E8 Markets and FundedNext are two prominent proprietary trading firms offering traders the chance to manage significant capital. Both firms have distinct features, evaluation models, and policies, catering to different types of traders. This detailed comparison explores the nuances of their evaluation processes, account offerings, rules, and other key aspects to help traders make an informed decision on prop trading.
1. Evaluation Process
E8 Markets
- Evaluation Models:
- E8 Classic Account:
- Two-phase evaluation.
- Phase 1: Achieve an 8% profit target with a 5% daily loss limit and a 10% overall drawdown limit.
- Phase 2: Achieve a 5% profit target under the same risk parameters.
- E8 One Account:
- Single-phase evaluation with a 10% profit target.
- Trailing drawdown applies, impacting unrealized profits.
- Custom Evaluations:
- Traders can tailor evaluation parameters to fit their strategies.
- E8 Classic Account:
- Timeframe: No maximum trading days, allowing flexibility to complete evaluations at the trader’s own pace.
- Minimum Trading Days: None required, offering immediate progression once the profit target is met.
- Leverage: Up to 1:50.
FundedNext
- Evaluation Models:
- Two-Step Evaluation:
- Phase 1: Achieve an 8% profit target within 30 days, adhering to a 5% daily loss limit and a 10% overall drawdown limit.
- Phase 2: Achieve a 5% profit target within 60 days, maintaining the same risk parameters.
- Express Model:
- One-step evaluation with a 25% profit target.
- Allows traders to move directly to live capital but includes stricter consistency rules.
- Two-Step Evaluation:
- Timeframe:
- Phase 1: Up to 4 weeks.
- Phase 2: Up to 8 weeks.
- Minimum Trading Days: Requires 5 trading days per phase.
- Leverage: Up to 1:100.
Key Differences:
- E8 Markets offers more flexibility with no minimum trading days or time limits, making it appealing to traders seeking reduced pressure.
- FundedNext enforces timeframes and minimum trading days, offering a structured approach, but also provides higher leverage.
2. Account Sizes and Fees
E8 Markets
- Account Sizes: Ranges from $25,000 to $250,000, with scalable options.
- Fees:
- $228 for a $25,000 account.
- $888 for a $250,000 account.
- Refunds: Evaluation fees are refundable upon successfully completing the evaluation process.
FundedNext
- Account Sizes: Ranges from $6,000 to $200,000.
- Fees:
- $49 for a $6,000 account.
- $999 for a $200,000 account.
- Refunds: Evaluation fees are refunded after successfully passing both evaluation phases.
Key Differences:
- E8 Markets offers larger account sizes, but FundedNext has lower entry fees for smaller accounts.
- Both firms refund fees upon successful completion of evaluations, but FundedNext has a lower initial cost for entry-level traders.
3. Profit Splits and Payouts
E8 Markets
- Profit Split: Starts at 80% and can increase up to 90% with consistent performance.
- Payout Frequency: Traders can request payouts bi-weekly, offering faster access to profits.
- Processing Time: Known for prompt processing of payouts.
FundedNext
- Profit Split: Starts at 60% and scales up to 90% based on account type and performance.
- Payout Frequency: Payouts are available bi-weekly, with the first payout accessible after 14 days of trading.
- Processing Time: Reliable payout system, but initial payouts may take slightly longer.
Key Differences:
- E8 Markets starts with a higher profit split (80%), making it more appealing to traders seeking immediate returns.
- FundedNext offers scalability in profit splits, rewarding traders with consistent and long-term performance.
4. Risk Management Rules
E8 Markets
- Daily Loss Limit: 5% of the account balance, including both realized and unrealized losses.
- Overall Drawdown Limit: Capped at 10% of the starting balance.
- Trailing Drawdown: Applies in some accounts, adjusting based on the highest balance achieved, potentially penalizing unrealized profits.
FundedNext
- Daily Loss Limit: 5% of the account equity.
- Overall Drawdown Limit: 10% of the account balance.
- Consistency Rules: Requires traders to maintain a consistent trading style, with restrictions on significant trade size changes.
Key Differences:
- E8 Markets imposes trailing drawdowns on specific accounts, which can limit profitability.
- FundedNext offers static drawdown limits, providing more flexibility for traders with varying strategies.
5. Tradable Instruments and Platforms
E8 Markets
- Instruments: Offers forex, commodities, indices, stocks, and cryptocurrencies.
- Platforms: Supports MetaTrader 5 (MT5) and Match-Trader.
FundedNext
- Instruments: Includes forex, commodities, indices, and cryptocurrencies.
- Platforms: Supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
Key Differences:
- FundedNext supports a broader range of platforms, including the popular MetaTrader 4 (MT4) and cTrader, which appeals to traders accustomed to these tools.
- E8 Markets focuses on MT5 and Match-Trader, offering a more modern trading experience but fewer options.
6. Community and Support
E8 Markets
- Customer Support: Provides responsive support via live chat and email.
- Community Engagement: Growing but not as established as FundedNext.
FundedNext
- Customer Support: Offers 24/7 support via live chat, email, and a comprehensive FAQ section.
- Community Engagement: A larger global community with webinars, forums, and active trader discussions.
Key Differences:
- FundedNext has a more established community and broader engagement tools.
- E8 Markets provides reliable support but has a smaller community presence.
Conclusion
Both E8 Markets and FundedNext provide strong options for traders seeking funded accounts, but their differences cater to different trading styles and preferences:
- E8 Markets is ideal for traders who prefer flexibility, faster payouts, and fewer restrictions on evaluation timelines.
- FundedNext suits traders seeking structured evaluations, higher leverage, and access to a wider range of platforms.
Ultimately, traders should assess their personal needs—whether they prioritize account size, evaluation structure, platform flexibility, or profit splits—before deciding which firm to partner with.