Elite Trader Funding Review 2023 (Rules & Payout Analyzed)

What Is Elite Trader Funding?

Elite Trader Funding is a prop firm based in the United States.

Three professionals with years of experience in the forex, stock, and futures markets founded it to help skilled traders access funded accounts.

JUMP STRAIGHT TO: Does Elite Trader Funding Have Drawdown Rules?

The company envisions becoming the top preference of successful traders and keepdrs working to develop innovative features for its sponsored trader solutions.

Knowing it takes time to reach experienced professionals, the firm always stays on the hunt and endeavours to be as flexible and rewarding as possible. 

How Does Elite Trader Funding Works?

The company offers different evaluation programs to access funded accounts.

Clients can select the one well suited to their trading style and budget.

The company keeps things simple. To qualify the evaluation, traders must complete at least 5 trading days and reach the profit target without hurting the drawdown limit. 

There are four evaluation programs, including 1 step, EOD Drawdown, Fast Track, and Static.

While the minimum account size for 1 step evaluation starts at $10K, EOD Drawdown and Fast Track evaluations come with a starting balance of $25K.

On the other hand, the company offers only a $100K account in the static program. 

Depending upon your performance and selected evaluation program, the company provides you funded access to different account sizes with flexible trading conditions to explore the maximum of your trading talent. 

The company features multiple articles to explain its various products and programs, the need to access more educational resources is felt, though.  

Is Elite Trader Funding A Valid Funded Program For Futures Trading?

Yes! Elite Trader Funding is a valid funded program. The firm is known for its high standards of transparency and flexible trading conditions.

Besides providing multiple funding choices and easy qualification rules, the company remains consistent with its payout policies.

The company also takes pride in having qualified and experienced professionals working day and night for the betterment of its stakeholders and the organization. 

Do I Recommend Elite Trader Funding?

Yes! I do recommend Elite Trader Funding, and I'll make sure to explain why I do so.

First, with a Trustpilot rating of 4.4 out of 5, the firm is a reliable platform and holds a good reputation amongst prop traders. Many people seem to like them; I've seen positive comments on Reddit and Twitter. 

Second, the firm doesn't force you to choose or leave a scaling plan.

Instead, the selection of evaluation accounts depends entirely on your trading preferences. Moreover, it allows a free reset upon rebilling your subscription.

In short, the company may be young, but its products and service are too amazing to recommend. 

Elite Trader Funding Key Data

Pros & Cons 

Here we list the pros and cons of signing up with Elite Trader Funding:

Is Elite Trader Funding Legit?

Yes! Elite Trader Funding is a legit program designed for skilled traders to unlock countless trading opportunities possible with sufficient funding solutions.

The organization maintains straightforward policies and is not overly restrictive.

Some other businesses I have researched frequently provide outrageous discount coupons while being fully aware that most traders would barely succeed due to their rigid regulations.

Undoubtedly, Elite Trader Funding is not one of them.

It's important to differentiate between Elite Trader Funding and the infamously shady elite-traders.com.

If you search for Elite Trader Funding plus the word "scam" on Google, you can get results for another organisation that has a reputation for being fraudulent and unregulated. 

What are the drawdowns in the Evaluation and Funded Account?

For evaluation accounts, the drawdown is profit trailed based on the evaluation selected. Please be very careful when selecting your evaluation to ensure that you understand whether the drawdown is static intraday or calculated end of day. 

For funded accounts, the unrealized profit drawdown ends when you reach your starting balance with $100 in profit. When you pass, you don't have to monitor the drawdown and can grow your account as large as you want.

Why Choose Elite Trader Funding?

While there are many reasons you should choose Elite Trader Funding, the foremost is its flexibility.

Unlike other prop firms employing strict regulations, the company keeps its trading rules simple.

For instance, working your own hours is the advantage of being a successful trader.

The organization realizes that and allows you to trade over holidays, special occasions, and news releases that could move the market.

Secondly, the firm allows you to practise for your evaluation using a demo account for 14 days at no cost.

While practising the Fast Track, you'll have access to a 250K account balance.

However, this account doesn't help you qualify for the evaluation.

Instead, it only gives you the confidence required for trading under live market conditions.

Every investor is limited to a single demo account.

Thanks to the provision of leverage trading, you can also enhance your market exposure by many folds, still risking the firm's funds instead of your own. 

What are the commissions?

The commissions depend on your selected tradable instrument.

While the minimum commission starts at $0.50 for trading currency futures such as E-Micro GBP/USD, the maximum commission you may incur is $2.81 for trading agriculture futures like Soybean, Wheat, Rough Rice, etc.

These commissions are quoted per side. For a round trip, commissions for different financial instruments will fall between $1.00 and $5.62. 

Does Elite Trader Funding Support Multiple Accounts?

Yes, It does. You can open up to 20 accounts simultaneously as long as you link them to your primary rhythmic ID. Even though the firm supports multiple accounts, you must have all of them under one login.

How Do You trade Multiple Elite Trader Funding Accounts In Tradovate?

Trading multiple accounts require you to use Tradovate's Group Trade feature.

Using it, you can create an unlimited number of groups and allocate a number of accounts to each group.

