Editor’s Verdict
E8 Funding, founded in 2021, is a relatively new proprietary Forex prop firm. It operates in the US and offers four funded account options, MT4/MT5 trading platforms, and allows the use of EAs. E8 Funding grants maximum leverage of 1:100, and the 80% profit share places it in the upper range while it provides a generous maximum drawdown of 14%. Is E8 Funding the right Forex prop firm for you?
The Pros & Cons of E8 Funding
Traders should consider the pros and cons of E8 Funding. I have summarized the ones I found stood out the most during my review.
Overview
80% profit share and no minimum trading days requirement with an 8% profit target.
Headquarters | United States |
|---|---|
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2021 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5 |
Minimum Evaluation Fee | $59 |
Profit-share | 80% |
Daily Loss Limit | 4% |
Maximum Trailing Drawdown | 8% |
Funded Account Options | 6 |
Minimum Funded Account | $5,000 |
Maximum Funded Account | $200,000 |
I like that E8 Funding offers traders the choice between a more expensive two-phase evaluation process and a cheaper three-step alternative. As with most Forex prop trading firms, the first phase poses a tremendous challenge, as traders have 30 days to hit the 8% profit target. Afterward, they get 60 days to earn 5%. Traders should choose the settings for the evaluation carefully, as they will reflect their funded account parameters.
E8 Funding Trustworthiness & Reputation
Trading with a Forex prop firm, which is an unregulated business, requires traders to ensure that a trusted brokerage handles all accounts, and that the Forex prop firm maintains an excellent reputation among its prop traders.
Is E8 Funding Legit and Safe?
E8 Funding is a newer Forex prop firm founded in 2021. It has a 4.7 out of 5.0 rating on Trustpilot based on 1,081 reviews. It is a legit company, but I am missing transparency concerning their management team, and I would appreciate information on their brokers and liquidity providers. Most negative reviews cover high spreads, commissions, slippage, and occasional technical issues, which E8 Funding addresses within 48 hours.
My review did not uncover any verifiable misconduct, but the lack of a lengthy operational history makes me approach E8 Funding cautiously.
E8 Funding Features
E8 Funding follows best practices duplicated across the Forex prop firm industry, which remains in its infancy.
The most notable features of E8 Funding are:
- A two-step or three-step evaluation with a profit target of 8%
- No minimum trading days
- Phase one is 30 days, phase two and phase three 60 days with a profit target of 5%
- Traders who do not violate the trading parameters but fail to meet the profit target get a free retrial.
- Maximum leverage of 1:100
- MT4, and MT5 trading platforms.
- A daily drawdown limit of 5%
- An 8% overall drawdown limit based on the starting capital.
- A refundable evaluation fees.
- A multi-step scaling plan that increases the maximum drawdown limit to 14%
- Algorithmic trading
- Free 14-day trial
- Three account base currencies
- 39 currency pairs, including exotics and emerging markets.
- 3 commodities
- 5 indices
- 5 cryptocurrencies
- 4 blue-chip equities listed in the US.
Evaluation Fees & Profit-Share
The one-time evaluation fee at E8 Funding ranges from $138 for a three-step evaluation period and $228 for a two-step alternative to a maximum of $988, dependent on the desired account balance. Trades cannot change this value once approved, meaning if they choose the $25,000 account, they will manage a $25,000 portfolio if they pass the evaluation. E8 Funding refunds the one-time evaluation fee for all approved prop traders.
E8 Funding has an 80% profit share, which ranks at the top of the industry range and has become the standard among competitive prop trading firms.
Minimum Evaluation Fee | $138 |
|---|---|
Maximum Evaluation Fee | $988 |
Profit-share | 80% |
The minimum evaluation fee at E8 Funding for a fully upgraded $25,000 MT4 account is:
Type of fee | Fee (without discounts) |
|---|---|
One-time evaluation fee for a $10,000 funded account (the smallest one) | $138 (three-step evaluation) / $228 (two-step evaluation) |
Hold-over-the-weekend | $0 |
Double leverage | Not applicable |
Stop-loss not required at trade entry. | Not applicable |
Total one-time fees for a $10,000 MT4 account | $138 (three-step evaluation) / $228 (two-step evaluation) |
Account Types
E8 Funding has three account types, the E8 Account, the E8 Track Account, and the ELEV8 Account. The first two have four funding options, while the last account type only has one. All funded accounts are demo accounts, which connect to the prop trading accounts of E8 Funding. It is standard industry practice, and prop firms use software and algorithms to ensure proper order flow.
Traders who sign an agreement with E8 Funding become independent contractors, entitled to 80% of all profits generated in the live E8 Funding trading accounts. A scaling plan allows traders to increase assets under management and the maximum drawdown. As a prop trader, I appreciate that E8 Funding increases the maximum drawdown for traders who consistently perform and meet objectives.
What are the Trading Rules at E8 Funding?
