ThorFX Review
ThorFX is a trading brokerage that also provides real funding up to $200,000 with an 80% profit share for traders who can pass the 2-stage evaluation challenge.
ThorFX is an ECN/STP brokerage firm that provides demo and live trading with a minimum deposit of just $10 and leverage up to 1:500 (1:100 for funded accounts). You can trade forex with raw spreads from just 0.1 pips and get access to top tier liquidity to ensure fast execution speeds with no requotes. All trading is carried out via the ThorFX MetaTrader platforms (MT4/MT5). Trading accounts can be funded quickly with card and crypto payments accepted.
Funding Program
The ThorFX funded trader program involves a simple 2-step evaluation process where you get a chance to show off your trading prowess and that you have what it takes to get a funded account up to $200,000. The profit share is generous at 80%, but this is somewhat short of the 90% profit split that FTMO offer.
| Funding Amount | $10K | $25K | $50K | $100K | $200K |
|---|---|---|---|---|---|
| Minimum Trading Days | 10 | 10 | 10 | 10 | 10 |
| Max Daily Loss (5%) | $500 | $1,250 | $2,500 | $5,000 | $10,000 |
| Max Overall Loss (15%) | $1,500 | $3,750 | $7,500 | $15,000 | $30,000 |
| Available Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Registration Fee | $99 | $220 | $359 | $599 | $999 |
The ThorFX funding program has realistic profit targets and there is no risk on behalf of the traders as the broker covers all losses. The ThorFX funded program was designed to reward good risk management and to help traders develop good trading strategies for long-term success.
The Get Funded Account Challenge has three main stages: Evaluation Stage (Stage1), Verification Stage (Stage 2) and Get Funded (Stage 3). You can trade on a $10K, $25K, $50K, $100K or $200K funded ThorFX account.
While placing an order, the customer’s decision to accept the ThorFX Evaluation Challenge is also applicable to the subsequent Verification and Funded Account. The customer cannot reverse their choice once they’ve made it.
Stage 1: Evaluation
- 10% profit target
- Trading period of 30 days
- Overall drawdown of 15%
- Max daily drawdown of 5%
- One-time refundable fee
Stage 2: Verification
- 8% profit target
- Trading period of 60 days
- Overall drawdown of 15%
- Max daily drawdown of 5%
- Minimum trading days of 10
ThorFX Funded Trader
- 80/20 profit share
- Receive your refund
- Weekly payouts
- Max daily drawdown of 5%
- Maximum loss of 15%
Evaluation Process
In order to pass the first evaluation stage, a trader must hit their 10% profit target while adhering to their 15% maximum loss or 5% daily loss limits. You have 30 calendar days from the day your first position is placed on your evaluation account to reach your profit goal.
In order to pass the second evaluation stage, a trader must hit their 8% profit target while adhering to their 15% maximum loss or 5% daily loss limits. You have 60 calendar days from the day your first position is placed on your evaluation account to reach your profit goal.
When you successfully complete both evaluation phases, you are given a funded account without any profit goals. You merely need to adhere to the 15% maximum loss and 5% daily loss restrictions. Seven calendar days have passed since the day your financed account received its initial position before you received your first dividend.
After you get your first payout, keep in mind that all of your subsequent payouts will similarly be based on a weekly schedule from Monday to Friday. Based on the profit you make on your funded account; your profit split will be 80%.
Trading Rules
The Client is permitted to conduct trading transactions during the demo trading on the Trading Platform (Stages 1 and 2), unless those transactions fall within Prohibited Trading Strategies. If you are found to be in breach of the rules, you could have your account reset or cancelled.
The trader is not permitted to intentionally or unintentionally employ trading tactics that prey on service flaws such inaccurate price displays or delayed price updates.
The trader shouldn’t execute trades or combinations of trades that aim to manipulate trading, such as simultaneously taking opposing positions, alone or in collaboration with any other people, between related accounts or accounts maintained with various proprietary trading firms.
The trade must not be conducted in a way that raises legitimate fears that the Company would suffer financial or other harm as a result of the Customer’s activities, or that is inconsistent with how trading is conducted on the forex market or on any other financial market.
Weekend Trading
When trading on the Funded Trading Account, the trader understands that it is his or her duty to cancel open positions right before the markets close for the weekend or if the rollover lasts more than two hours.
Scalping
In order to prevent potentially detrimental behaviour by the Customer, the Company may warn the Customer through the Client Section if the Customer places an unusually high volume of orders for the Services in an unreasonable amount of time. They reserve the right to halt any additional orders for the Services placed by the Client if this unreasonable behaviour continues after receiving such warning.
Copy Trading
Third-party copy trading risk refers to the possibility that other traders may be utilising the same trading technique as you are if you utilise a third-party copy trading service. This should be considered if you plan to use copy trading services. If you use a third-party copy trading service and go over the maximum capital allocation limit, you can face the risk of not getting a funded account or a withdrawal.