You can then choose one configured group and initiate a position through Tradovate for all of the accounts in the group by selecting that group.

Within Tradovate, you can view their orders, positions, and linked accounts and manage them separately. 

To create a group, manage and trade multiple accounts in Tradovate, you may follow the steps below;

1. Use the account drop-down menu and click on create a group.
2. Name the group and assign the number of accounts you want in it. For instance, you have 20 accounts in total but wish to add only 4 of them, so a drag-and-drop option allows you to move them from the available accounts column to added accounts. 
3. Once you've created a group, you can always select it from the account drop-down menu as explained above.
4. When you initiate a group order, the Orders module will display all orders for all accounts in the group, while the Positions module will display all open positions for all accounts. 

Note: The system will accept orders only in increments equal to the Group Account's quantity. 

How Do Payouts Work?

Elite processes approved payouts on Fridays every week, while clients can request a payout once a month.

The firm processes all payments via Deel, and supported payment methods include ACH and Paypal.

To request the first payout, you must complete a minimum of 20 days of trading, and your trailing drawdown should have reached your starting capital.

Similarly, a gap of 15 and 10 trading days between your previous and current payout requests is mandatory for the 2nd and 3rd payouts, respectively.

From 3rd payout request onward, you only have to complete 10 trading days to request a payout.

If your account's balance is dropped from the minimum level after the payout, the firm will close it. 

What Is The Payout Structure?

While traders can retain 100% profit of their first 12500 profit payouts, the prop firm shares 20% of them after that. Hence the profit split ratio becomes 80: 20.

Each funding account has a limit for 1st, 2nd, 3rd, 4th, and 5th payouts, depending on your account's size. 

For instance, you can request a payout between $750 and $1,000 for your 1st payout in a $10,000 account. Your limit for 2nd payout in the same account will stay between $750 and $1,250.

For each subsequent withdrawal request, the limit gets increased by $250. That means your 3rd and 4th payout threshold will be $1500 and $1750, respectively.

To know the detail payout structure for other accounts, please click here. 

Note: The payout limit applies irrespective of when you initiate your first withdrawal request. 

What Are The Funding Rules?

Elite Trader Funding rules are simple and straight forward. 

1. You must complete a minimum of 5 trading days to qualify.
2. You must reach or exceed your profit target. 
3. You must not hit your trailing drawdown level.
4. You must not trade more contracts than allowed.
5. You must close all your trades at least 1 minute before the market closes. 

If you adhere to these rules, you will likely get access to the funded account within 72 hours. 

What is the Elite Trader Funding Discount Code?

Though Elite Trader occasionally runs promotional campaigns, no promo code is currently available. 

Pricing Breakdown

Elite Funding Programs come with a competitive pricing structure. Below we break down pricing for each of the programs offered.

Main Alternatives Compared - Elite Trader Funding vs TopStep vs Apex Trader Funding

Though Elite Trader Funding is a competitive choice, it's important to consider the advantages that other trader funding programmes, such as Topstep and Apex Trader Funding, can provide.

We've included a quick comparison table below to help you decide which company best fits your needs.

Elite Trader Funding offers limited options amid funded accounts; the same is true for Topstep.

However, you have flexible options at Apex Trader Funding.

On the other hand, both Apex and Tostep support limited platforms, while you can access a large collection of supported platforms at Elite Trader Funding. 

Regarding the pricing structure, there is little difference between the three.

For instance, a $50K account comes for a subscription fee of $165 per month at Elite Trader Funding.

On the other hand, you pay $167 and $165 for the same account size at Apex Trader Funding and Topstep, respectively. 

Both Apex and Topstep offer educational resources, but you aren't likely to find such a facility while working with Elite Trader Funding.

The company neither offers any educational programs nor hosts a blog section. 

The customer support offered at all of the platforms seems average.

Neither Elite nor ApexTrader Funding and Topstep offer web chat support.

You must fill out the contact form or make a telephone call to reach them. 

Conclusion

After an in-depth review of Elite, we found it a competitive choice for skilled traders seeking financial assistance to explore their trading potential.

With its positive reputation among clients, the company seems to be staying on track to keep up its good name.

While the company does not require special paperwork or procedures to pay its traders, easy-to-understand evaluation rules and a fair pricing structure make it a worthwhile option.

Although no discount coupon is available at the moment, spending $45 isn't a big deal, especially when looking for a legitimate prom firm.

Frequently Asked Questions

If You Signup For Elite Trader Funding, Can You Use Sierra Charts?

Yes, you have access to Sierra Charts, provided that you use the Rithmic trading platform.

Is There A Cost To Using Tradovate and Tradingview, And What Is The Cost, If Any?

No, there is no cost to use Tradovate or Tradingview. Access to them comes as complimentary with the Elite-funded accounts.

Does Elite Trader Funding Give You A Free Reset When You Renew?

Yes! When your subscription renews, your account will be reset automatically if it is currently locked due to a violation or breaching the rule. Although the reset fee is $75, you have it free on your subscription renewal.

How Long Do You Need To Trade For To Pass The Evaluation?

You must complete a minimum of 5 trading days to pass the evaluation.