Are you looking for a prop trading firm that offers a unique blend of opportunity, revolution, and support? Your search ends with Cove Funded. Founded in 2023 by experienced traders Dovydas Pinskus, Owen Morton, Gary Mullen. Cove Funded is on a mission to revolutionize the industry.
With a range of challenge options, revolutionary solutions like TradeLocker, and a commitment to rectifying the shortcomings of other prop firms, Cove Funded sets a new standard for excellence in trading.
As a relatively young prop firm, Cove Funded brings a fresh perspective and a dedication to empowering traders. They offer the chance to trade with up to $200k in capital, with a fair and transparent evaluation process to determine your success.
Let's discover how Cove Funded's trailblazing approach serves traders of all levels.
Understanding Prop Trading Firms
Prop trading firms are companies that provide traders with access to capital in exchange for a share of the profits generated.
This model allows traders to significantly scale their trading activities without risking their own capital. Cove Funded distinguishes itself through a distinctive blend of features and benefits designed to meet the needs of traders across various experience levels.
| Feature | Details |
|---|---|
Company Name | Cove Funded |
Headquarters | Irvine, CA |
Founded | 2023 |
Trading Platform | Tradelocker |
Max Account Size | $200,000 |
Profit Split | 85/15 up to 90/10 |
Max Trading Days | Unlimited |
Challenge Types | One Phase, Two Phase, and Swing |
Leverage | Leverage |
Minimum Trading Days | 4 (One Phase), 8 (Two Phase), 1 (Swing) |
Profit Targets | 10% (One Phase Challenge), 8% (Phase 1) and 5% (Phase 2) for Two Phase Challenge |
Maximum Overall Drawdown | 10% (6% for $6k One Phase Challenge) |
Maximum Daily Drawdown | 5% (3% for $6k One Phase Challenge) |
Payout Frequency | Bi-weekly |
Refund Policy | 100% refund on challenge fee for funded accounts |
The Cove Funded Advantage
One of the primary benefits of joining Cove Funded is the ability to trade with substantial capital. As the firm states, “It's infinitely easier to make consistent $1,000 daily profits with a $100K account than it is with a $5,000 account.”
This access to larger trading accounts allows traders to scale their strategies and potentially increase their profits significantly.
Offers a variety of challenge options to suit different trader preferences and skill levels. These challenges are designed to assess a trader's ability to manage risk and generate profits consistently. The firm provides challenges with different account sizes, allowing traders to choose the level that best fits their experience and goals.
Traders who successfully pass the challenges and become funded can enjoy bi-weekly payouts. Cove Funded emphasizes the versatility of its payout system, offering options that include cryptocurrency and bank transfers to accommodate traders’ preferences.
Cove utilizes the Tradelocker platform for its challenges and funded accounts. This platform is described as “game-changing” and offers over 100 indicators and advanced trading tools. The integration of Tradelocker provides traders with a robust environment to analyze markets and execute trades efficiently.
The Path to Becoming a Cove Trader
Stage 1: The Challenge
The journey begins with selecting and participating in one of Cove trading challenges. Traders can choose from various account sizes and challenge parameters that align with their trading style and goals.
Stage 2: Verification
Upon successfully meeting the profit target in the challenge phase, traders enter a verification stage. This step ensures that the trader's performance is consistent and aligns with the firm's risk management standards.
Stage 3: Funded Trader Status
After passing both the challenge and verification stages, traders achieve the status of a Cove Trader. At this point, they gain access to a funded account and can begin trading with the firm's capital while receiving bi-weekly payouts.
Key Features of Cove Funded
Cove emphasizes the security of its platform, ensuring that trader’s personal and financial information is protected. The firm also prides itself on transparency, with clear communication about challenge rules, profit splits, and payout processes.
It offers a 100% refund policy under certain conditions to demonstrate confidence in its platform and attract traders. This policy provides a safety net for traders hesitant to invest in a trading challenge.
Unlike some prop firms that charge recurring fees, Cove Funded operates on a one-time fee model for their challenges. This structure allows traders to focus on their performance without worrying about ongoing costs.
It has built a community of over 2,000 traders, fostering an environment of shared learning and support. The firm also offers customer support to address any issues or questions that traders may have during their journey.
Trader Testimonials and Experiences
Cove Funded has garnered positive feedback from many of its traders. Here are some key points highlighted in trader testimonials:
Challenges and Considerations
While Cove offers numerous benefits, potential traders should consider the following:
Maximizing Success with Cove-Funded
To increase the chances of success with Cove Funded, traders should:
The Future of Prop Trading with Cove Funded
As the prop trading industry evolves, Cove Funded is positioning itself as a forward-thinking firm. By partnering with advanced platforms like Tradelocker and offering flexible challenge options, the company is adapting to the changing needs of modern traders.
Essential Info
What is The Maximum Account size offered by Cove Funded?
Cove Funded offers a maximum account size of $200,000 for funded traders.
What Trading Platform does Cove Funded use?
Cove Funded utilizes the Tradelocker platform, which offers over 100 indicators and advanced trading tools.
What types of Challenges does Cove Funded offer?
Cove Funded offers One Phase, Two Phase, and Swing challenge types to suit different trader preferences.
How often do Funded Traders receive payouts?
Funded traders at Cove Funded receive bi-weekly payouts, with options including cryptocurrency and bank transfers.
What is The profit Split for Funded Traders?
The profit split at Cove Funded ranges from 85/15 up to 90/10 for funded traders.
Does Cove Funded have a refund policy?
Yes, Cove Funded offers a 100% refund on challenge fees for funded accounts under certain conditions.
What are The Maximum Drawdown limits?
The maximum overall drawdown is 10% (6% for $6k One Phase Challenge), with a 5% daily limit.
How many Minimum Trading days are required for Challenges?
Minimum trading days vary: 4 for One Phase, 8 for Two Phase, and 1 for Swing challenges.
Can Traders Trade news events with Cove Funded?
Yes, Cove Funded offers flexible trading rules, including the ability to trade during news events.
Summing It Up
Cove Funded presents a compelling opportunity for traders looking to scale their trading careers. With its range of challenge options, advanced trading platform, and supportive community, the firm offers a pathway for traders to access significant capital and potentially transform their trading results. While success is not guaranteed and risks are inherent in trading, Cove Funded provides the tools and infrastructure for dedicated traders to pursue their financial goals in the world of prop trading.
For traders considering a prop firm, Cove Funded's combination of features, support, and trader-friendly policies makes it a strong contender in the market compitation of prop trading firms. As with any financial decision, potential traders should conduct thorough research and carefully consider their own skills, goals, and risk tolerance before embarking on the Cove Funded journey.
