FundedNext has updated its 15% profit sharing feature since there were individuals that have been misusing the feature.
FundedNext started operating in March 2022 and has attracted many traders with one specific feature: 15% profit sharing from the evaluation phases. In addition, they also introduced bi-weekly payouts and removed quite some rules to allow traders to trade freely based on the trading strategy that they had developed.
However, in recent weeks, FundedNext noticed that many newly funded traders started misusing the 15% profit sharing feature. To prevent the misuse of the benefit that they are providing, they made some changes to how the 15% profit sharing feature works.
Updated 15% profit sharing from evaluation phases feature
From now on, an individual that successfully passes both evaluation phases and receives a funded account will require to make at least a 5% account growth in the funded account. Note that the trader will be able to use as many payout cycles as necessary to reach the 5% account growth target which will enable him to receive the 15% profit sharing bonus paid out during that payout cycle.
If you are still not exactly sure what the update means, check the two examples below:
Example 1: Trader receives the 15% profit sharing bonus in the 1st payout cycle
A trader passes both evaluation phases on a $200k challenge and receives a funded account. He trades the funded account and makes a profit of 6%, meaning that he achieved a higher account growth than the 5% necessary for the 15% profit sharing bonus payout.
Successfully becoming eligible for the 15% profit sharing means that the trader’s payout will look like this.
Refund of the registration fee ($999) + 80% from 6% profit on the funded account ($9,600) + 15% profit sharing from evaluation phases ($3,000 from phase 1 and $1,500 from phase 2 = $4,500 in total) = $15,099
Based on the 1st example, the trader would receive $15,099 as the first payout since it would include the refund of the registration fee, an 80% profit split from the profit made on the funded account, and the profit sharing bonus.
Example 2: Trader receives the 15% profit sharing bonus in the 2nd payout cycle
A trader passes both evaluation phases on a $200k challenge and receives a funded account. He trades the funded account and makes a profit of 3%, meaning that he is not yet eligible for the 15% profit sharing bonus payout.
The first payout cycle will look like this:
Refund of the registration fee ($999) + 80% from 3% profit on the funded account ($4,800) = $5,799
Now the trader starts trading the second cycle making a profit of another 3%. He has now made a total profit of 3% + 3% = 6% in the two trading cycles, which makes him eligible for the 15% profit sharing bonus payout.
The second payout cycle will look like this:
80% from 3% profit on the funded account ($4,800) + 15% profit sharing from evaluation phases ($3,000 from phase 1 and $1,500 from phase 2 = $4,500 in total) = $9,300
Based on the 2nd example, the trader would receive $5,799 for the first payout since it would include the refund of the registration fee and an 80% profit split from the profit made on the funded account. From his second payout, however, the trader would receive $9,300 since it would include an 80% profit split from the profit made on the funded account and the 15% profit sharing bonus payout.
This update of the 15% profit sharing feature will ensure that traders are trading and not simply waiting out the period for the 15% profit sharing bonus payout. It will also allow FundedNext to eliminate individuals that were misusing the feature and truly reward the traders that are contributing to the growth and longevity of their proprietary trading firm and their capital.
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