FundedNext Review 2023 | Is it the Best Prop Trading Firm?

FundedNext Overview

What is FundedNext?

FundedNext, established in March 2022 by Abdullah Jayed, a noted entrepreneur in the digital and retail trading sphere, is a proprietary trading firm that empowers traders with access to significant capital, reaching as much as $4 million for the most skilled traders. With headquarters in the UAE and additional offices in the USA, UK, and Bangladesh, FundedNext provides starting capital up to $200,000, allowing for growth as traders prove their skill and meet specific targets.

The firm offers a comfortable trading environment with four distinct funding models: Two-step Stellar, One-step Stellar, Evaluation, and Express, each designed to suit different trading strategies and levels of experience. Traders benefit from a high profit-sharing model, keeping between 80% to 90% of the profits earned. This is in partnership with Eightcap, their chosen broker, ensuring that traders operate on a platform that is both advanced and easy to navigate due to frequent updates.

Jayed’s vision, expressed through his founding of Jayed Corp in 2016, was to create global employment opportunities and simplify life through innovation. This vision is evident in FundedNext, which reflects his belief in supporting ambitious individuals to pursue their dreams. FundedNext invites traders with robust strategies to undertake an evaluation and, upon passing, to manage sizable funds with the potential of lucrative profit splits as a testament to their commitment and performance.

FundedNext Review 2023 | Is FundedNext Right for Me?

If you’re interested in finding a solid forex prop firm, then FundedNext may be a good option to consider. It’s a prop firm that caters to both novice traders and those with rich trading experience, providing personalized service and an array of funded accounts. Plus, there’s a strong community on Discord where ideas can be exchanged, as well as educational resources, news updates, podcasts, and more.

That said, FundedNext doesn’t necessarily outshine all its competitors. To have a good sense of any prop firm, it’s important to understand its ins and outs, including its evaluation phase rules and pricing. So, keep reading to learn about how FundedNext works, plus its top features and trading fees.

External Fundednext Review & Ratings

After pouring through countless FundedNext reviews, here are some reviews from traders who have experienced the platform firsthand, that I thought are most telling:

Compared to other prop trading firms I have reviewed, FundedNext TrustPilot rating of 4.7 out of 5 from over 7,700 reviews is quite good. A few major themes emerge in the positive FundedNext reviews. Users often cite great, supportive customer service and fast, secure withdrawals.

As for the negative FundedNext reviews I came across, the most common complaint is confusion with the daily drawdown limits. Regardless of the trading platform you are using, make sure to be clear about their trading rules before starting.

If you wish to go even deeper into the FundedNext reviews, you can consider looking on Reddit. But I warn you, the FundedNext Reddit reviews are all over the map in terms of opinion, so it is difficult to draw any meaningful conclusions.

How Does FundedNext Work?

FundedNext works like most prop firms in that it provides trading capital for profitable traders to further their trading careers. That said, it specializes in forex and only provides integration with MetaTrader, so you will need to keep that in mind.

FundedNext offers two primary ways of obtaining your own funded account. There’s an Evaluation option as well as an Express option. As the names suggest, you can either test your way into a funded account or opt for a more direct approach through direct funding.

FundedNext prides itself on quickly delivering accounts, having low commissions and great spreads through MetaTrader integration, and offering trader-friendly leverage. I will cover these features in order to  give you a better sense of how FundedNext operates and what its main benefits are.

