Apex Trader Funding offers an improved payout process to allow for smoother withdrawals. They are also one of the few futures prop firms that offer a 100% profit cut. Do any of the changed payout terms improve the trading experience in this firm, or does it make it difficult for anyone?
PipBack’s Apex Trader Funding review takes a closer look at the two accounts offered and their general trading conditions. We also go through the requirements for the payouts, including the limited number of requests you can make.
Apex Trader Funding at a Glance
Rithmic/Tradovate/Wealthcharts Intraday Trail Account
| 25K | 50K | 100K | 150K | |
|---|---|---|---|---|
| Profit Target | $1,500 | $3,000 | $6,000 | $9,000 |
| Max Drawdown Limit | $1,000 | $2,000 | $3,000 | $4,000 |
| Drawdown Type | Intraday | Intraday | Intraday | Intraday |
| Max Contracts (Evaluation) | 4 mini / 40 micro | 6 mini / 60 micro | 8 mini / 80 micro | 12 mini / 120 micro |
| Max Contracts (Performance Account) | 2 mini / 20 micro | 4 mini / 40 micro | 6 mini / 60 micro | 10 mini / 100 micro |
| Daily Drawdown | None | None | None | None |
| Activation Fee | $89 | $99 | $119 | $139 |
This is the hardest account to work with because of the intraday drawdown rule in both the evaluation and performance account stages. The drawdown rule counts your unrealized P/L in real time. If you have an open position and a sharp spike in the market goes against you, you breach your account if your unrealized losses reach your drawdown limit.
The compromise for working with the intraday rule is the affordability of this plan. Without the discount, the 25K and 50K intraday trail plans cost $100 less than the equivalent EOD trail plan. You even save $200 with the 100K and 150K plans if you choose the intraday drawdown rule. In addition, there is no DLL to deal with throughout the evaluation and funding phase.
Rithmic/Tradovate/Wealthcharts EOD Trail Account
| 25K | 50K | 100K | 150K | |
|---|---|---|---|---|
| Profit Target | $1,500 | $3,000 | $6,000 | $9,000 |
| Max Drawdown Limit | $1,000 | $2,000 | $3,000 | $4,000 |
| Drawdown Type | EOD | EOD | EOD | EOD |
| Max Contracts (Evaluation) | 4 mini / 40 micro | 6 mini / 60 micro | 8 mini / 80 micro | 12 mini / 120 micro |
| Max Contracts (Performance Account) | 2 mini / 20 micro | 4 mini / 40 micro | 6 mini / 60 micro | 10 mini / 100 micro |
| Daily Drawdown | $500 | $1,000 | $1,500 | $2,000 |
| Activation Fee | $109 | $119 | $119 | $139 |
This account option is highly requested by Apex Trader Funding users, which allows for flexible trading. The end-of-day (EOD) drawdown policy only counts your realized or unrealized P/L at the end of a trading session. Even if your open positions have enough losses to make you hit your drawdown limit, your account is still active. You can still allow the market to favor your position or execute winning trades that will recover your losses before the end of a market session.
Note that this funding-path option has a daily loss limit. It’s an intraday drawdown that is less flexible than an EOD drawdown. Should you hit your DLL, your account is locked for the rest of the trading session. Apex Trader Funding set this to prompt traders to review their trading setup when their losses approach the maximum loss limit.
Trailing Drawdown
Both accounts have a trailing threshold that moves with your realized and unrealized gains. The initial threshold is based on the initial balance minus the maximum loss limit. When the threshold reaches the initial balance, it becomes a static threshold instead of a trailing one.
For example, the initial threshold of a 100K account is $97,000 ($100,000 initial balance – $3,000 max drawdown limit). Gains you make or can potentially make move the threshold up. If your position saw a $1,000 in unrealized gains, the new threshold is $98,000. Should you close that position with a total gain of $5,000, the threshold becomes $100,100.
Apex Trader Funding Evaluation
Both the Intraday and EOD trail accounts require you to go through the evaluation phase. You are required to hit the profit target while avoiding the maximum drawdown limit. The evaluation shares the same rules as the performance account. There are notable aspects of the evaluation to bring up:
- Activation Fee: Both the intraday and EOD trail accounts require you to pay the activation fee before you can transition onto the performance account phase.
