FAQs

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New to SurgeTrader

 

What is SurgeTrader?

 

SurgeTrader is a proprietary trading firm that funds traders — enabling them to earn more profits on their trading activity. To become a funded SurgeTrader, traders must first pass an audition to demonstrate their skills and discipline as competent traders. Upon successful completion, traders will receive a funded account of up to $1 million. Traders keep 75% of the profit they generate in their funded account.

Is SurgeTrader a credible company?

 

Absolutely! We’re not a fly-by-night company. Based in Naples, Florida, SurgeTrader is a well-funded proprietary trading firm, funded by a venture capital group and holding company.

SurgeTrader was born from the experience of a few seasoned traders — and that experience led to SurgeTrader's singular mission: Accelerate trader funding. Help outstanding traders capitalize on their success.

Why is SurgeTrader the best prop trading solution for you?

 

We come from the same world you do. We’re also traders. We used that experience to develop and optimize the best programs for our traders. We want traders to pass the SurgeTrader Audition and become successful traders because, if you profit, we profit. It’s a win-win all the way around.

 

So, we’ve developed a program with straightforward, simple trading rules. We’ve made it easy to track your performance with our industry-leading platform and dashboards.

Who can be a funded trader?

 

Anyone age 18 and older can become a funded trader with SurgeTrader. If you can successfully pass the SurgeTrader Audition — demonstrating profitability and responsible risk management — then you can be funded by SurgeTrader.

Why should I become a funded trader?

 

Becoming a successful trader is a challenge. You spend countless hours honing your skills, studying the market, practicing sound risk management… just to find a few profitable trades. You’ve put in the work and now it’s time to capitalize on that hard work with a funded account. After all, one of the most pressing challenges for profitable traders is undercapitalization — trading accounts that are too small.

 

As a funded trader, you keep 75% of the profits. For example, if your trading skills yielded a 30% return one month, but you only have $5,000 to invest, a 30% return probably isn’t worth the time you spent. But with a $1 million account, a 30% return — where you keep 75% — is an incredibly richer return on investment.

 

Trading is a risky business, though, and even profitable traders have periods where they break even or incur losses. An undeniable benefit of trading with SurgeTrader is that you are not responsible for any losses. All losses are covered by SurgeTrader.

 

More than just having the opportunity to trade our capital, SurgeTrader improves your trading by requiring you to adhere to our straightforward trading rules which promote strong risk management, while not restricting your trading decisions. Eliminate over-trading, revenge trading, or over-leveraging. Our traders find that they learn to manage risk more responsibly simply by joining the SurgeTrader team.

Where are you located and how do I contact you?

 

SurgeTrader is a US-based company with headquarters at 405 5th Ave. South, Naples, Florida 34102. We can be contacted by contact form, email, live chat, or phone — all of which can be found on the contact page.

Audition Process

 

How do I get started as a funded trader?

 

In order to become a funded trader, the first step is to choose the assessment tier that fits you best and take the SurgeTrader Audition — an assessment of your skills, risk management, and profitability as a trader. Once you pass the audition, we’ll set you up with a funded account.

 

It’s that easy.

How long does it take to become a funded trader with SurgeTrader?

Unlike other firms, we don’t have a minimum number of days, trading days or unique trades. To pass the SurgeTrader Audition, simply generate a return of 10% in your account while not incurring a daily drawdown of 4% or a maximum trailing drawdown of 5%.

What happens once I’ve passed the SurgeTrader Audition?

 

Unlike other prop trading firms that take two business days or more to review and verify your assessment, SurgeTrader will get you into a funded account within 24-48 hours. After you’ve passed the SurgeTrader Audition, you’ll receive an automatic email notification with your new, live, account credentials and a funded account ready for you to trade, subject to the same risk management rules.

If I breach the trading rules, do I get a second chance?

 

First, it’s important to understand that there are two different types of breach: a hard breach and soft breach. A violation of the daily or maximum drawdown constitutes a hard breach. A soft breach occurs if, for example, a trader does not close positions by market close on Friday, or if they place a trade without a stop-loss. If a soft breach occurs, the trade is closed, and the trader can continue to trade.

