Everything you need to know about Surge Trader Proprietary Firm
Surge Trader Proprietary Firm
Surge Trader is a US-based prop firm located in Naples, Florida. Surge traders started operations in 2021 and have set themselves up to be the prop firm that offers simple straightforward rules with a wide range of financial instruments. SurgeTrader is looking to fund competent traders who can demonstrate their skills and discipline. If that’s you, then keep reading.
IS SURGE TRADER LEGIT?
They are completely legit. They have great customer service. Read on to see more about them and all the verifiable proofs alongside traders’ reviews on Trust Pilot.
How do I get Funded by SurgeTrader?
To access capital from SurgeTrader you are required to take an audition to assess your skills, risk management, and profitability as a trader. You will have to pay a one-time fee that ranges from $250 – $6500 depending on the account size you’re aiming for. All SurgeTrader Audition accounts are demo accounts with virtual funding
What’s the SurgeTrader Profit Split?
Surge trader offers its traders 75% of profits on all account sizes
SurgeTrader Packages (Account Sizes)
Surge Trader currently offers 6 account sizes. Below are all the account sizes explained with profit targets
All you need to do to pass the Surge Trader Audition is simply generate a return of 10% in your account without hitting the daily drawdown of 4% or a maximum trailing drawdown of 5%.
Take the audition at your own time at your own pace: No 30-day assessment period. No minimum trading days
What’s the Surge Trader Audition Like?
The audition is a one-phase with a one-time fee. No subsequent subscription or hidden charges. It has realistic expectations and allows traders the freedom to use any strategy without time restrictions. All things considered; surge trader auditions are one of the easiest to pass when compared to other prop firms out there.
Does Surge Trader Allow Repeat Auditions?
If you didn’t pass the audition the first time, no worries. You can take it again.
Surge trader even offers you a 20% discount for it.
After the Auditions What Next?
As soon as you pass the auditions, you’ll receive an automatic email notification with your new, live, account credentials. SurgeTrader will get you into a funded account ready for you to trade, subject to the same risk management rules without a profit target.
Surge Trader Scaling Plan
Traders can scale up to the next largest account size and earn at least 2x more buying power. Each time you pass the Audition with a 10% profit target, you’ll be given the option to scale to the next highest account.
Traders on the $25K Starter Account, for example, can choose to scale their account four times, to achieve an account with a starting balance of $500,000.
- Surge trader requires all its traders to use a stop-loss required for each trade when its executed
- Surge trader does not permit weekend trades— that means all positions closed on Friday at 3:55 PM EST
Other than that, you’re good to go. You can even trade news events if you want to.
Which Assets Can I Trade with Surge Trader?
SurgeTrader allows you to trade with Forex, cryptocurrency, metals and energy, stock indices, and lots of individual stocks.
SurgeTrader operates on two platforms Mt4 and Mt5 integrated with the technology with a broker Eightcap – Eightcap M4 and Eightcap M5. here’s a screenshot of their dashboard.
SurgeTrader Leverage and Lot size are explained below
Traders may have a maximum number of open lots with a risk equal to 1/10000 the size of their account. Below are the maximum open lots across all pairs that a trader can have at any given time.
- $25K – 2.5 lots with risk
- $50K – 5 lots with risk
- $100K – 10 lots with risk
- $250K – 25 lots with risk
- $500K – 50 lots with risk
- $1 million – 100 lots with risk
Note: According to the official support, the lost above are maximum available lots with risk, your account still has margin requirements, and you may not be able to trade up to the maximum lots listed above if you do not have the margin available. For example, if you are in the $100k plan you will have 10 open lots with risk available.
If you buy 5 lots of EURUSD at 1.20 and your stop loss is at 1.18, you would have 5 lots on with risk, so you would have 5 still available. If the EURUSD moves up to 1.25, and you update your stop loss to be at 1.20, which would be your open price, you no longer have risk on that trade. So, you would again have 10 lots available, even though you currently have 5 lots open.
In the event that you put on too many trades with risk, then our system will liquidate all trades that currently have risk.
This is only considered a soft breach though, which means, even though you violated the rule, you can continue trading, and should you reach your 10% profit target (without violating daily or maximum loss limits), you would be upgraded to a live funded account.
Surge allows you to make withdrawals at any time for the first time, but after that no more frequently than every 30-days. As you make your withdrawal, surge trader also withdraws its share of the profits, and your new equity will be marked down by the total amount of funds withdrawn.
Rest easy, surge trader allows you to request a free trial so you can familiarise yourself with their platform, and trading rules, practice, hone your skills and improve your strategies, and generally get the feel of what it’s like trading with them.
They also have a very informative FAQ page to give you more details on the company and its operations. Plus, hey have live chat support on their site, active social media handles, and toll-free numbers.
In conclusion, SurgeTrader is a legitimate proprietary trading firm that offers traders a chance to choose between different evaluation program account sizes.
Evaluation programs are a one-phase evaluation challenge that requires the completion of one phase before becoming funded and being eligible to earn profit splits. SurgeTrader requires traders to reach a profit target of 10% before becoming funded, which are realistic trading objectives considering you have a 4% maximum daily loss and 5% maximum trailing drawdown rules to follow. With evaluation programs, you can earn 75% profit splits while also being able to scale your accounts (except for $500,000 and $1,000,000 accounts).
I would recommend SurgeTrader to anyone who is looking for a prop firm with straightforward trading rules. While they are still a relatively new firm, they offer excellent conditions for a big pool of individuals with unique trading styles. After considering everything SurgeTrader has to offer, they are for sure one of the industry-leading prop firms.
ABOUT THE AUTHOR
Romain is an independent trader and investor specializing in financial market analysis and trading systems. He worked as a professional long/short equity trader for a trading firm in New York and has a passion for building mechanical trading strategies. He has been in the industry since 2008.
This post expresses the opinions of the writer and is for information, entertainment purposes only. Romain is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk.) Please read the Full Disclaimer