- Activation Window: Upon passing the evaluation, you have a seven-day window to activate the account. If you allow the activation window to pass, the offer expires, and the account is permanently closed.
- Access Period: There is a 30-day access period for the intraday and EOD trail challenges that starts upon purchasing either funding-path option. If you are unable to hit the profit target for your account by the end of its access period, the account is permanently locked, with no means to extend the period.
- Maxed Contracts: You have access to the full position sizing for both the intraday and EOD trail challenges. A notable perk of Apex Trader Funding is its automated rejection of oversized positions. Other firms will not do this and will only penalize you after the trade is concluded, which means a deduction to your profits and no reversals on losses.
- One-Day Pass: The advertisement of the one-day pass comes from the absence of a minimum trading day and a consistency requirement. Strategic or experienced traders can hit the profit target without any limitations to your profits for a single day.
Performance Account Phase
After passing the evaluation and paying the activation fee, you move on to the performance account (PA) phase. The aim is to fulfill the payout requirement while avoiding the drawdown limit. There are rules and features to bring up during this phase.
Scaling Position Sizes
The contracts available to you and the daily loss limit for those on the EOD trail PA follows a scaling level. When your profit balance reaches a specific range, you move to the next tier that lets you control more contracts and have a higher DLL. Below are the tiers of Apex Trader Funding’s scaling plan:
$25K Performance Account
| Profit Range | Max Contracts | Daily Loss Limit (DLL) | Tier |
|---|---|---|---|
| $0 – $999 | 1 Contract | $500 DLL | Level 1 |
| $1,000 – $1,999 | 2 Contracts | $500 DLL | Level 2 |
| $1,000 – $1,999 | 2 Contracts | $1250 DLL | Level 3 |
$50K Performance Account
| Profit Range | Max Contracts | Daily Loss Limit (DLL) | Tier |
|---|---|---|---|
| $0 – $1,499 | 2 Contract | $1,000 DLL | Level 1 |
| $1,500 – $2,999 | 3 Contracts | $1,000 DLL | Level 2 |
| $3,000 – $5,999 | 4 Contracts | $2,000 DLL | Level 3 |
| $5,999 & Up | 4 Contracts | $3,000 DLL | Level 4 |
$100K Performance Account
| Profit Range | Max Contracts | Daily Loss Limit (DLL) | Tier |
|---|---|---|---|
| $0 – $1,999 | 3 Contract | $1,750 DLL | Level 1 |
| $2,000 – $2,999 | 4 Contracts | $1,750 DLL | Level 2 |
| $3,000 – $4,999 | 5 Contracts | $1,750 DLL | Level 3 |
| $5,000 – $9,999 | 6 Contracts | $2,500 DLL | Level 4 |
| $10,000 & Up | 6 Contracts | $3,500 DLL | Level 5 |
$150K Performance Account
| Profit Range | Max Contracts | Daily Loss Limit (DLL) | Tier |
|---|---|---|---|
| $0 – $1,999 | 4 Contract | $2,500 DLL | Level 1 |
| $2,000 – $2,999 | 5 Contracts | $2,500 DLL | Level 2 |
| $3,000 – $4,999 | 7 Contracts | $2,500 DLL | Level 3 |
| $5,000 – $9,999 | 10 Contracts | $3,000 DLL | Level 4 |
| $10,000 & Up | 10 Contracts | $4,000 DLL | Level 5 |
Your tier level is moved up based on the ending account balance at the end of a trading session. It is also possible to skip one or more tiers if you can achieve enough profit to reach a higher account balance. However, you move down a tier when your ending account balance reaches a lower threshold.
Number of Performance Accounts
The best-selling point of Apex Trader Funding is the maximum number of 20 PAs for one trader. Other futures prop firms allow you to control fewer accounts. You also have a choice of account type, sizes, and charts for those 20 PAs.
Inactivity Threshold
You are required to make a profit of at least $50 for two separate trading sessions within 30 days to keep your account active. Failing to do so will trigger the inactivity threshold, which will permanently lock your account. Any eligible payout balance is forfeited if you hit the inactivity rule.