 

During the SurgeTrader Audition, in the event of a hard breach, account access will be revoked. If a funded trader incurs a hard breach of the trading rules, trading account access will be revoked. Any profits earned by the trader at that time will be distributed.

 

In either case, traders can always start again with another SurgeTrader Audition. A 20% discount is available for a repeat audition.

Is there a discount for a repeat SurgeTrader Audition?

 

Yes. SurgeTrader wants you to be successful. We want to create an environment where talented traders can grow and improve their returns. We’re here to help you do just that, instead of penalizing you for the full fee amount. To that end, SurgeTrader offers a 20% discount on every SurgeTrader Audition after the first.

What capital will I trade as funded trader?

 

Traders will trade the same account balance as their SurgeTrader Audition. If you traded with $500,000 for the audition, you would also manage $500,000 worth of our capital in your funded trader account.

 

All SurgeTrader Audition accounts are demo accounts with virtual funding. Upon successful completion of the audition, traders receive login credentials to a live trading account with real funds. Traders are then entitled to 75% of profits generated in the live account.

 

In order to trade an account with a higher account balance, you can apply for another SurgeTrader Audition. However, a trader can only have one account per audition tier. Each account is independent and starts with an audition.

 

So, for example, if you are trading a $100,000 account and wish to trade more, you can apply for a $50,000 account by taking a $50,000 SurgeTrader Audition. However, to diversify our risk and exposure, those accounts must not be traded with the same strategy, per our Terms & Conditions.

Trading Rules

 

What are the trading rules?

 

For both the demo SurgeTrader Audition account and live trading accounts, the following rules apply:

Hard breach rules, which will disqualify your account:

  • 4% daily loss limit

  • 5% max trailing drawdown

Soft breach rules, which will close positions and you can continue trading:

  • Stop-loss required for each trade, at the time the trade is executed

  • Flat for the weekend — all positions closed on Friday at 3:55 PM EST

  • Maximum open lots with risk

Note that the daily loss limit applies to current daily equity. For example, a trader with a $100,000 funded account would have a $4,000 daily loss limit. If the trader ran up a profit of $10,000, their new daily loss limit would be $4,400 – or 4% of their new Balance of $110,000.

In addition, there is a limit on the maximum number of open lots. If you are in the $100K plan, you will have 10 open lots with risk available. If you buy 5 lots of EUR/USD at 1.20 and your stop loss is at 1.18, you would have 5 lots on with risk, so you would have 5 still available. If the EUR/USD moves up to 1.25, and you update your stop loss to be at 1.20, which would be your open price, you no longer have risk on that trade. So, you would again have 10 lots available, even though you currently have 5 lots open. In the event that you put on too many trades with risk, then our system will liquidate all trades that currently have risk.

 

This is only considered a soft breach though, which means, even though you violated the rule, you can continue on trading, and should you reach your 10% profit target (without violating daily or maximum loss limits), you would be upgraded to a live funded account.

What are the trading hours?

 

Trading hours are set by our broker, EightCap, and SurgeTrader has no control over them. Traders can locate the specific trading hours for each product on the trading platform under Specifications. This can be navigated to by right-clicking on any product in the Market Watch window of the MT4 or MT5 platform and selecting Specifications from the dropdown menu.

Please note that holidays can have an impact on available trading hours.

How do you calculate Daily Loss Limit?

 

We calculate daily loss limit based on the previous day’s end of day balance. For example, if your prior day’s end of day balance was $100,000, your account would breach when your equity reached $96,000 that day.

 

Additionally, because we base the daily stop out level on a %, and not a fixed $ amount, the more money you make in your account the wider your daily stop loss is. For example, if you start with a $100,000 balance and grow that account to $110,000 balance, your daily stop out level is now $4,400 vs. $4,000.

How do you calculate Maximum Trailing Drawdown?

 

Our Maximum Trailing Drawdown is the maximum your account can drawdown before breaching your account. The initial level is set at 5% from the starting balance of your account. As your account balance increases, the trailing maximum drawdown follows you up until you achieve a profit target of 5% in your account. Once you have achieved a 5% profit target in your account, we take off the trailing drawdown and allow our traders to draw back down to their initial starting balance before breaching the account.

