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 three account types: the E8 account, E8 Track and the ELEV8 account. E8 and ELEV8 are 2-step challenges that you must pass to become a funded trader, and E8 Track is a 3-step challenge.
- Free Trial: E8 Funding offers a free trial, allowing traders to test the platform and its features without any financial commitment.
- High Trustpilot Rating: With an excellent Trustpilot rating of 4.7/5, E8 Funding demonstrates a high level of customer satisfaction.
- Unlimited Evaluation Retries: Traders can take advantage of unlimited evaluation retries, increasing their chances of success in the program.
- Large Maximum Balance: E8 Funding offers account sizes up to $1,000,000, providing ample growth potential for traders.
- 80% Profit Share: A competitive profit share of 80% ensures that traders are rewarded for their successful trades.
- Bi-weekly Payouts: Regular bi-weekly payouts allow traders to access their earnings more frequently.
- Flexible Trading Rules: E8 Funding allows overnight and weekend holding, as well as news trading, providing more trading opportunities.
- Scaling Account Option: Traders can grow their account size through E8 Funding’s scaling plan.
- 1:100 Leverage: The 1:100 leverage enables traders to maximize their potential gains.
- Wide Variety of Trading Instruments: Traders can diversify their portfolio by trading forex pairs, commodities, indices, equities, and cryptocurrencies.
- No Minimum Trading Day Requirements: E8 Funding removes the pressure of meeting a minimum trading day requirement, allowing traders to focus on their strategies.
- Professional Trading Dashboard: E8 Funding offers a user-friendly and comprehensive trading dashboard for better trading experience and management.
- 5% Maximum Daily Drawdown: The 5% maximum daily equity-based drawdown can be limiting for some traders, especially compared to competing prop firms.
- Slippage Issues: Some traders have reported experiencing slippage issues while trading on the E8 Funding platform.
- High Commission Costs: E8 Funding’s commission costs may be higher compared to other trading programs, which can affect overall profitability.
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.
E8 Scaling Plan
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.
E8 Track Account
As a seasoned trader or someone just starting, you might have come across the E8 evaluation program accounts. Today, I want to introduce you to an exciting new addition: the E8 Track program accounts. These accounts are designed to offer traders a more cost-effective alternative to the E8 evaluation program accounts while still providing the opportunity to manage account sizes up to $250,000.
The primary goal of the E8 Track program account is to give traders a chance to demonstrate their trading skills and consistency across a three-phase evaluation period. This account option features a 1:100 leverage, which can appeal to many traders.
E8 Track program accounts come in four different sizes, with varying prices:
- $25,000 account for $138
- $50,000 account for $208
- $100,000 account for $358
- $250,000 account for $598
Three-Phase Evaluation Process
Traders are required to pass through three phases to successfully complete their evaluation and receive a funded account. The main objective is to achieve specific profit targets without exceeding the maximum daily loss or maximum loss rules.
In this initial phase, traders must attain an 8% profit target without surpassing the 5% maximum daily loss or 8% maximum loss rules. You have 30 calendar days to reach this target from the day you open your first position on the evaluation account. There’s no minimum trading days requirement to advance to the second phase.
In phase two, traders need to achieve a 5% profit target while adhering to the same 5% maximum daily loss and 8% maximum loss rules. This time, you have 60 calendar days to reach your target, starting from when you open your first position on the evaluation account. Again, there is no minimum trading days requirement to move on to the third phase.
The third phase is quite similar to phase two. Your objective is to reach a 5% profit target without exceeding the 5% maximum daily loss or 8% maximum loss rules. You have another 60 calendar days to achieve this target. Like the previous phases, there is no minimum trading days requirement to proceed to a funded account.
Funded Account Reward
Upon completing all three evaluation phases, you are awarded a funded account with no profit targets. You only need to adhere to the 5% maximum daily loss and 8% maximum loss rules. Your first payout will occur 8 calendar days from the day you place your first position on your funded account, while subsequent withdrawals can be submitted on a bi-weekly basis. Importantly, you’ll receive an 80% profit split based on the profits you make on your funded account. Note that your maximum loss rule will increase by 1% with each successful withdrawal, up to a maximum of 14%.
E8 Track Account Scaling Plan
E8 Track program accounts also offer a scaling plan that mirrors the E8 evaluation program account scaling plan. By requesting a profit split at the end of each trading period, you can increase your account balance. You’ll receive an 80% profit split and the balance before the withdrawal will be added back to increase your account size.
E8 Track program accounts support trading in forex pairs, commodities, indices, equities, and cryptocurrencies.
Rules to Remember
Here’s a quick recap of some essential rules to keep in mind when trading with an E8 Track program account:
- Profit targets: Phase 1 has an 8% target, while Phase 2 and Phase 3 have a 5% target. Funded accounts do not have profit targets.
