FundedNext is a prop firm that offers lots of unique features, like paying a profit split from the evaluation process and a completely different express model.
In this review, I’ll discuss every detail you need to know about FundedNext, and compare it to competition like FTMO and My Forex Funds, so you can decide if it’s the prop firm for you.
FundedNext Discount Code
Discount code TPJ10 gives 10% off any challenge at FundedNext.
FundedNext also frequently runs other limited time discount promotions, with higher percentages off and other added benefits. If you want to find the latest discount codes for FundedNext and other prop firms, join the official Prop Journalist Discord Server. Prop firm discounts are found in the limited time discount time codes channel, and you can be notified whenever a new code is posted by reacting to the message in the welcome channel.
I’d always recommend checking the discord server before making a purchase from any prop firm, because 90% of the time you can save money with a discount code found in the server!
FundedNext Stellar Challenge Review
FundedNext recently introduced the stellar model, a prop firm challenge with no time limits, available in either 1-Step or 2-Step variations.
The 1-Step and 2-Step stellar challenges cost the same, and are well priced. You can make them even cheaper by using discount code TPJ for 10% off.
The 1-Step stellar challenge offers a shorter evaluation of just 1 phase, but has lower 6% maximum drawdown which is trailing. The 2-Step stellar challenge has a longer 2 phases, but has a larger 10% maximum drawdown and a lower phase 1 profit target.
The stellar challenge also pays out a 15% profit share from the evaluation. However, to receive this bonus you must achieve 5% profit on the funded account.
2-Step Stellar Model
The 2-Step Stellar model consists of 2 phases, first a profit target of 8% then a profit target of 5%.
With no time limits, you can take as long as you want to achieve these profit targets, but you must follow the maximum drawdown rules while doing so. The 2-Step Stellar model has 10% maximum drawdown and 5% daily drawdown limits, with daily drawdown being calculated using only balance. The model also has 5 minimum trading days for both phases, which is a slight disadvantage compared to the 1 minimum at My Funded Fx. However, the FundedNext 2-Step Stellar model has the advantage of higher 10% maximum drawdown (compared to 8%) and the bonus 15% challenge profit share.
1-Step Stellar Model
The 1-Step Stellar model consists of just 1 phase with a profit target of 10%.
However, its 6% maximum drawdown is trailing relative drawdown. This means the drawdown limit trails up as account balance increases, until it is locked in place at the original account balance. This means withdrawing all profits from the funded account blows the account.
Because of this relative drawdown rule, we would recommend going for 2-Step Stellar Model instead of the 1-Step. However, if you really want a 1-step challenge, you may be better off choosing another firm. The TFT Knights challenge has a lower 3% daily drawdown, but is significantly cheaper with the discount code CEASER for 15% off, with $100k accounts only costing $415 compared to the $467 at FundedNext.
FundedNext Evaluation Model
FundedNext offers evaluation accounts from $6k to $200k, with pricing similar to My Forex Funds.
These are regular 2 phase evaluations, with a profit target of 10% in 4 weeks for phase 1, and 5% in 8 weeks for phase 2. While reaching these profit targets, you must not breach the 10% maximum drawdown, and 5% daily drawdown. Each phase has 5 minimum trading days needed to pass too.
These evaluation parameters are almost exactly the same as FTMO, but with FTMO having slightly longer time limits but higher 10 minimum trading days. The biggest difference that makes FundedNext stand out is the 15% profit split that they pay from each stage of the evaluation. This is paid out with the once you make 5% on the funded account.
With an $100k account, this profit split means an extra $2,250, that you wouldn’t have got if you traded with a different prop firm. While My Forex Funds does pay out a 2% and 4% bonus from Phase 1 and 2, this only adds up to $360.
If you end Phase 1 or 2 in profit but not reaching the profit target you are eligible for a free retry, starting back from phase 1. Funded Next pays an 80% profit split from live accounts, then 90% after scaling. You can scale up after 4 months if you earn at least 10% profit and withdraw at least 2 times. If you meet this criteria your account is scaled up by 40%.
Is The Evaluation Model Worth Taking?
Because of the recently released FundedNext 2-Step Stellar model, the Evaluation model is starting to look outdated. While it is slightly cheaper than the Stellar model, it has a higher phase 1 profit target and the huge disadvantage of time limits.
So if you were considering choosing the evaluation model, we’d recommend you spend a bit extra for the 2-step stellar challenge instead because the benefits are well worth the price.
FundedNext Express Model
The second model that FundedNext offers is the express model. Express accounts have no time limits, but a larger 25% profit target to achieve. These accounts have the same drawdown parameters as evaluation accounts, and also pay out 15% from the demo account while you are working towards the final 25% profit target.
The way this works is at the end of every month, the profit you have earned in demo is taken out of the account, and added to the growth fund balance. You are paid 15% of this profit when this happens. This keeps repeating at the end of the month until the growth fund balance reaches 25% of the original account balance.
When this happens, you have passed the express model and you move to a live account, where you are eligible for a 60% profit split in the first month, which increases to 90% by the third month. The evaluation fee is refunded with the first profit split on the live account too. This is a very unique funding model, but comes with a few rules that you will want to watch out for. Firstly is the minimum 10 trading days every 4 weeks, then there is the consistency rule. The consistency rule means you must have a consistent number of trading days, number of trades and lot size every week.
This is calculated by taking the previous weeks statistics, with the maximum being double the previous weeks KPIs and minimum half the previous weeks KPIs. If any of your KPIs break this range the account will be breached. You can avoid this rule by choosing a non-consistency express account, but these accounts are more expensive, the real funded account is only 25% of the challenge account and you still have to follow the 10 minimum trading days.
If your strategy allows you to follow the consistency rule, the express model is a great way to get funded while earning, without any time pressure. But for many traders this won’t be the case, and with non-consistency the only 25% live funding means you’re probably better off looking at a different no time limit funding model, like Funded Trading Plus, which I have already made a review on.
MT4 accounts with FundedNext have EightCap as a broker. MT5 accounts use the GrowthNext liquidity provider which is ran by FundedNext. These brokers provide tight spreads, with low $3 commission per lot.
If you trade news on a live evaluation or express account you will lose the account. EA trading is allowed, but certain EA strategies are not allowed to be used. You can hold trades overnight and over the weekend with FundedNext.
If you do break any of the drawdown parameters you can reset your account and restart a FundedNext challenge for a cheaper fee.
Also, FundedNext offers an app to help keep track of all your account statistics, which can help you be aware if you’re close to breaking a drawdown rule.
FundedNext has a high Trust Pilot score, but recently has been receiving negative reviews due server issues during news events.
FundedNext Review Conclusion
So, should you try to get funded with FundedNext? Its evaluation model has a huge amount of similar prop firm competition, many of which have much better drawdown to profit target rations. The main advantage of the FundedNext evaluation model is the 15% phase 1 & 2 profit split, but keep in mind you have to make 5% on the funded account to receive this. The express model offers something new to the prop firm space, but is probably only worth using if you are able to follow the consistency rules. Thanks for reading! What do you think about FundedNext, have you tried to get funded with them yet?