ONEUPTRADER review
Our review about Oneuptrader.
Updated on: 2022-03-02
As Forex and online trading, in general, started being popular, many people joined this world which resulted in the appearance of many Prop firms. Prop firm is a short-term for a Proprietary firm which is a firm that funds traders. Some prop firms offer educational programs and some are only looking for experienced traders to start trading right away. These firms make money by investing in traders with skills that make a profit by trading the assets and getting a profit split. These investments seem profitable since more and more firms are being founded every day.
So what is in there for traders? For beginners, there are educational programs and funding accounts, while experienced traders can just go straight to the evaluation process and start trading. This is a very good option for traders who don’t have enough capital for serious trading. If you don’t have enough of initial capital, growth is slow and you can’t take all the advantages on the market. So, prop firm is investing in you and you get profit shares from the money you make with trading.
It looks like the market is really crowded with prop firms and it gets harder and harder for traders to choose the right prop firm for their needs. Each company offers different conditions, has its pros and cons, and targets different kinds of traders.
You will notice that some firms don’t allow usage of EA or third-party brokers, some have higher profit targets, some have lower daily limits, etc. Some prop firms have time limits while some are complete without constraints when it comes to time and trading style. So many variations can really confuse you. So reading reviews on companies and doing your research is as important as market research when trading.
We have also published an article answering the question: “is proprietary trading legit?” read it on the blog.
Make sure that you know who are you choosing to trade with and split profits with. Also, it’s important to find a company whose conditions, rules, and limits you can follow with consistency. If you misjudge your ability against the requirements of the prop firm you might end up violating their rules and having your account terminated permanently.
With this review, we want to help you to get to know Oneuptrader prop firm and decide if its conditions work for you. So let’s dive in and see what do they offer.
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About Oneuptrader
Oneup trader is a prop firm with a mission to help traders get their financial and professional independence. They believe that trading is a long-term learning endeavor. This prop firm wants to encourage independent thinking and swift decision-making. They don’t constrain you with their trading style but encourage you to develop your own to maximize the trading process. This means that there is no “house style” or centralized trading strategies.
They believe in simplicity which is why you only have 2 steps of working with them, evaluation and live trading. A strong sense of community is something you will definitely get with this firm. They believe in teamwork, community, and knowledge exchange.
Freedom is another of the core beliefs of this company which is why you can work from home, from a coffee shop, or wherever you chose your office to be. You don’t have to go to work, so you’re basically your own boss.
There are no hidden fees and expenses of any kind. You pay after the free trial, and you pay one time. With transparency, realistic expectations and fair testing parameters, this firm deserves to be trusted.
Evaluation process
To get a live trading account you need to pass the one-step evaluation first. Evaluation is for you to prove that you can manage your account profitably and that you can follow the required guidelines. First, choose the account size and trading platform from one of the offered ones. NinjaTrader and Rithmic platform licenses come free with the evaluation account. So let’s see what are required conditions to pass the evaluation.
You need to trade for a minimum of 15 consecutive or non-consecutive days with Holidays and Weekends not included. Permitted products to trade are 6A 6B 6C 6E 6N 6J 6S CL E7 EMD ES GC GE GF HE HG HO LE M2K MES MNQ MYM NG NKD NQ PL QI QG QM QO RB RTY SI UB YM ZB ZC ZF ZL ZM ZN ZS ZT ZW.
Trading time starts at 5 pm CST and you need to have all your positions closed by the end of regular trading time which is at 3:15 pm CST. You also need to follow the maximum position size which is determined by your account size. Profit targets are also determined by account size. You need to honor your daily loss limit which means that you can’t hit or exceed Net PLN. You can flatten your positions and they will be halted till the next day. Trailing drawdown is keeping your account in lines of allowed amounts.
Consistency is another skill you need to show to pass the evaluation phase. You need to have a minimum of 3 days of trading. Summed up profits from those 3 days need to be up to 80% of the profits of the largest day’s net profit.
Funding program
Once you pass the evaluation phase you can choose from several accounts. There are Novice, Beginner, Advanced, Professional, and Expert accounts. At this step, you start live trading with a real money account. You still need to follow the given rules from the evaluation. Let’s take a look at the differences between these accounts.
The Novice account comes with $25,000 initial capital and a maximum of three contracts. Requirements for this account size are a $1,500 profit target and $1,500 of trailing drawdown. Also, the daily loss limit is $500 and the first $8,000 profit is 100% yours. After that profit share is 80% for $125/mo. Or you can choose a 50% profit split for $105/mo. At $100 profit, the balance resets.
