Next Step Funded Review 2024
Website: www.nextstepfunded.com
Min. Deposit: US$ 98
Leverage: 1:100
Trading Platforms: MT4
Regulation: USA
Headquarters: USA
Founded: 2023
Regulatory Licenses:
- Next Step Funded - registered in USA company number E28456122022
Updated on January 16, 2024
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In our comprehensive review process, we meticulously evaluate forex brokers based on a sequence of critical parameters, ensuring an unbiased and thorough assessment. We compare each broker against a checklist developed from our research on over 1000 brokers. This exhaustive approach encompasses a variety of criteria including fees, spreads, regulatory compliance, platform functionality, customer support, trading instruments, and educational resources. Our goal is to provide traders with all the necessary information to make an informed decision about which broker best suits their trading needs.
Next Step Funded is a proprietary Forex trading firm established in early 2023 by Jalel Abougouche, a seasoned entrepreneur with a significant background in trading and investment. Designed to bridge the gap for skilled retail Forex traders who lack sufficient capital, Next Step Funded offers a unique platform that caters to both novice and experienced traders. Through its partnership with Eightcap, traders have access to over 1000 trading instruments, including major and minor forex pairs, metals, oil, indices, and stock CFDs, all coupled with fast execution speeds essential for effective trading. The firm provides a distinctive opportunity for traders to undertake real trading activities with minimal initial capital. By passing a Test or Challenge, individuals can become Funded Traders, trading with company funds, but it's important to carefully consider the associated risks before proceeding.
Pros
Low Profit Target
Good Pricing
Great variety of Balances with Low Registration Fees
Generous Profit Share
Competitive Fees
Good range of Challenge Accounts
Cons
Not Regulated
It is hard to become a Funded Trader
Limited Instrument Range
No Alternative Platforms
No refund
Next Step Funded has established itself as a credible proprietary trading firm, gaining recognition quickly in the Forex trading community since its inception in early 2023. Founded by Jalel Abougouche, a notable entrepreneur with extensive experience in trading and investment, the firm has shown promising growth. While Proprietary Trading firms like Next Step Funded operate without a Forex Broker license, which means they are less regulated and not under strict industry oversight, they nonetheless offer a platform for traders to engage in trading activities using the firm's funds. It's vital for traders to be aware of the risks involved in dealing with less regulated firms, despite the legitimacy that Next Step Funded appears to have based on various sources, including positive reviews under TrustPilot.
Our comprehensive examination of Next Step Funded's official website revealed no indications of fraudulent activities. However, the inherent challenge in fully assessing the legitimacy of Proprietary Trading Firms arises from their limited regulation by financial authorities. This makes it difficult to unequivocally distinguish between legitimate operations and potential scams, despite the absence of direct evidence of scam activity related to Next Step Funded.
A significant aspect of our review focuses on the structure and requirements of the Next Step Funded challenge, which is essential for traders aiming to secure a Funded Trading Account and embark on a journey as a Proprietary Trader. The firm offers a variety of evaluation programs, including the One Step and Two Step evaluations, along with an HFT Limited Edition. These programs are designed to test traders' ability to achieve profit targets while adhering to strict risk management guidelines. Successfully navigating these challenges allows traders to access a funded account, where they can earn a share of the profits. Each program requires traders to follow specific trading rules and demonstrate consistent trading discipline and profitability.
Account Balance and Registration Fee ▲
To participate in a Next Step Funded challenge, candidates must first select the type of Challenge and the Account Balance they aim to qualify for. The conditions of the challenge, including the registration fee, vary according to the chosen account size. Notably, Next Step Funded reimburses this fee upon the participant's transition to a Funded Trader status. The available programs cater to a range of experience levels and risk tolerances, including the One Step Challenge for both novice and intermediate traders, the Two Step Challenge that consists of a two-phase evaluation process, and the HFT Limited Edition for more diverse account sizes ranging from $15,000 to $300,000. These programs require traders to meet specific profit targets and adhere to rules regarding trading duration, minimum trading days, leverage, and limits on daily and overall losses.
Next Step Funded establishes varying profit targets for its trading challenges, based on the account size and the specific challenge type. For instance, the One Step Challenge might set a profit target at approximately 10% of the account balance, while the Two Step Challenge could have a first-phase profit target of 10% and a second-phase target of 5%. These targets are instrumental in evaluating a trader's ability to generate profit while effectively managing risks.
