SurgeTrader Review 2024: Comprehensive Insights and Analysis
Last Updated: June 25, 2024
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Announcement: On May 24, 2024 Surgetrader discontinued its operations and is no longer in business.
SurgeTrader is a proprietary trading firm that's offering something quite interesting. They provide a platform where traders can really leverage their skills without the risk of losing personal capital. It's all about nurturing talent and creating growth opportunities. What's cool is that they have a range of account sizes to choose from, which means there's something for everyone, whether you're just starting out or more experienced. They also offer competitive leverage options, which can be a real game-changer for the right trader. The audition process they've set up is straightforward and focused on identifying and bringing in proficient traders.
What sets SurgeTrader apart is its trader-centric approach. They've got a blend of free and paid plans, which offers flexibility. It seems they listen to their traders, given their reputation for responsive customer service. And the swift payout process is a big plus – no one likes to wait too long for their earnings! For traders aiming to reach new heights in the financial markets, SurgeTrader seems like it could be a potential gateway, offering the right tools and support to help them succeed.
SurgeTrader Key Takeaways: Is it for You?
SurgeTrader offers a range of programs and features designed to suit various levels of trading expertise. From beginner-friendly options to more advanced setups, it caters to a broad spectrum of traders. The table below provides a concise overview of the key aspects of the firm, including the variety of programs available, profit split potential, account sizes, asset range, trading platforms, and evaluation types. This information is essential for understanding the diverse opportunities and flexibility that SurgeTrader provides its users.
| Key Takeaways | Numbers & Details |
|---|---|
| Account Sizes | SurgeTrader offers account sizes ranging from $25,000 to $1,000,000, with varying audition fees. |
| Profit Sharing | Traders can keep up to 90% of their profits, with the potential to enhance this split through an add-on purchase. |
| Audition Fees | Audition fees vary based on account size, ranging from $250 for $25,000 accounts to $6,500 for $1,000,000 accounts. |
| Tradable Assets | Traders have access to equities, forex, index funds, cryptocurrencies, precious metals, and commodities. |
| Position Management | Flexibility in managing positions, allowing strategic trading through weekends. |
| Audition Process | The two-phase audition process evaluates trading skills, requiring an 8% profit in Phase 1 and an additional 5% profit in Phase 2 to advance. No 30 days assessment. |
| Withdrawal Policy | SurgeTrader allows one withdrawal every 30 days, necessitating careful financial planning. |
| Leverage Options | Leverage ratios vary by asset class, with the option to increase leverage through an add-on purchase. |
| No Minimum Training Days | SurgeTrader does not require a minimum number of training days. |
| No 30 Days Mandatory Trading Period | There is no mandatory 30-day trading period for traders. |
SurgeTrader Review 2024: A Comprehensive Overview
SurgeTrader is founded by Jana Seaman to create a scalable platform for prop trading. They've tripled their user base since launching, now supporting over 10,000 traders worldwide with some top-notch trading platforms. The audition process they have is tough but fair, filtering out to get the best traders who then get access to accounts from $25,000 to $1,000,000. They offer a great deal where traders can keep up to 90% of the profits. SurgeTrader is all about playing by the rules, with full regulatory compliance, and they've invested big in trading tech to stay competitive. Plus, their 24/7 customer support shows they're serious about looking after their users while growing rapidly.
Pros and Cons
When considering SurgeTrader, it's essential to weigh its advantages and limitations to assess if it aligns with your trading approach and goals.
Pros:
- Multiple Account Sizes: Tailored for different trader levels.
- High-Profit Retention: Up to 90% profit keeping.
- Simplified Audition: One-stage process for trader evaluation.
- Asset Class Variety: Supports trading various instruments.
- Position Management Flexibility: Enhanced control over trades.
- Leverage Options: Diverse choices for trading strategies.
- No Mandatory Trading Period: No strict training or trading day requirements.
Cons:
- Limited Withdrawals: One per 30 days.
- Variable Audition Fees: Depends on account size.
- Extra Charges: For enhanced options.
- Default Profit Payout: 75%, not the maximum.
- No Refunds: Fees are non-refundable.