The first phase of the evaluation period begins once interested traders pay the one-time evaluation fee, which depends on the account type and selected account balance. Traders get 30 days to generate 8% in profits, which is a tough challenge. An extended period is available for the E8 Account, where traders have 60 days but must trade on at least five days versus no minimum requirements for the 30-day evaluation.
E8 Funding will close the evaluation account if traders violate the trading rules but grant a free retrial if traders fail to reach the profit target while trading within the rules. Traders with a minimum profit of 4% may request a 14-day extension.
The trading rules for the E8 Funding Challenge are:
- 5% daily loss limit
- 10% maximum drawdown limit based on the initial balance.
- A minimum of five trades within 60 days if traders opt for the extended evaluation.
After traders pass the first phase, they get 60 days to earn a 5% profit in phase two, making it slightly more achievable than phase one. The third phase is identical to phase two, but the evaluation fee is lower, and an extended period does not exist.
Noteworthy:
- E8 Funding will never grant access to live trading accounts.
- Accepted prop traders will manage demo accounts, and the E8 Funding software duplicates them in live trading accounts of E8 Funding
- It enhances risk management and compliance for E8 Funding
Trading Platforms
E8 Funding offers traders the MT4 and MT5 trading platforms and allows algorithmic trading. It also developed a custom mobile app with access to the E8X Dashboard, which lists trading goals and offers portfolio analytics. The maximum leverage for major currency pairs is 1:100. Minors, exotics, commodities, and indices max out at 1:50, while cryptocurrency traders get 1:5.
The trading fees consist of raw spreads and commissions, but E8 Funding only notes spreads, which start from 0.3 pips, while not listing commissions, which some traders complain about being excessive. E8 Funding also states that its brokers are ECN brokers without naming them. A sentiment indicator and leaderboard are also available, but prop traders will find no use for either. They are popular among retail traders, and I wish E8 Funding would develop relevant tools.
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
DOM? | |
One-Click Trading |
Education
E8 does not provide education, which I determine as the correct move, as E8 Funding is not a broker but a prop trading firm. Beginners have no place in the ultra-competitive, fast-paced, high-stress, result-driven professional trading environment. I appreciate that E8 Funding does not encourage them to start an evaluation period
Customer Support
E8 Funding offers customer support Monday through Friday from 4 a.m. to 4 p.m. and Saturday and Sunday from 8 a.m. to 1 p.m. (CST). Traders can e-mail or use live chat, but I am missing phone support, especially since prop traders are contractors. The Help Center answers many questions, and E8 Funding describes its services well.
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |       |
How to Get Started with E8 Funding
Traders can start by clicking the desired account in the menu and “Sign Up” on the next page. Traders must provide their name and e-mail, choose their password, provide their phone number and country, or use their Google ID to register.
Paying the evaluation fee will start the 30-day or 60-day evaluation process, and traders should carefully consider which account type and account size suits them best.
E8 Funding is a highly rated and verified prop trading firm but lacks lengthy operational experience. I believe it has the proper foundation, and to date, it appears to operate without verifiable malpractice. Some traders have labeled it a scam, but given the overwhelming positives, it seems they are disgruntled former prop traders who violated rules, especially regarding risk-taking.
Minimum Evaluation Fee
The minimum evaluation fee at E8 Funding is $138 for the smallest account package and the three-phase evaluation period.
Payment Methods
E8 Funding accepts debit/credit cards and cryptocurrencies.
Accepted Countries
E8 Funding accepts traders globally, but they must pass the Letsdeel KYC process. Letdeel presently lists 19 countries as restricted.
How to Pay the Evaluation Fee?
Prop traders can pay their evaluation fee via debit/credit cards or cryptocurrencies. Withdrawal methods for the 80% profit share at E8 Funding, payable via Letsdeel, are bank wires, PayPal, Revolut, Wisepay, Payoneer, and cryptocurrencies via Coinbase.
The Bottom Line - Is E8 Funding a Good Forex Prop Firm?
I like E8 Funding for its 80% profit share and its permission to use algorithmic trading solutions on MT4/MT5. The rules during the first phase of the evaluation period pose a challenge, asking for 8% profits in 30 days. Judging by its leaderboard, some traders place high-volume trades on one asset and get lucky.
E8 Funding has a two-phase and three-phase evaluation period, but I recommend paying a bit extra for the two-phase process. All accepted prop traders will continue trading in demo accounts, and E8 Funding copies the trades in its live portfolios. E8 Funding is a highly rated prop trading firm, but I urge caution given the lack of operational history.
Regrettably, E8 Funding does not disclose its management team, brokers, and liquidity providers, which is the only information I am missing as a prop trader. The first withdrawal is available eight days after prop traders reach the profit target and then bi-weekly. E8 Funding has four funded account options: $25,000, $50,000, $100,000, and $250,000. E8 Funding is a US-based prop trading firm founded in 2021. There is no verifiable proof, but it appears that E8 Funding pays its prop traders via Letsdeel.FAQs
How long does it take to withdraw money from E8 Funding?
What is the maximum funding for E8 Funding?
Who is E8 Funding?
Does E8 funding pay out?