SurgeTrader Review 2024 | A Scam or a Legit Prop Trading Firm?

Jeremy Biberdorf
By: Jeremy Biberdorf
Nov 17, 2023
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
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4.4/5

4.4 rating based on 5 ratings

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In a nutshell: SurgeTrader—registered under Surge Funding, LLC—is a prop trading firm that claims to offer simple rules and a streamlined process to funded trading.

Compared to other prop firms (which often feature a multi-step evaluation process), SurgeTrader is relatively simple. Supporting nearly any type/step of trading activity and setting clear rules for trading (such as maximum trailing drawdown and a specific profit target), SurgeTrader seems great at face value.

Are there any downsides to the platform? If so, what should you know before signing up? Find out in my comprehensive SurgeTrader review below!

Service TypeFees Promotion
Proprietary trading firm$250 - $6,500 (audition fee)
$360 (90% profit share fee)
30-day free trial
Use code: FYE2024 for 25% OFF on Auditions! [Exp 02/29/24]

SurgeTrader is best for…

Surge Trader is a prop firm that resulted as a joint effort of an institutional trader, a venture capitalist, and a forex trader. These three individuals wanted to create a prop firm that simplified the path to trader funding, offering straightforward trading rules and minimal limitations.

Currently, Surge Trader is one of the more lenient trading firms. The platform offers a profit split of up to 90%, supports a wide range of trading instruments (beyond individual stocks), sets no minimum trading days requirement, and allows traders to use whatever strategies they deem necessary to succeed.

Whether your preferred style is news trading, algorithmic trading, hedging, or something else, SurgeTrader will allow you to maximize your trading profits using their funding.

Pros & Cons
Pros
  • No min/max trading days requirement
  • Multiple asset classes to trade
  • One-stage “audition”
  • Paper account offered
  • Many trading strategies supported
Cons
  • No futures or options
  • 75% default profit payout
  • No refunds offered
  • Difficult daily loss and drawdown rules

SurgeTrader Overview

Initial Capital $25,000 – $1,000,000
Price Range $250 – $6500
Profit SplitUp to 90%
Daily Loss5%
Max Drawdown8%
Profit Target10%
Tradable Products Forex, Select Equities, Stocks, Indices, Oil, Metals and Crypto

What is SurgeTrader?

SurgeTrader is a prop trading firm founded by a unique trio comprising an institutional trader, a venture capitalist, and a forex trader. Born out of a vision to simplify access to trader funding, SurgeTrader stands apart with its permissive trading policies and vast instrument coverage.

By embracing an array of trading styles, from news to algorithmic, SurgeTrader champions trader autonomy. Its distinctive approach, highlighted by up to a 90% profit split and no mandated trading days, carves its niche in the trading world.

Designed for traders seeking flexible strategies and broad instrument options, SurgeTrader is fast becoming the go-to platform for those prioritizing freedom in their trading endeavors.

SurgeTrader Overview

Surge Trader is a prop firm that resulted as a joint effort of an institutional trader, a venture capitalist, and a forex trader. These three individuals wanted to create a prop firm that simplified the path to trader funding, offering straightforward trading rules and minimal limitations.

Currently, Surge Trader is one of the more lenient trading firms. The platform offers a profit split of up to 90%, supports a wide range of trading instruments (beyond individual stocks), sets no minimum trading days requirement, and allows traders to use whatever strategies they deem necessary to succeed.

Whether your preferred style is news trading, algorithmic trading, hedging, or something else, SurgeTrader will allow you to maximize your trading profits using their funding.

External SurgeTrader Review & Ratings

SiteRating
Google My Business4.9 from 146 reviews
Trustpilot4.6 from 719 reviews
Benzinga4.5

Here are some reviews from traders who have experienced the platform firsthand:

“I was very pleased with the excellent customer service. My questions were answered promptly and directly taken care of. The trading model is more than fair. I would recommend anyone looking for a prop fund to start here at SurgeTrader.”
“Despite my survey and purchase of challenge with different Prop firms. Honestly Surge Trader seems to be the best. Simple and straight forward rule and the system of calculating daily loss limit at a particular time in 24hrs, allowing you with a massive 8% DD, with perfect trailing DD. Simply the best.”
“I have never had a better experience than SurgeTrader before. Their new update is amazing and everything is so organized and easy accessible on their website. Also the payouts are incredibly fast and I had never issues. I have been using surge trader for 1.5 years now and I will def keep using it in the future!”
“Surgetrader is one of the best, if not THE best, out there! Realistic and reachable profit targets! Great payout ratios! Awesome trader portal! Quick response to any questions! I highly recommend them! FYI…I was just funded with my $100,000 account!!! They are ‘for real’!”