FundedNext Features

FundedNext provides various notable features that help set it apart from other online forex prop firms. In my opinion, the following benefits are the most impactful:

• Fast account access – Some prop firms will take you days if not weeks to gain access to a funded account. FundedNext aims to offer flexibility so that successful and confident traders can quickly access a funded account in a matter of minutes, if not seconds.
• Realistic profit targets – The last thing you want when you’re undergoing a prop firm challenge is to have super difficult profit targets. Funded Next aims to keep the trading requirements to a funded account on the reasonable side with realistic trading objectives and straightforward trading rules.
• Low commissions and raw spreads – Commissions and spreads are vital to successful forex trading, and FundedNext aims to provide many assets for trading with reasonable commissions and raw spreads. This enables exotic pair trading, scalping, and more.
• Good leverage – FundedNext offers leverage up to 1:100 for all their trading accounts. This means that traders can use appropriate lot sizes even when using small stop losses. This makes trading much more flexible.
• Apps – Not a lot of prop firms have mobile apps, but FundedNext offers an Android app to ensure that you can stay on track even when you’re on the go. An app for iOS is also coming soon on the App Store.
• Discord community – Not every prop firm offers a robust community either, but with FundedNext you can count on an active trader community that can help you learn and is a great place to exchange trading strategies.

FundedNext Account Types

FundedNext presents traders with four main account types, catering to different trading styles and proficiency levels:

1. Evaluation Model:

• Structure: Two-phase challenge.
• Objectives: In the first phase, traders aim for a 10% profit without exceeding a 5% daily loss or 10% total loss, all within 30 calendar days. The second phase requires a 5% profit target, observed over a trading period of 60 calendar days, while adhering to the same loss limitations.
• Outcome: Upon completion of trading goals, successful traders are rewarded with a funded account. Profits are split 80% in the trader’s favor, potentially increasing to 90%.
• Additional Info: The account leverages 1:100. Tradeable instruments include forex pairs, commodities, and indices.

2. Express Model:

• The Consistency Express model by FundedNext provides traders with a structured and streamlined pathway for trading evaluations.

Structure:

• Leverage of up to 1:100.
• Pricing for standard accounts ranges from $49 for a $6,000 balance to $999 for a $200,000 balance.
• Swap-free options available at a slightly elevated cost.
• Evaluation phase requires achieving a 25% profit target without exceeding loss limits of 5% daily or 10% total.
• A minimum of 10 trading days per month.
• Consistency in trading patterns is emphasized.
• Once evaluation is cleared, traders transition to a funded account with profit sharing starting at 60% and can increase up to 90% over subsequent withdrawals.

3. Outcome:

Traders who successfully navigate the evaluation phase gain access to a funded account with attractive profit-sharing opportunities. They can also capitalize on the scaling plan, allowing account growth of up to 40% of the initial balance with continuous successful trading, potentially reaching up to $4,000,000.

Additional Info:

Both Stellar models have a scaling plan. If a trader achieves a 10% profit over four months, with profitability in at least two of those months and the final month concluding in profit, they receive a 40% account balance boost.

• Available trading instruments include forex pairs, commodities, and indices.
• Funded accounts don’t have set profit targets, but loss rules remain.
• Positions cannot be maintained over weekends.
• News trading is restricted, specifically 5 minutes before and after big news events.
• The consistency rule is in place to ensure uniform and disciplined trading behaviors.

4. Stellar (1-Step) Model:

• Structure: Single challenge phase.
• Objective: Traders need to achieve a 10% profit, ensuring they don’t exceed a 3% daily loss or an overall 6% loss. There’s no strict time limit, but there’s a 5-day monthly trading minimum.
• Outcome: Successfully proving your trading abilities leads to a funded account. Initial profit sharing is 80%, which can climb to 90% with outstanding performance.
• Additional Info: This model offers up to 1:30 leverage. Forex pairs, commodities, and indices are available for trading.

5. Stellar (2-Step) Model:

• Structure: Two challenge phases.
• Objective: In the initial phase, traders chase an 8% profit without breaching a 5% daily loss or 10% total loss. The subsequent phase has a 5% profit target, with the same loss constraints.
• Outcome: Clearing these challenges results in a funded account. Profits are primarily split 80% in favor of the trader, potentially rising to 90%.
• Additional Info: This model provides a leverage of 1:100. Tradable instruments cover forex pairs, commodities, and indices.

