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Birmingham, United Kingdom
Posts: 179 since Jul 2022
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I've been looking at different futures firms lately, and Elite Trader Funding stood out as one of the worst.
At first glance they seem appealing with a decent variety of account sizes, rules and platforms to choose from. However, some recent bad press has shown that their payout rules are by far the worst in the business.
To qualify for a payout, you need to trade at least 15 days. But for a day to qualify as a trading day, it needs to be a minimum of $200 and at least 23% of your best day! So if your best day is $2000, all of your days now need to be at least $460 to qualify as a trading day.
Your largest day cannot be more than 40% of your total profits, and payments are capped. You must make at least 1 trade a week, accounts that don't notify them will be deactivated. Imagine going on holiday just to come back to this.
They also have some other mines carefully laid to blow your account up, such as the 10 second trade rule. How are we supposed to time our trades? You could easily have a trade shorter than 10 seconds if you use limit orders in a volatile market.
And to top it all off, you get a 90% split after $12500, per trader. Not per account.
To me, this looks like the worst prop firm around. Thoughts?
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