Our review of UPROFIT Trader.
Updated on: 2022-02-22
In the digital era that changes rapidly, it can get hard to keep track of all the news and upgrades. Cryptocurrencies and Forex trading may seem complicated and too expensive. You can overcome the deeply woven theory of online trading by educating yourself and to solve a funding problem there are Proprietary firms to fund your trading.
Before we jump into all the review talk, it would be useful to go over some basics of prop trading. We will answer questions like what is prop trading, why should you do it, what are the benefits of this type of trading, and what is in it for you and for the company that funds you?
Why should you do prop trading?
“Prop trading” stands for proprietary trading which is done by so-called “proprietary firms” who invest money to profit from market activities.
They find bigger interests in earning from direct market gain instead of trading for their clients. If you’re wondering why do they do it this way, the explanation is quite simple. When prop firm funds traders it gets bigger profit than it would be if they just took the commission for trading. That’s because traders rarely have big capital of their own. The bigger the capital, the bigger are the amounts earned. So by investing in you, they get hold of more profits faster.
But how do they make sure that their money is well used? It looks like gambling a bit, right? Well, most of these firms have an evaluation period to test if they can achieve target reach. They need to know if you’re a profitable trader so the test period ensures that they don’t waste their investment. Also, most of the prop firms have monthly subscription payments or one-time payments to start trading with them. Some of them even charge test periods so they don’t lose money there, either.
The annual return of investment is what most of those companies are striving for instead of smaller daily profits.
What this means for a trader is that more extensive capital can be obtained and worked with. It is given that you need to be experienced and profitable to at least 5-6% to pull this off. If you’re an experienced trader this will be a great opportunity to start making more money faster since you don’t have to slowly grow from your capital.
It’s important that you know how to follow charts, recognize patterns, estimate risks and adjust your strategy accordingly. Back-testing and forward-testing knowledge are priceless for this type of trading and it’s essential to be done right.
So if you’re brave enough and you have knowledge try this type of trading to see if you will thrive. Just keep in mind to whichever trading type or assets to trade you chose, make sure that you use risk capital. Risk capital is money that you can lose without having any impact on your lifestyle or financial situation. Chose smartly, efficiently, and prudently.
Visit our FundsFinder for more information and to compare side by side about 100 evaluation programs for forex, crypto, and futures traders!
In this review, we will go over the Uprofit prop trading firm’s trading model and what benefits are there for you as a trader.
Watch this short video to get a good idea about UProfit: the company, the online presence, the rules and evaluation programs.
Uprofit Trader is a proprietary firm, based in Texas, United States. This company helps futures contracts traders with insufficient funds to showcase their skills and earn money by trading. The vision of this company is to create a stress-free work environment that we all crave. With their Pro-Drawdown Calculation, funded account, NinjaTrader platform, and all needed data and rules, they make sure that the trading process goes as smooth as possible for you with no worries. So your mind is free of any worries and ready to shine and do some great trading.
The set of rules to follow depends on account type so make sure you read those before deciding which one to chose.
A very pleasant team of Uprofit Trader is there for you, supports you, and celebrates your achievements like you do. Their mission is to help you make progress faster and with help instead of alone and with much less funding.
Supported platforms to trade on are NinjaTrader, RTrader, and RTraderPro.
You can choose from multiple account sizes available from $25K to $100K. If you’re wondering how many accounts are you allowed to have, let’s clarify that.
There’s no limit on the number of evaluation accounts per login. 2 funded accounts are allowed to be connected to one email address.
You are allowed to use trade copiers between several accounts, but you can log in to just one account at a time.
Different subscription packages bring different requirements when it comes to rules, tools, profit targets, drawdown, maximum loss, and criteria.
If you choose a $25,000 funding subscription, you will pay a fee of $145 a month. With an open contracts limit of 3, a maximum daily loss of $500, and a maximum drawdown of 1250$ you need to reach a target of $1500. Time is not limited so you can take as much as you need to make this profit.
If you choose a $50,000 account size, you will pay a fee of $160 monthly subscription. With an open contracts limit of 6, a maximum daily loss of $1100, and a maximum drawdown of $1250 you need to reach a target of $2000. Time is not limited so you can take as much as you need to make this profit. For just a $15 more than $25,000 account you get double open contracts and more than double the daily loss limit, so it might be smart to start with a $50,000 funding subscription.
For $75,000 funding you need to pay a $245 monthly subscription. With an open contracts limit of 8, a maximum daily loss of $1600, and a maximum drawdown of $2500 you need to reach a target of $4250.
The last, $100,000 funding account requires a $315 monthly fee. You are allowed 12 open contracts, a maximum daily loss of $2200, and a maximum drawdown of $3000 you need to reach a target of $6000.
If you by any chance violate these and other rules you may reset your account by paying a $99 fee.