Tradable Assets
SurgeTrader equips its traders with a substantial capital foundation, courtesy of Valo Holdings, to delve into a spectrum of markets. This proprietary trading platform allows individuals to leverage their expertise across a variety of tradable assets to capitalize on short-term and long-term market movements. With a vast array of tradable assets at their disposal, SurgeTrader's traders are well-positioned to pursue gains in line with their strategic trading approaches.
Tradable assets include:
- Equities
- Foreign Exchange
- Index Funds
- Cryptocurrency
- Precious Metals: Trade in gold, silver, platinum, and copper, representing enduring value.
- Commodities: Trade in the essentials like Natural gas, Corn, Soybeans, and Wheat.
Withdrawing Limits
SurgeTrader stands out as a notable prop firm, yet it's important to understand its specific limitations and requirements. One key aspect is the withdrawal policy, which allows for only one withdrawal every 30 days. This necessitates careful planning, especially for those relying on consistent income from trading activities. Additionally, while the default profit split is 75%, traders aiming for the higher 90% share must consider an extra fee. The cost of this add-on varies, being $360 for the $250,000 account and just $50 for the $25k account, equating to 20% of the audition fee. Understanding these nuances is crucial for traders to manage their expectations and financial strategies with SurgeTrader effectively.
Leverage Details
SurgeTrader offers a range of leverage options across different asset classes tailored to enhance trading flexibility while promoting disciplined trading. The leverage ratios are as follows:
- Forex Pairs and Metals: Standard leverage is 1:10, with the option to increase to 1:20 through an add-on purchase.
- Indices and Commodities: 1:10.
- Cryptocurrencies: 1:2.
- Stocks: 1:5.
For those seeking greater leverage, SurgeTrader provides an add-on at checkout that doubles the leverage for forex and metals to 20:1, along with a corresponding increase in the maximum number of open lots. Traders must familiarize themselves with these leverage rules and options to align with their trading strategies and risk management preferences. This ensures a smooth and effective trading experience on the SurgeTrader platform.
Reputation and Social Media
SurgeTrader has built a reputation for trustworthiness by adhering to regulatory standards, providing consistent payouts, and fostering a transparent trading environment. With a focus on trader education and robust customer support, the platform is committed to its users' success and trust.
Trustpilot has awarded an impressive 4.7-star rating to SurgeTrader based on 1,081 reviews. Among these, 87% of reviewers gave the trading firm a 5-star rating. This is followed by 5% who were awarded four stars. Notably, 1% of reviewers have rated the firm with three stars, two stars and only 6% have a 1 star review. These ratings underscore the firm's credibility and trustworthiness.
You can stay updated with the latest information and news from SurgeTrader by following their Instagram account. With over 1,296 posts and a growing follower base exceeding 41.8K, they regularly share a variety of content. This includes trading tips, the latest discount coupons, and other news. Additionally,
you have the option to send them a direct message for personal communication.
Funded Trading Plus also maintains an X formally known as Twitter account, boasting over 11.7K. On this platform, you can engage with both the firm and its community by exploring reviews, questions, and media content the platform. Additionally, you can comment on posts and stay informed about the latest updates, including discount coupons and news.
Pricing Details
SurgeTrader presents a range of funding options with varying fees, catering to different levels of trader commitment and expertise. Here's a consolidated overview:
Free Option: SurgeTrader offers 30-day paper trading accounts at no cost, allowing traders to explore the platform and practice trading without financial commitment. These accounts are ideal for getting acquainted with SurgeTrader's features in a risk-free setting, though progress on these accounts doesn't count toward an audition attempt.
Paid Options: The platform provides funded accounts ranging from $25,000 to $1,000,000, with audition fees varying according to the desired funding level.The audition fees for different funding levels are as follows:
- $25k funding: $250 per audition
- $50k funding: $400 per audition
- $100k funding: $700 per audition
- $250k funding: $1,800 per audition
- $500k funding: $3,500 per audition
- $1m funding: $6,500 per audition
Traders must note the option to increase their accounts to higher funding limits. However, failing to meet the required profit margins results in an account reset, necessitating a repeat of the audition process.
This tiered structure allows traders to select a funding level that aligns with their goals and comfort level, providing a scalable pathway for growth within the SurgeTrader ecosystem.
