What is forexfundedchallenge.com?
Forexfundedchallenge.com is a platform offering “funded challenges” where aspiring traders pay an upfront fee to demonstrate their trading skills in a simulated environment.
If successful in meeting specific profit targets and adhering to risk management rules, they are granted access to a “profit share prop account” to trade with the firm’s capital and earn a percentage of the profits.
Is forexfundedchallenge.com a legitimate company?
Based on the website’s information, forexfundedchallenge.com appears to be an operational platform offering services as described.
However, its legitimacy as a financially regulated entity is unclear, as it explicitly states it offers “simulated trading and educational tools” and does “not act as a broker and do not accept any deposits.” This phrasing is a common characteristic of prop firms that aim to operate outside stringent financial regulations. forexfundedchallenge.com Review & First Look
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How does the funded challenge work?
The challenge typically involves two phases.
In each phase, you trade virtual capital and must meet specific profit targets (e.g., 8% or 10% in Phase 1, 5% in Phase 2) while staying within strict daily and maximum drawdown limits (e.g., 5% daily, 10% max). If you pass both phases, you qualify for a “profit share prop account.”
What are the fees for forexfundedchallenge.com?
The fees vary based on the virtual account size you choose for the challenge.
For instance, a $10,000 virtual account challenge costs $89, while a $200,000 virtual account challenge costs $989. These are upfront, non-refundable fees unless you successfully pass the challenge.
Are the challenge fees refunded?
Yes, the website states that “Challenge Fees Refunded” is a benefit. Is madforit.com Legit?
However, this refund is contingent upon successfully completing both phases of the challenge and receiving a “Profit Share prop account,” which is a highly difficult achievement for most participants.
What is the profit share percentage?
Forexfundedchallenge.com advertises a “Virtual Profit Share” of 90%. This means if you successfully pass the challenge and trade a funded account, you could receive up to 90% of the profits you generate, with the firm retaining the remaining 10%.
What trading instruments are offered?
The platform states that products offered include FX (Forex), Indices, Commodities, and Metals for trading within the challenge environment.
Are there any time limits to complete the challenge?
No, forexfundedchallenge.com states “No Time Limits” for completing their challenges, which can be an advantage for traders who prefer to take their time.
Can I hold trades over the weekend?
Yes, the website indicates that you can “Hold & Trade Through The Weekend,” offering flexibility for swing traders. skim-a-round.com Pricing & Value Proposition
Are there commissions on trades?
No, forexfundedchallenge.com advertises “$0 Commissions on Trades,” making it seem more cost-effective for frequent traders.
What leverage is offered?
The platform offers “Virtual Leverage: 100:1” for the simulated trading accounts.
This allows traders to control a large virtual position with a relatively small amount of virtual capital.
What are the daily loss limit and max drawdown?
The “Daily Loss Limit” is 5%, meaning your virtual account balance cannot drop by more than 5% from its starting balance on any given day.
The “Virtual Max Drawdown” is 10%, meaning your virtual account balance cannot drop by more than 10% from its initial starting balance or highest point achieved. skim-a-round.com Customer Support Review
What trading platform does forexfundedchallenge.com use?
The website mentions a “Prop Trading Platform” which is web-based, mobile-responsive, and includes features like a built-in trade size calculator, performance journal, extensive AI tool selection, and comprehensive charts.
It also mentions “Chart+ Platform” as providing trading analytics.
Does forexfundedchallenge.com provide AI tools?
Yes, forexfundedchallenge.com includes “Additional A.I Tools” on its $50K, $100K, and $200K challenges.
These tools include over 40 widgets like currency strength, heat maps, correlation matrix, and technical analysis scores.
Where is forexfundedchallenge.com located?
The listed address for forexfundedchallenge.com is Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E. This is a free zone in Dubai. skim-a-round.com Alternatives: Exploring Pool Maintenance Solutions
What are the benefits of joining their social community?
Forexfundedchallenge.com encourages users to “Join our global Discord and Facebook communities” to share trading knowledge and experience, fostering a sense of community among participants.
Is forexfundedchallenge.com suitable for beginners?
While the platform offers “educational tools,” the challenge structure and strict risk management rules may be overwhelming for absolute beginners.
It’s designed for individuals with at least some foundational trading knowledge and discipline.
What happens if I fail the challenge?
If you fail to meet the profit targets or breach any of the risk management rules (daily loss limit, max drawdown), your challenge account will be terminated, and you will forfeit your upfront challenge fee.
How long has forexfundedchallenge.com been around?
According to public WHOIS records, the domain forexfundedchallenge.com was created on June 17, 2023, indicating it is a relatively new platform. Is cottontraders.com Legit?
What precautions should I take before joining?
It’s crucial to understand that the majority of participants in such challenges do not succeed, and their fees are typically lost.
Exercise extreme caution, thoroughly review their terms and conditions, and recognize the highly speculative and risky nature of the underlying Forex trading, especially with high leverage, which can be ethically problematic.
Consider focusing on ethical and tangible wealth-building alternatives instead.
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