It’s important that you keep in mind that evaluation doesn’t come with a scaling plan, but when funding starts. Also, you will be happy to hear that drawdowns are not calculated between trades but at the end of the day.
Withdrawals and payments
If you were wondering how withdrawals work with Uprofit Trader, we will try to answer your questions and tackle the most important information.
The withdraws are available 24 hours a day, 7 days a week. You can withdraw your funds at any time, even at night, on weekends, or on holidays. When you want to withdraw your money you need to send a withdrawal request to the admin email to start the process. Once received, withdraws processing time in less than 24 hours. Money will be pulled of from your account by admin and your payment will be sent to you within the next 24 hours.
Traders can request withdrawals from day one of trading with their live accounts. Withdrawals do not affect the account Drawdown. When you choose to withdraw your funds, the account will keep the value before the request for the withdrawal. Also, there is a financial safety net that is meant to protect you from losing your Live Account security. It also prevents derailing your long-term financial goals. So unexpected events can’t hurt your account. So don’t worry about a losing streak, your account is protected.
According to their website your safety net for each account looks like this:
- $ 9,000 Safety Net Account = $800
- $25,000 Safety Net account = $1,500
- $50,000 Safety Net account = $2,500
- $75,000 Safety Net account = $3,000
- $100,000 Safety Net account = $4,500
Profit split varies from withdrawal day number.
From day 1 to day 40 trader gets 20% of the profits within the Safety Net of a withdrawn account.
From day 41 onwards trader gets a 50% profit spit.
In case of profits above the Safety Net, a trader gets an 80% profit split.
First, $8,000 in profit brings 100% profit to traders. After the first withdrawal of $8,000 in profit, the trader will continue to receive an 80% profit split on every next withdrawal.
Unlike most of their competition, Uprofit Trader offers many different withdrawal methods. These include Paypal, bank wire, ACH, international wire transfer, and stablecoins such as USDT, and USDC.
Here is an interesting article on the differences between USDC and USDT.
Traders of Uprofit Trader emphasize extraordinary customer support. When looking at almost 1500 reviews for Uprofit Trader you can see a high satisfaction rate with customer service as well as other aspects of their business.
Users say that whenever they had a problem, set down, or any kind of trouble regarding account options, withdrawal process, or questions about trading, customer support was always there to assist and give the best help possible.
And best of all, they are available 24/7 and answer really quickly. So when you are stuck you won’t have to wait for more than a few minutes for an agent to get back to you. Amazing, right?
Comparison to competition
If you’re wondering what makes Uprofit Trader stand out from the competition, you will see that there are several significant differences.
First of all, Uprofit trader has a minimum of 10 days evaluation period with no time limit to test your skills, while other prop firms have limited testing time plus the massive upfront fees.
A small monthly fee is paid once you choose your account size while other prop firms take a significant one-time amount. This allows you to start with less capital and use given funds to optimize your profits.
Make sure to visit our page dedicated to the Special Offers as UProfit let us share with you exclusive discounts all year round!
Another exceptional convenience is that Uprofit offers all kinds of withdrawals that most competitors don’t. They usually have only a few of the spectrum that Uprofit offers.
Also, you have a chance to reset your account in case you break the rules, by paying mentioned $99 fee which other firms don’t offer.
Competition wins when it comes to the allowed daily loss limit since Uprofit Trader limit is slightly lower but still achievable.
Prop trading is obviously a win-win situation for both parties, but with Uprofit Trader seems like there’s more than a win-win. Such a good offer is not the one you refuse. If we would have to pick one downside of this firm, it would be that they don’t offer education of any sort, either you know to trade or not. This is understandable since it targets only experienced traders and prevents Uprofit from losing money.
To wrap this review up, there are plenty of options that single out Uprofit Trader from their competition. 10 days evaluation, the reasonable ratio between fees you pay and funding you get, and amazingly fast and helpful customer support. Another important aspect is that you can work in a completely calm and stress-free environment. Target profits are very achievable for expert traders if the market is relatively calm. You just need to carefully plan and analyze your risks because of low daily loss limits.
Particularly positive for the traders is the way the max drawdown is calculated, UProfit calls it Pro-Drawdown: the max loss is a limit that trails your performance, but differently from the majority of other funders UProfit calculates it only at EOD end of day, which means you don’t need to be concerned about unrealizes losses nor unrealized profits moving your loss limit.
So, if you know what are you doing and feel confident when trading and the only thing missing is funding, this is a perfect choice for you. If you are still learning we wouldn’t suggest spending your money since you may not pass the evaluation. If you have additional money to invest, then go ahead.
If you don’t pass the evaluation on the first try, don’t worry, there’s no limited time to pass. If you decide to work on gaining more knowledge we suggest that you try again when you feel more ready.
Good luck with your trading!