If you have not met the inactivity rule within 15 days, your account will be “dormant.” The status is just a warning without any penalties that affect your trades.
News Trading
There are no restrictions on opening positions during a major news report. News trading is even allowed during geopolitical events or crises. Many futures prop firms tend to restrict trades during the release of financial reports or news events due to the risk of slippage and a highly volatile market.
Prohibited Trades
While the most common restricted trading practices are prohibited on Apex Trader Funding, there are also other restrictions to note:
- No Stop Losses: Apex Trader Funding users must have stop-loss orders for their trades. The firm expects you to have a proper risk management strategy.
- More Than 2 Accounts: Users can only have up to 20 PAs active. Attempting to gain more by using another account is prohibited.
- Misused Stop Losses: Remember that Apex Trader Funding requires you to have a realistic risk management strategy. You are prohibited from setting a stop loss that is far from your entries, or around 150-ticks far.
- Algorithm or Bot Trading: Any form of automated trading is prohibited. Users are expected to make profitable trades through their own skills.
- Swing Trading: You cannot have open positions when the market is closed. This removes the option of swing trading or any means of tapping into multi-day price movements. Note that you risk an account breach if you allow a position to remain open during restricted periods.
There are no clear penalties for these activities. According to their support line, profits from trades without stops can be reversed, while your losses remain. Serious offenses like bot trading or leaving positions open overnight can lead to account closure or even a permanent ban from the firm.
Performance Account Payouts
The PA payout calls for meeting the requirements set by Apex Trader Funding. It should be noted that these are updated policies that make the payout more accessible to all traders. Below is a closer look at those requirements and other notable rules.
The following are the three main requirements to qualify for a payout:
- 5 minimum trading days
- 50% consistency rating
- safety net balance (drawdown limit + $100)
Maximum Payouts
All PA accounts have a maximum of 6 payouts. For those with 50K, 100K, and 150K account sizes, the maximum amount you can withdraw increases after each payout:
| Payout # | $25,000 | $50,000 | $100,000 | $150,000 |
|---|---|---|---|---|
| 1 | $1,000 | $1,500 | $2,000 | $2,500 |
| 2 | $1,000 | $2,000 | $2,500 | $3,000 |
| 3 | $1,000 | $2,500 | $3,000 | $3,000 |
| 4 | $1,000 | $2,500 | $3,000 | $4,000 |
| 5 | $1,000 | $3,000 | $4,000 | $4,000 |
| 6 | $1,000 | $3,000 | $4,000 | $5,000 |
Please note that your account will permanently close after the sixth payout. There is no transition to a live account like what other futures prop firms offer. When an account closes, the number of available PAs you can have active increases by 1.
Minimum Trading Days
You need to complete a minimum of five trading days. Note that a trading day constitutes at least a $100 profit. The firm tracks the net profit of each day to let you know if you have satisfied the payout requirement. If you were to make less than $100, it would let you avoid the inactivity threshold and bring up your consistency rating.
Previously, you needed to complete eight trading days for the payout requirement. The previous requirement occurs once every two weeks. The updated policy lets you request a payout as often as once per week if you meet the minimum profit requirement for one day.
Consistency Rating
The gains you made for one day should not exceed more than half of the total profits you made to satisfy the 50% consistency rule. If you exceed the consistency rate for a single trading session, you can bring it down by making more gains in the following days.
Note that the consistency rate was previously 30%, making the new rule more reasonable for any trader. A higher consistency rating gives you more room for higher gains or losses for one day, which does not make it difficult for you to meet the payout requirement.
Buffer Amount (Safety Net)
There is a buffer requirement for a PA payout, which Apex Trader Funding calls the safety net. You need to make gains to meet the safety net amount, which is the drawdown limit of your account size plus $100. You can withdraw the amount above the safety net balance listed below:
| Account Size | Safety Net |
|---|---|
| 25K | $26,100 |
| 50K | $52,100 |
| 100K | $103,100 |
| 150K | $154,100 |
100% Profit Cut
A major selling point of Apex Trader Funding is its full access to profits for all traders. You can take out 100% of the gains you made, without any portion going back to the prop firm.
