Elite Trader Funding Review 2024: Comprehensive Insights and Analysis

Payout

Elite Trader Funding offers a lucrative payout structure for its traders. Initially, you retain 100% of your first $12,500 in profits. To qualify for your first payout, you need at least 15 trading days and profits covering the drawdown plus 100%. Subsequent payouts require 15 trading days after your first payout and 10 trading days for the third and subsequent payouts. Minimum withdrawal is $100, and payouts are processed daily. If a payout drops your account below the minimum balance, it will be closed. New trades are prohibited during the 24-hour payout verification process. Elite Trader Funding handles all payout fees and may issue payouts under special circumstances. For U.S. citizens, tax forms such as W-9 and 1099-NEC are applicable. For detailed guidelines, it's advisable to consult the relevant articles provided by Elite Trader Funding and seek advice from a qualified tax accountant for tax-related queries.

Trading Platforms
Elite Trader Funding supports a variety of trading platforms, offering flexibility for traders with different preferences:

• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)
• cTrader
• NinjaTrader
• Tradovate
• Rithmic

These platforms cater to various trading styles and strategies, allowing traders to select the one that best suits their needs.



Free Trial

They offer a 14-day free trial with a 250K Fast Track account for simulation trading, aimed at helping traders prepare for their evaluation. However, it's important to note that this trial account does not qualify for an Elite account. Each trader is limited to one trial period.

Lets talk about the Evaluation Process:

The 1 Step Evaluation process at Elite Trader Funding is designed to be straightforward and accessible. Here's a user-friendly summary of the key points:

• Objective: Trade for a minimum of 5 days, reach your profit target, and adhere to drawdown limits without exceeding the allowed number of contracts. Close all trades before the market closes.
• Drawdown Rules: Your drawdown limit will trail your highest unrealized profit. Exceeding this limit results in a failed evaluation, but you can restart.
• Overnight Trades: Holding trades overnight is not permitted. All positions must be closed before the market closes.
• Trading Days Requirement: A minimum of 5 trading days is required. Sunday and Monday count as one trading day.
• Position Limits: Adhere to maximum position limits. Exceeding these limits will lead to account failure.
• Contract Specifications: Trade only the highest volume, most current contract for your chosen instrument.

 The End Day Drawdown Evaluation at Elite Trader Funding is designed with specific rules to qualify traders for an Elite Sim-funded account. Here's a brief overview:

• Profit Target: Achieve your profit target without exceeding the end-of-day trailing drawdown or daily loss limit.
• Trade Limits: Stay within the allowed number of contracts and ensure all trades are closed a minute before market closure.
• Trailing Drawdown follows your highest end-of-day balance and includes an intraday daily loss limit. Going below this limit means failing the evaluation.
• Overnight Trades: These are not permitted. Each market has specific closing times, and it's the trader's responsibility to close positions accordingly.
• Trading Days: A minimum of 5 trading days is required to qualify.
• Position Limits: Do not exceed the maximum allowed positions. Exceeding limits in an Elite account may lead to account closure and forfeiture of profits.
• Contract Specifications: Trade only the highest volume, most current contracts.

The Fast Track Evaluation at Elite Trader Funding is a concise and structured process designed for traders. Key points include:

• Trading Duration: Trade for at least five days, but at most 14 calendar days to reach the profit target.
• Drawdown Management: Avoid hitting the trailing drawdown limit.
• Trading Positions: Stay within the allowed number of contracts and close all trades before market closure.
• Account Transition: Successful completion leads to the assignment of an Elite account within 72 hours.
• Trading Days Clarification: Understand that Sunday and Monday are considered trading days.
• Position Limits: Adhere to the maximum positions rule to avoid evaluation failure.
• Contract Specifications: Trade only the highest volume and current contracts.

The Static Drawdown Evaluation at Elite Trader Funding maintains a constant minimum account balance. Key points include:

• Trade Duration: Trade for at least five days and achieve your profit target without breaching the static minimum balance.
• Trading Limits: Ensure you don't exceed the contracts and close all trades before market closure.
• Drawdown Rule: The minimum account balance remains fixed, and hitting it results in evaluation failure.
• Position Limits: Stay within the maximum allowed positions to avoid account failure.
• Contract Specifications: Trade only the most current, high-volume contracts.

The Diamond Hands Evaluation at Elite Trader Funding involves specific rules for qualifying for an Elite account. Here's a brief overview:

• Trading Period: Trade for at least five days and achieve your profit target.
• Drawdown Management: Ensure your account balance doesn't fall below the end-of-day trailing drawdown or daily loss limit.
• Position Limits: Stick to the allowed number of contracts.
• Overnight Trades: Unlike other evaluations, holding trades overnight and over weekends is permitted.
• Contract Specifications: Trade the highest volume, most current contracts, avoiding low liquidity options.
  

EOD Evaluation: These evaluations include an end-of-day trailing drawdown and a daily loss limit, applicable to both the evaluation and funded accounts. There's no scaling rule, and traders can reset for $75.New Paragraph

Fast Track Evaluations: If a trader is confident in their skills and aims to reach their profit target swiftly, they can opt for a fast-track approach. This option allows them to pay less without the burden of scaling rules. However, it's important to note that this fast-track method does not permit resets.

Static Drawdown Evolutions: These evaluations have a fixed maximum loss and no trailing drawdown. The static minimum balance set initially does not change regardless of trading activity. Traders can opt for a reset for $75.

Diamond Hands Evaluations: This evaluation permits overnight and weekend positions, with an end-of-day trailing drawdown and a daily loss limit. Funded accounts have similar drawdown rules. No scaling rules apply, and resets are available for $75.

Elite Trader Funding's sim-funded Elite accounts are designed with specific rules to aid traders in managing their trades effectively. Upon passing an evaluation, traders are assigned an Elite account, starting with the same capital and drawdown limits as in the evaluation phase. The account features a trailing drawdown that tracks the highest unrealized profit, which gets permanently removed once the trader achieves realized profits equal to the drawdown plus $100. This setup ensures traders maintain a balanced approach between risk and reward in their trading activities.

The Elite accounts have strict guidelines regarding trading positions and withdrawals. Traders are not allowed to hold trades overnight, and all trades must be closed before the market's closing time, with the responsibility of being aware of different closing times for various instruments. The accounts also adhere to the 40% rule, which mandates that no single day's gain should exceed 40% of the total profit at the time of a withdrawal request. This rule is in place to encourage consistent and prudent trading strategies, aligning with ETF's ethos of promoting responsible trading rather than speculative or gambling-like behavior.

• Multiple Monthly Withdrawals: Traders can now make multiple payouts per month once initial requirements are met.
• Increased Withdrawal Limits: For the first three payouts, the maximum withdrawal amount is increased by $500.
• No Withdrawal Maximums After 3rd Payout: From the 4th payout onwards, there's no limit on the withdrawal amount.
• One-Time Elite Activation Fee: An option to pay a one-time activation fee for Elite accounts is now available, replacing the monthly fee.
• Reduced Trading Days for Payout: Minimum trading days for the first payout have been decreased from 20 to 15.
• Lower Minimum Withdrawal: The minimum withdrawal amount is now set at $500.
• Improved Profit Split: Elite traders now enjoy a 90/10 profit split.
• Elimination of News Trading Rule: Traders can now trade during major news events without restrictions.