In this Ultimate Traders review, we take a look at an exciting prop trading option. Prop trading, as many traders already know, is an innovative form of trading that emphasizes skill over capital.
It allows traders to handle much more capital than they otherwise would, under the caveat that they need to perform well to keep trading.
If that sounds like an interesting proposition, Ultimate Traders is definitely worth researching. It offers a lot of freedom in terms of approach, making it a lot less restrictive than other prop trading companies. This article will explore its conditions, rules, account specifications, and more to help traders navigate the service and figure out if it appeals to them.
Ultimate Traders Review of Trading Rules
Perhaps the biggest appeal of Ultimate Traders is how unrestrictive the rules are. Often with prop trading companies, traders will face harsh conditions on how they have to place trades, how they need to manage risk, and how their day-to-day needs to look.
This is not only frustrating from a prop trading standpoint, where the point is to show off trading skill, and it’s much more difficult to do that if a lot of trading patterns are prohibited, but also from a trading effectiveness perspective, since these restrictions limit profit potential and sometimes force traders into unfavourable situations.
However, as noted in this Ultimate Traders review, there are no such limits here. The only thing that’s prohibited is news trading, and even then, there’s an add-on that lifts that restriction.
Traders are completely free in the assets they want to trade, how they manage risk, hedge their trades, and when they place their trades.
The only rules to watch out for are the ones surrounding multiple accounts and registrations. Even for these, the restrictions don’t limit traders, but ensure a level playing field for everyone.
How many funds can traders use?
Another big appeal of prop trading is the large amount of capital traders can use in proportion to their investment.
It’s also important for this Ultimate Traders review to note that prop trading happens on demo accounts with simulated market conditions. As such, traders won’t be handling the actual funds, but rather virtual trading credits.
Either way, the result is much the same. Traders can handle funds between $5,000 and $200,000. Naturally, the account options with more funds are more expensive. Depending on the account type, the prices range from $49 to $899 (two-step) or $79 to $1,299 (one-step).
But that’s not the end for this Ultimate Traders review. There’s also flexible leverage on top of that, allowing traders to further enhance the capital they are handling.
How does it work?
For those completely new to prop trading, this Ultimate Traders review should also explain the gist of it. In essence, traders get a demo account to trade on.
They need to reach certain profit thresholds under certain conditions, depending on their account and general company rules. Meanwhile, they can’t hit loss points known as drawdowns or they fail the challenge.
Once traders successfully complete the challenge, their account is considered funded, and only after this can they make withdrawals. As such, skill and consistency are highly valued in prop trading.
Ultimate Traders Review of Accounts
In a fairly standard setup, Ultimate Traders offers two different accounts, Classic and Speedy.
Classic is the two-step account. That means traders need to complete two challenges to fund their account. The profit thresholds are 10% and 5%, the max daily loss is 6%, and the max total loss is 12%.
Speedy, as the name implies, is quicker and only has one step. However, it’s pricier in comparison and has tighter trading requirements. The profit goal to fund is 10%, while the max daily and total losses are stricter, at 4% and 6% respectively.
It’s important to note that Ultimate Traders has no maximum trading days or overnight restrictions. As such, traders who prefer long-term trading tactics won’t need to resort to other strategies they are not as comfortable with.
However, there is a minimum of 3 trading days for each step, including the funded account. This means a day on which at least one trade is placed. As such, traders can’t rely on a big windfall and need to demonstrate consistency.
It’s also notable that the account price is refunded once the challenge is completed. As such, Ultimate Traders is essentially free for those who are skilled enough.
Ultimate Traders Profit Share and Add-ons
Another important thing for this Ultimate Traders review is how much of their winnings traders get to keep. At a baseline, the company employs an 80/20 share, where of course, traders get the 80. However, for those who want to keep more, there’s a 90/10 add-on, which increases the baseline account cost by 20%.
The other add-on was mentioned earlier, and it allows traders to employ news trading strategies. This one comes at a 10% premium, which is only a slight increase since the accounts themselves are fairly inexpensive.
Platform and Trading Conditions
One of the last things to mention for this Ultimate Traders review is the trading software and general conditions. The company offers MetaTrader 4, which should be familiar to most traders already. The blend of intuitiveness, analysis, and deep functionality promises a healthy trading environment.
As for the conditions, although it’s a demo account, Ultimate Traders simulates a real trading environment. As such, traders can expect spreads and slippage, as if they were trading on actual markets.
Ultimate Traders Review Conclusion
In the end, prop traders often look for two things: an environment that allows them to trade to their full extent in good conditions, and the ability to magnify their capital. From this Ultimate Traders review, it should be clear that it soundly provides both.
The rules are unrestrictive, with a good profit share and a top-tier platform. The accounts are reasonably priced and give a good amount of funds for traders to handle. In this, Ultimate Traders stands out as a company that truly knows its user base and isn’t afraid to provide them with the tools they need.