Oanda is selling a two phase evaluation for a $500,000 account. First phase profit target is 8% ($40,000), second phase profit target is 5% ($25,000). Drawdown is 10% ($50,000) and trailing for each phase. Leverage is 100 to 1, even on most indices, so $50,000,000 worth of buying power. Swing trading allowed. Fee is $2,400. (sorry U.S. clients not allowed) If you are a good trader why wouldn't you go for this? This is Oanda we are talking about, not some random tiny prop firm. They gonna pay out.
Not sure you understand how marketing works. You need to have an affiliate link or code to actually earn commissions. You see any link I am posting?
Buy 35 lots on Monday and quit when the first phase profit target is reached. Congrats; you have passed the first phase Not a trading advice
Reading the T&C. If you make 5% in any one day in the first part of the challenge your positions are closed for the day. There is also a mention of 'minimum trading days' mentioned in the document, but no definition of what 'minimum trading days' actually is anywhere, which is Sus.
Im not familiar with how these challenges work as never done one. Do you get paid 80% of $65,000 for passing the challenge, or is the challenge just to get a further 500K funded account and then you have to make a profit in that account before you get any profit share? If its the later, what are the rules for trading the funded account?? I could not find any details on the website about that, so how do you know what you are signing up for if you pass?
If good FX traders decide to grow their accounts fast, they can do so through aggressive position sizing. Therefore, why waste time with prop firm rules that will force you into becoming the trader they want you to become?
Sure Regulated OTC Oanda but if you look closely It is not THE USA regulated Oanda that is offering this ...OANDA Assessments Limited Company Registration Number: C 106331, 171, Old Bakery Street, Valletta, VLT 1455, Malta! Regulated brokers( OTC) are getting in this New Prop model,,, but why "U.S. clients not allowed" Oanda is US regulated! Two possible reasons 1) They don't want to risk their US regulatory status at this stage hence the Non US entity 2) They are preparing themselves technically to run this business once regulatory clarity is there... Think last few years the best people to start this "Test fee Prop " business are regulated broker , they have the existing clients so lot less marketing costs , they have the technology and are regulated + the have the funds to provide margin money ,,, be it Stock brokers, OTC brokers, Futures FCMS... reason they did not get in to this fully is because they know something is fishy with this business models!
There isn't an honest Forex broker. One way or another their business is to trade against their customers.