FundedNext is a proprietary trading firm that will launch in 2022 and by the looks of it, they can be tough competition.
Is FundedNext the next big thing?
FundedNext is a proprietary trading firm that has launched today, on the 18th of March 2022 and by the looks of it, they can be a tough competition to some of the already established prop firms in the industry. Their prop trading firm is in development for two and a half years and is striving to become the finest prop firm platform in the industry. They have a massive team with several departments with a mission to give traders access to funds. FundedNext CEO is Abdullah Jayed, who you can also hear from in the video below where he explains the logic behind the development of his proprietary trading firm.
FundedNext has its offices located in UEA, USA, UK, and Bangladesh. You can have a slight glimpse of what their goals are in the video above, where their CEO goes through what FundedNext is all about.
So, are you interested in what you learned so far? If so, FundedNext could be the proprietary trading firm for you!
Check the full review about FundedNext and use our code for a 5% discount: FOREXPROPREVIEWS
8 Replies to “Is FundedNext the next big thing?”
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It would be a great tool if they would abide by their own described rules. I filed a dispute with my credit card company because it appears I will not get a proper resolution. I held my trade, based on what they described on their site in the FAQs. Anmol confirmed in her response, my understanding of this rule is correct. So, proceed with caution because you may never get a proper resolution. The earnings of 15% is appealing and more appealing than other prop firms, but if they do not abide by their own rules it is fruitless.
According to their website, as well as their support (which I have provided my bank the transcript of the discussion), I did not violate the balance rules. You are to maintain no less than 95% of your original balance at all times. I was above the original balance (in well over $1200 in profit) at the time the company paused my account and closed my trades. I have screenshots of what my ending balance was after they closed the trade I was holding and shared this with Anmol. After they closed my open trade, the balance was $15441.44. According to their rules, I would have violated, if my balance had dropped below $14,250, which is a loss of $750 of my original balance of $15,000. I have provided the company with screenshots of my balance from their dashboard, as well as MT4, showing my Balance, nor my Equity ever dropped below 95%. In the support discussion with me here is what Anmol stated:
Anmol 07:58:35 am
Let’s say that you get a 100000$ funded account. .You put on a trade, the trade goes to 5000$ in profit.. You think that the trade has more potential and you decide to leave the trade running overnight… Now, the next day, for some reason the market reverses and your trade goes back to breakeven…This is very normal right? It can happen any day..
But, here’s the twist.. When the new day started, your equity was around 105000$ and as the trade went back to breakeven, your equity went from $105000 to $100000..and your drawdown for the DAY based on Equity is 5%..and because of the fact that ‘Equity based drawdown’ firms count daily loss limit based on equity just like this example, they will count this as a violation of their daily drawdown rule and punish you for this, even though you did not make ANY loss on the original 100000 amount..
In this same scenario, FundedNext, a ‘Balance based drawdown’ firm will not count this as a violation. We will look at your account balance, which is $100,000. At this point, We will only count a daily loss violation if your account equity at any point goes to $95,000 for the day.
I hope you understand the difference.
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What I have provided above is a scenario that Anmol gave in my chat discussion with her. If you read the FAQs, you will see a similar scenario presented. It is important to know the rules, so you will know if you can hold a trade and if you might possibly need to hedge that trade to offset.
Again, it would be a great tool, if they abide by their own described rules. Also, their responses are pretty unprofessional and rude. I have never worked with any other prop firms. I wanted to give this one a chance because the 15% was appealing. Although I have asked, if according to their scenario and site rules, I did not lose any of my original balance and I was in profit and had dropped below my profit or the initial funded amount of $15K, how did I violate the rules, I have not been provided with an answer of that. They simply say I hit the daily loss limit of $750. Again their site and Anmol confirmed you can lose “your profit” plus 5% of your initial/original balance.
Therein is where my problem lies! Be well!
Hello Vanessa P,
I am sorry to hear about your negative experience, however, FundedNext mentions that their daily drawdown limit is equity-based, which means that it changes based on the equity of the time that a new trading day starts. You can see the trading day time and your equity displayed on your trading dashboard at all times.
I don’t understand so many good comments.
In my entourage people win and are not paid or the trades close without having touched the position, I think that this company manipulates the transactions to prevent people from winning and paying again and again a challenge.
Knowing where the company is located only confirms my doubts, this type of people can’t help but scam people, I have another friend who brought in clients, he never received his commission are crooks and thieves.
Really don’t put $1 in them and run away from these people, a complaint to the FCA has already been filed against them.
Hello Maxime,
FundedNext is a legitimate proprietary trading firm, they have proven themselves already by paying out profit splits to many traders, despite the fact they started operating in March 2022.
This site is scam, they don’t pay
That is not correct, they are paying their traders, you can see an example here: https://forexpropreviews.com/fundednext-7-payouts/.
FundedNext is a scam
FundedNext is a scam! The way they make money is through traders signing up with them, and then close out their account without an explanation. Save your money and go somewhere else that speaks English….
I signed up with them a few months back for the Evaluation package. For the first month I lost almost 2%. They shut down my account and took my money. I asked them why, since I haven’t broken any of their rules. In the Evaluation video, it says you have unlimited tries to reach your goal. Even if the first month you didn’t make it, that’s OK, as long as you don’t lose 10% of the initial account. I asked them about this and they keep telling me to use chat, which I don’t have with them. They DO NOT HAVE email support. I asked for the person who manage my account, and they said to use chat. I told them: “I don’t have chat!” And they said: “Use the chat option.” If there is an option for NO STARS, I would pick that. This company is located in United Arab Emirates. Have fun withdrawing your money from them. Worst prop firm ever!!! STAY AWAY FROM FUNDEDNEXT!!!
We apologize for your negative experience. However, keep in mind that FundedNext is a well-established and reputable proprietary trading firm. Regarding your issue with your account being shut down, please note that if you were trading on an Evaluation account and you ended your phase one four week trading period in negative balance, you fail your account. The unlimited retries feature only counts if you ended your trading period in positive balance, meaning that if you were above your initial starting account balance. And secondly, they have a very good customer support team, you can get in touch with them through numerous sources, such as live chat (on their website), Discord channel, and email, which is: [email protected]. You can contact them whenever since they are active 24/7. However, based on what you described, you will not be receiving a new trading account since you failed to reach your profit target during your 4 week trading period of phase 1. You also aren’t eligible for a free retry since your balance was in drawdown after the four week period of phase 1 has concluded. With everything explained, I would kindly advise you to familiarize yourself with the proprietary trading firms terms & conditions before joining a company in the future. Good luck with your next evaluation challenges.