SurgeTrader Review: Unveiling the Challenges in Proprietary Trading
With the SurgeTrader free trial, you can experience trading on the MT4 and MT5 platforms by using the ThinkMarkets broker. If they were using EAconomy, we would definitely recommend avoiding the partnership.
Experience various funding amounts, pass challenges, and become an affiliate. If you are an experienced trader looking for a prop firm, you are at the right place. We evaluate SurgeTrader head-to-toe to learn if they are a good choice for traders.
Either way, this company has a lot to give, so keep reading our SurgeTrader review to learn more.
SurgeTrader prop firm is a member of the Valo Holdings Group family of companies. The founder is no other than a woman, Jana Seaman. It’s not common to see women in this type of environment and the fact that SurgeTrader is a successful company makes things even better.
The most interesting thing about this company is that Brent Seaman, the owner’s husband, was accused of a $35 million Ponzi scheme by the SEC that targeted church members. Seaman was an active member of a Naples church, and many of these investors were retired or old. A perfect prey, don’t you think?
The SurgeTrader fraud allegations affected their reputation of being a legitimate business. According to the SEC’s complaint, Seaman promised investors that he would use their money to trade commodities and invest in technology firms between June 2019 and September 2022.
Seaman misrepresented the investments as “safe” and the profits as “guaranteed,” and he made up annual return promises between 18 and 48 percent. To learn more about this company, keep reading our SurgeTrader review, and don’t forget to check out Arvis Capital Ltd, a regulated broker you should avoid.
|Valo Holdings Group
|4851 Tamiami Trail N, Suite 200 Naples, Florida 34103
|Financial Authorities Warnings
|If Active on Social Media:
|United States, United Kingdom, Canada, France, India
|Good conditions; Impressive reviews;
The profit share of 90% is common for both challenges. In case you choose the one-phase challenge, the profit target is 10% with a daily loss limit of 5%. The maximum leverage offered is up to 1:20 with a max trailing drawdown of 8%. You can hold and trade through the weekend for both challenges.
The two-phase challenge is a little different because of the profit target phase. There are two phases in the two-phase challenge, which seems confusing but you must achieve either 8% or 5%. The maximum leverage increases up to 1:50 with a max fixed drawdown of 8%.
The SurgeTrader leverage is not the same for every asset, for example for FX and metals, the leverage is 1:50, oils and indices 1:10, individual stocks 1:5, and cryptocurrencies 1:2. SurgeTrader is very transparent and offers clear information of everything they offer and according to what we’ve seen so far, we would recommend this prop firm any time.
The funded amount depends on the plan you choose and the fee you want to pay. Every plan has a different evaluation fee, so according to what best suits your preferences, you can choose the right plan. The SurgeTrader payout is 80% or 90%. Here are the plans SurgeTrader offers:
- Starter $25,000 – Evaluation Fee $250
- Intermediate $50,000 – Evaluation Fee $400
- Seasoned $100,000 – Evaluation Fee $700
- Advanced $250,000 – Evaluation Fee $1,800
- Expert $500,000 – Evaluation Fee $3,500
- Master $1,000,000 – Evaluation Fee $6,500
- Starter $25,000 – Evaluation Fee $200
- Intermediate $50,000 – Evaluation Fee $300
- Seasoned $100,000 – Evaluation Fee $500
- Advanced $250,000 – Evaluation Fee $1,200
- Expert $500,000 – Evaluation Fee $2,300
The SurgeTrader Trustpilot reviews are very impressive and favorable. The prop firm is rated 4.7 based on 1,085 reviews. The majority of the comments are all positive experiences, however, there is still 7% of them who experienced some issues with this proprietary company.
One trader complained that they up your drawdown to the starting account value, meaning they take zero risk and you have to leave your profit in. One trader was banned from his account after 2 years, claiming he didn’t violate the rules.
Some traders experienced only losses, however, don’t let that discourage you from trying. Trading is risky and profits are not guaranteed, so you still have to dedicate yourself even if you’re not trading with your capital.
Deposits and Withdrawal Methods
RiseWorks enables traders to safely take their gains out via bank wire, ACH, and cryptocurrency, among other means. If they haven’t already, each Funded Trader will receive an offer to register. After registering, you will receive a contract to execute your payout upon payout request.
In terms of cryptocurrency, contractors can withdraw USDC for free and instantaneously via the Arbitrum (L2) and at $2.50 + gas fees/withdrawal via the Ethereum network (L1).
Traders can request a withdrawal at any time, but not more than every 30 days. When the withdrawal is requested, the prop firm also withdraws its share of profits, and your new highwater equity will be marked down by the total amount of funds withdrawn.
Weighing the Pros and Cons
Can I Make Money While Trading Online?
It’s time to finally conclude our SurgeTrader review and overall, they are a good prop firm. They offer interesting challenge funding, have great and positive feedback, and have a good reputation. However, the allegations of them trying to scam elderly people don’t really add any bonus to their reputation.
Since everything is done on the SurgeTrader demo account, make sure to practice and learn as much as you can to avoid losing your money more than you need to. If you don’t have enough knowledge, don’t worry. With AI.F, you can skip the endless circle of learning and jump right in!
Our AI analysis bot is a potent program that can process billions of data points to make insightful recommendations. Trade hassle-free and increase your chances of profits without spending years on education.
With a 14-day trial, you will unlock the true power of AI.F and we promise you will love it. Reach out now and enjoy the perks of this potent program with no commitment.
How Long Does It Take for SurgeTrader Payout?
Once processed, domestic withdrawals (US) usually take a day to reach the bank account.
Is SurgeTrader Regulated?
Prop firms don’t need to be regulated because they’re not offering any type of financial services. However, it’s still better to choose a firm regulated by the SEC, FCA, or ASIC.
Who is the Owner of SurgeTrader?
The founder and owner of SurgeTrader is Jana Seaman.