Funded next vs. OFP Funding
Funded next is a new-comer prop firm in the game, which offers challenge model accounts and instant accounts called “express model” which differ a lot from the OFP funding ones. Let’s dive into the account type offered:
evaluation is a 2-stage challenge model where after passing the challenge traders obtain a funded live account. Imagine, for instance, that a trader opened a trading account with a balance of $100,000 and that throughout phase one, the trader earned $10,000. Phase 2 followed, and the trader made an additional $5000 profit. When the trader reaches those goals, he will receive the genuine account, and he will receive a complete refund of his subscription price during the first payout of real account.
Express model allows traders to begin making money in the first month. As a potential trader at the beginning of trading the account, traders will be paid 15% of the profits. Consider starting with a $100,000 financed account as an example. Assume for the purposes of this computation that a trader makes $15,000 after a month of trading, Traders will receive $2250.
- up to $200.00 of capital; in order to boost the chances of profitability.
- 15% of demo phase earnings; traders will earn 15% of every profit made in the account, even while trading on the demo accounts, a trader will receive a profit share.
- weekend holding; Traders can keep their trades open during weekends, this is the best choice for any trader regardless of their trading style (scalp, intraday, swing)
- unlimited free retries: if the account is in profit at the end of the maximum trading days, and the rules have not been broken, traders are entitled to an unlimited number of free retakes.
- Profit share up to 90%; 80% is the profit split after the account has been funded, the profit share will rise to 90% after one qualifies for the scale up plan.
- Flexible environment; traders can use any trading style without limitations. Eas, hedging positions, news trading are allowed on challenge phases.
- Flexibility: With OFP model, traders have the flexibility to trade the markets of their choice and employ their preferred strategies. They are not limited by the restrictions imposed by challenge prop firms, which often dictate the markets, instruments, and strategies that traders can trade.
- Speed: Instant funding models allow traders to start trading right away, without having to wait for an evaluation period to end, like funded next evaluation process.
- Lower Risk: Challenge prop firms often require traders to meet high performance targets in order to receive capital. If a trader fails to meet these targets, they may lose their funding and have to start over. With OFP model, traders have access to capital from the start and can trade with less risk.
- No Pressure: Challenge prop firms put pressure on traders to perform at a high level in order to receive funding. This can be stressful for traders who are just starting out and may not have a lot of experience. OFP relieve this pressure, allowing traders to focus on their trading and grow at their own pace.
OFP funding or Funded Next Express model: Which is better?
Express model and OFP model may seem similar, but in reality, they present different features. The express model account is a one-step evaluation procedure, to gain access to real money, traders must only prove themselves once. All they have to do is reach the growth target at 25%, which is a lot for the prop firm world standards. 15% Profit Share from the Demo Phase will be paid to traders who reach the 25% target. When the account is financed, traders will begin with a 60% profit split; but, as they make successful withdrawals, their profit share will rise until it reaches 90%. On the other hand, OFP offers instant accounts with a 26% to 40% profit split without any kind of target requirement. The OFP methodology will allow traders to make more money in the near future.