Expert Advisors
Third-party EA risk refers to the possibility that other traders may be utilising the same trading technique as you are if you use a third-party prop trading EA. This should be considered if you plan to utilise an EA. If you use a third-party EA and go over the maximum capital allocation limit, you can face the risk of not getting a funded account or a withdrawal.
Trading Days
The number of days you must trade for in order to request a withdrawal or finish an evaluation phase is known as the minimum trading days. While there is no minimum trading requirement during evaluation stages, you must trade for at least 10 trading days on a funded account to qualify for a biweekly reward. Step 1 has 30 maximum trading days, and step 2 has 60 maximum trading days.
Maximum Loss
The biggest loss a trader can experience each day without violating the account is referred to as the maximum daily loss. The daily loss cap for all account sizes is 5%.
Maximum loss is the entire loss an investor can incur before their account is breached. The maximum loss for all account sizes is 15%.
Accounts
Customers are only allowed to have one Customer Account, but they are allowed to have numerous financed trading accounts. Depending on the entire sum of the initial capital amounts of the products that the Customer has ordered, as well as other factors, the total number of Funded Trading accounts may be restricted.
Between the Funded trading accounts, the Customer is not permitted to transfer or merge his or her performance, Service parameters, data, or any other information. Each customer is allowed an unlimited number of ThorFX Get Funded Challenges and Verifications.
Fees
The cost of the ThorFX Evaluation Challenge varies depending on the option chosen and is affected by the amount of initial capital, the level of acceptable risk, the conditions that must be met in order to qualify for the ThorFX Evaluation Challenge and the ensuing Verification, as well as possibly other requirements. On the ThorFX website, you may find more specific information about each choice, including the costs associated with it. The choice the Client makes when filling out the form to order the ThorFX Evaluation Challenge will decide the final charge.
Refund
The Customer is not entitled to a refund of the fee, including but not limited to cases where the Customer cancels the participation and requests the cancellation by email, when the Customer terminates the use of the Services prematurely (e.g., fails to complete the ThorFX Evaluation Challenge or the Verification, or when the Customer does not comply with the ThorFX evaluation challenge terms and conditions.
Payouts
All profit-sharing payments will be paid on a weekly basis each Friday at 12:00 MT4/MT5 Server time if the profit exceeds $10. The profit sharing will be calculated on equity gain made by the Trader for the previous week.
Platforms
ThorFX provide two of the most popular trading platforms in MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are very user-friendly platforms that come fully loaded with plenty of trading tools for analysing the financial markets for trading signals. You can also get a plethora of free and paid add-ons to further enhance the possibilities of the already excellent MetaTrader platform.
You can study multiple chart types across various timeframes. The platforms support different order types including instant, pending and limit orders. MetaTrader is suitable for manual and automated trading, for traders of all experience levels. OspreyFX have a similar funded account and also provide both MetaTrader platforms as an alternative prop firm to consider.
Instruments
ThorFX have a decent selection of trading instruments across multiple asset classes for you to choose from. Regardless of your interests, there is something for everyone to trade, including forex, stocks, indices, commodities and cryptocurrencies.
You can trade with leverage of up to 1:100 on the funded account, or 1:500 if trading your own account. They broker has very low commission fees and tight raw spreads from as low as 0.1 pips.
Funded Challenges
In order to test new traders, ThorFX decided to offer them the option to take part in the Funded Account Challenge and be rewarded for their successful trading tactics by receiving fully funded accounts worth up to $200,000.
With a charge as low as $99, you could have the opportunity to win a $10k funded account without taking the chance of losing your own money whilst you also get to keep 80% of the earnings.
Trade against challenging but attainable standards to hone your trading abilities and land a spot as one of ThorFX’s chosen Funded Account traders. You must register for the specific Challenge Portal in order to participate in the Funded Account Challenge, which should only take a few minutes.
| Maximum capital | $200,000 |
| Profit split | 80% |
| Scaling | Yes |
| News trading | Yes |
| Weekend trading | Yes |
| Automated trading | Yes |
| Free trial | No |
| Maximum leverage | 1:100 |
In summary, ThorFX is a respectable proprietary trading company that gives traders a choice of several evaluation programme account sizes. They not only provide funded accounts, but they also have their own in-house brokerage firm. Therefore, you can conduct all of your business in one convenient place. The main downside being that the broker is not currently regulated at this time.
Evaluation programmes are a two-step, industry-standard evaluation challenge that must be finished in order to be funded and qualify for profit sharing. Before becoming financed, ThorFX needs traders to meet profit targets of 10% in each stage. These trading goals are reasonable given that there are 15% maximum loss and 5% daily loss restrictions. You can receive 80% profit splits from evaluating packages. Nevertheless, no scaling strategy is at this time accessible.
To anyone seeking for a prop firm with simple trading guidelines, ThorFX is certainly worth giving consideration. Although being a relatively young company, they provide fantastic circumstances for a large group of people with various trading philosophies. When everything about ThorFX is taken into account, they have the potential to rank among the top proprietary trading companies.
