OnlyFunds is a prop trading firm that offers traders the opportunity to gain funding between $25,000 and $200,000. While the official OnlyFunds website mentions various features, the legitimacy of the platform requires much scrutiny in order for traders to decide whether it is worth their time and investment.
Pros and cons of OnlyFunds prop trading firm
Pros
- Competitive refundable account fees
- Unlimited trading period
- Multiple evaluation types
- HFT evaluation option
- Offers trading through a regulated broker
- 24/7 live chat and email support
Cons
- Convoluted trading challenges
- Little operational track record
- 200,000 USD maximum funding
- No FPA rating
- Little educational content
Quick rating of OnlyFunds and its features
| FPA Score | Not yet rated |
| Year founded | 2021 |
| Headquarters | New York, NY, United States |
| Minimum audition fee | $149 |
| Fees on withdrawals | None |
| Minimum funded amount | $25,000 |
| Maximum funded amount | $200,000 |
| Allowed daily loss | 4% (HFT) 5% (Standard) |
| Profit target | 8% (Standard) 10% (HFT) |
| Maximum trailing drawdown | 10% (Standard) 8% (HFT) |
| Profit sharing (Payouts) | 80% |
| Trading Platforms | Eightcap |
| Available trading markets | Forex, commodities, indices |
Safety of OnlyFunds – 1.5
OnlyFunds is a forex prop trading firm that was launched in 2021 and has a relatively short operational history.
The ForexPeaceArmy, which reviews and rates most forex brokers and prop firms, has not yet reviewed OnlyFunds, which may be cause for concern for traders that are concerned with the security features of their account.
OnlyFunds is a certified partner of Eightcap, which is a regulated forex broker, which is a plus for the firm.
Furthermore, the only reviews available for OnlyFunds, which are on Trustpilot, give the firm a 2.9/5, with a total of 145 reviews.
Such reviews and ambiguity of security features are not likely to inspire confidence in prospective traders. For this reason, OnlyFunds gets a low security score..
OnlyFunds funding and maximum capital allocation – 3
Funding is perhaps the most important aspect of any prop trading firm and OnlyFunds offers 4 different funding levels to its clients – $25,000, $50,000, $100,000 and $200,000.
The funded accounts are divided into two types of evaluations – Standard and HFT, with both evaluations providing the same 4 levels of funding.
It must be noted that many competing prop firms offer higher maximum funding amounts than $200,000. Typically, prop firms will offer $500,000, or as much as $1 million and beyond as the highest level of funding possible using a single funded account.
This may dissuade some traders that would like to access higher amounts of funding. Furthermore, the firm does not permit its clients to merge multiple funded accounts.
OnlyFunds assets – 3.5
When it comes to the instruments offered by OnlyFunds, clients can access forex pairs, commodities and indices. While the total number of assets available on the firm is not particularly high, traders nonetheless have a decent selection of instruments to choose from when trading at OnlyFunds.
Major forex pairs, oil and gas commodities, metals, and major equity indices, are some of the most popular tradable instruments on the market that are accessible to OnlyFunds clients.
While traders interested in greater diversity may be somewhat disappointed, the average prop trader will have plenty of instruments to formulate coherent trading strategies to allocate the funds provided by OnlyFunds.
OnlyFunds trading rules and limitations – 3.5
Trading rules and limits are very important factors that determine the conditions prop traders must adhere to in order to maintain their funded accounts.
At OnlyFunds, the trading rules and limits are different between the HFT and Standard evaluations, while the 80% profit share is common across all accounts.