Exploring Free Account Features
In the SurgeTrader platform, traders have the advantage of flexibility when managing their positions, allowing for strategic decision-making regarding market movements and potential overnight changes without the obligation to close trades during weekdays. However, it's important to note that there is a specific requirement for position closure before weekends. All open positions must be settled by 3:55 PM EST on Fridays. This automated system function ensures that open trades are liquidated before the markets close for the weekend, promoting responsible trading practices.
Moreover, while SurgeTrader generally permits holding positions overnight and over weekends, there is a notable exception concerning single-share equity CFDs. Traders cannot keep these specific trades open overnight when they coincide with an earnings release. In such cases, it is mandatory to close all Single Share Equity CFD positions by 3:50 PM Eastern Time on the day of the earnings release or the preceding day if the release is scheduled before the market opens. This rule underlines SurgeTrader's commitment to risk management and promoting prudent trading practices, ensuring traders know the specific considerations related to Single Share Equity CFDs during earnings events.
Audition and How it works
Phase-1: This audition process at SurgeTrader is to evaluate candidates' basic trading knowledge and risk management skills. This is achieved through theoretical assessments and initial trading simulations, which test their understanding of financial markets, fundamental trading strategies, and adherence to risk management principles. Candidates who demonstrate a solid grasp of these trading fundamentals and risk management then progress to Phase 2.
Available Account size:
| Account Size | $25,000 | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|---|
| Trader Level | Starter | Intermediate | Seasoned | Advanced | Expert | Master |
| Audition Fee | $250 | $400 | $700 | $1,800 | $3,500 | $6,500 |
Rules:
- Your Profit Share: up to 90%
- Profit Target: 10%
- Daily Loss Limit: 5%
- Leverage Up To: 20:1
- Max Trailing Drawdown: 8%
- Hold & Trade Through The Weekend
- No Time Limits
No 30 day mandatory trading periodNew Paragraph
Note: The standard profit share is of 75% with the potential to reach 90% through the add-on purchase. Furthermore, the standard leverage can be enhanced to a maximum of 20:1 via an add-on purchase, specifically applicable to FX and metals trading.
Phase 2: This focuses on assessing candidates' advanced trading skills, ability to make decisions under pressure, and adaptability to market changes. This involves more complex and realistic trading simulations that expose candidates to real-time market conditions. Here, they must make quick, informed decisions, showcasing their capability to apply advanced strategies, manage larger capital, and successfully navigate volatile markets. Those who advance get funded by the firm to handle greater capital and engage in more sophisticated trading operations.
Available Account Size:
| Account Size | $25,000 | $50,000 | $100,000 | $250,000 | $500,000 |
|---|---|---|---|---|---|
| Trader Level | Starter | Intermediate | Seasoned | Advanced | Expert |
| Audition Fee | $200 | $300 | $500 | $1,200 | $2,300 |
Rules:
- Your Profit Share: up to 90% *
- Profit Target Phase 1: 8% - Phase 2: 5%
- Daily Loss Limit: 5%
- Leverage: 50:1 **
- Max Fixed Drawdown: 8%
- Hold & Trade Through The Weekend
- No Time Limits
- No 30 day mandatory trading period, no time limit
Note: The standard profit share is of 80% with the potential to reach 90% through the add-on purchase.
Furthermore, the standard leverage for FX and Metals is 50:1, for Oils and Indices 10:1, Individual Stocks 5:1 and Cryptocurrencies is 2:1.
Lightning Type: The "Lightning Audition Type" for the SurgeTrading prop trading fund likely refers to a fast-paced, intensive evaluation process designed to quickly assess a candidate's trading skills and decision-making abilities. This process may involve short, realistic trading simulations and high-pressure scenarios to test market analysis, risk management, and profitability potential. Candidates who pass this challenge become funded traders with Surgetrader.
Available Account Size:
| Account Size | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Trader Level | Novice | Starter | Intermediate | Seasoned |
| Audition Fee | $50 | $100 | $180 | $300 |
Rules:
- Your Profit Share: up to 90% *
- Profit Target: 5%
- Daily Loss Limit: 3%
- Leverage Up To: 20:1 **
- Max Trailing Drawdown: 4%
- No Minimum Number of Trades
- 7-Day Time Limit
Note: The standard profit share is of 75% with the potential to reach 90% through the add-on purchase. Furthermore, the standard leverage can be enhanced to a maximum of 20:1 via an add-on purchase, specifically applicable to FX and metals trading.
