OneUp Trader Review 2023 | Is OneUp Trader Right for Me?
OneUp Trader provides funded trading accounts. Brokers that provide this service are sometimes known as “prop firms.” Working with a funded account can help aspiring traders make more money than they would otherwise, e.g. if they lack capital.
OneUp Trader is a leading prop firm that simplifies becoming a funded trader. They also encourage their traders to aim for a “slow and steady wins the race” trading mentality. This is refreshing compared to many other prop firms that play into the “get rich quick” perspective that leads to ruin for many aspiring traders.
If these values align with your own, and you would like to become a funded trader, then OneUp Trader may be a great option. Read on to learn more about how it works and a few of its key features.
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External OneUp Trader Review & Ratings
|Facebook||5 from 37 reviews|
|Trustpilot||4.7 from 718 reviews|
|Online Prop Trading||4.7|
How Does OneUp Trader Work?
OneUp Trader streamlines the evaluation process for would-be funded traders. Many other prop firms make this a complex process, but it’s relatively simple with OneUp.
First, you complete a one-step evaluation stage to get fully funded. You can then choose your funded trading account, om $25,000 to $250,00. From there, you will trade for 15-30 days to meet your profit target. Once you meet this target, you’ll receive placement with their funding partners.
Like most (if not all) prop firms, OneUp uses a trailing drawdown to assess performance. You must keep your account balance from hitting or exceeding this maximum drawdown amount. As your account balance increases, the trailing drawdown will increase at a defined distance.
During the evaluation period, you must show consistent performance. For instance, any 3 days’ net profits must sum to at least 80% of the largest day’s net profit.
Evaluation Rules in Detail
Oneup Trader sets several key evaluation rules which aspiring traders must adhere to, as a part of their preparation for placement with funding partners. These rules cover a broad range of aspects, from trading days and permitted products to consistency requirements, each critical to developing a solid trading profile. Here’s an in-depth look at each of these evaluation rules.
Traders are required to participate for a minimum of 15 trading days to qualify for placement. It’s important to note that weekends and holidays are not included in this tally, focusing only on the active trading days.
The trading day commences at 5:00 PM CT and concludes at 3:15 PM CT. Crucially, all positions must be closed by 3:15 PM CT, ensuring that no open positions or trading occurs between 3:15 PM CT and 5:00 PM CT.
Max Position Size
The maximum position size a trader can hold at any given time directly corresponds to the chosen account size. This rule ensures traders maintain a manageable risk profile and aligns with the best practices of risk management.
The required profit target is contingent on the chosen account. It represents the minimum net profit required for placement with Oneup Trader’s funding partners.
- $25,000 Account | $1,500 Profit Target
- $50,000 Account | $3,000 Profit Target
- $100,000 Account | $6,000 Profit Target
- $150,000 Account | $9,000 Profit Target
- $250,000 Account | $15,000 Profit Target
Traders must be cautious not to let their account balance hit or exceed a predetermined trailing drawdown. The trailing drawdown will increase at a defined rate in sync with the account balance’s growth, helping to limit potential losses.
The final rule revolves around consistency. Traders are expected to showcase a regular and consistent trading pattern throughout the evaluation. This includes a condition where three of the trader’s best trading days’ net profits must sum up to at least 80% of the largest day’s net profit.
To illustrate this, consider an example where the best trading day netted $1,000 after commissions. 80% of this amount is $800, meaning the sum of three other best trading days must equal or exceed this. If the second, third, and fourth best trading days netted $400, $300, and $240 respectively, the total sum ($940) surpasses the required $800, demonstrating the required consistency.
Funded Trader Program
Qualified traders who successfully pass the Funding Evaluation will be eligible for OneUp Trader’s Funded Trader Program, which offers:
- Fully-funded trading accounts with up to $250,000 buying power.
- Profit-sharing opportunities, with traders keeping 80% of generated profits.
- No personal financial risk or liability.
- Risk management and support from OneUp Trader’s team.
OneUp Trader Features
OneUp offers various features for its funded traders, including the following:
- Social Dashboard – This is where you can post and share with fellow funded traders. There’s also a live community chat.
- Advanced analytics – OneUp provides key analytics that help you stay on track and keep up with the market. This includes target goal metrics, in-depth visual statistics, daily updates, and more.
- Latest industry news – OneUp can be your go-to spot for everything you need to know, including economic calendars, streaming quotes and market news, market movers and shakers, and more.
- High payout ratio – When you start with OneUp Trader you receive a quick start bonus that means you keep 100% of your first $10,000 in profits.
