E8 Funding, based in the United States, began in early November 2021. With offices based in not only Texas, Dallas, and the Czech Republic too, they offer funding of up to $1,000,000 to traders worldwide with an 80% profit split. – Decent.
What they offer:
E8 Funding offers 2 types of programs to their traders,
- E8 Evaluation Program
- ELEV8 Program
The Evaluation program is your standard 2-phase challenge in which you have to reach 2 profit targets and only then will you receive a funded account to trade with. You could also decide if you want to trade a USD, EUR or GBP account with a leverage of 1:100.
Phase 1 requires you to reach a profit target of 8% within 30 days from your first trade, while not violating the maximum daily loss of 5% or overall maximum loss of 8%. – Pretty standard. There are no minimum trading days needed.
Phase 2 is the exact same as phase 1, except you now have 60 days to reach your target.
After completion of both phases, you will receive your funded account. Remember, your 5% maximum daily loss and 8% overall maximum loss still applies, however, you have no profit target to reach and an 80% profit split – Nice!
An interesting thing with this firm is that with each withdrawal you make, your maximum loss increases by 1%, to a total of 14%. -Innovative!
The ELEV8 program is also a 2-phase challenge, but instead of a normal funded account being given you will receive a funded account with 1:100 leverage and no profit targets! – That is interesting.
Phase 1 requires you to reach a profit target of 8% within 30 days from your first trade, while not violating the maximum daily loss of 5% or overall maximum loss of 8%. – Pretty standard. There are no minimum trading days needed.
Phase 2 is the exact same as phase 1, except you now have 60 days to reach your target.
After completion of both phases, you will receive your ELEV8 funded account. Remember, your 5% maximum daily loss and 8% overall maximum loss still applies, however, you have no profit target to reach and an 80% profit split.
Again, with each withdrawal you make, your maximum loss increases by 1%, to a total of 14%.
Scaling plan:
The E8 Evaluation Program offers a scaling plan which is too pretty interesting, with each withdrawal made, you increase your account size. After receiving your 80% profit split, E8 will reset the account balance back to what it was at the time of your withdrawal.
The ELEV8 Program offers a scaling plan where each 16% gain in account balance within 30 calendar days will increase your funding by $100,000 each time up to $1,000,000.
When can I expect my first payout?
Your first payout is 8 calendar days from the day you place your first position on your funded account while all other withdrawals can be submitted on a bi-weekly basis on both the E8 Evaluation Program and the ELEV8 Program.
The math:
So using the $25,000 E8 Account as an example, here is what you’re dealing with.
A 8% Maximum drawdown = $2000 ($25,000/8), a 5% Daily drawdown = $1250 ($25,000/5) and an 8% profit target = $2,000 ($25,000/8%). All this for $228. So technically, you’d pay $228 for a maximum drawdown of $2000. ( The same funding amount and restrictions are offered bythe majority of 2-step phase prop firms, however, E8 Funding have smaller profit targets to reach!)
Using correct risk management to avoid violating the maximum drawdown of 8%, , you would only be able to take 10 trades with a $200 stop loss for each trade at a lot-size of 0.20 using a 10 pip stop loss, or around 0.10 using a 20 pip stop loss – So if you manage to hit your stop loss 10 times in a row (depending on lot-size – lower lot-size uses less equity and minimizes risk), you’ve managed to violate the drawdown rule, but remember, BE VERY WARY of the 5% daily drawdown limit… which is set at $1250. So per day, you are actually limited to let’s say only 10 trades with a $125 stop loss for each trade at a lot-size of around 0.12/0.13 using a 10 pip stop loss, or around 0.05/0.06 using a 20 pip stop loss – See how this affects you? It is very easy to violate this. Again, it is so common for traders to be taken out because of a daily drawdown limit.
Is E8 Funding for me?
Each trader is unique in their own style of trading, E8 Funding offer 2 types of account models with pretty much no restrictions on your trading style as you are permitted to trade during news events and hold traders overnight and on weekends.
If you are a trader that enjoys a challenge or 2-step evaluation program like FTMO and alike, then E8 Fundings’ Evaluation and ELEV8 programs will be just for you. These 2-phase accounts require an 8% profit target, a 5% maximum daily drawdown, and an 8% overall maximum drawdown which you need to pass in order to qualify for a funded account to then receive any future payouts. If you are looking to manage large amounts of capital, then E8 Fundings’ scaling plan might interest you.
E8 Fundings’ programs have no minimum trading day requirements and have a competitive profit target of 8% instead of the 10% industry standard. – Decent.
Is this possible?
In an industry where prop firms are popping up left, right, and center, it is important to see what the firm in question has to offer as a whole and compare it to what you would most likely be able to adapt and overcome.
If you are a trader that trades very actively with aggressive risk management, then a prop firm with a daily drawdown won’t accommodate your style, instead, you would look for a firm that offers an overall maximum drawdown and no daily drawdown as this minimizes your chances of violating a rule and losing the account.
E8 Fundings’ models are only industry competitive because they have a below standard profit target of 8%, thus your chances of reaching the target are much easier than what your chances are with FTMO’s 10% profit target. However, be very wary of their daily drawdown of 5%. Using incorrect risk management or overtrading will easily get you to violate it before you know it.
Overall, E8 Funding has fair trading objectives and a welcoming profit split.
Contact Support:
Email: support@e8funding.com
LiveChat on website available Mon-Fri 07:00-18:00 CST; weekends 11:00 – 14:00 CST.
Frequently Asked Questions: Page
FaceBook: Group
Sign-up Process:
Simply follow these simple steps to successfully join E8 Funding:
1) Sign up for E8 Funding and Confirm your email address.
2) Choose an Account type.
3) Choose Account amount.
4) Setup your account.
5) Receive the order confirmation, and choose a payment method.
Conclusion:
With over 350 reviews to date at a score of 4.8/5 stars on TrustPilot, E8 Funding are definitely among one of the top in this industry.
That is it for this review, if you would like to sign up with E8 Funding, then click here!
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