Funded Engineer is a well-known prop trading firm from the United Arab Emirates.
But is Funded Engineer a scam?
No, it isn’t!
Update:
Funded Engineer has ceased all operations on 15.07.2024 and will be filing for bankruptcy.
Check our guide “Best Prop Trading Firms” for the best alternatives.
Our review and experience show that Funded Engineer is a safe proprietary trading firm.
You can share your experiences with Funded Engineer within our comment section.
Table of Contents
Key Takeaways
- Funded Engineer is reliable and legitimate as they have paid out $9.8 million to traders, have 12,000 active traders, and implement strict risk management rules
- The firm offers prop trading in forex, indices, and commodities using MT4/MT5 platforms. It also features various challenge programs and a unique scaling plan for consistent performers
- Our review of Funded Engineer covers its features, policies, reputation, evaluation process, trading rules, available instruments, payment methods, and other essential information
About Funded Engineer
Funded Engineer is a relatively new trading company based in the UAE and offering prop trading. Tristian Talbot started it in April 2023. Talbot has been day trading for over five years, so he knows the financial markets well.
| Name | Funded Engineer |
|---|---|
| Website | www.fundedengineer.com |
| Company | Funded Engineer FZCO |
| Address | Dubai Silicon Oasis, DDP, Building A2, Dubai, United Arab Emirates |
| CEO | Tristian Talbot, Harri Sawicki |
| Founder | Tristian Talbot, Harri Sawicki |
| Founded | 2023 |
| Contact | Live Chat, Mail, Contact Form |
| [email protected] | |
| Phone Number | not available |
| Starting Capital | $6,000 to $300,000 |
| Profit Share | 80% to 90% |
| Evaluation | 0 days |
| Fee | $39 to $1,499 (refundable) |
| Payment Methods | Credit Card, Crypto (Bitcoin, Ethereum, Litecoin, USDT, USDC) |
| Instruments | CFDs, Forex |
| Platform | Inhouse Solution |
| Withdrawals | twice per month |
| Languages | English, Spanish, Greek, German |
The company uses common trading platforms like MT4 and MT5 to let people trade forex, indices, and commodities. It’s grown quickly and now has 12,000 traders using its services. So far, it has paid out a total of $9.8 million to its traders. Funded Engineer operates in 118 countries around the world.
Safety and Regulation
Funded Engineer takes several steps to keep trading safe and fair. They have strict rules about how much you can lose in a day and overall to help manage risk. They also don’t allow certain risky or unfair trading strategies. For trading, they use well-known platforms like cTrader and MetaTrader 4, which they offer through their broker partner, Purple Trading.
While Funded Engineer follows the laws of the UAE, it is not officially regulated. To keep things secure, it might ask you for extra information to prove who you are.
They also care about protecting your personal information. They regularly update their privacy rules, let you check and change your data, and protect your privacy strictly.
Accepted Countries
The Funded Engineer accepts traders from all over the globe as long as the trader is aged 18.
Learn about the important countries here:
- Australia: Yes, registration is possible
- Canada: Yes, registration is possible
- Ghana: Yes, registration is possible
- Hong Kong: Yes, registration is possible
- India: No, registration isn’t possible
- Ireland: Yes, registration is possible
- Kenya: Yes, registration is possible
- New Zealand: Yes, registration is possible
- Nigeria: Yes, registration is possible
- Pakistan: Yes, registration is possible
- Philippines: Yes, registration is possible
- Singapore: Yes, registration is possible
- South Africa: Yes, registration is possible
- United Kingdom: Yes, registration is possible
- United States: Temporarily suspended
However, certain countries can’t receive services due to regulatory reasons:
- Cuba
- Syria
- Iran
- Vietnam
- Lebanon
- Pakistan
- Iraq
- UAE
- Kosovo
- Yemen
- North Korea
- USA
They have also paused onboarding US citizens and offered refunds to eligible clients.
Evaluation Process
The prop firm offers a wide range of programs that are both attractive and budget-friendly. You can choose one according to your trade preferences.
