Cove Funded Review: The Prop Firm Prides Itself With 90% Profit Split

A huge profit split may appear tempting to many traders, however, due diligence is required before being lured in. Some companies offer large profit splits only to make traders deposit their funds, which is why you need to read our Cove Funded review before committing.

The prop firm prides itself on a 90% profit split and 14-day payouts. Considering the lack of reviews and recent establishment, it’s difficult to believe such stories, so we investigated this firm to present you with facts and make your decision easier. Keep reading and check out Mizar.

About Cove Funded

A proprietary trading company called Cove Funded is seeking talented traders to become part of their expanding international trading network. They give traders of every skill level the chance to trade with up to $200k. They use the Evaluation Process to ascertain your level of success.

After demonstrating your capacity to generate steady earnings, you will have the opportunity to pass the assessment and receive an invitation to become a Cove Funded Trader. The firm was established only recently, so there are no Cove Funded reviews, making it difficult to ensure safety.

Traders can choose between multiple platforms and assets, and for a one-time fee, they can purchase the challenge and showcase their skills. Education and skills are required to become a funded trader, so make sure to check out someone like Lets Trade to learn more about trading.

Cove Funded Trading Conditions

The Cove Funded profit split is 90%, as we established before, however, it’s difficult to check the reliability of this company due to the lack of feedback. This profit split is tempting but traders should use due diligence with any firm offering a high profit split.

The trading platform they use is TradeLocker, a state-of-the-art and innovative trading platform, with charting powered by TradingView. Designed with innovation and speed in mind, TradeLocker offers a variety of benefits right at your fingertips. 

Thanks to its user-friendly interface, there’s no need to download a TradeLocker app. Additionally, the Cove Funded platform can also be MT4 or MT5, which caters to the needs of different traders.

The offered leverage depends on whether traders choose a one-phase or two-phase challenge. Leverage of up to 1:100 is offered for two-phase challenges, while for one-phase the leverage is capped at 1:30.

Cove Funded Challenge

The Cove Funded Challenge program consists of two phases, each with its own set of requirements. Traders have an indefinite challenge period in Phase 1, with a minimum trading requirement of four days and a 10% profit aim. They also have to follow the 3% daily and 10% total maximum drawdown limits, with 1:30 allocated for available leverage.

Phase 2 demands a minimum trading term of 8 days, but it also includes an infinite challenge duration. Phase 2’s profit split (trader/fund) stays at 90/10, but the profit target is lowered to 5%. The allowable leverage has been increased to 1:100, but the maximum daily drawdown and overall drawdown are still the same as in Phase 1.

Cove Funded Funded Account

Cove provides funded trading accounts for both 1-Phase and 2-Phase challenges, with different capital requirements and costs. Traders can select from a range of account sizes according to their trading objectives and risk appetite. 

The fee is refundable for 2-phase challenges, while for others it’s not. The following are the fees for financed accounts:

1-Phase and 2-Phase Funded Accounts

• $6,000 account size: $60
• $15,000 account size: $119
• $25,000 account size: $190
• $50,000 account size: $295
• $100,000 account size: $500
• $200,000 account size: $980

Payment Options and Process

Cove Funded allows you to request a refund on your evaluation fee provided you have not placed any trades on your account, however, if you have used your active account or failed the challenge, they will not offer you a refund. The Cove Funded payout is every 14 days.

The accepted payment methods include all major credit/debit cards (Mastercard, Visa, etc.) and 

crypto payments. Once traders purchase a Cove Funded account challenge, they will need to wait until the crypto payment has been verified on the Blockchain.

Final Words…

The Cove Funded prop firm caters to needs of different traders, however, the lack of reviews and experience make it difficult to choose them as a primary option. Traders are advised to conduct research before investing to make sure Cove Funded is the right choice.

The profit split make it seem like they are a better choice than the competition, however, many companies try to falsely present themselves by offering a large profit split. Traders are advised to proceed with caution, especially with firms that lack client feedback.

Try Proprietary Trading With a Reliable Firm

Choosing a company that has over 2,000 comments and a 4.9 star rating on Trustpilot can’t be a wrong choice, especially if it has years of experience behind it. Our prop company is not only reliable but also effective, as the rules are made for you to succeed rather than fail.

You can get funded up to $200,000 and scale up to $2,500,000 without struggling to succeed. Both beginners and seasoned traders are welcome, as there are both one-phase and two-phase challenges to choose from. Additionally, traders can choose to get funded instantly.

Call us now and begin your profitable prop trading journey without spending too much of your own money, as we are here to help you get started quickly and effectively.

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