When evaluating proprietary trading firms, understanding the distinctions between them is crucial for aligning with your prop trading objectives. FXIFY and FundedNext are two notable firms in this space, each offering unique features and structures. Here’s a detailed comparison to help you discern their differences:
1. Company Background
- FXIFY: Established in May 2023, FXIFY is a relatively new entrant in the prop trading industry. It offers customizable accounts and aims to provide a unique trading experience by allowing traders to tailor their accounts to their specific needs.
- FundedNext: Launched in March 2022, FundedNext has rapidly expanded its global presence, operating in over 195 countries with a community exceeding one million traders. The firm focuses on empowering traders with substantial capital and support.
2. Evaluation Programs
- FXIFY:
- One-Phase Evaluation: Traders must achieve a 10% profit target with a 3% daily loss limit and a 6% trailing drawdown. There are no time constraints, and a minimum of 5 trading days is required.
- Two-Phase Evaluation: Phase 1 requires a 10% profit target; Phase 2 requires a 5% profit target. The daily loss limit is 4%, with a 10% static drawdown. No time limits are imposed, with a minimum of 5 trading days per phase.
- Three-Phase Evaluation: Each phase has a 5% profit target, a 5% daily loss limit, and a 10% static drawdown. There are no time constraints, with a minimum of 5 trading days per phase.
- FundedNext:
- Evaluation Model: A two-step process where traders must achieve specific profit targets within set time frames. The exact profit targets and time limits are not specified in the available information.
- Express Model: Offers immediate funding without an evaluation phase, allowing traders to start trading live capital right away.
3. Account Sizes and Fees
- FXIFY: Offers account sizes ranging from $5,000 to $400,000. Evaluation fees vary based on account size and chosen program, starting from $39.
- FundedNext: Provides account sizes up to $200,000, with the potential to scale up to $5 million based on performance. Fees are determined by account size and selected model, with specific figures not detailed in the available information.
4. Profit Splits
- FXIFY: Offers up to a 90% profit split, with the potential for traders to customize their profit share through add-ons.
- FundedNext: Provides profit splits up to 95%, with a notable 15% profit share available during the evaluation phase, which is uncommon among prop firms.
5. Payouts
- FXIFY: Allows traders to request payouts on-demand after closing the first trade on a live account, with no minimum amount or days required. Subsequent payouts can be requested as frequently as every two weeks.
- FundedNext: Offers bi-weekly payouts, with the first payout available after 14 days of trading. The firm emphasizes quick processing times, though specific durations are not specified.
6. Trading Platforms and Instruments
- FXIFY: Supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and DXtrade platforms. Traders have access to over 300 instruments, including forex pairs, commodities, indices, stocks, and cryptocurrencies.
- FundedNext: Offers trading through platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The range of available instruments includes forex pairs, commodities, indices, and cryptocurrencies.
7. Trading Rules and Flexibility
- FXIFY: Allows the use of Expert Advisors (EAs), news trading, and holding positions over weekends. There are no mandatory stop-loss requirements or consistency rules, providing traders with significant flexibility.
- FundedNext: Permits the use of EAs and news trading. However, specific policies regarding weekend holding and other trading restrictions are not detailed in the available information.
8. Scaling Plans
- FXIFY: Offers a scaling plan that increases account size by 25% if a trader achieves a 10% return within three months, with at least two profitable months, allowing growth up to $4 million in funding.
- FundedNext: Provides scaling opportunities, enabling traders to increase their account size up to $5 million based on consistent performance, though specific scaling criteria are not specified.
9. Customer Support and Community
- FXIFY: Focuses on providing a unique trading experience with customizable accounts and fast payouts, aiming to build a supportive community for traders.
- FundedNext: Boasts a global community of over one million traders, indicating a robust support network and resources for trader development.
10. Reputation and Trustworthiness
- FXIFY: As a newer firm, FXIFY is building its reputation in the industry, with a focus on flexibility and trader-friendly policies.
- FundedNext: Established in 2022, FundedNext has quickly gained recognition, operating in over 195 countries, suggesting a strong and growing presence in the prop trading sector.
In summary, both FXIFY and FundedNext offer distinct features tailored to different trader preferences. FXIFY emphasizes flexibility with customizable accounts and relaxed trading rules, while FundedNext focuses on rapid scaling and a substantial global community. Traders should carefully assess these differences to choose the firm that best aligns with their trading style and objectives.
