account
Setting up a real account with FundedNext is straightforward. Here’s a simple guide on how to do it:
- Go to the FundedNext official website.
- On the top right corner, you’ll see the ‘Client Area’ drop-down menu. Click on it. In the menu, select ‘Register’.
- This will take you to a registration page where you can take a quick tour of the dashboard. On the same page, you’ll enter your basic details to sign up. If you prefer, you can also register using your Google or Facebook account.
- After entering your details, you’ll set up a password. Click ‘Register’ to wrap up the initial sign-up. With registration complete, log in using your new credentials.
- You’ll then see FundedNext’s sample dashboard. On the left side of the screen, there’s a menu with various options, from dashboard overview to assistance.
- Scroll until you find ‘Start New Account Get Funded Now’ and click on it.
- You’ll then see three challenge options: Stellar, Evaluation, and Express. Each challenge has its own associated fee and the funding you’ll receive if you succeed.
- Pick the challenge that aligns with your budget and trading experience. Click on ‘Enroll Now’.
- Finally, you’ll need to wait until your initial fees are processed. Once that’s done, you can start your chosen challenge, and you’ll see all your progress on the main dashboard.
FundedNext Customer Support
FundedNext places a high emphasis on providing strong customer support, offering multiple avenues for traders to seek help. For traders with in-depth questions or concerns, there’s a dedicated email support team ready to provide solutions. For those who prefer instant replies, there’s a chat feature available on the website and app to provide immediate assistance.
If traders have queries but don’t need immediate answers, there’s a contact form on the website they can fill out, after which they can anticipate an email response. In addition to these direct communication routes, FundedNext is quite active on several social media platforms. They consistently share updates, announcements, and valuable content on their official Facebook, Twitter, Instagram, and YouTube accounts.
Advantages and Disadvantages of FundedNext Customer Support
Customer Support is 24/7
Phone Number Not AvailableFundedNext Withdrawal Options
FundedNext provides traders with a clear earnings framework and user-friendly options for withdrawals. During the challenge phase, which uses demo trading accounts, traders can earn 15% of their profits. When they advance to live trading, they can earn between 60-80% of their profits, with the potential to increase up to 90%, depending on how well they perform. The remaining profit is retained by the prop firm. Initially, traders have the option to withdraw their earnings once a month. As they continue trading, this option becomes more frequent, allowing withdrawals every two weeks.
Multiple withdrawal methods are available, such as bank cards, e-wallets, cryptocurrency wallets, and standard bank transfers. Traders can opt to receive their profits in USD or leading cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). For those who prefer cryptocurrencies, there’s a handy feature that automatically converts funds. Withdrawal requests are processed in a matter of a few days, ensuring traders can quickly access their hard-earned money.
FundedNext Challenge Difficulties
Meeting Profit Goal
One of the main tasks in the FundedNext Challenge is reaching set profit goals within a certain period. Even though there is not an insane profit target, this can still be tough since it’s not just about trading smartly but also making accurate guesses about market moves. To achieve these targets in the given time, a trader needs to have the right skills and knowledge to make good trading choices.
Managing Risks
One major challenge in the FundedNext Challenge is managing risks. Especially when trading with a funded account, traders need to be acutely aware of potential pitfalls and act cautiously to protect their capital. It’s essential to understand market trends and strike a balance between potential risks and rewards. Developing a sound risk management plan is crucial to navigate through the unpredictable waters of trading.
Staying Disciplined and Consistent
One of the most significant challenges in the FundedNext Challenge is maintaining discipline and consistency, more so when facing losses. Experiencing losses can lead to emotional reactions, tempting traders to make hasty decisions that deviate from their original plan. Many traders fall into this trap. Hence, it’s vital to stay emotionally balanced and stick to a set trading plan, even when things aren’t going as planned. Keeping discipline and consistency is key to long-term trading success.
How to Pass FundedNext‘s Evaluation Process
To successfully navigate and pass FundedNext‘s evaluation process, it’s crucial for traders to arm themselves with the right knowledge and skills. One effective way to do this is by enrolling in a comprehensive training program. By undergoing thorough training, traders can ensure they are well-equipped to meet the challenges and requirements of the evaluation.
>> Also Read: 13 Best Stock Trading Courses in 2024
Asia Forex Mentor – Rated Best Comprehensive Course Offering by Investopedia
While its name might suggest a regional focus, Asia Forex Mentor is far from being just for individuals in Asia. Recognized globally, it stands out as a premier provider of forex education. The platform caters to people worldwide and owes its inception to Ezekiel Chew, a distinguished forex trading expert who has successfully clinched six-figure trades.
With over two decades of rich trading experience, Ezekiel also helms the Golden Eye Group and the unique One Core Program, designed specifically to guide forex traders toward profitable trading endeavors. The inception of Asia Forex Mentor was sparked by requests from Ezekiel’s close circle who sought his trading insights.
Transitioning to an online platform, the course offerings expanded, and Ezekiel’s vision has since flourished, making Asia Forex Mentor an ideal training ground for those aiming to conquer the FundedNext evaluation.
How Could Asia Forex Mentor Help You Pass FundedNext’s Challenge?
Many members of the Asia Forex Mentor‘s One Core Program, spearheaded by Ezekiel, credit their success in prop firm evaluations to the comprehensive training provided by the program. These individuals, coming from different stages in their forex trading journey, laud the program for its depth and progression, highlighting the effective mix of trading fundamentals, technical analysis, and strategy development. Ezekiel’s methodical approach, focusing on price action and practical strategies, has enabled several traders to significantly improve their market reading capabilities and, consequently, their trading results. With endorsements such as being named “Best Comprehensive Course Offering of 2023” by Investopedia, the program stands out as an essential resource for both novice and seasoned traders aiming for consistency and growth in the forex market.
Asia Forex Mentor Members’ Testimonials
Members of the Asia Forex Mentor‘s One Core Program have found great value in the course. Many have highlighted that it has been instrumental in transforming their forex trading abilities. Before joining, some struggled with inconsistent returns, but after completing the program, they’ve experienced significant improvements, even achieving returns as high as 180% on small accounts.
Ezekiel, the course instructor, receives particular praise for his comprehensive approach covering fundamentals, technical analysis, strategy, and psychology. His teachings have allowed participants to see substantial progress in a relatively short amount of time, with some even passing prop firm evaluations swiftly. The program’s recognition by reputable sources like Investopedia further validates its effectiveness.
>> Also Read: Asia Forex Mentor Review By Dumb Little Man
Conclusion: FundedNext Review
FundedNext offers traders a unique platform where they can hone their skills, undertake challenges, and eventually trade with real money. While the platform has received praise for its supportive community and trading conditions, there are areas, particularly in operations, where improvements can be made. Some traders have reported inefficiencies like delays in account activations. However, in the grand scheme of things, most users feel supported by FundedNext and see it as a genuine avenue to enhance their trading skills and earn profits.
FundedNext Review FAQs
How does the FundedNext evaluation process work?
Similar to other prop firms, raders need to select a challenge model, achieve the set profit targets, and manage their risks effectively. Successful traders are then given access to a funded account.
Is it easy to pass the FundedNext challenge?
The challenge requires skill, market understanding, and effective risk management. It is like being an account manager, but you are handling a firm’s funds instead. While it can be challenging, proper training and tools can increase one’s chances of success.
How can Asia Forex Mentor help with the FundedNext evaluation process?
Asia Forex Mentor provides comprehensive training, covering essential trading fundamentals, strategies, and risk management techniques. This can be beneficial for traders aiming to pass the Funded Next challenge.
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