Turbo Challenge
Turbo Challenge is a fast-track program that allows seasoned traders to get a simulated funded trading account quickly. You only have to complete one phase to qualify for a simulated funded account. The account size ranges from $6,000 to $200,000. The goal is to make a 10% profit in Phase 1. There’s no specific profit target after you reach the goal and get access to the simulated funded account.
| Starting Capital | $6,000 | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|---|
| Profit Target | $600 | $1,000 | $2,500 | $5,000 | $10,000 | $20,000 |
| Maximum Daily Loss | $240 | $400 | $1,000 | $2,000 | $4,000 | $8,000 |
| Maximum Loss | $360 | $600 | $1,500 | $3,000 | $6,000 | $12,000 |
| Minimum Trading Days | 3 | 3 | 3 | 3 | 3 | 3 |
| Fee | $39 | $79 | $149 | $229 | $379 | $699 |
Swing Challenge
This program offers a two-phased path to becoming a funded trader. It’s designed for more cautious traders. The account size ranges from $6,000 to $200,000. In the first phase, the profit target is 10%; for phase 2, it comes down to 5%. If you are successful, you will get access to a simulated funded account. There’s no profit target given in the simulated funded account phase.
| Starting Capital | $6,000 | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|---|
| Profit Target | $600 | $1,000 | $2,500 | $5,000 | $10,000 | $20,000 |
| Maximum Daily Loss | $240 | $400 | $1,000 | $2,000 | $4,000 | $8,000 |
| Maximum Loss | $600 | $1,000 | $2,500 | $5,000 | $10,000 | $20,000 |
| Minimum Trading Days | 3 | 3 | 3 | 3 | 3 | 3 |
| Fee | $59 | $129 | $239 | $349 | $549 | $999 |
Superior Challenge
You start by choosing a virtual account size between $6,000 and $200,000. In the first phase, you aim to grow the money by 10%. If you succeed to fulfill the objective, you move to the second level, aiming for a 5% profit target. Complete both of these and become the Simulated Funded Trader, where you continue trading without a specific profit target. The entire challenge uses virtual funds, allowing you to demonstrate your trading skills in a realistic but risk-free environment.
| Starting Capital | $6,000 | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|---|
| Profit Target | $600 | $1,000 | $2,500 | $5,000 | $10,000 | $20,000 |
| Maximum Daily Loss | $300 | $500 | $1,250 | $2,5000 | $5,000 | $10,000 |
| Maximum Loss | $600 | $1,000 | $2,500 | $5,000 | $10,000 | $20,000 |
| Minimum Trading Days | 3 | 3 | 3 | 3 | 3 | 3 |
| Fee | $49 | $89 | $169 | $249 | $409 | $779 |
Superior Lite Challenge
This two-phase program allows aspiring traders to test their skills using virtual accounts ranging from $6,000 to $200,000. Phase 1 sets an 8% profit target, while Phase 2 aims for 5%. After completion, traders enter a final stage with no specific targets. The program’s gradual progression and use of simulated funds create a low-pressure environment for skill development.
| Starting Capital | $6,000 | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|---|
| Profit Target | $480 | $800 | $2,000 | $4,000 | $8,000 | $16,000 |
| Maximum Daily Loss | $240 | $400 | $1,000 | $2,000 | $4,000 | $8,000 |
| Maximum Loss | $480 | $800 | $2,000 | $4,000 | $8,000 | $16,000 |
| Minimum Trading Days | 3 | 3 | 3 | 3 | 3 | 3 |
| Fee | $49 | $79 | $149 | $229 | $379 | $699 |
Scaling Plan
To qualify, you need to make a steady 15% profit over four months, but without a month being more than 5% in a month. If you hit the profit target, your account gets a big boost with a 40% increase. You’ll also get an improved profit split in favor of you (from 80/20 to 90/10).
Geared:
| Aspect | Details |
|---|---|
| Eligibility | After 4 months of simulated profitable trading |
| Account Balance Increase | 40% |
| Profit Split Upgrade | Improved from 80/20% to 90/10% |
| Max Overall Drawdown | Increased by 2% |
| Max Daily Drawdown | Increased by 1% |
| Withdrawal Frequency | Every 7 days |
| Free Challenge | If the account fails, receive a free challenge in the same program |
| Salary | Up to $600 |
Geared Up:
| Aspect | Details |
|---|---|
| Eligibility | After 8 months of simulated profitable trading |
| Account Balance Increase | 80% |
| Profit Split | 90% |
| Max Overall Drawdown | Increased by 4% |
| Max Daily Drawdown | Increased by 1% |
| Withdrawal Frequency | Same day |
| Free Challenge | If the account fails, receive a free challenge in the same program |
| Salary | Up to $1,150 |
Geared Elite:
| Aspect | Details |
|---|---|
| Eligibility | After 12 months of simulated profitable trading |
| Account Balance Increase | 120% |
| Profit Split | 90% |
| Max Overall Drawdown | Increased by 5% |
| Max Daily Drawdown | Increased by 1% |
| Withdrawal Frequency | Same day |
| Free Challenge | If the account fails, receive a free challenge in the same program |
| Salary | Up to $1,250 |
Engineered:
| Aspect | Details |
|---|---|
| Eligibility | After 16 months of simulated profitable trading |
| Account Balance Increase | 160% |
| Profit Split | 90% |
| Max Overall Drawdown | Increased by 10% |
| Max Daily Drawdown | Increased by 2% |
| Withdrawal Frequency | Same day |
| Free Challenge | If the account fails, receive a free challenge in the same program |
| Salary | Up to $1,450 |
Challenge Trading Rules
Here are the trading rules that you have to follow while chasing the trading objectives:
- Profit Target
- Profit Split
- Trading Period
- Minimum Trading Days
- Maximum Daily Loss
- Maximum Loss
- Maximum Position Size
- Maximum Capital Allocation and Multiple Accounts
- Trading Types
- Leverage
- Trading Style
- Trading Hours
- News Trading
- Weekend and Overnight Trading
- Expert Advisor
- Copy Trading
Profit Target
The Turbo Challenge is a phase where you must make a 10% profit. After that, you enter a simulated trading phase without a specific profit goal.
