Elite Funding prop firm is a proprietary trading company launched in 2023, giving it a decent experience in the prop trading industry. The firm offers funded accounts with funded options ranging from 3k to 300k USD, which is decent. There are two funded account types: instant and 2-step challenges. The profit split is 80% at the moment, and the fee promises to refund 100% of one-time fees upon the first profit withdrawals.
In this unbiased Elite Funding review, we will evaluate the firm’s safety, rules, funded options and types, assets, platforms, support, and more. After reading this review, you will be able to define whether Elite Funding can be trusted.
Pros & cons of Elite Funding prop firm
Pros
- Ability to withdraw with $0 fees
- Most payment options are free and instant
- Fast and digital account opening/verification
- Lacks educational resources
- Does not provide live chat support (only email is available)
- Does not offer access to MetaTrader 4 or MetaTrader 5
Cons
- 28% of traders evaluate the firm with 1-star on Trustpilot, indicating serious issues
- There are no reviews on the FPA
- Does not provide trading terms clearly
Safety of Elite Funding – 0
Elite Funding reviews are lacking on the Forex Peace Army (FPA) platform, which is a serious downside. However, the firm has around 70 reviews on Trustpilot, and 28% of them are 1-star evaluations, indicating that the firm has serious issues with its service quality. Around 30% of traders evaluating the firm as horrible is a serious red flag that can not be underestimated. When it comes to experience, Elite Funding was launched in 2023, making it experienced in the prop trading sector, but trader reviews reveal that the firm could not refine its services. The firm is not backed by a regulated broker either, which is yet another red flag.
As a result, the firm gets a 0 score in this section.
Elite Funding Funding and maximum capital allocation – 3.5
Elite Funding funded programs are two: instant funding and 2-step challenge accounts. The list of funded options is different depending on the funded account type selected. The instant Elite Funding funding options include 3k, 5k, 10k, 25k, 50k, and 100k USD amounts. The list of funded options for 2-step Elite Funding challenges includes 25k, 50k, 100k, 200k, and 300k USD. The instant account offers traders a funded account immediately, and no evaluation is required, while the 2-step challenge requires the trader to hit profit targets twice.
The Elite Funding scaling plan is available and allows traders to increase their balance up to $1.6 million.
As a result, the firm gets a 3.5 score in this section.
Elite Funding Assets – 3
Elite Funding prop trading is possible by specializing in a range of markets, including Forex pairs, commodities (metals and energies), indices, and cryptos. The leverage is 1:30 and 1:100 on instant and 2-step accounts, which is decent.
The firm does not allow access to shares or futures, which is a serious downside.
Overall, the firm gets a 3 score in this section.
Elite Funding Trading rules and limitations – 1.5
Elite Funding rules are different for each funded account type, which is understandable. Let’s compare them to see which one is more attractive.
The instant Elite Funding challenge requires the following:
- Profit target – None
- Daily loss limit – 6%
- Maximum drawdown – 8%
- Minimum trading days – 3 days
The 2-step Elite Funding challenge account has the following requirements:
- Profit target – 8%, 5% (phase 1 and 2)
- Daily loss limit – 6%
- Maximum drawdown – 10%
- Minimum trading days – 3 days
As we can see, the firm has attractive conditions as it does require a high daily loss limit of 6%, which is decent.
Overall, the firm gets a 1.5 score in this section.
Elite Funding Fees – 3
The pricing at Elite Funding starts at 120 USD for the 25k USD challenge of the 2-step type. The instant accounts are more expensive and start from 300 dollars for the 3k instant account. There is no 0-pip trading possible, which is a downside. However, the firm does not charge fees for withdrawals.
Elite Funding free trial is not offered, and the Elite Funding free repeat is not available either, which is a downside.
Overall, the firm gets a 3 score in this section.
Elite Funding Platforms – 3.9
The firm only allows access to its proprietary trading platform, which lacks many advanced features. However, traders can use EAs using API calls. Mobile trading is available via the mobile trading app, allowing trading on the go, which is flexible.
Overall, the firm gets a 3.9 score in this section.
Elite Funding Profit-Sharing – 2
The Elite Funding profit split is 80% for 2-step challenges. The profit split is lower for the instant funded account. However, traders can not increase their profit split to 90%, which is a downside. Withdrawals require 1-3 business days, which is slightly higher than the industry average.
As a result, the firm only gets a 2 score in this section.
Education and trading tools at Elite Funding – 0
Elite Funding does not offer any educational resources, which is a downside. There are no webinars, video guides, or trading courses offered. There is no trading blog either, which is a downside. There are no tools to assist traders in increasing their trading accuracy. There is a trader dashboard, but it is not very useful yet.
The firm gets a 0 score in this section.
Customer Support at Elite Funding – 1.2
The support at Elite Funding is provided via email. There is no live chat or phone support options offered, which is a serious downside. Both the website and support are provided only in the English language, which is a drawback as well. We hope the firm adds phone support and live chat shortly.
The firm gets a 1.2 score in this section as a result.
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