The Beginner account comes with $50,000 initial capital and a maximum of six contracts. Requirements for this account size are a $3,000 profit target and $2,500 of trailing drawdown. Also, the daily loss limit is $1,250 and the first $8,000 profit is 100% yours. After that profit share is 80% for $150/mo. Or you can choose a 50% profit split for $120/mo. At $100 profit, the balance resets.
The Advanced account comes with $100,000 initial capital and a maximum of 12 contracts. Requirements for this account size are a $6,000 profit target and $3,500 of trailing drawdown. Also, the daily loss limit is $2,500 and the first $8,000 profit is 100% yours. After that profit share is 80% for $300/mo. Or you can choose a 50% profit split for $240/mo. At $100 profit, the balance resets.
The Professional account comes with $150,000 initial capital and a maximum of 15 contracts. Requirements for this account size are a $9,000 profit target and $5,000 of trailing drawdown. Also, the daily loss limit is $4,000 and the first $8,000 profit is 100% yours. After that profit share is 80% for $350/mo. Or you can choose a 50% profit split for $300/mo. At $100 profit, the balance resets.
The Expert account comes with $250,000 initial capital and a maximum of 25 contracts. Requirements for this account size are a $15,000 profit target and $5,500 of trailing drawdown. Also, the daily loss limit is $5,000 and the first $8,000 profit is 100% yours. After that profit share is 80% for $650/mo. Or you can choose a 50% profit split for $500/mo. At $100 profit, the balance resets.
The minimum amount for withdrawal is $1,000 and there are no withdrawal fees. The bad news is that they only offer wire transfers as a payment method. You can request a withdrawal at any time during the week, it’s only important that you do it before market closing on Wednesday.
Pros
- Easy understandable and easy to use dashboard
- Community on a private forum
- Responsive and nice customer support
- There are no hidden fees and data fees in funded accounts
- There is no scaling in the evaluation process
- No multiple steps
- When you hit daily maximum loss you don’t fail, just get locked out for that day
Cons
- You need to provide software yourself, they don’t provide you with one
- Very high $1,000 withdrawal minimum amount
- Even when funded you are on probation for 90 days
- Only two free trading platforms
What makes this company unique are no scaling plans in the evaluation process, no failure when you hit the daily loss limit, and very quick funding. Also, there are no data fees, only monthly account fees. You also constantly get streaming quotes and industry news as well as the latest economic data. Occasionally there are live streams of financial news. There are no risks for you once you get funded. There are also 14 days of free trial that allows you to test the system and decide if you like this prop firm.
One of the downsides that might concern you is that there’s no list of educators or founders of this company, no company address, and no information available on the number of members. There are also no verified income statements.
If you happen to have more information about Oneuptrader we’ll be very grateful if you would share these with us.
Conclusion
It seems like transparency is not one of the most important values of this company as they state; and it’s the very reason we haven’t featured them on our website for a very long time.
Their conditions and requirements seem great, doable, and achievable but it doesn’t promise safe trading. Make sure that you visit the TrustPilot website and check reviews there. Real people reviews should be the most important ones.
Other than poor transparency this prop firm looks good. Targets are reachable and there’s really a lot of freedom for your trading. Most of the prop firms take one-time fees while On Up Trader takes monthly account fees. The benefit of no violation if you reach daily max loss is a very rare feature that puts this company far beyond the competition. Conditions look very favorable for traders, which makes people question the legitimacy of this company.
We suggest that you do your research on each company you want to try. It’s good to know what to expect so you can adjust your strategies accordingly. There are pros and cons for this company as well as for every other. It’s just a matter of your preference and skills.
When deciding you should check the legitimacy of a prop firm, reviews of their traders, profit targets, drawdowns, and daily limits. Also how much time do you have to pass the evaluation and how the scaling plan works.
What looks like a great benefit of this prop firm is a supportive community and regular updates about market fluctuations. Other benefits are mentioned in the “pros” section of this article. Compare them with cons and decide for yourself if this company is worth your attention.
We hope that this article was useful and gave you all info needed to make a decision. We do hope that the transparency of this prop firm will get better so we don’t have to ask is it too good to be true? Maybe we will hear more first-hand reviews in the future which will help us get a better picture of the way they do business.
We wish you good luck in your endeavors of finding a prop company to work with and make the most out of it. There are plenty of firms to choose from so it’s just a matter of time before you find the one that works for you.
On our page dedicated to the Special Offers you will find seasonal and recurring discounts for a variety of trading challenges.
Be careful tho, there are lots of scam firms too. That’s why we can’t emphasize enough the importance of research. Trading doesn’t have to be a stressful process which is why is important to find a perfect fit for you so you can spend all your time on trading strategies.
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