FinoTrader Review
FinoTrader developed a 2-step evaluation course to discover talented forex traders to manage a $10,000 to $500,000 funded account connected to the FinoTrader prop trading firm and share 85% of the profits.
FinoTrader is a proprietary trading firm based in London, United Kingdom. Free forex funded trading accounts are available to professionals and seasoned traders alike. To receive a funded FX account, aspiring prop traders need to complete the funding process which is a 2-step evaluation course. Pass this can you can control between $10,000 and $500,000 with an 85% profit share.
They provide many programmes to match your area of expertise. Select one of the trading platforms to get started, receive incentives, and share profits. The FinoTrader funding solution is designed to help you manage risk, refine strategies, and become consistently profitable.
For prop traders, FinoTrader created a special 2-step evaluation course. Finding trading talents is the main goal of this evaluation process. You are given the opportunity to join the FinoTrader proprietary trading company after successfully completing the assessment course, where you can remotely manage the FinoTrader account with a balance of up to $500,000 and receive a generous 85% of any trading profits you generate.
Funding Process
The FinoTrader funding process is pretty straightforward. You just need to complete the 2-phase evaluation process. This involves reaching 5-7% profit targets whilst sticking to the objectives they set out including a 5% maximum loss and 9% maximum initial deposit drawdown. There are no minimum trading days required so you can get funded as soon as possible.
Simply select the account type you want to trade with, follow the instructions to finish the application, and a staff member will email your login information and trading account details to you as soon as payment is confirmed. You will obtain a demo account where you must trade in accordance with their policies for the particular product you selected if you select the FinoTrader funded account.
With extremely low commissions and spreads, your account conditions will be top-notch. You will move on to the second and final part of the FinoTrader account review if you are able to pass all of the conditions in phase one. You will also receive a new account for step two, where the rules will be much simpler before financing.
Phase-1
The evaluation procedure starts with this phase. For the trial account, traders must pay a charge, and they must be successful in order to go on to the risk assessment phase. This demonstrates both discipline in adhering to the rules and trade skills.
- 7% Profit Target
- Max. 5% (Daily loss – static)
- 9% Max. Initial Deposit Drawdown
- Minimum Trading Days: 1
- Maximum Trading Days: No Limit
Phase-2
This is the last action required to become a funded trader. You will be given full capital to trade with this prop firm without restrictions after you successfully complete this round of the challenge and your results are validated.
- 5% Profit Target
- Max. 5% (Daily loss – static)
- 9% Max. Initial Deposit Drawdown
- Minimum Trading Days: 1
- Maximum Trading Days: No Limit
Funded Trader
Reach it this far and you join FinoTrader as a funded trader. Once a trader is funded and signs the trader agreements, they will connect them to live liquidity at their discretion. Get 85% of your profits when you trade wisely. Follow the maximum loss guidelines and trade at your own risk. No profit goal is necessary.
- Refundable One-Time Fee
- No Profit Target
- Max. 5% (Daily loss – static)
- 9% Max. Initial Deposit Drawdown
- Withdraw 85% of your profits!
As with all proprietary trading firms, there are certain rules that you need to follow in order to pass the evaluation phase. They need to be certain that you can manage risk before they let you trade for their proprietary trading firm. Meeting the Trading Goals demonstrates your ability to trade with discipline and expertise.
If you fail to do so, FinoTrader can cancel your account and you won’t get access to a funded account. In this instance, you might be able to request to start again from phase-1, depending on the type of violation that occurred.
Payouts
You will receive 85% of the revenue as a trader, and it will be transferred to you via Bank Transfer, PayPal, or Bitcoin (crypto payments). Simply, you click “Request withdrawal” under the “Payouts” tab on the dashboard, and the money will be sent to the bank account, PayPal account, or Bitcoin address you provided in your account settings.
For instance, if you accept a $25,000 challenge and earn $37,000, you can request payout. FinoTrader will process your request and pay you $10,200 USD (85% of your earnings) after subtracting $25,000 from $37,000. You will find an invoice for $12,000 and a certificate for each payout request on the “Payouts” tab.
Every Trader has the option to seek a payout. The payout can be handled in as little as one day, but you can also set your own Profit Split Day and you can do so up to three times. Finally, they make sure that you always get your withdrawal on the day that works best for you.