SurgeTrader History

SurgeTrader is a trading firm founded in 2021 with offices in both Florida and Delaware. Jana Seaman, its CEO, established the firm to offer a range of business support services, including leadership coaching, capital, and operational management. VALO Holdings, closely related to SurgeTrader, focuses on technology, financial services, and the automotive industry to help businesses grow.

The idea for SurgeTrader started from a simple conversation in a Naples sushi restaurant. Jana Seaman isn’t just the founder; she was also recognized as one of Gulfshore Business’s 40 under 40 in 2022.

Seaman’s family has a strong background in market trading, which influenced SurgeTrader’s main goal: to give traders quick access to large-scale funds, primarily their own. The company has grown rapidly since starting. They’ve increased their employee count by over 200%, attracted tens of thousands of global traders, provided massive funding, and paid out significant profits.

Even though SurgeTrader is new to the prop trading platform market, it’s made a significant impact. Its user-friendly system, low fees, and advanced features have made it a notable competitor in the industry.

Features

The main appeal of SurgeTrader is its simple rules for all trading accounts. Unlike other prop firms, Surge Trader sets uniform trading conditions & trading requirements—such as a 5% daily loss limit, 8% maximum drawdown, and 10% profit target—across all account levels.

The platform supports nearly all trading techniques (such as news trading or hedging), 100+ trading instruments, and even offers educational resources to its members.

Pricing & Plans

Like most prop trading firms, Surge Trader offers a variety of funding levels. As such, the fees you will need to pay can vary quite widely. Let’s take a look at the specifics!

Free

If you’d like to give SurgeTrader a try without making a commitment, the platform does offer free 30-day paper trading accounts. Although any progress you make using one of these accounts won’t count towards a SurgeTrader audition attempt, it still gives you time to familiarize yourself with the platform in a stress-free environment.

Paid

SurgeTrader offers funding from as little as $25,000 to a maximum of $1,000,000. The amount you must pay for an audition attempt will depend on the amount of initial funding you’d like.

It’s important to note that you can scale up your account towards a higher funding limit. However, if you should fail to meet the required profit margins, your account will be reset and you will need to repeat the audition process all over again.

Below, we’ve listed the current funding options & applicable fees:

  • $25k of funding – $250 per audition
  • $50k of funding – $400 per audition
  • $100k of funding – $700 per audition
  • $250k of funding – $1,800 per audition
  • $500k of funding – $3,500 per audition
  • $1m of funding – $6,500 per audition

User Reviews of SurgeTrader

Based on recent feedback, SurgeTrader maintains a high user satisfaction rating with a score of 4.6 out of 5, across 583 reviews. They have successfully replied to 97% of negative reviews, underlining their commitment to customer satisfaction. Here’s a closer look at what traders have to say about SurgeTrader:

No Pressure Environment

Users have appreciated the freedom that SurgeTrader allows. Unlike some other proprietary trading firms that enforce a strict trading timeframe, SurgeTrader allows traders to operate according to their strategy without any added pressure. This flexibility has been praised by users who felt it enabled them to focus on their trading strategy, akin to what they would do as a funded trader.

Straightforward and Simple Rules

The ease of use of the SurgeTrader platform has also been highlighted. Users have found it straightforward and appreciated its simplicity. The platform’s rules are perceived as clear and easy to understand, with no hidden clauses that might trip up users.

Responsive Customer Service

The responsiveness of SurgeTrader’s customer service is another factor that users have praised. The company’s readiness to assist customers, be it for general inquiries or specific assistance, such as account activation after passing a challenge, has been applauded. Users have reported quick response times and expressed appreciation for the extra effort customer service representatives put in to ensure they had a smooth experience.

Swift Payouts

Traders have commended SurgeTrader’s quick payout process. Unlike some other firms that have a minimum waiting period, SurgeTrader’s payouts are generally received within 1-2 days. This efficiency has been appreciated by users, enhancing their overall trading experience.

The user reviews paint a picture of a highly responsive and customer-focused platform that empowers traders with straightforward rules and flexible trading conditions. SurgeTrader continues to maintain high satisfaction levels among its users, making it a preferred choice for many.

SurgeTrader Community and Networking Opportunities

One of the less-discussed yet essential aspects of any prop trading firm is the community it fosters and the networking opportunities it provides. These connections can make a significant difference in a trader’s career, offering insights, support, and potential collaborations.

SurgeTrader Community

SurgeTrader has a vibrant and diverse community of traders, which creates a valuable support network for users. Members can connect with other traders from around the world, share their experiences, and learn from each other’s successes and failures.

