BuoyTrade is a Forex prop firm offering flexible funded accounts from just 1,000 USD. With the 1,000 USD being the smallest funded account and level one, traders can progress to get up to 1 million USD trading accounts. The broker has a partnership relationship with the regulated broker EightCap and offers a safe trading environment. The firm accepts clients from more than 125 countries worldwide. With over 3,000 traders using BuoyTrade’s funded accounts, the firm seems legit and attractive having amassed this much attention.
Let’s dive deep and analyze how attractive BuoyTrade is and whether its services are actually as good as advertised.
Pros & cons of BuoyTrade prop firm
Pros
- Ability to withdraw with $0 fees
- Allows news trading, EAs, copy trading, algo trading, and any type of trading
- No limits for weekend or overnight open positions
- Very few requirements and a low-profit target of 5%
- Offers access to MetaTrader 4 from EightCap
- Fast and digital account opening/verification
- Offers access to diverse assets
- Lower profit target of 5%
- No daily loss limits
- Most payment options are free and instant
Cons
- The maximum leverage is capped at 1:20
BuoyTrade Quick Overview
| FPA Score | No reviews yet |
| Year founded | 2021 |
| Headquarters | Singapore |
| Minimum audition fee | 78 USD |
| Fees on withdrawals | 0 USD |
| Minimum funded amount | 1,000 USD |
| Maximum funded amount | 1,024,000 USD |
| Allowed daily loss | No limits |
| Profit target | 5% |
| Maximum trailing drawdown | 5% |
| Profit sharing (Payouts) | 50%(1-9 level), up to 80% (at level 10) |
| Trading Platforms | MetaTrader 4, MetaTrader 5 (EightCap) |
| Available trading markets | Forex, indices, commodities, cryptos coming soon |
Safety of BuoyTrade – 3
The firm was established in 2021 and currently does not have any reviews and scores at FPA. This lowers its safety score. However, from m21 reviews at Trustpilot, traders evaluate the firm with a 4.2 score. This is not bad for the company, which is new.
The firm gets a 3 score in this section as it offers all kinds of safety except FPA reviews.
BuoyTrade Funding and maximum capital allocation – 5
Funding at BuoyTrade is one of the most flexible in the pro firm space right now. The lowest funded accounts start from 1,000 USD, enabling traders to start small and progress as their trading experience grows. As a result, the funded accounts are divided into 10 levels of funding amounts. Level 1 starts with 1,000 and progresses to 516,000 USD at level 9. The final level 10 offers a 1,024,000 USD account.
With constant discounts and promos, traders can get started with even lower capital. Currently, there is a 3% discount event using the code: “LetMeJoin”.
BuoyTrade Assets – 3
What can you trade at BuoyTrade? Forex pairs, commodities, and indices are all available on the EightCap MT4 platform. The firm is working to offer cryptos soon and is developing a dedicated funded account solely for crypto trading. Spreads are low on all major pairs, and commodities are also competitive.
BuoyTrade Trading rules and limitations – 5
Trading rules at the firm are also super flexible and attractive. The profit target is just 5% for all levels except level 10. A 5% profit target is very realistic for even beginners and allows traders to easily hit targets. There are no other evaluations like trading days, ensuring traders are not under pressure. Maximum static allowed loss is at 5%. Leverage is up to 1:20, meaning traders can open positions with 20 times their funded accounts. The profit split from 1 to 9 levels is at 50% and increases up to 80% at level 10. Minimum audition fees start from 78 USD, which is also very low.
BuoyTrade emphasizes a minimal rules approach, ensuring traders can hit targets and progress without additional stress and pressure. There are no daily loss limits, only the maximum static drawdown rules are active. With these simple rules, any profitable trader can start and progress on their journey to become a funded trader with a 1 million USD balance.
What is more intriguing is that High-Frequency Trading is allowed by the firm.
Trading robots or EAs are also allowed.
BuoyTrade Fees – 5
The time desk fee for starting at level one funded account is 78 USD. After this initial fee, there are no other fees as the trader progresses through other levels. Spreads are low from 0 pips for major pairs, ensuring traders can use any type of trading strategy.
BuoyTrade Platforms – 5
Traders can enjoy the MetaTrader 4 from EightCap which offers a direct data feed of live markets. Traders can use 6 different types of pending orders using the MT4. The platform is accessible from any device, be it mobile or desktop. MT4 is a robust platform offering top-notch security and automated trading capabilities.
BuoyTrade Profit-Sharing – 2
The profit sharing is not attractive to BuoyTrade unless the trader gets to level 10 or 1 million USD account. Before level 10, the profit split for all levels is 50% and traders can get paid every two weeks. On the level 10 account, up to 80% of profits are shared with the trader.
Education and trading tools at BuoyTrade – 1.3
Unfortunately, there are no educational resources at BuoyTrade at the moment, but the company offers market research tools. Economic calendars, rules, scaling plans, and spreads are all available to help traders make informed decisions.
Customer Support at BuoyTrade – 2.4
The live chat at BuoyTrade is pretty advanced and supports file uploads. This makes it a quick and convenient way to contact the broker and get needed assistance at any moment.
From other forms, there is only email support offered. The firm lacks phone support.
Frequently Asked Questions
Is BuoyTrade a good prop firm?
What are BuoyTrade's funding and capital allocation options?
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