To mitigate risk during its trading challenges, Next Step Funded enforces a maximum loss limit, which includes both a daily and an overall loss limit. Typically, the maximum daily loss is set at about 5% of the initial account balance, and the maximum overall loss is capped at 12%. These limits are crucial for ensuring that traders employ effective risk management strategies, safeguarding both the individual trader and the firm from excessive losses.
The minimum trading period requirement in Next Step Funded challenges varies with the specific program. For the One Step Challenge, traders are usually expected to trade for a minimum of three days. In contrast, the Two Step Challenge demands at least five trading days for each evaluation phase.
Currently, Next Step Funded does not offer a free trial for their trading challenges or evaluation programs. As is common among proprietary trading firms, a registration fee is required from participants to enter these evaluation challenges. This fee is typically refunded upon the participant's successful qualification as a funded trader.
Upon successfully completing the evaluation challenge, traders will be granted a Funded Account. This process generally takes a few business days to complete. It is essential for traders to recognize that the balance and conditions of the Funded Account will reflect the achievements made during the qualifying test. If a trader aspires to access a higher-grade account, they must undergo and pass the test again to qualify for the enhanced account balance.
Profit Split
Next Step Funded incentivizes its traders by offering a profit split arrangement once they become funded traders post the evaluation challenges. The profit split is notably generous, traditionally seeing traders receive up to 80% of the profits they generate, leaving Next Step Funded with the remaining 20%.
In our examination of Account Conditions, we delve into the broker’s selection of account types, the available trading platforms, the variety of tradable instruments, and the trading costs associated. It’s equally crucial to scrutinize the leverage and trading conditions provided. Some brokers might impose restrictions on specific strategies or practices within funded accounts, which could lead to account termination, necessitating a retest.
Trading Instruments
Next Step Funded provides access to a wide array of trading instruments, including Forex, Stocks, Commodities, Indices, Cryptocurrencies, and Futures. These offerings cater to varying trading strategies and market preferences, thereby offering traders a multitude of investment opportunities.
Next Step Funded Commission
The commission rates at Next Step Funded are not explicitly mentioned. These rates could vary, potentially being structured as a percentage of the trade value, a flat fee per trade, or a combination of both, influenced by factors like trading volume and market conditions.
Leverage
Next Step Funded App Platform
Next Step Funded incorporates the MetaTrader 4 (MT4) platform for trading. MT4 is favored among traders for its advanced charting capabilities, comprehensive market analysis tools, and the facility to implement automated trading systems, known as Expert Advisors (EAs).
Trading Conditions
Next Step Funded facilitates trading through various challenges and programs, each tailored to evaluate and accommodate traders’ skills and risk management aptitude. It supports a broad spectrum of trading styles and strategies, including News Trading, Swing Trading, EA (Expert Advisor) Trading, and Weekend Holding. The platform also allows for Copy Trading from another Next Step Funded account, offering flexibility to traders with diverse strategies. Nevertheless, it’s essential to note that certain trading practices are prohibited, such as High-Frequency Trading, Latency Trading, and Arbitrage, to ensure fair trading conditions and risk management for all participants. Traders should also be mindful of slippage, particularly when trading around news events or with strategies requiring precise entry and exit points.
Next Step Funded Promotions
The company occasionally runs promotions, including Next Step Funded promo codes for discounts, as well as potential discounts. These offers are usually time-limited, so checking the current availability and details upon signing up is recommended.
Payout
Next Step Funded processes payouts based on the profits earned from trading within a funded account. After successfully clearing the evaluation phase and becoming a funded trader, individuals can start earning a share of the profits from their trades, as per the pre-agreed profit split, often favoring the trader with up to 80%. Payouts are subject to certain conditions, like achieving a minimum profit threshold before making a withdrawal request. Payout frequency may vary, with some entities offering monthly withdrawals, while others might present more flexible withdrawal options.
Withdrawal Method
Next Step Funded likely offers several withdrawal methods for funded traders to access their earnings. These methods may include bank wire transfers, e-Wallets such as PayPal, Skrill, or Neteller, cryptocurrency transactions, and possibly credit/debit card returns.