This means for profitable traders the maximum trailing drawdown can be greater than 5%.

 

For example, if you have a $100,000 account, you can go down to $95,000 before being disqualified. Let’s say you are a profitable trader and make $4,000 in your account. Your High-Water Mark is now $104,000 (balance, so just closed trades). Your max drawdown limit will be $99,000. Next, you make an additional $1,000 in your account. So, your new High-Water Mark is $105,000. Here is where it will lock in, so as your High-Water Mark rises your max drawdown limit will stay at $100,000, which means your maximum drawdown increases beyond 5%.  Let's say you grown your account to $120,000.  Your effective maximum drawdown level is now 20% (4x greater).  

How many lots can I trade?

 

Traders may have a maximum number of open lots with risk equal to 1/10000 the size of their account.

Below are the maximum open lots across all pairs that a trader can have at any given time.

  • $25K - 2.5 lots with risk

  • $50K - 5 lots with risk

  • $100K - 10 lots with risk

  • $250K - 25 lots with risk

  • $500K - 50 lots with risk

  • $1 million - 100 lots with risk

Note: These are the maximum available lots with risk, your account still has margin requirements and you may not be able to trade up to the maximum lots listed above if you do not have the margin available.

 

For example, if you are in the $100k plan you will have 10 open lots with risk available.

 

If you buy 5 lots of EURUSD at 1.20 and your stop loss is at 1.18, you would have 5 lots on with risk, so you would have 5 still available. If the EURUSD moves up to 1.25, and you update your stop loss to be at 1.20, which would be your open price, you no longer have risk on that trade. So, you would again have 10 lots available, even though you currently have 5 lots open.

 

In the event that you put on too many trades with risk, then our system will liquidate all trades that currently have risk.

 

This is only considered a soft breach though, which means, even though you violated the rule, you can continue on trading, and should you reach your 10% profit target (without violating daily or maximum loss limits), you would be upgraded to a live funded account.

But what constitutes a lot?

  • Forex - 1 lot = $100k notional

  • Index - 1 lot = 10 Contracts

  • Cryptos - 1 lot = 1 coin

  • Stocks - 1 lot = 100 shares

  • Silver - 1 lot = 5000 ounces

  • Gold - 1 lot = 100 ounces

  • Oil - 1 lot = 1000 barrels

Can I trade news?

 

Yes.

Do I need to close my positions overnight or weekends?

 

In a live trading account with real funds, SurgeTrader requires that traders be flat over the weekend. In other words, all traders must close their positions before the markets close for the weekend. If you don’t close your positions, we will liquidate them for you before the close of the market.

You can hold trades overnight.

What strategies am I allowed to use?

 

We do not limit your trading style or strategy, in any way. Whether your strategy involves discretionary trading, hedging, algorithmic trading, or anything else, you can use it with SurgeTrader. The only requirements are adherence to the trading rules.

Which instruments can I trade?

 

Traders can execute trades on a variety of CFD market instruments — including Forex, cryptocurrency, metals and energy, stock indices and lots of individual stocks. To see the full list of available products, click here.

How much leverage do I receive?

 

Forex, Metals, Oils and Indices receive up to 10:1 leverage. Individual stocks receive 5:1 leverage. Cryptocurrencies receive 2:1 leverage.

What happens if my account is inactive for a period of time?

 

If you do not place a trade at least once every 30 days then your account will be deactivated. This is a result of the broker deleting inactive demo accounts after that period of time. This is only deemed as a soft breach, however. If we can reinstate the account we will reinstate the existing account, otherwise we will create you a new account and carry over any associated P&L, and highwater mark from the inactive account.

Funded Accounts

 

How should I handle taxes on my profit income?

 

You are responsible for all applicable tax obligations in your country or region.

What size account will I manage?

 

Traders will have the same live account balance as they chose for the SurgeTrader Audition. Once a trader passes the audition and results are verified, they will be provided credentials to a live account — where they are entitled to 75% of profits generated.

 

There are no live account upgrade options for account size. Traders should choose the appropriate account size when applying for the SurgeTrader Audition.

How do I withdraw my profits?

