Is FundedNext worth it? It is not that long ago that only a handful of firms like TopstepFX, FTMO and The5ers dominated the forex prop firm sector. But now, they have become increasingly popular (My prop firm list contains all prop firms in all trading categories (futures, forex, crypto), more and more companies began to offer similar products to prop traders worldwide.
FundedNext is one of the newer firms. Is it a good idea to start a trading challenge with them?
About FundedNext Prop Firm
The search demand for the brand name FundedNext increased continuously between 2022 (the founding date) and the end of 2023. Since then, the frequency where traders research has dropped by about 50% based on search volume statistics.
However, this does not come as a surprise since the number of prop firms in the sector has grown significantly and now faces high competition among multiple firms. So, the question is whether FundedNext is still worth it or if it would be better to select one of its competitors.
Challenges
In total, four different challenges exist.
- Stellar
- Evaluation
- Express
- Stellar Lite
The problem I see is that the account size and account rule diversity are so comprehensive that it becomes very difficult to evaluate what challenge type and account size with what rules best suit you.
I’ve reviewed over 50 prop firms, and for sure, I prefer an easier to understand pricing and rule model.
- If you look at the Stellar Evaluation alone, you have the choice between a 1-step and 2-step challenge. So you decide if you want to go through one step before getting funded or two challenging steps.
- If you chose the 1-step challenge type (my preference), you can here once again choose between 6 different account sizes.
- If you decide on the two-step challenge, there are again 6 account sizes, but the variable for profit target, maximum daily loss and the minimum number of trading days.
No Time Limit
At FundedNext, you’ll trade without time limits during challenges. So, you pay to attend a funded trading challenge by paying one time, and then you have all the time you need to complete the challenge without paying additional monthly fees.
Profit Share
FundedNext offers a 15% profit share even for trading results during the challenge phase. In a then funded FundedNext account, the profit share varies between 80% and 95%. However, keep in mind that the funded account is not a real account like a brokerage account. Instead you always keep trading in an simulated environment.
News Trading
Not many prop firms allow this, but with FundedNext, you can trade around high-impact news events. While there is a particular risk during those events, the fact that trading is possible during these times also opens new doors for potential profit opportunities.
Pricing
The pricing feels expensive compared to futures trading accounts. For a 1-step challenge with a $6,000 account, you pay $90. for a $200,000 account, you pay a hefty $3,000 fee to participate. Funded futures accounts in this buying power range are available at a much lower price.
But this is not even the highest account level at FundedNext. For the express plan with the consistency rule enabled, you pay a participation fee of $7,500 for the $200,000 challenge account. This, in fact, is hefty.
Monthly Competitions
Traders can join monthly competitions and will receive exclusive rewards when the best results are archived.
Trading Platforms
Like with most other forex prop firms, you can use MetaTrader 4, MetaTrader 5 and cTrader platforms, so you have access to the market-leading tools in this sector.
Global Coverage
FundedNext, a proprietary trading firm in the United Arab Emirates, empowers traders in over 190 countries, serves over 700,000+ community members 97,000+ traders and offers a 24-hour support window with an average response time of 50 seconds.
Competitor Comparison
Compared to other forex props firms like FTMO, Funding Pips, and Alpha Capital Group, the variables of the funded account challenges are good. FundedNext is the only firm that pays out a profit share during evaluation, has an account reset option, and offers a one-step challenge type and global meetups.
Summary
After reviewing the prop firm offering, we conclude that the UAE-based forex prop trading firm FundedNext offers a well-balanced portfolio of funded account challenges.
Their popularity has diminished due to increasing competition in the sector, but they are still among the key players in FX-funded accounts. We still prefer futures prop firms over forex-based prop firms due to an overall more standardized landscape, but this should not hold you back from considering trading the forex markets if that represents your preferred tradeable asset.
With FundedNext you don’t trade in a real account. Instead you trade challenges in a simulated environment. Other prop trading firms are in a better position because they provide their prop traders with real funded accounts.
For the trading journey, the support team plays a crucial role, especially for beginners. Traders at FundedNext have access to a 24/7 support team, mainly per chat and email.
See Also: The Funded Trader Review (forex prop trading firm)
Rating: ★★★★★
