Ultimate Traders is a prominent prop trading firm that has funded trading procedures in place to allow traders to truly show off their skills.
With multiple challenge setups, it lets traders control their pace and choose how they would like to approach funding. This Ultimate Traders review will provide insight into their challenge structure, rules, and more!
Prop trading with Ultimate Traders – Am I safe?
Security is always a burning question with prop trading. Due to the lack of formal structure, traders are often befuddled when it comes to researching the security of the companies offering these services.
However, Ultimate Traders is as verified as they get. They’ve been featured on many prestigious portals like Yahoo! Finance, AP and Digital Journal. Additionally, they enjoy a massively positive reputation alike, with scores above 4 on many trust review websites like Trustpilot.
Its support structure and user communication verify this, with the prop trading firm taking a proactive stance in informing its users. The website and rules are clear and there are multiple avenues of reaching the firm with any further questions.
Lastly for this section of this Ultimate Traders review, it’s also important that it maintains active accounts across different social media outlets. This displays a willingness to actively communicate and foster a healthy trading community.
Ultimate Trader review of trading and funding procedures
As most traders who’ve opened this article know, prop trading is a procedure where a company backs your funds with its own.
So, for instance, by paying a $49 fee, traders can manage an account with $5,000 in it. The catch is that, before any money can be withdrawn, there are certain challenge thresholds that need to be met.
Ultimate Traders offers two challenge structures with two-step and one-step options. In this case, they are named Classic and Speedy. Details for both are below in this Ultimate Traders review,
The fees for a Classic, two-step account range from $49 to $899, with fund availability from $5,000 to $200,000.
For the first step, the maximum daily drawdown is 6%, and maximum total drawdown is 12%, with a profit goal of 10%. The second step has the same drawdown structure but only requires traders to reach 5% profits. For both, there’s a minimum of three trading days.
Traders will then have access to a fully funded account. It’s important for this Ultimate Traders review to note that the drawdown limits remain, even after this goal has been reached.
The Speedy account is similar, with slightly higher fees [$79 to $1,299] and the same fund availability. There’s only a single step, with a daily loss limit of 4%, max loss of 6%, and a profit target of 10%. Again, the loss limits remain after funding.
Both accounts offer a scaling profit share of up to 90/10. Also, Ultimate Traders uniquely offers a trading fee refund on first withdrawal. In other words, for traders who prove their mettle, the service has the potential of being entirely free.
Rules and procedures for Ultimate Traders
In this part of this Ultimate Traders review, we will look into the specifics of its trading routine. This will provide important insight into how the experience looks and give traders more specific expectations.
The Classic account is the baseline here, although the rules for the Speedy account are the same, barring the different profit targets and drawdowns.
Minimum Trading Days
- Open at least one position on 3 separate days during each phase:
- Challenge
- Verification
- Funded Ultimate Trader account
It’s unclear whether breaking this rule is classified as a hard or soft breach. However, the context implies the former.
Profit Targets
- Challenge Phase: Achieve a 10% profit [e.g., $5,000 → $5,500]
- Verification Phase: Achieve a 5% profit
- Funded Account: No profit target
An important note for this Ultimate Traders review is that there are no time limits on reaching this limit.
As such, traders can strategise and approach their trades more carefully with no added pressure. This is, of course, provided that there’s at least a single position opened every day, as per the previous rule.
Drawdown Limits
- Daily Drawdown: Maximum 6% loss of recorded equity [balance + floating P&L] within any 24-hour period
- Maximum Drawdown: Maximum 12% loss from initial account balance
Exceeding either of these limits is a hard breach and will result in account failure. Again, these limitations remain in place even after the account has been funded. Additionally, the daily drawdown resets at the end of each trading day.
For instance, if you push the $5,000 option to $5,100 in a single day, the 6% limit will be calculated based on the $5,100 the next day. The maximum drawdown remains static.
News Trading
- Not allowed by default
- Permitted with News Trading add-on [additional 10% fee]
- Violations without add-on:
- First offence: Warning
- Second offence: 24-hour suspension
- Third offence: Account cancellation
- First offence: Warning
There’s some lack of clarity here. Namely, it’s uncertain whether the second offense would result in account failure due the lack of position opening during the suspension.
Presumably, Ultimate Traders thought of this, and would not terminate the account. Secondly, it’s unclear whether the additional fee for the add-on falls under the refundable fee, but due to the phrasing in the challenge info, it likely does not.
It’s also fairly rare to see that there are no rules prohibiting scalping strategies. As such, Ultimate Traders may provide a unique opportunity for scalping prop traders. Similarly, EAs and hedging are also accepted.
Ultimate Traders review of trading software
Most traders will find the trading interface familiar, since Ultimate Traders uses MetaTrader 4. It’s one of the most prominent platforms on the market, with high ease of use and a deep pool of tools to choose from.
Combined with the lack of restriction in Ultimate Traders’ rules, this allows traders full control over their experience.
Ultimate Traders support
As noted earlier in this Ultimate Traders review, there are multiple avenues of reaching the company.
There’s the live chat, always present in the lower right-hand corner, and an email for more detailed queries. Additionally, there’s a FAQ page on the website, which pre-emptively answers many questions.
Wrap-up: An experience for self-confident traders
Ultimate Traders offers skilled traders a chance to manage larger amounts of capital than their funds would normally allow.
Paired with its fantastic platform, reasonable challenge structure and liberal rules, this creates an immensely high level of freedom with no cost to trading potency. Traders who have previously found prop trading too restrictive may just find their home with Ultimate Traders.
