1. E8 prop firm programs
This prop firm aims at offering a single package for four different account sizes. To be funded by E8, the Forex trader must pass two phases. Once funded, the Forex trader retains 80% of profits earned on the live funded account. On first glance, this company looks very similar to FTMO with some slight differences to the Max drawdown rule.
To qualify for trading capital with this prop firm, you must sign up for the product, begin trading on the demo account, and successfully complete both parts of the evaluation process. Additionally, they provide a tournament-style program in which Forex traders from all over the world may compete against one another in order to win a funded Forex account, which is awarded to the top three positions.
While this is an innovative concept introduced to the market, we are not fans of it since it denies the Forex trader their own space to grow capital and frequently results in excessive leverage and a lack of trading discipline.
2. Trading rules and environment
At first glance, the maximum drawdown rule appears to allow the Forex trader to risk up to 8% of the account. Additionally, there is a maximum daily drawdown limit of 4%, which is a rather wide daily drawdown limit given our dissatisfaction with how this regulation is handled on live accounts. Therefore the 8% maximum drawdown does provide traders a little more breathing room than FTMO which traders may prefer.
Similar to FTMO, E8 does offer a free trial account to test their trading interface and account conditions in which you will have access to the same E8X dashboard on which the trader can see the features and decide if this firm will be their prop account of choice.
3. Tournament program
According to the tournament schedule, the entry fee remains a hefty $248 per ticket. There is a 21-day running time, which is a rather short period of time in trading and, in our opinion, would become a coin flip for the majority of Forex traders in an attempt to beat the next Forex trader.
While we feel this is an interesting concept and value novel ideas, we believe this is not the solution for this sort of work environment. What motivates Forex trading in terms of the skill-to-luck ratio is somewhat different for us.
Without clear trading rules on the website or a straightforward FAQ section, it’s difficult to determine all the details without contacting the firm. And, after contacting them, we were sent to a small support centre that seemed to provide additional information. Their funded accounts are leveraged heavily, which can be detrimental to those traders who are not profitable since it increases the odds against them.
4. Pay-out time
Without any evaluations or anecdotes from Forex traders, it’s impossible to witness their pay-out mechanism in action, since they don’t appear to have many clients yet. While it appears that all of their joining costs are refundable if you complete your challenge and move to live funding, we were instructed that it must be at least 30 days following purchase and the first trade on the funded account, a slow process compared to other firms in the industry like FTMO.
6. Unique features
The company’s primary distinguishing feature is that they provide this new tournament-style package. Our initial opinion of the tournament approach is unfavourable, but it will be interesting to see how it plays out and whether any other firms adapt the model to their own programs.
In terms of evaluation accounts, there are not many differences to firms such as FTMO or Forex Traders UK. In fact, their platform seems more restrictive and, without the customer base, it will be difficult for them to gain the trust they desperately need from the community to grow.
7. Customer care
This company’s customer service appears to be rather prompt, with live chat operators typically responding within a few minutes. They were easy to contact and appeared to have a solid understanding of what Forex traders require and the broader trading environment. In our E8 review, we spoke with the company’s CEO, who conveyed the impression that this is a small business with a long road ahead of it.
He clearly addressed our inquiries and informed us that significant funding and platform development had been invested to guarantee they had an excellent user interface and a functional dashboard website capable of welcoming and supporting any novice Forex trader.
We cannot assert that everyone should immediately trust this company, but new prop firms all feel the need to prove themselves in order to attract new clients. Therefore, it is likely that you will receive good service from them to help them collect reviews as quickly as possible.