Both Stellar models have a scaling plan. If a trader achieves a 10% profit over four months, with profitability in at least two of those months and the final month concluding in profit, they receive a 40% account balance boost.

This can be repeated until reaching a balance of $4,000,000. After the initial scale, the profit share can surge to 90%.

For all models, there’s a variety of account sizes, each with standard and swap-free pricing.

FundedNext Pricing & Plans

FundedNext offers competitive pricing and many different plans.

I will try to give you a sense of FundedNext’s pricing and evaluation rules by providing an overview of a $25,000 Evaluation account with MetaTrader 5.

$25k Evaluation Account (MetaTrader 5)

• Maximum Daily Loss | $1,250
• Maximum Overall Loss | $2,500
• Reset Fee | 90%
• Minimum Trading Days | 5
• Trading Leverage | 1:100
• One-time Fee (refundable) | $199

For more specifics on this account and others, be sure to verify with FundedNext yourself.

What Brokers Do FundedNext Use?

FundedNext collaborates closely with the Melbourne-based Eightcap broker. Licensed by the Australian Securities and Investments Commission (ASIC), Eightcap was established in 2009 with a clear aim: to offer top-notch financial services.

Now, they’ve expanded with five global offices, and their regulatory credentials span multiple regions. This broad reach enables clients from various parts of the world to delve into diverse markets.

Their offerings are quite extensive, including options for Forex trading, CFD trading, and even cryptocurrency trading. Those intrigued by social dynamics can explore their social trading or copy-trading services. They boast 326 tradeable symbols in total, along with 45 specific Forex pairs.

Eightcap provides two distinct account choices: Raw and Standard. Each comes with its own fee structure; the Standard account embeds fees within the spread, while the Raw account applies them as commissions.

All of Eightcap’s trading opportunities are channeled through MetaQuotes Software Corporation’s platforms: the established MetaTrader 4 and its newer sibling, MetaTrader 5. If you’re familiar with these platforms, then you’ll feel right at home with what Eightcap offers.

FundedNext Customer Support

FundedNext recognizes the significance of stellar customer service and has structured its support accordingly. Whether you’re a trader with detailed inquiries or just need quick clarifications, FundedNext has you covered.

They offer a live chat both on their website and app, ensuring swift responses for those seeking instant answers. If you’re looking for a more detailed response, they boast a specialized email support team that’s eager to assist.

While the immediate channels are efficient, they also cater to traders who aren’t in a rush. The website hosts a contact form; once submitted, you can expect a comprehensive email follow-up. However, one shortcoming is the absence of direct phone support.

On the brighter side, staying updated with FundedNext has never been easier. Their active presence across Facebook, Twitter, Instagram, and YouTube ensures that traders are always informed about the latest news, announcements, and insightful content. To top it off, their top-notch customer service team operates round-the-clock, guaranteeing assistance any time of the day.

FundedNext Alternatives

Lucky for you, if something in my FundedNext review led you to believe it isn’t the best prop trading firm for you, there are other quality options out there.

FTMO has been a trusted source for successful prop traders. If you are a trader looking to sharpen your skills with top-notch educational tools and take part in an active and supportive trading community, FTMO might be for you. My FundedNext vs FTMO comparison will help you decide which is better for you.

Another prop trading company I feel compelled to tell you about is Apex Trader Funding. Their One-Step Evaluation Process and simple rules have made them a favorite among day traders. To see what they bring to the table, check out my Apex Trader Funding review.

Is FundedNext Worth It?

FundedNext is definitely worth considering for traders interested in a forex prop firm. This FundedNext review helps take you through FundedNext’s many features, some of which include an active Discord community, trader-friendly leverage, and fast account access.

FundedNext also sports a 4.7/5 rating on Trustpilot, so you can have confidence it isn’t a scam.

To check out FundedNext for yourself, click here to see how it aligns with what you’re looking for in a forex prop firm.

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