In the world of prop trading, SurgeTrader stands out. What sets SurgeTrader apart is its promise of a straightforward approach and simplified trading process for funded trading endeavors.
Unlike many other prop firms that often subject traders to multi-step evaluation processes, SurgeTrader offers a refreshing simplicity.
It accommodates various types of trading activities while establishing clear and concise rules that govern the trading experience. With defined parameters like maximum trailing drawdown and specific profit targets, SurgeTrader appears to be an appealing option on the surface.
Are there any drawbacks or limitations to be aware of before signing up? To provide you with an informed perspective, we have conducted a comprehensive SurgeTrader review. We will look at its features, functionality, and overall performance. Join us as we explore the depths of SurgeTrader to help you make an informed decision.
What Is SurgeTrader?
SurgeTrader, launched in September 2021, is a proprietary trading firm under Surge Capital Ventures, LLC. Founded by venture capitalist Jana Seaman, SurgeTrader aims to fund talented traders who possess exceptional strategies but lack sufficient capital.
Backed by Seaman’s venture-capital firm Valo Holdings, SurgeTrader has quickly gained recognition for its transparent and simplified trading rules, setting it apart from traditional prop trading firms.
Based in Florida, SurgeTrader has experienced rapid global growth since its inception. With SurgeTrader, traders can access amplified funding opportunities to capitalize on their successes.
How Does SurgeTrader Work?
The SurgeTrader process follows a typical structure seen in many prop trading firms. It starts with a paid audition or evaluation process where you demonstrate your trading skills and discipline.
After successfully completing the audition, which usually takes around 24-48 hours, you will receive an email notification containing your newly assigned live account credentials. Once you have these credentials, you can access your funded trading account and start trading.
During the audition, all accounts operate as demo accounts with virtual balances. However, once you successfully complete the audition, you transition to a funded trading platform with a real balance provided by SurgeTrader. From this point forward, you can accumulate profits and withdraw them at your discretion.
Once you qualify as a funded trader, SurgeTrader grants you the capital you initially signed up for, which is real money to trade in the market. You retain 75% of your profits, or 90% if you opted for the add-on during registration, while SurgeTrader covers any losses. However, violating any of the trading rules will result in the loss of your funded trader account, requiring you to restart the evaluation process.
SurgeTrader emphasizes two simple “hard rules” on its website, although there is a third rule. Breaking any of these rules can lead to evaluation failure or the loss of a funded account. The first two rules involve not exceeding the 4% daily loss limit or the 5% maximum trailing drawdown. For share traders, there is an additional requirement to be flat going into an earnings release.
Additionally, there are some “soft” rules that, when violated, prompt the immediate closure of the violating trade. These include closing all positions before the weekend, using a stop loss for every trade, and adhering to a specified number of lots for trading.
SurgeTrader Pricing
SurgeTrader offers a range of account options with corresponding audition fees and account balances. These packages determine the amount of capital you will have access to and serve as a practical exam to qualify for the company’s funding.
The account options include Starter, Intermediate, Seasoned, Advanced, Expert, and Master, with varying account balances and audition fees. The cheapest package starts at $250 with a $25,000 account balance, while the most expensive option is priced at $6,500, granting access to a $1,000,000 capital.
To select a package, simply choose the one that suits you best and pay the corresponding audition fee. It’s important to note that this payment is not a recurring monthly fee but a one-time payment. If desired, you can attempt the audition multiple times, paying the fee each time. SurgeTrader offers various payment methods, including credit/debit card or PayPal.
In order to pass the evaluation and gain access to the funding, you need to meet a single rule: earning more than 10% of your total account balance. Unlike other prop trading companies, SurgeTrader does not impose minimum trading days or specific trade requirements.
While SurgeTrader offers six account options, they also provide add-ons that can enhance pricing. For an additional fee, you can boost profit sharing to 90% (20% beyond the regular price), double leverage on most assets (25% extra), or eliminate mandatory stop losses (10% additional fee). You also have the option to bundle all three add-ons, resulting in a 40% increase in prices.
SurgeTrader Review: Pros & Cons
Pros:
- Very favorable profit split percentage of 75% (or 90% with add-on purchase)
- Flexible account options with varying capital amounts and audition fees
- One-time payment for the audition, no recurring fees
- Simple and transparent audition process with clear rules
- Realistic profit target of 10% without minimum trading days
- Users are free to implement any trading strategy or style
- Access to a free 30-day membership with BKForex for trading ideas and tools
- Fast processing time for withdrawals with no minimum or maximum amount restrictions
Cons:
- Short track record since May 2021
- Requirement for stop loss on each trade with a maximum daily loss of 5%
- Limited additional educational information for users
- Maximum open lots limited to 1/10000 of account size
- Relatively low leverage levels: 10:1 for Forex, Metals, Indices, and Oils; 5:1 for stocks; 2:1 for the crypto market
Final Thoughts
SurgeTrader offers traders an appealing opportunity to leverage their skills and strategies. With a favorable profit split percentage and flexible account options, traders can choose their preferred capital range.
The straightforward audition process allows direct trading on live accounts, eliminating the need for demo versions. SurgeTrader’s commitment to transparency is evident through clear rules and realistic profit targets.
With that being said, the firm’s relatively short track record may raise concerns, and the requirement for stop loss on each trade and limited leverage levels could restrict certain trading strategies.
If after reading our SurgeTrader review, you have decided it isn’t right for you, check out this best instant funding prop firms article for a complete list of the top companies in the prop trading industry.