Daily Loss
The magnitude of the Maximum Daily Loss ensures a clearly defined daily risk for the investor and provides the trader with ample room for trading. This rule benefits both the trader and the investor because it prevents the account value from falling below the limit. The Maximum Daily Loss cap also takes your potential floating losses into account.
Current daily loss equals today’s closed positions plus today’s open positions.
For instance, the maximum daily loss is $5,000 in the FinoTrader Challenge scenario with a $100,000 starting account amount. Your account cannot decrease more than $2,000 on this day if you lose $3,000 on closed deals. Also, it cannot go below $2,000 in open floating losses. The cap includes swaps and commissions. In contrast, if you make $2,000 in profit in a single day, you can afford to lose up to $7,000 but not more.
Scaling Plan
On all challenges, they provide scalability plans with scaling up to $500,000. According to the internal assessment, traders will receive a 30% rise in capital if conditions are satisfied. Simply earn 12% every three months, and they will give you more money up to $500,000.
Trading Strategies
Trades between accounts and challenges cannot be copied (this applies for symbols, same entries, etc). It’s against the FinoTrader policy. For the second challenge, you cannot enter trades that are only 10 pips apart in the same currency with a slight delay. This is against their rules. Every trade must be distinct (unique entries, symbols, etc).
You can, however, mimic trades from other prop firms. You can copy the same entries to your challenge at FinoTrader.com if you have a challenge with another prop firm (such FTMO, MFF). Never forget that copying transactions between different challenges on the same FinoTrader account is forbidden and against their conditions.
Automated trading with expert advisors (EAs) is allowed. You can you any prop firm EA or any type of own trading strategy. The main goal is to achieve a consistency of your trades and become funded trader with them without breaching the clear rules.
Weekend trading is permitted on all FinoTrader accounts, including financed ones. Weekend trading on cryptocurrency instruments is also permitted. Please be mindful of the dangers posed by market gaps when trading currency pairs, indices, and commodities that do not maintain regular weekend trading hours. They don’t want to restrict a trader’s strategy but it is your responsibility as a risk manager to assess the benefits and dangers of keeping a position over the weekend. The trader is accountable if a gap arises and results in a violation.
Brokers
FinoTrader allow trading with one of the best trading brokers in IC Markets. They are a regulated brokerage firm that provide excellent trading conditions including deep liquidity pools and ECN executions. This means that you can trade with tight spreads from just 0.0 pips and get superior pricing with rapid trade execution speeds. The commission fees of $3.5 per side or $7 per lot per round turn, are very competitive.
Platforms
You can trade on the industry standard MetaTrader 4 (MT4) platform with FinoTrader. This is the platform of choice for millions of new and experienced forex traders all over the globe. It is well known for having a quick learning curve and being very user-friendly. MT4 supports manual and automated trading. There are plenty of built-in trading tools and available add-ons to conduct in-depth analysis of financial markets. Whatever your trading strategy, MT4 will enable you to place and manage trades with relative ease.
If you are already familiar with the MT4 platform, that is great as you won’t need to learn a new platform from scratch. However, if you prefer to use the newer MetaTrader 5 (MT5) platform, then you will need to consider another prop trading firm such as FTUK as they have both MT4/5 platforms available.
Instruments
With FinoTrader, you can trade any instrument that is available on the brokers platform. This includes Forex, Commodities, Indices, Crypto, Stocks and Bonds. They have a great selection across various asset classes, so there should be something for everyone to trade. The maximum leverage available is 1:100 which is high but not as high as XLTRADE who have 1:500 leverage.
| Maximum capital | $500,000 |
| Profit split | 85% |
| Scaling | Yes |
| News trading | Yes |
| Weekend trading | Yes |
| Automated trading | Yes |
| Free trial | No |
| Maximum leverage | 1:100 |
Overall, FinoTrader have a solid proprietary trading service on paper. You can gain the prestigious status of being a professionally backed forex trader when you join the FinoTrader family of funded traders. With their back-end engine, you can access top-tier liquidity, cutting-edge technology, and analytics without having to risk your own money.
A $500,000 trading account is also potentially yours to handle through the FinoTrader Program. On the funded account you are trading with, you keep 85% of all gains you make, and they pay for any losses. Last but not least, you will receive a refund of the initial charge you paid when you withdraw your first profit from the Funded Account. You basically have no risk and unlimited upside if you think you have what it takes.