**SurgeTraders have a no refund policy, audition fees are non-refundable.
Scaling Plans
You must complete either the Phase 1 or Phase 2 auditions to achieve scalability. Upon successful completion, you'll gain the opportunity to expand your account. In Phase 1, you can increase your account size by earning a 10% profit.
For Phase 2 scaling, you can elevate your account to the next tier by achieving an additional 8% profit in Phase 1 and a 5% profit in Phase 2.
Note: Failing to meet the specified profit thresholds will result in a reset of your account, requiring you to restart the audition process from the beginning.
SurgeTrader Review: Terms and Conditions Simplified
SurgeTrader's terms and conditions, in a more detailed summary, include:
- Eligibility: Users must be 18 or older and capable of legally agreeing to the terms. Those representing entities must have the authority to bind them.
- License Terms: The platform grants a limited, non-exclusive service-use license. This excludes activities like reverse engineering and scraping.
- Use Restrictions: Users are prohibited from illegal activities, rights violations, and specific prohibited trading practices.
- No Educational Services: SurgeTrader doesn't provide trader education, emphasizing the need for users to understand trading risks.
- Account Requirements: Accurate personal information is required for account creation. The accounts are non-transferable and secure.
- Refund Policy: All purchases are final and non-refundable.
- User Responsibility: Users are responsible for their decisions based on the platform's information.
- Arbitration Clause: Any disputes are resolved through arbitration in Florida.
- Terms Modification: SurgeTrader can change terms, and continued use after changes signify acceptance.
For a comprehensive understanding, please refer to the terms and conditions on
SurgeTrader's official website.
SurgeTrader Review: Final Thoughts
SurgeTrader, a proprietary trading firm, has been turning heads with its unique approach to trading. Founded by Jana Seaman, it's seen some impressive growth, now catering to over 10,000 traders globally. What makes SurgeTrader stand out is how they put traders first. They offer a variety of account sizes, competitive leverage options, and a streamlined audition process to find and onboard skilled traders. They're big on integrity and regulatory compliance, too, having invested over half a million dollars in cutting-edge trading technology to stay ahead in the market.
One of the cool things about SurgeTrader is the wide range of assets you can trade – equities, forex, index funds, cryptocurrencies, you name it. This variety is great for traders who like to have several strategies up their sleeves. But there are a few things to watch out for, like the withdrawal policy that limits you to one withdrawal every 30 days and some extra fees if you aim for a higher profit share. The profit-sharing model is pretty sweet though – traders can keep up to 90% of their profits, and there's even an option to boost this percentage further.
The firm caters to all kinds of traders. Beginners can try out their free 30-day paper trading accounts, while more experienced traders can dive into accounts ranging from $25,000 to a whopping $1,000,000. The audition fees vary depending on how much funding you're after, and to climb up to those higher account tiers, you've got to hit certain profit targets. They're also flexible about how you manage your positions, which is great for planning your trading strategies. Just keep in mind there are rules about closing positions before weekends and around earnings releases for single-share equity CFDs.
The audition process at SurgeTrader is a two-phase challenge. It's all about showing off your trading smarts, risk management skills, and adaptability. Make it through and trade at higher account levels with more complex simulations. They've got this scalability option tied to hitting profit targets, so there's a clear path to growing within their ecosystem. But remember, if you don't hit those profit thresholds, it's back to square one with the audition process.
SurgeTrader is worth considering if you're into trading but don't want to risk your capital. With a focus on the trader, a wide range of tradable assets, and the potential for a juicy profit split, it's an attractive option in the financial markets. Just make sure you're up to speed with their policies and requirements. Whether you're just starting or a seasoned trader, SurgeTrader offers a platform where you can explore and potentially thrive in the world of proprietary trading, all while eyeing a significant share of the profits.
FAQs
Trading Disclaimer: The information provided is for informational purposes only and is subject to change. We strive to keep it up-to-date and accurate. However, there may be instances where actual data differs from what's published on our website. Daytradinginsights.com operates as an independent platform, which may receive compensation for advertisements, sponsored content, or when you click on links on our site. Please note that the authors and contributors are not licensed financial advisors. Before making any financial decisions, it is recommended that you seek the advice of a professional.
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