Everything you need to know about SurgeTrader Proprietary Firm
SurgeTrader is a US-based prop firm located in Naples, Florida and has been operating since 2021. They have set themselves apart by offering straightforward rule and wide range of financial instruments. SurgeTrader is looking to fund competent traders who can demonstrate their skills and discipline. If that describes you, then keep reading.
They are completely legit. They also offer great customer service. Read on to learn more about them, to review verifiable proofs, and to see traders’ reviews of Trust Pilot.
To access capital from SurgeTrader, traders are required to undergo an audition to assess their 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 choose. All SurgeTrader Audition accounts are demo accounts with virtual funding.
SurgeTrader offers its traders 75% of profits on all account sizes. The standard profit share is 75% but can be increased up to 90% and standard Leverage of 10:1 can be increased up to 20:1 with add-on purchases.
SurgeTrader currently offers 6 account sizes. Below are all the account sizes explained with profit targets.
What Do I Need to Do to Pass the Surge Trader Audition?
All you need to do to pass the SurgeTrader audition is to generate a return of 10% in your account without hitting the daily drawdown of 4% or a maximum trailing drawdown of 5%. You can take the audition on your own time at your own pace: there is no 30-day assessment period and no minimum trading days.
What’s the SurgeTrader Audition Like?
The audition is one-phase with a one-time fee. There is no subsequent subscription or hidden charges. It has realistic expectations and allows traders 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 SurgeTrader Allow Repeat Auditions?
If a trader doesn’t pass the audition the first time, no need to worry because they can take it again. SurgeTrader even offers you a 20% discount in that instance.
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 trading, subject to the same risk management rules without a profit target.
You Can Scale Your Account from $25 K to $500K.
Every time you pass the Audition with a 10% profit target, you will be given the option to scale to the next higher account. For example, traders on the $25K Starter Account, can choose to scale their account five times, to attain an account with a starting balance of $1,000,000 — at no additional cost.
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. On the $25,000 Starter Account, for instance, traders can choose to scale their account four times, up to achieving an account starting balance of $500,000.
Which Assets Can I Trade with SurgeTrader?
SurgeTrader allows you to trade with Forex, cryptocurrency, metals and energy, stock indices, and many individual stocks.
What’s Their Trading Platform Like?
SurgeTrader operates on two platforms (Mt4 and Mt5), integrated with the technology broker Eightcap: Eightcap M4 and Eightcap M5. Here is a screenshot of their dashboard.
How Many Lots Can I Trade with SurgeTrader?
SurgeTrader’s leverage and lot size are explained below.
Traders may have a maximum number of open lots with a risk equal to 1/10000 of their account size. Below are the maximum open lots across all pairs that a trader can maintain 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 lots 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 without 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 will have 5 lots on with risk. So, in this instance, 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 the system will liquidate all trades that currently have risk. This is only considered a soft breach, though, meaning that even though you violated the rule, you can continue trading. In this scenario, 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 not more frequently than every 30 days. As you make your withdrawal, SurgeTrader also withdraws its share of the profits, and your new equity will be marked down by the total amount withdrawn.
Rest easy, SurgeTrader allows you to request a free trial so you can familiarize yourself with their platform and trading rules, have space to practice, hone your skills, improve your strategies, and generally get the feel of what it’s like trading with them.
They also have a very informative FAQ page offering more details on the company and its operations. Plus, they are accessible via 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 one-phase challenges that require completion of prior to becoming funded and eligible to earn profit splits. SurgeTrader requires traders to reach a profit target of 10% before becoming funded, which is a realistic trading objective are considering the 4% maximum daily loss and 5% maximum trailing drawdown requirements. With the evaluation programs, you can earn up to 90% profit splits while also being able to scale accounts (except for the $500,000 and $1,000,000 accounts).
We would recommend SurgeTrader to anyone who is looking for a prop firm with straightforward trading rules. While it is still a relatively new firm, it offers 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.