BuoyTrade vs The Funded Trader

BuoyTrade Overview

BuoyTrade emerges as a formidable player for traders looking for substantial capital backing, with access to as much as $1,024,000. Its flexibility is one of the significant advantages, enabling traders to hold positions over the weekend and overnight, as well as trade during volatile news events. Traders with diverse strategies are welcomed at BuoyTrade, as it supports a wide array of tactics, including the use of Expert Advisors (EAs), indicators, hedging, and copy trading. One noteworthy aspect is the promised bi-weekly disbursements, which provide a regular cash flow for successful traders. BuoyTrade's tradeable instruments encompass all forex pairs, commodities, and indices, offering a broad landscape for diversification and specialization. From a logistical standpoint, deposits can be made through both crypto and credit or debit cards, while withdrawals can be processed via bank wire transfer or PayPal. This indicates a firm that is set to provide standard and flexible banking options. Yet, not everything is laid out about BuoyTrade, including specific cons related to its services and trading conditions, which makes a complete evaluation challenging.

The Funded Trader Overview

The Funded Trader distinguishes itself with an impressive Trustpilot score based on a substantial number of reviews, signaling a significant level of trust among its user base. With a standard balance of $600,000 and four funding options, traders have an array to select from. Leverage offerings stand at 1:200, and profit splits are favorable, ranging between 80-90%. For those looking for second chances, The Funded Trader offers unlimited free evaluation retries and opportunities to scale up to $1,500,000. Trading instruments are varied and include an addition that BuoyTrade lacks - cryptocurrencies, on top of forex, commodities, and indices. However, no service is without its kinks. The Funded Trader does not currently provide a free trial to test its offerings. In addition, while their customer support is deemed reliable, response times are slower than ideal. Moreover, the trailing drawdown can be a challenging aspect for traders to work with, especially within the Knight's challenge. Deposits can be made using similar methods to BuoyTrade, with the inclusion of a withdrawal method through Deel as well as crypto, hinting at a progressive approach to trader payouts.

Trading Rules and Restrictions

Comparatively, BuoyTrade's rules seem straightforward, requiring adherence to a maximum loss, a set number of minimum trading days, and a profit target. The Funded Trader, on the other hand, imposes more conditions such as lot size limits, daily loss limitations, maximum loss rules, trading days requirements (both minimum and maximum), no use of EAs, prohibition of Martingale strategies, and associated third-party copy trading risks. For some traders, these rules might represent a hurdle, making it imperative to carefully consider which rule set aligns best with one's trading style.

Account Facilities and Currency Handling

Both BuoyTrade and The Funded Trader denominate their accounts in USD, which is a widespread practice providing ease of calculation for many traders. However, account sizes at BuoyTrade are explicitly delineated, ranging from $1,000 to $16,000, which could cater to traders of diverse scales, from beginners to more ambitious investors. The Funded Trader, while not as specific in this information, does express its flexibility in scaling, which can be appealing to growth-focused traders.

Market Presence and Stability

In terms of market presence, both firms are relatively new with inception dates close to each other—BuoyTrade in February 2021 and The Funded Trader in May 2021. This places them on somewhat equal footing regarding industry experience and perhaps stability. Yet, the trust factor appears to be in favor of The Funded Trader, given its Trustpilot rating based on numerous customer reviews.

Concluding Remarks

In conclusion, both BuoyTrade and The Funded Trader offer unique advantages that cater to different trader needs and preferences. BuoyTrade's capital access and trading flexibility stand out, while The Funded Trader shines with its user trust and scalability options. Potential users should weigh the trading conditions, support responsiveness, and the degree of allowable strategies against their personal trading discipline and goals. By providing offerings that cater to a diverse range of trader needs, both firms make a significant contribution to the proprietary trading firm landscape.