This global community also offers a wealth of information and perspectives on different markets, trading styles, and risk management techniques. This can be particularly helpful for traders who want to expand their horizons, experiment with new strategies, or gain insights into unfamiliar markets.

Networking Opportunities

The SurgeTrader platform facilitates networking opportunities through its community forum, webinars, and live trading sessions. These events provide an excellent chance for traders to interact with like-minded individuals, discuss ideas, and potentially form partnerships or collaborations.

Additionally, SurgeTrader’s connections with institutional traders, venture capitalists, and forex traders can open doors for users who demonstrate exceptional trading skills and discipline. These connections can lead to opportunities for further growth and development in the world of trading and finance.

Tradable Assets On SurgeTrader

SurgeTrader offers a diverse range of assets for trading, ensuring traders have plenty of opportunities to diversify their strategies. For starters, Forex enthusiasts will find a comprehensive list of major, minor, and even some exotic currency pairs.

If indices are more your style, you can trade prominent ones like the Dax, Nasdaq, Dow Jones, S&P500 and more. Commodities aren’t left out, with both Crude and Brent Oil available for trading. For those leaning towards metals, SurgeTrader offers a selection including Gold, Silver, and Platinum.

Lastly, cryptocurrency traders aren’t left out either, with over 52 major digital currencies listed. In essence, whether you’re into traditional financial markets or exploring the digital frontier, SurgeTrader has got you covered.

SurgeTrader Audition Process

SurgeTrader’s audition process allows traders to test their skills before accessing significant funds. Here’s how it works:

  1. Choose the Audition Amount: Traders pick how much they want to audition for. Beginners might try for $10,000 by paying $250. Experienced traders could aim for up to $1 million, but this comes with a higher audition fee, possibly up to $6,500.
  2. Take the Test: SurgeTrader gives you a demo account, matching the amount you’re aiming for. The challenge? Grow that account by 10% without a daily loss of more than 4% or a total drop of 5%. The time frame is flexible, but remember, bigger accounts mean larger profits. For instance, 10% growth on a $1 million account means earning $100,000.
  3. Strategies and Expectations: While you aim for that 10% growth, you can use various trading strategies. However, they must fit within SurgeTrader’s rules.
  4. Failing and Retrying: If you don’t meet the requirements, like exceeding the allowed drawdown, you can retake the audition. Sometimes, SurgeTrader offers a 20% discount for another try.
  5. Success and Next Steps: Pass the audition, and you get a live trading account with real funds within 24-48 hours. If you want more money later, you can audition for a higher amount.

In summary, compared to many prop trading companies, the process is simple: select your desired fund amount, take the test, and if successful, start trading with real money. Remember, the audition’s goal is not just about profit, but also gauging your trading strategy and risk management.

Addressing Common SurgeTrader Trading Rule Questions

Trading in the world of prop firms comes with its own rules and nuances. Here, we address some of the frequently asked questions regarding the trading rules at SurgeTrader:

Overnight and Weekend Positions

Yes, you can hold trades overnight and over the weekend. However, you are not permitted to hold a stock trade overnight into an earnings release. Ensure you close all Single Share Equity CFD positions by 3:50 PM Eastern Time on the day of the release or the preceding day if a before market open release.

Trading Strategies

SurgeTrader does not limit your trading strategy or style, as long as it complies with the trading rules. You can opt for discretionary trading, hedging, algorithmic trading, or any other strategy. You can trade a variety of CFD market instruments — including FX, cryptocurrency, metals and energy, stock indices and individual stocks.

Trading Into Earnings Releases

You are not allowed to hold a stock trade into an earnings release. Failure to close such Single Share Equity CFD positions by the stated time will lead to an immediate, hard breach of your account.

Trading News

Yes, news trading is allowed, except for holding a Single Share Equity CFD into an earnings release.

Number of Lots Permissible

The maximum number of open lots with risk is determined by the size of your account. For example, a $100K account can have a maximum of 10 lots open with risk. This increases proportionally with the account size and can be doubled if you purchase the double leverage add-on at checkout.

Leverage

SurgeTrader provides different levels of leverage for different assets. For example, FX, Metals, Oils and Indices receive up to 10:1 leverage, Individual stocks receive 5:1 leverage, and Cryptocurrencies receive 2:1 leverage. If you opt for the double leverage add-on at checkout, leverage for forex and metals increases to 20:1, and your max open lots also double.

It’s crucial to understand and follow the rules of the platform to ensure a smooth trading experience. SurgeTrader has designed these rules to promote prudent and disciplined trading while allowing traders flexibility in their strategies.

