SurgeTrader Review 2023 | A Scam or a Legit Prop Trading Firm?

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

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!

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