- Maximum daily loss: All account sizes have a 5% maximum daily loss limit.
- Maximum loss: All account sizes start with an 8% maximum loss limit, which can be increased up to 14%.
- Maximum trading days: Phase 1 has a 30-day trading period, while Phase 2 and Phase 3 each have a 60-day trading period.
Third-Party Copy Trading and EA Risks
When using third-party copy trading services or Expert Advisors (EAs), be aware that other traders may already be using the same strategies. This could potentially lead to a violation of the maximum capital allocation rule, which might result in denial of a funded account or withdrawal.
To sum up, the E8 Track program account is an excellent opportunity for traders to showcase their skills and consistency while trading with account sizes up to $250,000. This more affordable alternative to the E8 evaluation program accounts still maintains a three-phase evaluation process, ensuring that traders are rewarded for their performance. With its unique scaling plan and a wide range of trading instruments, the E8 Track program account could be the perfect choice for traders seeking a cost-effective path to a funded account.
Now that you’re familiar with the E8 Track program account, it’s time to put your trading skills to the test and embark on a journey to unlock your full trading potential. Remember, the key to success lies in your ability to maintain consistency and adhere to the rules of the program.
Benefits of the E8 Track Program Account
As a trader considering the E8 Track program account, you may be curious about the benefits it offers. Here are some advantages that make this account option an attractive choice for traders:
- Affordability: The E8 Track program account is designed to be more cost-effective compared to the E8 evaluation program accounts. This makes it accessible to a wider range of traders, regardless of their financial situation.
- Account Size Options: With four different account sizes available, you can choose the one that best suits your trading style and risk tolerance. This flexibility allows you to tailor the program to your individual needs.
- Three-Phase Evaluation Process: The structured evaluation process ensures that traders are rewarded for their consistency and adherence to the program’s rules. By passing each phase, you not only demonstrate your trading skills but also move one step closer to a funded account.
- Wide Range of Trading Instruments: The E8 Track program account supports trading in various instruments, including forex pairs, commodities, indices, equities, and cryptocurrencies. This diverse selection enables traders to develop and implement versatile strategies to reach their profit targets.
- Account Scaling Plan: The E8 Track program account offers a scaling plan that allows traders to grow their account size by requesting a profit split at the end of each trading period. This unique feature encourages traders to maintain consistent performance and helps them unlock more significant earning potential.
- Profit Split: As a trader with a funded account, you receive an 80% profit split based on the profits you make on your funded account. This substantial share of the profits serves as a strong incentive to consistently perform well in your trading endeavors.
Tips for Success with the E8 Track Program Account
To maximize your chances of success while trading with an E8 Track program account, consider the following tips:
- Develop a Solid Trading Plan: A well-thought-out trading plan is crucial for maintaining consistency and achieving your profit targets. Ensure your plan outlines your entry and exit strategies, risk management techniques, and any other crucial aspects of your trading approach.
- Stay Disciplined: Discipline is key when it comes to trading. Stick to your trading plan and avoid making impulsive decisions that could lead to unnecessary risks or losses.
- Focus on Risk Management: Adhering to the maximum daily loss and maximum loss rules is essential for long-term success. Implement proper risk management techniques, such as setting stop-loss orders and position sizing, to protect your account from substantial losses.
- Stay Informed: Keep yourself updated on market news, economic events, and any other factors that could influence the trading instruments you’re working with. Being well-informed will enable you to make more educated trading decisions.
- Continuous Learning: Trading is a never-ending learning process. Continuously refine your trading strategies, learn from your mistakes, and seek out educational resources to expand your knowledge and skills.
The E8 Track program account is an excellent opportunity for traders looking to prove their skills and work towards managing a funded account. By maintaining consistency, focusing on risk management, and following the program’s rules, you can unlock your trading potential and enjoy the benefits of this cost-effective alternative to the E8 evaluation program accounts.
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 headquartered 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 also very 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!
Brokerage and Trading Platforms
E8 Funding differs from many other trading programs by not partnering with common broker brands. Instead, they trade directly through a Tier-1 Liquidity Provider, which allows for Direct Market Access. This approach offers several advantages, including no commissions, low spreads, and flawless execution with their E8 MT4 Server.
As for trading platforms, E8 Funding supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely used and popular among traders for their advanced features and user-friendly interfaces.
Trading Instruments and Leverage
E8 Funding offers a diverse range of trading instruments, allowing you to trade forex pairs, commodities, indices, equities, and cryptocurrencies. They provide a 1:100 leverage, which can amplify your potential profits but also carries increased risk.
Here’s an overview of the trading instruments available with E8 Funding:
- Forex: E8 Funding offers a wide selection of currency pairs, including majors like EURUSD, GBPUSD, and USDJPY, as well as various cross and exotic pairs such as EURNOK, GBPCAD, and USDILS.