Limitations

Although SurgeTrader is certainly an excellent prop firm, there are a few drawbacks & limitations that you’ll want to be aware of.

Any withdrawals you wish to make will be limited to once per 30 days. As such, you’ll need to schedule accordingly if you’re expecting consistent income from Surge Trader.

Secondly, the profit split is set to 75% by default. To reach the advertised 90% profit share, you will need to pay for a profit split add-on, which will set you back $360 for their $250,000 account. For their $25k account it’s only $50 (the cost of the add on is 20% of the audition fee).

Is SurgeTrader Right for You?

Staying within a 8% daily drawdown and a maximum trailing drawdown of 8% while also achieving a profit target of 10% is doable, but it’s certainly challenging. For this reason, we would recommend SurgeTrader—as well as most other prop firms—for experienced traders with a history of success.

SurgeTrader Review: Final Thoughts

SurgeTrader, a prop trading firm registered under Surge Funding, LLC, offers a streamlined and simplified path to funded trading for experienced traders. With its one-stage audition process, no minimum or maximum trading days requirement, and support for a wide range of trading styles, SurgeTrader presents an attractive option for traders looking to gain access to additional capital.

The platform’s key strengths lie in its flexibility and simplicity. Traders can choose from a range of funding levels, from $25,000 to $1,000,000, and the firm’s trading rules are clear and uniform across all account levels. The 5% daily loss limit, 8% maximum drawdown, and 10% profit target are challenging but achievable for skilled traders. Additionally, the platform’s community and networking opportunities provide valuable support and insights for its members.

However, there are a few limitations to be aware of. SurgeTrader does not support futures or options trading, and the default profit split is set at 75%. To achieve the advertised 90% profit share, traders must pay an additional fee. Withdrawals are also limited to once per 30 days, and the platform accepts debit/credit card, PayPal and Coinbase Commerce crypto payments.

SurgeTrader is best suited for profitable traders who have a proven track record and are looking for a straightforward way to access funded trading. The platform’s simple audition process and lack of time limitations make it an appealing choice for those who want to quickly demonstrate their trading skills and gain access to additional capital.

Do you see yourself being able to take full advantage of an up-to-90% profit split and reaping big rewards? If so, then SurgeTrader could be the platform for you. Click here to start trading today!

Use code: FYE2024 for 25% OFF on Auditions!

Frequently Asked Questions

SurgeTrader is a proprietary trading firm that offers a streamlined and simplified path to funded trading for experienced traders. It has simple rules, supports a wide range of trading styles, and requires only a one-stage audition process.

The cost of SurgeTrader depends on the level of funding you’re aiming for. For a $25,000 audition, it costs $250. For $50,000, it’s $400. For $100,000, it’s $700. For $250,000, it’s $1,800. For $500,000, it’s $3,500. And for $1,000,000, it’s $6,500.

The default profit split with SurgeTrader is set at 75%. To achieve a 90% profit share, traders must pay an additional $360 for a profit split add-on.

Yes, SurgeTrader does not support futures or options trading. Withdrawals are limited to once every 30 days, and the accepted payment methods are debit/credit card,PayPal or crypto.

Yes, SurgeTrader allows for holding trades overnight and over the weekend. However, you cannot hold a stock trade overnight into an earnings release.

SurgeTrader does not limit your trading strategy or style, as long as it complies with the trading rules. You can opt for discretionary trading, hedging, algorithmic trading, or any other strategy.

SurgeTrader is best suited for profitable traders who have a proven track record and are looking for a straightforward way to access funded trading. Its simple audition process and lack of time limitations make it appealing for those looking to quickly demonstrate their trading skills and gain access to additional capital.

SurgeTrader, based at 405 5th Ave South in Naples, Florida, provides various ways for clients and users to get in touch. You can find a comprehensive FAQ page on their official website, https://www.surgetrader.com/, to address common questions.

If you need direct communication, you have several options:

  • Email: There are two email addresses available. For general inquiries, you can reach out to info@surgetrader.com. If you need support, it’s best to contact support@surgetrader.com.
  • Phone: There are two phone lines open for calls. For general contact, dial 866-998-0883. However, if you prefer a direct line, you can reach them at 239-944-5317. Additionally, a toll-free number, 866-998-7652, is also provided.
  • Chat: SurgeTrader’s website has a live chat feature that operates almost all the time, offering a swift response.
  • Social Media: The company maintains an active presence on multiple social media platforms where you can engage with their team.
  • Discord: A dedicated channel exists on Discord, where the support team is ready to assist and answer queries.

No prior registration is required to access their support service. Whether you use their feedback form, direct phone line, or any other communication channel, SurgeTrader ensures a smooth experience.

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