HFT (1-Stage)
- Minimum 30 trading days (Stage 1), Unlimited trading days (OnlyFunds Trader)
- 0 minimum trading days (Stage 1), 10 minimum trading days (OnlyFunds Trader)
- 30:1 maximum trading leverage
- 10% profit target
- 4% maximum daily loss limit
- 8% maximum overall loss limit
HFT (2-Stage)
- Minimum 30 trading days (Stage 1), 60 trading days (Stage 2), Unlimited (OnlyFunds Trader)
- Minimum 5 trading days (Stages 1 and 2), 10 minimum trading days (OnlyFunds Trader)
- 30:1 maximum trading leverage
- 10% profit target (Stage 1), 5% (Stage 2)
- 4% maximum daily loss limit
- 8% maximum overall loss limit
Standard Evaluation
- Unlimited trading period
- 3 minimum trading days, None (OnlyFunds Trader)
- 50:1 maximum trading leverage
- 5% maximum daily loss limit
- 10% maximum overall loss limit
- 8% profit target (Stage 1), 5% profit target (Stage 2)
The general terms and limits offered by OnlyFunds are similar to many other competing prop firms on the global market. However, the 4% maximum daily loss limit can be a bit stringent, especially for beginner prop traders, as it limits their chances of success during volatile markets.
Furthermore, the minimum trading day restrictions can add further constraints on how traders structure their trades. Overall, the limits and trading terms enforced by OnlyFunds are strict in some regards
OnlyFunds fees – 4
Fees are also incredibly important, especially for traders, as it is one of the most vital deciding factors when it comes to choosing a prop trading firm for long-term partnership.
The fees charged for OnlyFunds accounts are the following:
- $149 for the $25,000 account
- $299 for the $50,000 account
- $499 for the $100,000 account
- $999 for the $200,000 account
The fees charged by OnlyFunds are competitive and in line with competing prop trading firms. Furthermore, the firm does not charge any fees on withdrawals from the platform.
The lack of diversity among OnlyFunds accounts also means that prices differ considerably between different funded accounts, which may make it challenging for traders to climb up the ranks and gain access to higher funded accounts.
OnlyFunds trading platforms – 3.5
OnlyFunds does not have its in-house trading platform and offers Eightcap instead, which comes with a wide variety of features, such as trading calendars, technical indicators, etc.
Typically, forex prop firms give access to MetaTrader 4 and MetaTrader 5, which are two of the most popular platforms among FX and commodities traders.
However, while OnlyFunds may not have direct access to MetaTrader, Eightcap does allow clients to use the software, which is a silver lining of sorts for traders.
The absence of MetaTrader 4 can be an issue for some traders that are used to using the platform on a regular basis.
OnlyFunds profit-sharing – 3
Profit-sharing is an essential part of prop trading and one of the most important revenue streams for prop firms.
As for OnlyFunding, the profit-sharing agreement is 80% across all account types. This means that clients keep 80% of the profits they generate through trading, while OnlyFunds keeps 20%.
This is slightly lower than some competing firms that offer 85 or 90% in profits.
For this reason, traders that would like to keep more of their profits are unlikely to choose OnlyFunds over competitors.
Overall, the profit-sharing agreement offered by OnlyFunds gets a mixed rating.
Education and trading tools at OnlyFunds – 3.3
Prop firms typically offer some educational content, such as webinars, articles, blogs, etc. to first-time and inexperienced traders.
While OnlyFunds does not offer any educational content of its own, Eightcap, the partner trading platform does have a selection of educational materials, such as events, webinars, technical indicators, AI economic calendar and other helpful technical tools to help traders structure their trades accordingly.
As for more organized educational offerings, such as trading courses, traders are better off choosing an alternative prop trading firm, as OnlyFunds does not offer such a feature.
OnlyFunds customer support – 2.4
Any prop firm requires a competent and fast customer support experience, as beginner prop traders may have many questions about how the trading challenges work, how much they can generate in profits, etc.
The OnlyFunds customer support services consist of a support email, 24/7 live chat function, as well as a customer inquiry form on the official website.
Active clients can also join the OnlyFunds Discord server for updates, announcements, and other company related news.
Overall, the support suite offered by OnlyFunds is competent and able to promptly answer customer inquiries as they arise.
FAQ on OnlyFunds prop firm
Is OnlyFunds a legit prop firm?
Can I make money at OnlyFunds?
Is OnlyFunds a regulated broker?