 

SurgeTraders can request a withdrawal of profits at any time, but no more frequently than once per calendar month.  So, if you make profits on day one in your live account you can request a withdrawal. Additionally, if you want to leave profits in the account and let them compound to scale your account you have the flexibility to do so. 

When a withdrawal is requested, SurgeTrader will also withdraw its share of the profits and your max trailing drawdown will lock in at your starting balance.  The trailing drawdown does not reset when you request a withdrawal. 

Example: You have taken an account from $100,000 to $120,000. You then request a withdrawal of $16,000. In this scenario, we would pay you $12,000 and we would retain $4,000. This would also take the balance of the account down to $104,000, and your max loss limit is locked in at $100,000. So, you would have $4,000 maximum you could lose on the account before it would violate the maximum trailing drawdown rule.

What is the legal relationship between the trader and SurgeTrader?

 

The relationship between a trader and SurgeTrader is based on the contract agreement agreed to by you at the time you sign up for your audition. This agreement is legally binding to both parties.

Can I merge live accounts?

 

Not at this time. Each account is independent of one another.

Can I scale my account?

Yes. Upon passing the Audition, you will be presented with a choice. You can either (1) claim your fully funded account OR (2) choose to extend your Audition and scale up to the next largest account size. If you choose to scale up to the next largest account size, you must continue the Audition and achieve an additional 10% profit. 

At each 10% profit increment, traders will be presented with the same two options above. Traders can continue scaling all the way up to $500,000 in funding.

It's important to note that if a trader breaches their account at any point in the scaling process, their Audition will be disqualified, and the trader can retry the Audition.

The scaling plan is NOT available for either the $500K account or the $1 million account.

Platform & Dashboard

 

Which trading platforms can I use for my trading?

 

Traders can choose between Eightcap M4 and Eightcap M5 both offered through our broker EightCap, which are considered the universal platforms in the over-the-counter trading industry. 

What information is available on my trading account dashboards?

 

Trading account dashboards include metrics on: daily loss limit, profit target, maximum loss limit, equity, balance, monthly return and projected annual return. In addition, you'll have access to a comprehensive account history with all executed trades.

Orders & Billing

 

Are there any other hidden fees or recurring fees?

 

No, there are no hidden fees. The fee for the SurgeTrader Audition is all you’ll ever incur. There are no recurring monthly fees.

How do I apply for the SurgeTrader Audition?

 

You may apply for the SurgeTrader Audition by choosing your tier here. Upon form submission, you will be directed to the payment page and receive an order confirmation email.

How many accounts can I have?

 

Traders may have multiple funded accounts, but only one per Audition tier. So, for example, if you are trading a $100,000 account and wish to trade more, you can apply for a $50,000 account by taking a $50,000 SurgeTrader Audition.

I paid for my SurgeTrader Audition. When will I get the account?

 

Within minutes after purchasing an Audition, your account credentials and the platform download link will be emailed to you. If you don’t receive the email, please first check your spam folder and then contact support@surgetrader.com.

What payment methods are available?

 

Currently, we accept all major credit and debit cards. We also accept PayPal.

Why is there a fee for the SurgeTrader Audition?

 

There are a few reasons.

 

First and foremost, the fee covers various operating expenses for SurgeTrader — including technology platforms, personnel, customer service functions, marketing and all the healthy expenditures that make a company strong.

 

In addition, the fee ensures that the trader is committed to the process and committed to successful, disciplined trading practices. When a trader has skin in the game, so to speak, they are incentivized to treat their account responsibly and with the utmost care. After all, the fee is but a small token of commitment rewarded with hundreds of thousands of dollars in real capital to trade. The best part of this arrangement for traders is that it is the only capital they risk. Traders cannot lose more than this fee, as losses on a live funded account are covered by SurgeTrader.

 

The SurgeTrader Audition fee serves as a filter for serious traders. The SurgeTrader community only works when it is comprised of experienced traders that can consistently generate a profit. With limited resources, the SurgeTrader Audition process reveals those who are committed and responsible traders.

 

At the end of the day, the SurgeTrader program is an extremely valuable service — a win-win for everyone — and the service is accurately priced to support a symbiotic relationship.