OneUp Trader Pricing & Plans
OneUp Trader offers funded accounts from $25,000 to $250,000. For each one, there is an increase in your monthly fee. Besides this, there are no other fees except for if you need to reset your account.
Here’s a breakdown of each funded account’s monthly fee:
- $25,000 Account | $125 per month
- $50,000 Account | $150 per month
- $100,000 Account | $300 per month
- $150,000 Account | $350 per month
- $250,000 Account | $650 per month
What Sets OneUp Trader Apart
OneUp Trader is not just another platform for aspiring traders. It stands out from the crowd due to its unique set of features, services, and offerings, all designed to empower traders and provide a seamless trading experience. Here’s a closer look at what truly sets OneUp Trader apart.
- Clear and Attainable Targets: OneUp Trader provides a 1-step evaluation process with clear, achievable targets, improving traders’ chances of success.
- No Hidden Fees: The platform ensures transparency with no data fees or hidden costs.
- Free Trial and Profit Withdrawals: OneUp Trader offers a 7-day free trial account and allows free, unlimited profit withdrawals from day one.
- User-Friendly Trading and 2-Strike Policy: The platform promotes responsible trading practices with a 2-strike policy and no daily drawdown limits.
- Free Tools and Market Data: Traders get a free NinjaTrader License and real-time market data, including Level 2 information.
- Express Funding and Trailing Drawdown: With an Express Account, traders can get funded in just five days, and the trailing drawdown stops at the initial starting balance.
- 24/7 Customer Support: OneUp Trader provides round-the-clock customer support via phone, live chat, and email.
- Dynamic Account Analytics and Education: The platform offers dynamic account analytics with visuals and provides educational materials and access to a trading community.
- Large Account Sizes: OneUp Trader offers account sizes of up to $250,000, allowing traders to trade at a scale that suits their strategy and goals.
- Referral Program: OneUp Trader has a simple and generous referral program, incentivizing traders to bring their peers onboard.
OneUp Trader Training and Support
When deciding whether to use OneUp Trader, it’s important to note the additional support and training services they offer to their users. This is a key aspect that sets them apart from many other prop firms and can be a crucial factor for many traders, particularly those who are still learning the ropes or fine-tuning their strategies.
OneUp Trader offers an array of educational resources to its traders. This includes a variety of training materials, videos, webinars, and more. These resources are designed to help traders understand the market better and make more informed trading decisions.
This commitment to education can be a significant benefit, particularly for new or less experienced traders who are still learning the ins and outs of futures trading.
OneUp Trader also provides access to a member-only community. This is a forum where you can interact with other traders, share your experiences, learn from each other, and even collaborate on strategies. This kind of social interaction can be invaluable in a field like trading, where it’s easy to feel isolated or overwhelmed.
Responsive Customer Support
The company prides itself on its responsive customer support. Whether you have a question about the platform, need help with a technical issue, or just need some advice on your trading strategy, the OneUp Trader support team is there to help. Support is available via email, phone, or chat, ensuring that help is always just a click or a call away.
Risk Management Guidance
One of the most critical aspects of successful trading is effective risk management. OneUp Trader understands this and provides guidance and tools to help traders manage their risk effectively. This includes trailing drawdown rules, stop-loss orders, and other risk management tools.
OneUp Trader isn’t just providing a platform for funded trading. They’re also offering a supportive environment that can help traders improve their skills, manage their risk, and ultimately succeed in the competitive world of futures trading.
OneUp Trader has several competitors in the funded trading space, such as:
- TopstepTrader: Similar evaluation process, with funded accounts in both futures and forex markets.
- Earn2Trade: Offers a comprehensive educational program alongside trading evaluations, with funded accounts in the futures market.
Is OneUp Trader Worth It?
Trading with a OneUp Trader-funded account offers an array of benefits. You get to trade with substantial money and also have access to advanced analytics, educational resources, and a community of traders.
That said, using a funded account has its risks. You can lose your funding if you are unable to meet your profit goal or exceed the trailing drawdown. This can get costly as you have to reset your account each time (at a cost to you).
While OneUp Trader aims to simplify becoming a funded user, there are still plenty of rules to keep track of. This is why funded accounts are best suited for experienced day traders.
At the end of the day, it’s important to recognize the risks in using a prop firm such as OneUp Trader. If you can tolerate the risk and are confident in your ability to consistently earn profits day trading, then it may be a great option for you.
If nothing else, don’t worry about OneUp being a scam. It’s definitely a legit company with a strong track record, including a 4.7/5 rating on TrustPilot.
If you would like to check it out, click here to learn more and start your free trial.
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