ElitesFunding Forex prop firm review

ElitesFunding prop firm offers funded account challenges with funding options ranging from $10,000 to $200,000. There are two account options offered, including express and standard, which are 1-step and 2-step challenges. The pricing starts at 99 USD for the 2-step or standard accounts and 110 USD for the 1-step or express challenges on 10 grand accounts, which is actually competitive. Traders can use up to 1:100 leverage, which allows them to control substantial buying power.

In this ElitesFunding review, we will evaluate the firm’s most critical features, such as safety, rules, assets, pricing, platforms, support, and more.

Pros & cons of ElitesFunding prop firm

Pros

• Competitive Pricing
• Offers a scaling plan to increase profit splits up to 90%
• High leverage of 1:100
• Slower withdrawal processing times than industry standards

Cons

• Lacks live trading accounts; only demo accounts are offered
• Strict rules, such as no news trading or overnight positions
• Limited educational resources

Safety of ElitesFunding – 0

There are no ElitesFunding reviews on the Forex Peace Army, which is a downside. On Trustpilot, the firm has mostly positive comments, but the number of reviews is too small to evaluate whether the firm is truly reliable. When it comes to experience, the firm was launched in 2023, which makes it pretty inexperienced in the prop trading industry. Additionally, all funded account challenges are simulated or demo accounts, meaning traders only access demo trading and there is no possibility to access live accounts.

The firm gets a 0 score in this section for lacking important safety features such as experience, live funded accounts, and an FPA score.

ElitesFunding Funding and maximum capital allocation – 3

ElitesFunding funded programs are two: express and standard. The Standard Challenge is a 2-step account, while the Express is a 1-step evaluation account. The ElitesFunding funding options for the Standard and Express are the same and include 10k, 25k, 50k, 100k, and 200k USD amounts. The Standard ElitesFunding challenge requires traders to hit profit targets twice, in two phases, while the Express only requires one profit target hit.

The ElitesFunding scaling plan allows traders to increase the profit sharing from 80 to 90%, which is very attractive. There are no smaller challenges for beginners, which is a downside, and the maximum default funding is also lower than 1 million dollars.

The firm gets a 3 score in this section as a result.

ElitesFunding Assets – 2

ElitesFunding prop trading assets include popular markets such as Forex pairs, commodities, and indices. The firm does not offer cryptos or stocks, which is a big downside, especially the lack of digital currencies. The leverage is very attractive at 1:100, allowing traders to control a serious amount of buying power.

Overall, the firm gets a 2 score in this section.

ElitesFunding Trading rules and limitations – 0.8

ElitesFunding rules are slightly different for each challenge type. The standard or 2-step accounts are less strict than the express or 1-step accounts. Let’s compare the rules to see which account is more attractive.

The Standard ElitesFunding challenge rules:

• Profit target – 9%, 5% (phase 1 and 2)
• Daily loss limit – 5%
• Maximum drawdown – 10%
• Minimum trading days – 5 days
• Maximum leverage – 1:100
• EAs -Not allowed
• News trading – Not allowed
• Overnight hold – Not allowed
• Weekend hold – Not allowed

The Express ElitesFunding challenge rules are the following:

• Profit target – 10%
• Daily loss limit – 3%
• Maximum drawdown – 6%
• Minimum trading days – 4
• Maximum leverage – 1:100
• EAs – Not allowed
• News trading – Not allowed
• Overnight hold – Not allowed
• Weekend hold – Not allowed

As we can see, the firm is very strict, as it does not allow news trading or overnight or weekend holding of open positions.

As a result, the firm gets a 0.8 score for a 10% maximum drawdown on 2-ste challenges.

ElitesFunding Fees – 1.5

The pricing is competitive for 10k USD challenges, starting at 99 USD for the standard and 110 USD for the Express challenges. 100k USD accounts will cost 530 for the standard and 600 USD for the express account. These fees are competitive. However, the spreads are higher than 0 pips on major FX pairs, which makes it difficult to deploy scalping strategies profitably.

ElitesFunding free trial is not offered at the moment, and the ElitesFunding free repeat is also a downside, as traders can not test trading conditions before purchasing the challenge and can not reset their accounts for free.

Overall, the firm gets a 1.5 score in this section.

ElitesFunding Platforms – 2.1

The firm provides access to the popular prop trading platform, TradeLocker. This platform was specifically designed for prop trading and has a built-in trader dashboard, which offers many useful features to manage challenges comfortably. Mobile trading is available via the mobile app. The firm does not offer access to advanced platforms like MT4 or MT5.

The firm gets a 2.1 score in this section.

ElitesFunding Profit-Sharing – 3

ElitesFunding profit split starts at 80%, which is competitive. However, traders can increase the profit split to 90% using the firm’s scaling plan. The firm has fees for withdrawals, and the processing takes between 1-3 business days, which is slower than the industry-accepted standards.

The firm gets a 3 score in this section.

Education and trading tools at ElitesFunding – 1

The firm only provides a trading blog, and there are no webinars, video guides, or trading courses, which is a downside. There are tools built inside the useful platform.

As a result, the firm gets a 1 score in this section.

Customer Support at ElitesFunding – 2.4

Customer support is critical, and the firm offers access to email and live chat channels. There is no phone support which is a downside. The live chat and email are built inside the website. Both the website and support of the firm are available in the English language only which is also a downside.

Overall, the firm gets a 2.4 score in this section for only offering live chat and email.

Frequently Asked Questions on ElitesFunding