E8 Funding is a newer prop firm on the market, but they’ve made a huge splash thanks to their relaxed trading rules, trading objectives, and high potential for scaling your trading capital.
In this E8 Funding review, we’ll take a look at the pros and cons of getting a funded account with E8 Funding, and we’ll see what makes this proprietary trading firm different from the many others out there.
E8 Funding Review
E8 Funding offers two account types: the E8 account and the ELEV8 account. Both involve 2-step challenges that you must pass to become a funded trader.
- Reasonable profit targets(8% and 5%)
- Fast withdrawal periods
- Relaxed trading rules
- Great technology in the back end
- Opportunities to scale up to $1,000,000
- Maximum drawdown of 8% is a little less than competing prop firms
- 16% target for scaling is quite high
E8 Account and Rules
The E8 Funded Account is available in 4 different sizes:
- $25,000 for a refundable fee of $228
- $50,000 for a refundable fee of $338
- $100,000 for a refundable fee of $588
- $250,000 for a refundable fee of $988
All four funded account types require you to pass a two-step evaluation process on a simulated trading account.
In phase 1 of the evaluation, there is a profit target of 8%, a maximum daily drawdown of 5%, and a maximum drawdown allowed of 8%.
You have a maximum of 30 days to complete phase 1 of the challenge. There are no minimum trading days, so you can even hit your profit target in a single day.
Once you pass phase 1, you’ll reach phase 2, where your profit target is 5% with a maximum daily drawdown of 5% and a maximum initial drawdown allowed of 8%, just as before.
Upon passing phase 2, you’ll become a funded trader, and there will no longer be any profit target. The drawdown rules remain the same.
After receiving your funded account, you can make your first withdrawal after 8 calendar days, followed by withdrawals every 14 calendar days.
The profit split is 80% to the trader, and 20% to the firm.
You’ll also receive a challenge fee refund with your first withdrawal.
You’re free to trade news events, hold trades overnight, and even hold trades over the weekend.
ELEV8 Funded Account
The other type of funded account that E8 Funding offers is the ELEV8 account, which is designed so that a funded trader can scale up their trading account to up to $1,000,000.
The ELEV8 account comes in just one size: $100,000.
Like the other funded account types, the ELEV8 account also has a 2 step evaluation process.
In Phase 1, traders must meet a profit target of 8% while avoiding a maximum daily drawdown of 5% and a maximum initial drawdown of 8%.
You have up to 30 days to reach the profit target, though you can even reach it in one day. The 30 day period starts at the day you place the first trade.
Upon passing Phase 1, you’ll reach Phase 2, which has a profit target of 5% with a maximum daily drawdown of 5% and a maximum initial drawdown of 8%.
You can make your first withdrawal 8 days after receiving your funded account, followed by withdrawals every 14 days.
With the ELEV8 account, funded traders can scale their accounts up to a million dollars by hitting the profit target every 30 days.
Every time you make 16% within 30 days, you’ll receive another $100,000 in funding. Hypothetically, over a 9-month period, you can trade up to $1,000,000 in capital.
About E8 Funding
According to their website, E8 funding wants to create unique funding opportunities for individuals who display good trading skills and can trade profitably.
They’re also one of the few prop firms that have headquarters in the USA.
Although most of the content on their website is fairly general and can be applied to any prop firm, they do seem to have built a solid reputation both on social media and TrustPilot.
How is E8 Funding different from other prop firms
E8 Funding is appealing to both Forex and CFD traders thanks to the wide variety of instruments they offer. So if you prefer trading Forex majors, Forex crosses, Indices, Metals, Crypto, or even some major stocks, you can do it with E8.
We’ve worked with a lot of different proprietary trading firms, and we’ve found that E8’s dashboard is one of the best that we’ve seen with any proprietary trading firm.
E8 seems to heavily invest in technology and a user-friendly experience to attract hidden talent to their firm.
E8 Funding has some of the most relaxed trading conditions of all the prop firms that we’ve seen, making it an attractive choice for both forex and cfd traders.
The trader evaluation process is quite standard, but the lack of minimum trading days is refreshing.
Another prop firm that has 0 minimal trading days is The Prop Trading, which we have reviewed here. However, you should note that The Prop Trading has a max lot rule that can disqualify you if you don’t pay attention to your trade sizes.
E8 Funding has no such rule.
Essentially, the only rule required for E8 Funding is that you manage risk appropriately.
An interesting thing to note about E8 Funding is that you’re encouraged to withdraw your profits in every 14-day period.
Whether you withdraw your profit share or not, E8 Funding will take 20% of the profits generated.
You need to keep this in mind if you decide to keep a bit of a cushion on your initial trading balance to help with managing drawdowns.
E8 Funding’s Dashboard
E8 has a very user-friendly dashboard: one of the best we’ve seen. Signing up for new challenges is very quick, and you’ll instantly receive credentials.
The account dashboard will show you all the vital information about your MT4 account such as:
- Initial balance
- Current balance
- Average win
- Average loss
- Win ratio
You’ll also be able to see how close(or far) you are from hitting your goals.
At the very bottom, you can see a long/short analysis, which instruments you’ve traded on, and your trading volume.
Is E8’s Trader Evaluation realistic?
E8 has fairly relaxed trading rules, so making 8% in 30 days is very doable as long as you trade responsibly and don’t risk too much money per trade.
On the other hand, the zero minimum trading days rule kind of encourages you to over-leverage yourself on a really big trade!
The only time the zero minimum trading days rule will come in handy is if you happen to find a huge R/R trade that puts you over the target! In other firms like FTMO, you’d have to place smaller trades to run the days out.
Here, you can get to phase 2 right away.
Phase 2 is alsovery realistic: 5% in 60 days is not very difficult at all, provided you manage risk and don’t overtrade.
The only aspect that’s a little difficult to achieve is the 16% required to get an extra $100,000 in the ELEV8 account.
16% per month is quite difficult, even for seasoned professionals! The only way you’ll get 16% is if you risk a lot more money than you should!
What other traders have to say about E8
A quick perusal of TrustPilot reveals shining reviews for E8. Traders around the globe are very happy about the overall funding experience. There are plenty of great things said about the support team, and there are no complaints about withdrawals, either.
Even though E8 is fairly new, they’re checking all the right boxes!
Frequently asked questions
Which broker does E8 use?
E8 uses Tier-1 liquidity providers for fast execution in the markets. They don’t use a specific broker: instead, when you download their MT4, you’ll see that it’s E8 MT4.
Does E8 offer a free trial?
E8 does offer a free trial: just head to the site, create an account in the dashboard, and start a free trial with $100,000 in demo money to see how the platform works.
How much leverage does E8 Funding offer?
E8 offers 1:100 leverage. 1:100 is more than enough for most Forex and CFD traders as needing any margin greater than that usually indicates you’re risking too much.
Can you merge multiple accounts into one large account?
As of this writing, E8 does not let you merge multiple accounts into one.
E8 Funding is a contender to be one of the top proprietary trading firms in 2022 and beyond thanks to their great trading rules, withdrawal options, and superb technology behind the scenes.