If you prefer a two-phase approach, you’ve got options. Both the Superior and Swing Challenges require a 10% profit in the first phase, followed by a 5% target in the second. Superior Challenge Lite is slightly easier, asking for 8% in the first phase and then the same 5% in the second.
There’s no set profit target once you reach the simulated funded trader stage in any of these programs.
Profit Split
The profit split is 80% for you across all programs. However, if you qualify for the scaling plan, you can increase it to 90%.
Buying the add-on option increases your profit share to 90% for an extra 20% fee, but it’s unnecessary if you already have a promo code for the 90% share.
Trading Period
There’s no maximum trading period. You can take as much time as you need to reach your profit target.
Minimum Trading Days
There are no minimum trading days. The moment you reach your profit target, you can move on to the next level.
Maximum Daily Loss
These trading challenges have a strict daily loss limit as risk management and to protect traders from big one-day losses. Turbo Challenge, Swing Challenge, and Superior Challenge Lite have set the limit at 4%. You can’t lose more than 4% of your account balance daily. However, the Superior Challenge is slightly more lenient at 5%. It also offers an option called “Additional Drawdown” for an extra fee, allowing 6% loss limits. Scaling your plan also allows you to increase your daily loss limit significantly.
Maximum Loss
The maximum overall loss is like a safety net for your entire trading journey in a challenge. If you start with $10,000, Turbo Challenge lets you lose up to 6% or $600 total; Swing and Superior Challenges allow a 10% loss, or $1,000. Meanwhile, Superior Challenge Lite allows a maximum 8% total loss, which equals $800.
However, you can purchase the add-on for a superior program to increase the maximum loss amount to 12%. Just like maximum daily loss, you can increase the maximum loss limit by scaling your plan.
Maximum Position Size
Funded Engineer sets a limit of 50 lots for each individual trade you make. However, this doesn’t mean you’re limited to just 50 lots in total. You can open as many separate 50-lot positions as your account can handle based on your available margin.
Maximum Capital Allocation and Multiple Accounts
You can have multiple accounts. And you can trade with up to $400,000 in simulated capital. You can split this money across different trading programs they offer, like Swing Challenge or Turbo Challenge. Each program lets you choose account sizes from $6,000 to $200,000. You can ask to merge if you’re doing well and have multiple funded accounts. But they’ll only let you merge up to $200,000 total. It’s important to remember that you can’t go over the $400,000 limit across all your accounts.
It’s important to remember that you can’t exceed the $400,000 limit across all your accounts. If they catch you trying to circumvent this by creating multiple IDs, they might shut down your accounts.
Trading Types
You can trade with foreign currencies, raw materials, market indexes, and digital assets.
Leverage
The Turbo Challenge, Superior Challenge, and Superior Challenge Lite provide leverage of 1:100 ratio. For every $1 in your account, you can control $100 in the market. This high leverage allows you to take larger positions and potentially make bigger profits, but it also comes with higher risk.
On the other hand, the Swing Challenge offers a lower leverage of 1:20, designed for a more conservative trading approach.
Trading Style
You’re free to choose your trading style. However, some practices are banned. Here are the prohibited practices:
- Group trading and copy trading from others
- High-frequency trading
- News scalping during major economic releases
- Arbitrage trading
- Multi-account reverse trading
- Tick scalping
- Reverse trading between internal accounts
Trading Hours
The Forex market operates 24 hours a day, five days a week, starting at 5 PM Eastern Standard Time (EST) on Sunday and closing at 5 PM EST on Friday.