Trading Platforms
Apex Trader Funding lets you trade on three different trading platforms: Rithmic, Tradovate, and Wealthcharts. Each platform have their own features and perks that affect your trading experience. Below is a quick look at the platform choices:
Rithmic
This is for advanced users who prioritize market access and speedy execution. It boasts ultra-low-latency execution, providing traders with accurate market data at near-real-time speeds. You can also enter your positions faster when reacting to market conditions with Rithmic.
A major feature of Rithmic is its server-side functionality. Your stops and other orders work when it is running on the server. There is little to no lag as you would experience with a client-side service.
Tradovate
A major feature of the Tradovate platform is its Depth of Market (DOM), which analyzes the price information of an exchange’s limit order books and real-time order placement. The tool provides a deeper look at a futures market to help create a trading strategy.
Tradovates offers convenience and accessibility by allowing cross-device access that lets you monitor your trades across your computer or mobile devices. It also boasts order management tools for the futures market.
Wealthcharts
WealthCharts is an all-in-one trading platform, combining advanced price charts and analytics tools. It also offers AI-powered insights and scanners to provide you with more data on your target futures market. One notable feature is the seasonal analysis that examines 20 years of a futures market’s historical data to identify recurring trends.
Other insightful tools include WealthScanner. It combines technical and fundamental analysis to give you a simplified financial report on your target futures market. There is also the SectorScanner that flags industry sectors and their stocks that are moving bullish or bearish. Both tools help you identify future opportunities that will help you pass your Apex Trader Funding evaluation and meet the payout requirements.
Choosing Between Intraday vs EOD Trail Accounts
There are two main account options to pick from in this futures prop firm: Intraday Trail and EOD Trail accounts. While the risk of breaching an account is higher with one plan, both have their own unique perks.
Why Choose Intraday
The Intraday Trail is the more difficult drawdown rule of the two, but it is the cheapest account option on Apex Trader Funding. Those who regularly use tight stops and aim for fast exits can easily take on Intraday Trail account. Highly risky positions are not ideal under this plan, as a sharp spike can quickly push you past your drawdown limit and into a breach of your account.
The main benefit of the Intraday Trail is its incredibly low price. A $100 or $200 difference matters to most traders, especially those willing to control a maximum of 20 accounts. If you use PipBack’s discounts for Apex Trader Funding, that is an added value for those willing to take on the difficult drawdown policy.
Why Choose EOD
The EOD Trail’s flexible policy is for those who want more breathing room on their trades and are willing to pay the extra costs to have this drawdown rule. Keep in mind that the policy stays with you from the evaluation phase to the funding stage. Not worrying about a position instantly breaching an account during a sudden spike is a premium worth paying for.
By giving you more flexibility in your trades, you’re welcoming more risk with your exits and stops. You can see better gains near the end of a marketing trade even if prices moved against your positions at an earlier time. Additional risks translate to higher profits thanks to the EOD drawdown policy.
Final Word
Apex Trader Funding is notorious for its payout denials. Its latest payout structure makes withdrawing predictable and less of a headache. However, the latest payout comes with strict rules, including a limited time to pass the evaluation and activate a challenge account. There is also a limited number of payouts for each account
Despite the strict rules, Apex Trader Funding is still a recommended futures prop firm by many users. It comes from the smooth payout process when traders are satisfying the payout requirements while following the rules. Note that the payout requirements are now more accessible than the older Apex Trader Funding policies.
FAQ
Can you request payouts from several performance accounts at the same time?
It is possible to request a payout for two or more of your PAs at the same time, as long as those accounts meet the requirements. If you have five PAs with two meeting the safety net, consistency rating, and minimum trading days, you can request a payout for those two PAs only.
Is it really possible to pass the evaluation in one day?
All Apex Trader Funding evaluation accounts only require you to hit the profit target while avoiding the drawdown limit. Without a consistency rating or a minimum number of trading days, smart traders can reach the profit target on the first day.
Do I transition to a live account after completing six payouts?
The PA closes after the sixth payout. There is a live account that Apex Trader Funding only offers to qualified traders. Details about the account or the requirement to be eligible for the transition is only available for those chosen by the Apex Trader Funding management.