BluFX is a proprietary trading firm established in June 2017 that offers a Funded Trader Program. A standout feature for BluFX is its straightforward funding model, wherein traders are provided with a choice of subscription-based funding without any evaluation process. The firm allows trading in commodities, with account balances denominated in USD and GBP. Funding for trading accounts is made accessible through credit/debit card deposits, and profits can be withdrawn using bank wire transfers.
Pros and Cons of BluFX
Pros:
Subscription-based funding model allows for instant trading access without passing any evaluation.
Trading on commodities is offered, which might appeal to niche traders focused on this market.
Simplified deposit and withdrawal processes using widely accepted methods.
Cons:
Limited account currencies and tradeable instruments when compared to other prop firms.
Only bank wire transfer is available for withdrawals, which could be inconvenient for some traders.
Trading rules and limitations are not specified, which leads to ambiguity for traders considering the platform.
True Forex Funds Overview
True Forex Funds, coming into play more recently in October 2021, has rapidly gained a reputation indicated by its Trustpilot rating of 4.6 out of 5. The firm offers several two-step evaluation programs to traders and extends an appealing 80% profit share. One of True Forex Funds' key attractions is the allowance of various trading styles including overnight, over the weekend, and during news releases. Furthermore, a wide range of tradeable instruments is on offer, and traders have the flexibility of account denominations in EUR, GBP, and USD. This prop firm has also embraced cryptocurrency for both deposit and withdrawal methods, in addition to traditional bank wire transfers and Deel—a global payroll and compliance service provider.
Pros and Cons of True Forex Funds
Pros:
A high Trustpilot rating indicates positive user experiences and trustworthiness.
80% profit share which is among the higher tiers in the industry, incentivizing traders.
Unlimited evaluation retries provide persistent traders with continuous opportunities to succeed.
Diverse set of tradeable instruments including cryptocurrencies, forex, indices, commodities, and metals offer a broad spectrum for traders.
Flexible deposit and withdrawal options, including the use of cryptocurrencies, cater to a global audience and modern traders.
Cons:
Relatively high prices for evaluation accounts can be a barrier to entry for some traders.
The 5% maximum daily drawdown is stringent and could be challenging for aggressive trading strategies.
High commission costs may eat into traders' profits, especially for those who trade frequently or with high volumes.
Rules and Restrictions Comparison
Comparing the rules of BluFX and True Forex Funds, the latter clearly outlines its trading guidelines including max daily loss, maximum loss, profit targets, and policies related to third-party copying and EA (Expert Advisor) risks. Such transparency may offer a sense of security and clear boundaries for traders, which is crucial for effective risk management. On the other hand, BluFX's lack of detailed rules in the context provided may raise questions regarding the clarity of trading expectations and the level of support offered to traders.
Final Thoughts
Both BluFX and True Forex Funds bring unique advantages to the table. BluFX may appeal to traders looking for a simple, no-evaluation path to a funded account, albeit with fewer instruments and rigid withdrawal options. Conversely, True Forex Funds caters to traders preferring an ample selection of instruments, flexible funding, and withdrawal methods, and transparent trading conditions. The decision between the two firms should be based on individual trading styles, preferences for market exposure, and appetite for the rules and fees imposed by each firm.