News Trading
Funded Engineer allows you to execute trades during news events, but they have some specific rules. You can use news as part of your trading strategy, but they don’t want you to do what they call “news scalping.” This means you can’t open and close many positions quickly – we’re talking within seconds – during big economic news releases like FOMC, NFP, or CPI announcements.
So, you can trade based on news, but you need to avoid those rapid-fire trades that try to exploit the market feed during these high-impact news moments.
Weekend and Overnight Trading
All the programs allow weekend and overnight trading. It’s a good opportunity for traders to try different strategies.
Expert Advisor
Funded Engineer allows you to use Expert Advisors, or EAs, in all your accounts and during all trading phases. However, they have some strict rules about the types of EAs you can use. They don’t allow EAs that do high-frequency trading, arbitrage, multi-account reverse trading, or tick scalping. They also ban any EA that’s designed to take advantage of a demo server.
One important thing to note is that if you use an EA you’ve bought from somewhere else, you need to be extra careful. Using these third-party EAs increases the chance of accidentally breaking Funded Engineer’s rules about copy trading.
Copy Trading
Funded Engineer lets you copy trades, but only within accounts you own. You can copy trades from other prop trading firms, brokers, or sources as long as you do it through your accounts. However, they’re strict about not allowing copy trading between different people’s accounts – even if they’re your family or friends.
Trading Platforms
Funded Engineer gives you two main trading platforms to choose from: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Right now, they’re mostly giving out MT5 accounts because of some bugs and issues with MT4. However, once they fix these problems, you’ll be able to switch back to MT4 if you want.
Both MT4 and MT5 let you trade a variety of financial products like Forex, Indices, Commodities, and Cryptocurrencies. They come with good tools for analyzing charts and markets. You also get real-time market data and news on both platforms.
Trading Instruments
The proprietary trading firm enables you to access to a range of trading instruments, including foreign currencies, raw materials, market indexes, and digital assets. You must log into their dashboard to see all the instruments available.
Brokers
They offer all the funded accounts through Purple Trading Seychelles.
Other Products
They have a blog section and a newsletter apart from the trading programs offered.
Blog
The blog covers a variety of useful topics for traders. Articles about setting up directional bias strategies can help traders make better decisions about which way the market might move. They’ve also shared their plans for 2024, so traders know what to expect from the company in the coming year.
The blog is a mix of educational material to help you trade better, market analysis, and updates about Funded Engineer itself.
Newsletter
Funded Engineer’s newsletter provides forex trading tips on how to reach profitability and company updates directly to subscribers’ inboxes.
Price And Challenge Fees
Funded engineer offers traders different pricing for different programs. You can choose a program that’s suitable for you and fits your budget.
| Account Size | Turbo | Swing | Superior | Superior Lite |
|---|---|---|---|---|
| $6,000 | $39 | $59 | $49 | $49 |
| $10,000 | $79 | $129 | $89 | $79 |
| $25,000 | $149 | $239 | $169 | $149 |
| $50,000 | $229 | $349 | $249 | $229 |
| $100,000 | $379 | $549 | $409 | $379 |
| $200,000 | $699 | $999 | $779 | $699 |
Payment Methods and Payout System
Funded Engineer gives you three ways to pay: Credit card, debit card, or cryptocurrency.
If you choose to pay with cryptocurrency, using the right network for each type of crypto is important. Here’s what you need to know:
- For Bitcoin (BTC), use the Bitcoin network
- For Ethereum (ETH), use the ERC20 network
- For Litecoin (LTC), use the Litecoin network
- For USD Coin (USDC), use the ERC20 network
- For Tether (USDT), use the ERC20 network
You can get paid in two ways: cryptocurrency (USDT) or through the Rise platform for amounts over $500, which offers USDC or bank transfers.
To get your money, you need to wait 14 days after your first trade unless you bought a 7-day Payout add-on. When you’re ready, just click ‘Payout Request’ on your dashboard. The Funded Engineer says they process payouts within 48 hours.
Remember, you can’t have any open trades when you request a payout. If you’ve made at least 1% profit after their cut, they’ll refund your initial purchase fee with your first payout. Also, you might need to verify your identity (KYC) before getting paid.
Registration and KYC
Here is how you can sign up:
- Select a program and account size that suits your trading style.
- Complete your registration by filling out the info form and paying a one-time registration fee.
- You will receive login credentials via email If you don’t receive them within an hour, contact support through chat or email.
- All accounts are kept in READ-ONLY mode until KYC verification is completed.
For KYC verification, you need to provide the following documents:
- Proof of Identity: You can submit a valid passport or a national ID.
