Striving to become a full-time forex trader? It's no easy feat, with average gains of 3-5% per month. Entry barriers may be low, but serious trading requires substantial capital to tackle market fluctuations effectively.
That's where prop firms step in, providing funded accounts to traders who consistently deliver results. Enter True Forex Funds, a promising new prop firm offering funding from $10,000 to $200,000. With an impressive 80% profit split and favorable trading conditions, it's no wonder they've made our top-rated prop firms list. Let's dive deeper into what they offer…
What is True Forex Funds?
Looking to take your forex trading career to new heights? True Forex Funds, a dynamic prop firm, is here to fuel your success. Their online presence allows traders from around the globe to access funding and advance their trading journey.
While catering to traders worldwide, True Forex Funds is headquartered in Hungary. The emergence of prop firms from Eastern European regions is an intriguing trend worth keeping an eye on.
With funded accounts ranging from $10,000 to $400,000, True Forex Funds empowers traders with the potential to scale up to $400,000 for exceptional performance. Their trading conditions and regulations align closely with industry-leading prop firms like FTMO.
Excited to learn more about this exciting opportunity? Let's dive deeper into what True Forex Funds has in store for you…
Funded Account From True Forex Funds
Securing a funded account from True Forex Funds is a seamless process, familiar to those acquainted with major prop firms in the industry.
Choose your preferred currency—USD, EUR, or GBP—and select from a range of capital options, from $10,000 to $200,000. To kickstart your journey, you'll need to pay a fee and undertake a two-step challenge.
In the first step, within 30 trading days, aim to achieve an 8% profit target without exceeding the maximum daily and total drawdown. Falling short means losing the fee, without another chance unless paid again. Succeed, and you'll progress to the second step.
During the second step, prove your skills by hitting a 4% profit target on the same demo account within 60 trading days, respecting the drawdown rules. This ensures your initial success wasn't a mere fluke.
Once you conquer both challenges, your fee will be refunded, and you'll receive the details of a live trading account. Trade with confidence, ensuring compliance with the drawdown rules. Every two weeks, enjoy an impressive 80% profit split for your trading efforts. Note that violating the maximum drawdown will require you to retake the challenges and repay the initial fee.
How Much Does It Cost?
When it comes to pricing, True Forex Funds (TFF) offers a reasonable initial fee structure. Unlike other providers, there are no monthly recurring subscriptions to maintain your funding account. The only fee you'll encounter is the initial fee when participating in a challenge.
For a $10,000 trading account, the fee amounts to a mere €89, which is incredibly affordable. Even if you're not yet a consistently profitable trader, I highly recommend this option. Trading a funded account challenge can instill good trading habits and greatly contribute to your development as a trader.
For those already generating profits and seeking larger capital, the $200,000 trading account challenge requires a fee of €998. While it may seem relatively high, considering the substantial capital provided, a profitable trader with an average 5% monthly return can easily recoup the initial fee within the first month.
It's worth noting that the fee is refunded upon successfully passing the challenge. Therefore, it primarily affects traders who fail to meet the challenge requirements.
True Forex Funds Scaling Program
TFF does not currently have a scaling program unlike some other prop firms. You are able to purchase multiple funded account challenges, meaning the total capital allowance per trader sits at $400,000. The largest account you’re able to trade is $200,000, meaning you could have 2 of the largest account sizes running simultaneously.
It would be nice to see a capital scaling program added in the near future.
I’m assuming as the company is extremely new, this will be added as the demand for funding increases and more profitable traders are earning percentage gains each month for the firm.
I will be keeping my eyes on True Forex Funds growth over the next few months and update this when a scaling program is added for traders.
What Makes True Forex Funds Different From Other Prop Trading Firms?
True Forex Funds (TFF) may not have distinct unique selling points that set them apart from other prop firms in the industry at the moment. As a relatively new company, it's possible that they will develop differentiating factors over time. However, it's worth noting that their current business model aligns closely with successful and reputable prop firms in the industry.
In fact, this similarity can be seen as a positive aspect. By adopting a proven business model, TFF ensures consistency across their funded accounts, providing traders with a familiar and reliable framework for their trading activities.
When comparing TFF to other prop firms, it's evident that their straightforward approach is a standout feature. Rather than dealing with complex account systems like Funding Talent, for example, traders can quickly and efficiently obtain funding from TFF, allowing them to focus on what matters most—trading and growing their accounts.
Considering a Funded Account with True Forex Funds
While True Forex Funds (TFF) offers attractive trading conditions and a compelling package, it's essential to weigh the potential drawbacks before making your decision. One significant factor to consider is that TFF is a relatively new player in the industry, lacking an extensive track record. Although this doesn't imply failure or fraudulent practices, it does introduce an element of risk compared to more established firms.
To mitigate this risk, one option is to utilize a trade copier, which can help safeguard your capital. Among the leading trade copier software options, MT4 Copier stands out as a recommended choice. By employing a trade copier, you can continue trading with your own capital or even funds from other firms while simultaneously copying trades to your TFF funded account. This approach effectively diversifies your risk across multiple brokers and accounts, offering greater security for your capital and potential profits.
Achieving Realistic Funding Goals with True Forex Funds
When choosing a prop firm for funding, it's crucial to assess whether their criteria align with your trading capabilities and goals. True Forex Funds (TFF) offers a two-step challenge, similar to FTMO, ensuring a realistic pathway to funding and maintaining it.
In the initial challenge, you aim to reach an 8% profit target within 30 trading days, while staying within a 5% maximum daily drawdown and 10% maximum total loss. If successful, you proceed to the second challenge, where the profit target is 4% within 60 trading days, with the same drawdown limits.
For consistently profitable traders, these challenges are attainable and slightly more lenient compared to FTMO. However, if your trading performance fluctuates, meeting the criteria might be challenging regardless of the prop firm.
Alternatively, there are firms that offer funding without challenges, albeit at a higher cost. One such option is MyForexFunds, where you can begin trading on a funded account without undergoing specific challenges.
Consider your trading style, consistency, and preferences when selecting a prop firm. Whether you choose TFF's challenge-based approach or opt for immediate funding, it's essential to find the right fit for your trading journey.
In Summary – The Legitimacy of True Forex Funds
After thorough evaluation, it can be concluded that True Forex Funds is a legitimate platform that offers traders a genuine opportunity to access additional trading capital. The company's offerings are robust, their pricing is competitive, and their potential for success in the industry looks promising.
Initially, I advised caution and remaining impartial. However, my perspective has shifted, and I now believe it is an opportune moment to reevaluate True Forex Funds and determine if they align with your requirements for a funded trading account.
If you have personal experience with True Forex Funds, I invite you to share your insights and opinions in the comments below. Your input is valuable, and I'm eager to hear about your experiences with the platform.