Choosing the right proprietary trading firm is a critical decision for traders seeking funded accounts. Elite Trader Funding (ETF) and PaidPex are two notable names in the industry, each offering distinct features, rules, and benefits. This article provides a side-by-side comparison of these prop firms, allowing traders to evaluate their strengths and differences.
1. Evaluation Process
Elite Trader Funding
- Multiple Evaluation Types: ETF offers a variety of evaluation programs, including 1-step, End-of-Day (EOD) drawdown, static evaluation, and diamond hands evaluation.
- Profit Targets: Ranges from 6.67% to 12.5%, depending on account type and size.
- Drawdown Rules: Includes trailing drawdowns that apply to unrealized profits, which can restrict certain trading strategies.
- Minimum Trading Days: A minimum of 5 trading days is required for most evaluations.
PaidPex
- Streamlined Process: PaidPex uses a single-phase evaluation requiring an 8% profit target.
- No Time Limit: Traders can take as long as they need to meet the profit target, reducing pressure.
- Simple Risk Management Rules: A flat 10% maximum drawdown with no trailing component.
- Flexibility: No minimum trading days are required, allowing traders to move at their own pace.
Key Difference:
ETF’s multiple evaluation types add variety but come with complex rules, while PaidPex offers a simpler, more flexible evaluation process that minimizes pressure.
2. Profit Splits
Elite Trader Funding
- Initial Profit Retention: Traders keep 100% of their profits up to $12,500.
- Subsequent Splits: An 80/20 profit split applies after the initial threshold.
PaidPex
- Generous Splits: Traders retain 85% of their profits from the start, increasing to 90% with consistent performance.
- No Initial Threshold: PaidPex applies its high profit splits uniformly, ensuring fairness for all traders.
Key Difference:
While ETF’s 100% profit split on the first $12,500 is appealing, PaidPex’s consistent and higher profit-sharing structure provides greater long-term earning potential.
3. Payouts
Elite Trader Funding
- Payout Timing: Traders can request payouts once profit targets are met, but some users report delays in processing.
- Profit Distribution: Payouts may take several business days to process, depending on the account type.
PaidPex
- Fast Payouts: PaidPex processes payouts within 18 hours, ensuring traders receive their profits promptly.
- On-Demand Withdrawals: Traders can request payouts at any time without restrictive schedules.
Key Difference:
PaidPex’s fast and reliable payout system stands out, offering traders greater financial flexibility and confidence.
4. Risk Management Rules
Elite Trader Funding
- Trailing Drawdowns: Applies to both realized and unrealized gains, which can penalize traders for profitable positions.
- Daily Loss Limits: Includes strict daily loss thresholds that leave little room for error during market volatility.
- Consistency Requirements: Traders must adhere to consistency rules, limiting the size and frequency of trades.
PaidPex
- Flat Drawdown Limits: A straightforward 10% maximum drawdown, with no trailing component.
- No Consistency Rules: Traders are free to use any strategy or trade size, provided they stay within risk limits.
- Flexibility: Allows for diverse trading styles, accommodating scalpers, swing traders, and long-term strategists.
Key Difference:
PaidPex offers simpler and less restrictive risk management rules, giving traders the freedom to execute their strategies without fear of breaching complex limits.
5. Account Sizes and Scaling
Elite Trader Funding
- Account Sizes: Offers accounts ranging from $10,000 to $300,000.
- Scaling Opportunities: Advertises account scaling, but the criteria and process lack clarity.
PaidPex
- Account Sizes: Starts with accounts up to $250,000, with opportunities to scale beyond this limit.
- Transparent Scaling: PaidPex clearly outlines its scaling process, allowing traders to increase account sizes by 25% every three months based on performance.
Key Difference:
PaidPex’s transparent and structured scaling plan gives traders a clear path to account growth, while ETF’s scaling opportunities remain less defined.
6. Trading Platforms and Tools
Elite Trader Funding
- Platform Support: Provides access to MetaTrader 5 (MT5) but does not support MetaTrader 4 (MT4).
- Limited Tools: Relies on standard platform features without additional proprietary tools.
PaidPex
- Platform Variety: Supports both MT4 and MT5, as well as custom-built platforms with advanced analytics.
- Innovative Tools: Offers AI-driven trading assistants and proprietary analytics to enhance decision-making.
Key Difference:
PaidPex’s broader platform support and advanced tools make it more appealing to traders seeking cutting-edge technology.
7. Transparency and Support
Elite Trader Funding
- Customer Support: While generally responsive, some traders report delays and generic responses during critical situations.
- Transparency: Certain aspects, like scaling criteria and rule enforcement, lack detailed explanations.
PaidPex
- Customer Support: Known for its 24/7 availability and personalized assistance.
- Clear Policies: PaidPex provides detailed and transparent guidelines for all aspects of trading, from evaluations to scaling.
Key Difference:
PaidPex’s transparent approach and responsive support provide traders with confidence and clarity throughout their trading journey.
Conclusion
Both Elite Trader Funding and PaidPex offer opportunities for traders to access funded accounts, but they cater to different trader preferences. ETF emphasizes variety in evaluation programs and offers appealing initial profit retention, but its complex rules and slower payouts may not suit all traders. On the other hand, PaidPex stands out for its streamlined evaluation process, higher profit splits, fast payouts, and transparent policies.
For traders seeking simplicity, flexibility, and reliable payouts, PaidPex may provide a more consistent and trader-friendly experience. However, each trader’s priorities will determine which firm aligns best with their goals.