Ultimate Traders Grants Funded Trading Accounts of up to $400,000

Ultimate Traders is a prop firm giving traders the opportunity to work with funded trading accounts, ranging from $10,000 to $400,000. Rather than go the usual route of depositing funds directly into a retail broker account, traders can instead register with Ultimate Traders and earn the opportunity to trade the firm’s capital, splitting any profits made without bearing the losses. The profit split is 80/20 in favor of the trader, with the option to increase to 90/10.

HOW DOES IT WORK?

As most proprietary trading firms do, Ultimate Traders first evaluates the traders’ abilities through a challenge. Traders who successfully complete the challenge receive funded trading accounts. The registration fee is proportional to the size of the account to which applied and is refunded if progress is made to the funded stage. The basic premise of the challenge is for the trader to demonstrate their ability to reach a profit target set out by the firm, without allowing the account to exceed a specific drawdown limit.

The MT4-based trading accounts are hosted by external broker T4Trade, to ensure accurate market reflection and impartiality.

TWO TYPES OF EVALUATION

Ultimate Traders offers the choice between two types of evaluation, in the form of a 1-step challenge or a 2-step challenge.

The 2-step challenge, named the Classic Challenge, involves reaching a profit target of 10% during the first phase, and 5% during the second (following a balance reset). All the while, the daily drawdown limit is set to 6% (meaning the trader cannot lose more than 6% of the day’s starting equity), and the all-time drawdown limit is set to 12% (meaning the trader cannot ever lose more than 12% of the original starting balance). Once funded, traders are no longer required to achieve a certain profit target and the all-time limit stabilizes after the account is built up to 112% or more. Therefore, the trader’s only remaining concern is the daily drawdown.

The 1-step challenge, named the Speedy Challenge, similarly involves reaching a profit target of 10% but this is required just once. The difference is that the daily drawdown limit is reduced to 4% and the all-time limit is set to 6%. Therefore, although quicker, the Speedy Challenge is stricter.

PRICING AND ACCOUNT SIZES

Ultimate Traders evaluates traders for varied-sized funded trading accounts, ranging from $10,000 to $400,000. Applying through the Classic Challenge for the $10K account costs $99, whilst the same account costs $129 through the Speedy Challenge. The largest account size of $400K costs $1799 through the Classic and $2199 through the Speedy. Other account sizes include $25K, $50K, $100K, and $200K.

Additional features can also be added to the challenge, such as the options to trade without a mandatory stop-loss, to hold trades open during the weekend (targeted at swing traders), and to increase the trader’s share of the profit from 80% to 90%.


IS IT WORTH IT?
The question remains; despite the opportunity to trade third-party funds, is it worth risking the possibility of failing the challenge? After all, the same trader could have just jumped straight into trading their own funds however small those may have been.

Ultimate Traders CRO Panayiotis Christodoulou had this to say:

“The truth is that most losses in retail trading stem from genuine ambition that eventually leads to a lack of discipline. Most retail traders have full-time jobs outside of trading and decide to set aside maybe $500 dollars (sometimes less) to try their hand at something new. A professional trader will be happy to net a healthy 10% profit at the end of each month – but a professional is probably trading an account funded upwards of $100,000. At 10% per month, that equates to $10,000. The hobbyist trader is unlikely to stick to the same disciplined strategy just to make $50 at the end of the month. They would (understandably) rather attempt to also make $10K but using nowhere near the same funds. So then begins the inevitable misuse of leverage, overexposing capital by opening positions too large relative to the account balance, and, by the end, nothing remains. This same trader would probably behave far differently with a seriously funded account. That is why I consider prop trading to be a great solution. With Ultimate Traders, aiming to make $10,000 out of $500 is actually feasible because the evaluation for our $100K account literally costs $499. The trader must simply demonstrate that, if given those funds, they are capable of steadily trading up to a 10% profit target, without overexposing or incurring huge losses to get there.”