Funded Elite Review 2024: A Close Look at Proprietary Trading

Take a closer, more in-depth look into proprietary trading and this firm thanks to our Funded Elite review. Read about the funded accounts, reviews, features, pros and cons, and much more! Delve into the firm’s profile with us and learn whether or not they’re the right choice. 

The prop firm has been established recently and for such a short time, many traders left positive feedback. Will this firm continue to rise in the glory or will it fall like many others before them? Keep reading to find out and don’t forget to check our Gold Trader Mo evaluation. 

About Funded Elite

Funded Elite is a technology company that provides digital credentials to trading challenges. These credentials offer access to demo accounts provided by the Purple Trading broker, which simulate real market conditions.

Funded Elite is operated by Quantum Srls, an Italian-based business consulting and services company. However, according to WHOIS, the registered address of the domain is 96 Mowat Ave in Toronto Ontario, Canada. But still, the thing that surprised us the most was how low their ScamAdviser score was. 

Legal Information

Prop firms are not required to be regulated, however, some of them do obtain a license. Regulatory oversight falls onto the broker the prop firm is partnered with and in this case, the Funded Elite prop firm is partnered with Purple Trading. 

Unlike QTeck, Purple Trading is a broker registered in Cyprus, the United Kingdom, and the European Union. It is owned and operated by L.F. Investment Limited, located at 11, Louki Akrita, CY-4044 Limassol, Cyprus. This investment firm is licensed in Cyprus and is governed by the CySEC license number 271/15. 

Funded Elite Features

At first, you will start with a demo account as soon as you pass the challenge. The demo account will offer the so-called paper trading, which is crucial for traders who are just starting. Thanks to the partnership with Purple Trading, all trading is done on the MT4 and MT5 platforms. 

Available assets include Forex, indices, commodities, oils, energies, stocks, and cryptocurrencies. The Funded Elite profit split is 80%, which is the most common with prop firms all around the globe. The firm is very transparent in each sector of services they offer. 

The maximum leverage depends on the assets you choose, so for Forex it can go up to 1:100, for indices 1:30, cryptocurrencies 1:2, and lastly 1:20 for commodities. The commission is $3 per trade and it’s charged only for Forex and indices. The firm offers tight spreads, with a maximum of 0.01 to 0.02 spread registered, which is among the best in the industry.

Funded Elite Plans

The Funded Elite funded account can go up to $200,000. The challenges are split into one-phase and two-phase evaluations, and each has already set up rules traders must follow. All rules are the same and choosing a larger funded account doesn’t change them. 

For one-phase challenges, the profit target is 10% with a daily drawdown of 3%. The total drawdown of 8% must be respected with no time limit on maximum trading days. However, a minimum of 5 trading days are required to reach the goal. 

For a two-phase evaluation, traders must achieve a profit target of 8% with a daily drawdown of 5%. The total drawdown will this time be 10% with no time limit on maximum trading days but there are also 5 minimum trading days. 

The thing that’s different with this prop firm is that they provide a ‘Second Chance’, which applies to all account sizes. Additionally, there is the Funded Elite option. To become an Elite Funded Trader, complete both phases of the trading challenge. Here is a breakdown of the account sizes and the refundable fees: 

• $15,000 – $115 

• $25,000 – $195 

• $50,000 – $295

• $100,000 – $495

• $200,000 – $945

Funded Elite Reviews

The 4.7 score on Trustpilot based on 87 comments is rather impressive. Considering they were established not so long ago, the company was able to create a great reputation so far. However, when a firm is young and has many positive reviews, the comments might be fabricated. 

The majority of the comments are positive and there is only one 1-star review available. The comment is focused on withdrawal problems and how he had to contact another company to get his funds back. However, considering this is the only unfavorable comment available, we can’t take it seriously. 

Payment Options and Process

The only payment methods available include all major credit/debit cards and cryptocurrencies. The only payment that is required upfront is the evaluation fee, which is later refundable. There are no additional fees charged, however, your bank may impose fees. 

Once your payment for an evaluation plan is confirmed, you will receive login details via email to access the evaluation. All sales are final upon receiving these login credentials, and refunds will not be issued.

After meeting the payout requirements of a minimum of 21 days, your profits will be withdrawn within 24 hours of the request. After the first payout, you will be updated to bi-weekly payouts. All payouts are processed through bank transfers like Wise or Revolut, or cryptocurrencies. 

Weighing the Pros and Cons

Can I Make Money While Trading Online?

In summary, Funded Elite is not the prop firm you want to trade with, at least not yet. While they are partnered with Purple Trading, a regulated and reputable broker, they seem to lack transparency and traders’ reviews are hard to examine to see whether or not they’re fake. 

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