- Commodities: You can trade popular commodities like WTI (crude oil), XAGUSD (silver), and XAUUSD (gold) with E8 Funding.
- Indices: E8 Funding provides access to several major indices, including EU50, GER30, US100, US30, US500, and VIX.
- Equities: You can trade shares of leading companies like Apple (AAPL), Facebook (FB), Netflix (NFLX), and Tesla (TSLA) with E8 Funding.
- Cryptocurrencies: E8 Funding supports trading in various cryptocurrencies, including ADAUSD, BTCUSD, DASHUSD, ETHUSD, LTCUSD, and XRPUSD.
Diverse Trading Opportunities with E8 Funding
By offering a wide range of trading instruments, E8 Funding provides traders with numerous opportunities to develop and implement versatile strategies. This flexibility allows you to diversify your trading portfolio and minimize risk while taking advantage of market trends across different financial instruments.
How long does it take to get a payout from E8 funding?
E8 Funding offers payouts 8 days after receiving your live account and biweekly payouts afterward.
Is E8 Funding Legit or Scam?
E8 Funding is very much legitimate, with hundreds of positive reviews on Trustpilot and proven payouts to thousands of traders.
When evaluating trading programs like E8 Funding, it’s essential to determine their legitimacy to protect your investments and avoid potential scams. So, is E8 Funding legit or a scam? Here are some other factors to consider:
Transparency: E8 Funding provides clear information about their trading program, rules, and evaluation process. This transparency is a positive sign, as it allows traders to make informed decisions about participating in the program.
Trading Platform: E8 Funding supports popular and reputable trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are widely used by traders worldwide.
Direct Market Access: E8 Funding trades directly through a Tier-1 Liquidity Provider, which offers benefits like low spreads and no commissions. This approach indicates a level of professionalism and seriousness in their operations.
Diverse Trading Instruments: E8 Funding allows you to trade a wide range of financial instruments, including forex pairs, commodities, indices, equities, and cryptocurrencies. This diversity is a sign of a legitimate trading program.
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!
E8 Funding vs FTMO vs My Forex Funds
As you consider a funded forex account, it’s essential to compare different prop firms like E8 Funding, FTMO, and My Forex Funds to find the one that best suits your trading style and needs. Here, we’ll expand on the main features and differences among these three funding providers.
E8 Funding’s no minimum trading days requirement and no trading limitations make it an attractive option for traders who prefer a more flexible trading environment. The 80% profit share and fast 8-day payout time are also significant advantages, as they allow traders to reap the benefits of their trading success more quickly.
Additionally, the drawdown scaling plan offers an opportunity for traders to manage their risk more effectively as they become more successful. However, the relatively high commission costs and reported slippage issues may be a drawback for some traders.
FTMO’s reputation and longevity in the industry make it a reliable choice for traders seeking a well-established prop firm. Their focus on education and trader development through resources like webinars, podcasts, articles, and performance coaching demonstrates their commitment to supporting their traders.
While FTMO’s initial profit split of 80% is lower than E8 Funding and My Forex Funds, their account funding limit of $400,000 still offers ample growth potential. The stricter risk management system and monthly fees may be a disadvantage for some traders, but they also contribute to a more disciplined trading approach.
My Forex Funds
With the highest maximum funding limit of $1.2 million, My Forex Funds offers traders the most significant potential for account growth. The 80% profit split and 15-day payout time are also competitive within the industry.
Their flexible risk management system, which allows traders to choose their maximum daily loss and maximum loss levels, may be appealing to those who prefer a more personalized trading experience. However, the monthly fee for the evaluation phase and one-time fee for the verification phase could be a drawback for traders who are budget-conscious.
In conclusion, each prop firm has its unique features and benefits. E8 Funding offers a flexible environment with a generous profit share and fast payout time. FTMO stands out with its strong industry reputation and educational resources, while My Forex Funds offers the highest funding limit and a flexible risk management system.
Ultimately, the choice between these three prop firms will depend on your personal trading preferences, risk tolerance, and financial goals.
- A newer prop firm, established in 2021
- Offers up to $1 million in funding
- 80% profit split with an 8-day payout time
- Unique drawdown scaling plan
- No minimum trading days, trading limitations, or monthly fees
- Account retry and extension options available
- User-friendly dashboard with comprehensive statistics
- A popular and reputable prop firm, operating since 2014
- Offers up to $400,000 in funding
- 70% profit split with a 30-day payout time
- Strict risk management system
- Monthly fees for challenge and verification phases
- Rich educational resources and tools for traders
My Forex Funds:
- Offers up to $1.2 million in funding
- 80% profit split with a 15-day payout time
- Flexible risk management system, allowing traders to set their own maximum daily loss and maximum loss levels
- No minimum trading days and trading limitations
- Monthly fees for evaluation phase, one-time fee for verification phase
- Simple dashboard with basic account information
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.