SurgeTrader
Firm Review
- Review Updated: 1 September 2023
- Review By: Prop Firm Reviews
SurgeTrader : Review Introduction
Everyone loves an excellent origin story and it’s always interesting to hear exactly what sparked the idea for a new venture… and, where SurgeTrader is concerned, the concept for the business was sparked during a conversation between a forex broker, a venture capitalist and an institutional trader at a quiet little sushi restaurant in Naples.
Perhaps unsurprisingly given the company involved, the chat soon turned to markets and business talk, eventually coming full circle to discuss exactly why the majority of speculative traders fail in their endeavours.
The conclusion was eventually reached that these failures aren’t down to poor risk management skills or a lack of aptitude and ability, but rather the need to over-leverage trading accounts in order to ensure appropriate returns for the time invested. Over-leveraging may well mean that outsized returns on investment can be seen, but it also means that there’s scarcely room for losses or avoiding margin calls.
The answer seemed simple to the three businessmen chatting over their uramaki rolls… set up a system whereby talented traders with sound risk management skills can be identified in order to provide them with the capital they need to ensure they don’t feel compelled to overtrade in order to see big wins. And thus, SurgeTrader was born!
1. Prop Firm Programs
The global prop trading firm is based in the US but helps traders all over the world drive better profits their way in line with their own trading skills. The programme was built on the cornerstones of simple and straightforward rules, one-step evaluation, unparalleled customer service and support and no time limits… all of which are, no doubt, a huge part of why the firm is proving so popular at the moment.
In order to become a funded SurgeTrader, you will need to pass an audition to demonstrate your skills and discipline, proving that you are indeed a competent trader. Once you’ve passed the test, you’ll then receive a funded account of up to $1 million, keeping up to 90% of any profits you generate within your funded account.
There are six different funding programmes, with capital ranging from $25,000 to $1 million. You can move from the Starter account (with $25,000 in funding available) through to the Intermediate ($50,000), Seasoned ($100,000), Advanced ($250,000), Expert ($500,000) and finally the Master ($1 million).
Fees do cost more than some of the other prop firms out there, with the cheapest option the Starter account, which will set you back $250. There are also add-ons that you can consider paying extra for, such as double leverage, 90% payout and no stop losses.
2. Trading Rules & Environment
Another plus point about SurgeTrader is that you’re able to trade a wide range of different assets, everything from forex and oil to metals, crypto, indices and many of the most actively traded stocks out there. The rules are also quite relaxed and you can use any strategy that involves algorithmic trading, hedging, discretionary trading and so on.
The only rules you need to remember are that every trade needs a stop loss, all positions are closed by 3.55pm on Friday EST and the maximum amount of open lots you can have is 1/10000 of your account balance.
3. Conclusion
Conclusion? SurgeTrader is a great choice of prop firm if you want to have access to a wide range of different financial assets, but their drawdown is quite low, which is something to bear in mind. The 4% daily drawdown and 5% maximum drawdown are considered hard breaches, so if you go below this your account will be deactivated.
They are a reputable prop firm, however, so you don’t have to worry that they won’t stick to their word and you’ll get your payouts as promised. However, you are only able to request profit withdrawals once every 30 days, which is also something to think about.
Specific Details
🖥 Trading Platform
💳 Deposit Methods
🏦 Withdrawal Methods
🪙 Account Sizes
📈 Tradable Instruments
📝 Rules
🌍 Brokers
💵 Account Currencies
↩️ Leverage
Pricing & Account Sizes
Evaluation Accounts
$250 // $25,000
$400 // $50,000
$700 // $100,000
$1,800 // $250,000
$3,500 // $500,0000
$6,500 // $1,000,000
Instant Funding Accounts
Advantages & Disadvantages
Advantages of SurgeTrader
Lots of assets to choose from
Can hold trades overnight
News trading is permissible
Customised addons are available
Disadvantages of SurgeTrader
4% max daily drawdown
5% max trailing drawdown
No weekend holding