- Proof of Address: Bank Statements, tax returns, and Utility bills (not older than 2 months) are accepted.
- If you’re opening an account under a company name, you’ll need to provide an additional document proving your ownership of the company.
Discount and Promo Code
They release new discount codes for their simulated funded trading accounts every month. To find out about these discounts, you can check their website homepage or their social media pages on Facebook, Instagram, and Twitter. They also send out newsletters with this information, so keep an eye on your email.
Free Trial and Demo Account
They don’t offer any free trial or demo accounts.
Mobile App
They don’t have any mobile app for their users yet. However, you can use MT4 and MT5 mobile apps to access the platform through your phone.
Customer Service and Support
The prop firm offer good customer service as their agents are very professionalism and competent. It’s available 24/7 through the Discord support group, live chat, website inquiry form, and email. From our own experience, the support agents are responsive and get back to you within minutes. Even on weekends, the support is quite fast.
Taxes
They don’t offer any tax assistance or tax-related services to its traders. So, you’re on your own regarding tax submission. However, you can contact their live chat if you have any questions regarding this. Also, consult with a tax professional for clear guidance on this.
Learn more in our dedicated guide about “Prop Trading Taxes“.
Alternatives and Competitors of Funded Engineer
Here are some alternatives you can check out:
FTUK
FTUK offers an Instant Funding Program that allows traders to start with a live account immediately without going through an evaluation process. They also offer traders up to 80% profit split and an opportunity to start just from $89. The fees are reimbursed if you succeed in the challenge.
UProfit
UProfit offers a range of evaluation programs aimed at different trader needs and experience levels. From the Basic 9K Program to the Premium 200K Program, you can choose what you need. Their profit split is also quite good, and the firm has a reputation for paying out promptly. In addition, you can start only from $89.
Leeloo Trading
Leeloo Trading has one of the highest percentages of traders qualifying for funded accounts compared to other providers. You can keep 100% of the first $12,500 profit and 90% thereafter. Leeloo Trading offers a bundle option that is a standout feature, which allows traders to acquire three trading accounts for one price.
Conclusion
Funded Engineer is a legitimate and promising option in the prop trading industry. With millions paid out to thousands of active traders across 118 countries, it offers a range of challenge programs suited to different trading styles. It provides access to simulated funded accounts from $6,000 to $200,000, trading forex, indices, and commodities. The profit share is quite generous, and the trading rules are easy to follow.
So, sign up for Funded Engineer today and get access to advanced trading tools and up to $200,000 in simulated funds.
Frequently Asked Questions
Here, we’ve compiled the most commonly asked questions about the Funded Engineer.
Is Funded Engineer legit or a scam?
The funded Engineer is completely legit. Users have received payouts and praised the company’s customer service. However, you should do your own research. Learn more about this in the “Safety and Regulation” section.
Is Funded Engineer regulated?
Funded Engineer isn’t regulated by any financial regulatory authority, as it is not required to do so. Learn more about this in the “Safety and Regulation” section.
What is a Funded Engineer?
Funded Engineer is a prop trading firm that funds aspiring and experienced traders. The trading account options range from $6,000 to $200,000. Learn more about this in the “About Funded Engineer” section.
What broker does Funded Engineer use?
Purple Trading Seychelles is their official broker for trading operations. Learn more about this in the “Brokers</a” section.
How many Funded Engineer accounts can I have?
You can have multiple accounts from different challenge types as long as you don’t exceed the $400,000 total limit. Learn more about this in the “Challenge Trading Rules” section.
Where is the Funded Engineer located?
Funded Engineer is headquartered in Dubai, United Arab Emirates. Learn more about this in the “About Funded Engineer” section.
Does Funded Engineer allow an expert advisor or copy trading?
Yes, Funded Engineer allows users to use both expert advisors and copy trading. However, there are some restrictions you have to follow. Explore more in the “Expert Advisor” and “Copy Trading” section.
Is Funded Engineer legal in the US?
Funded Engineer is legally allowed to operate in the United States. However, they have recently announced a temporary pause on accepting new registrations from the U.S. Learn more about this in the “Accepted Countries” section.
How long has Funded Engineer been around?
The prop company has been around since 2023. Learn more about it in the “About Funded Engineer” section.
How much does a Funded Engineer cost?
The lowest price to sign up for their program is $39, and the highest price is $1,499. Learn more about this in the “Prices and Challenge Fees“.
How often does the Funded Engineer pay?
Users can request payouts after 14 days of trading. Learn more about this in the “Payment Methods and Payout System” section of our review.
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