How To Get Started With Fundednext In Nigeria

Are you a Nigerian trader looking to scale up your trading opportunities with minimal risk? FundedNext offers a chance for you to trade with substantial capital provided by the platform, while you keep a large portion of the profits. Here's a step-by-step guide on how to get started with FundedNext and begin your journey to becoming a funded trader.

Step 1: Understanding FundedNext

FundedNext is a proprietary trading firm that allows traders to trade with their capital. In exchange, the trader shares a portion of the profits with the platform. The key advantage here is that you trade without risking your own money. FundedNext provides multiple account models, allowing flexibility depending on your trading style, risk tolerance, and growth potential.

FundedNext has two primary funding models:

• Evaluation Model: Traders begin with a demo account and must pass a two-phase evaluation challenge. Once you pass, you are given live capital to trade.
• Express Model: This model offers immediate access to capital, but with a lower initial payout percentage.

Step 2: Meeting the Requirements

To qualify as a funded trader with FundedNext, you must meet certain criteria:

• Profit Targets: You need to hit specific profit targets during the evaluation phase. Typically, you need to achieve a profit of around 10% in Phase 1 and 5% in Phase 2.
• Drawdown Limits: FundedNext requires you to adhere to daily and overall drawdown limits, which help prevent excessive risk-taking. The daily drawdown is typically 5%, while the overall drawdown is 10%.
• Minimum Trading Days: You must trade for a minimum of 5 to 10 days, depending on the phase, to qualify for live funding.
• No Time Limit: Unlike some platforms, there is no hard deadline for meeting these targets, giving you the flexibility to trade at your pace.

Step 3: Choosing an Account Type

FundedNext offers two main account types: Standard and Raw. The Standard account comes with spread-based fees, while the Raw account charges commission-based fees. Depending on your trading style and the assets you prefer to trade, either account can offer competitive advantages. For instance, traders focusing on Forex might prefer the lower spreads of the Raw account, while others may benefit from the simplicity of the Standard account.

Step 4: The Application Process

Getting started with FundedNext is straightforward:

• Sign Up: Visit FundedNext’s official website and create an account.
• Choose Your Plan: Select the funding model (Evaluation or Express) and choose your account size, which can range from $6,000 to $200,000 in the Evaluation Model.
• Pay the Fee: Once you’ve chosen your account, you will need to pay the associated fee, which varies based on the account size.
• Start Trading: After completing the signup process, you’ll receive access to the FundedNext trading platform, which supports both MT4 and MT5. Begin trading to meet the targets and rules outlined by FundedNext.

Step 5: Progression and Scaling

Once you’ve successfully completed the evaluation phase, you’ll be given access to live capital. As you trade profitably, FundedNext offers a scaling plan, allowing you to grow your account size. If you achieve 10% growth in four consecutive months, you can increase your account size by 40%, with the possibility of scaling up to $4 million. This feature is excellent for traders who demonstrate consistency and wish to expand their trading activities.

Step 6: Profit Sharing and Withdrawals

FundedNext offers competitive profit-sharing terms. In the Evaluation Model, traders initially receive 80% of their profits, with the option to increase this to 90% as they progress. In the Express Model, the payout begins at 60%, growing to 90% with subsequent withdrawals. Importantly, traders also earn a 15% profit share even during the demo phase of the Evaluation Model, making FundedNext a potentially profitable option from the start.

Withdrawal options are seamless, with traders receiving their share through various secure methods. The withdrawal process is quick and efficient, allowing traders to focus on their trading activities without the hassle of delays.

Step 7: Leverage and Trading Conditions

FundedNext offers high leverage to its traders, typically 1:100 for Forex and 1:50 for commodities and indices during the evaluation phase. This increases the potential for higher profits but also requires careful risk management. The platform supports a variety of trading instruments, including:

• Forex Pairs: Access to major, minor, and exotic currency pairs.
• Commodities: You can trade oil and other commodities.
• Indices: Major indices like the Nasdaq, S&P 500, and FTSE are available for trading.
• Precious Metals: Gold and silver are also offered, allowing further diversification.

FundedNext also allows for the use of Expert Advisors (EAs), news trading, and weekend holding, making it flexible for different trading strategies.

Step 8: Support and Resources

FundedNext provides traders with extensive support and educational resources. The platform has a dedicated customer support team available 24/7 via live chat, email, and social media channels. FundedNext also offers an economic calendar and detailed market analysis to help traders stay informed about global events that could impact their trades.

Additionally, FundedNext assigns a personal account manager to each trader, which can be particularly beneficial for Nigerian traders new to the world of proprietary trading. The platform has a strong presence on social media, offering valuable insights and community interaction.

Conclusion

For Nigerian traders seeking a way to increase their trading capital without taking on the full risk, FundedNext is an excellent option. The platform’s flexible account models, high-profit potential, and robust support make it accessible to both beginner and experienced traders. By following the steps outlined above, you can begin your journey with FundedNext and potentially scale up to managing millions in capital. Start today, and you could be on your way to trading success with FundedNext.