Nova Funding Review - The Forex Geek (2024)

Welcome to Nova Funding, a pioneering platform that provides forex traders with an immersive and dynamic paper trading experience. At Nova Funding, they offer a fully simulated trading environment where traders can put their skills to the test, honing their strategies without risking real capital.

What sets Nova Funding apart is its commission structure, designed to amplify your potential rewards. As you navigate the evaluation stage and demonstrate positive trading performance, you gain access to a remarkable $200,000 in commission-eligible simulated buying power. This opens up opportunities, allowing you to explore the forex market with newfound confidence.

But that’s not all. Nova Funding takes your success even further. In the “experienced trader” stage, you can try to take home up to 80% of the gains you achieve in your paper trading account through their innovative commission system. Nova Funding believes in rewarding your dedication and trading expertise, providing a pathway to significant financial growth in the world of forex.

Understanding Nova Funding

Nova Funding is a company that offers a one-step trader evaluation program for forex traders who want to test their skills and earn commissions through paper trading. According to their website, they provide traders with unlimited time to reach a 10% profit target while maintaining a 4% daily and 8% total drawdown limit. Traders who pass the challenge can access the experienced trader stage, where they can trade with up to $200,000 in simulated buying power and receive up to 80% of their profits as commission. Nova Funding claims to have no restrictions on trading styles, strategies, or platforms and allows traders to compete for the top spots on their leaderboards. They also have a FAQ page where they answer some common questions about their program, such as the broker they use, the payout schedule, the refund policy, and the prohibited strategies. Nova Funding has a 4-star rating on Trustpilot, where some customers have praised their service, while others have complained about their customer support, technical issues, and hidden rules.

Nova Funding Challenge

Nova Funding Challenge is the first and only stage of the evaluation process. Traders can choose from four account sizes: $25,000, $50,000, $100,000, and $200,000. The challenge fee ranges from $297 to $997 depending on the account size. The challenge has no time limit and no minimum trading days requirement. Traders can pass the challenge in as little as 60 minutes or as long as they want. The only criteria are to reach a 10% profit target while staying within the 4% daily and 8% total drawdown limit.

The drawdown is calculated based on the equity of the account, not the balance. This means that traders have to close all their positions before the end of each trading day to avoid violating the drawdown limit. The profit target is also based on the initial balance of the account, not the current equity. This means that traders have to make a net profit of 10% of the initial balance, regardless of how much they lose or gain during the challenge.

Traders can use any trading style they want during the challenge, including news trading, scalping, hedging, and expert advisors. The only restriction is that traders cannot trade cryptocurrencies during the weekend. The leverage is fixed at 1:100 and there is no lot size limit. Traders can trade any instrument available on the MetaTrader 4 platform provided by Nova Funding.

If traders fail the challenge, they can retry it by paying a reduced fee of 50% of the original fee. Traders can retry as often as they want until they pass the challenge. If traders pass the challenge, they will be upgraded to the funded account within 72 hours.

Nova Funding Funded Account

Nova Funding funded account is a commission-eligible simulated account that allows traders to receive up to 80% of their profits through a performance commission. The funded account has the same rules as the challenge account, except for two additional rules: the consistency rule and the scaling plan.

The consistency rule applies only to traders who use high-frequency trading (HFT) systems to pass the challenge. HFT systems are defined as systems that open and close more than 10 trades per minute on average. Traders who use HFT systems have to maintain a consistent lot size range during the funded account stage. The lot size range is calculated based on the average lot size used during the challenge stage. For example, if a trader used an average lot size of 0.5 lots during the challenge stage, then they have to use a lot size range of 0.45 to 0.55 lots during the funded account stage. If they use a lot size outside this range, they will violate the consistency rule and lose their funded account.

The consistency rule is designed to manage the risk of HFT systems and provide a clear blueprint for traders to follow during the funded account stage. Traders who do not use HFT systems do not have to worry about this rule.

The scaling plan is a feature that allows traders to increase their funded account size based on their performance. Traders can increase their funded account size by 25% every time they reach a 10% profit target without violating any rules. For example, if a trader starts with a $100,000 funded account and reaches a 10% profit target ($110,000), then they can request an increase of 25% ($25,000) and receive a new funded account size of $125,000. The scaling plan is unlimited and traders can grow their funded account size as much as they want.

Nova Funding Trading Rules

With some minor differences, Nova Funding trading rules for the funded account are similar to those for the challenge account. Traders can still use any trading style they want, including news trading, scalping, hedging, and expert advisors. However, traders have to follow some guidelines regarding their trading frequency and duration.

Traders have to trade at least once every 30 days to avoid inactivity fees. Traders also have to trade for at least 10 days per month to be eligible for payouts. Traders can hold trades over the weekend and overnight without any restrictions or fees. However, traders have to close all their positions before major holidays or market events that may cause significant volatility or gaps. Traders will be notified in advance by Nova Funding about these events and the required actions.

Traders can trade any instrument available on the MetaTrader 4 platform provided by Nova Funding. However, traders have to be aware of the different spreads, commissions, and swap rates that may apply to different instruments. Traders can check these details on the platform or the Nova Funding website.

Traders can use the same leverage of 1:100 and there is no lot size limit. However, traders have to be careful not to exceed the 4% daily and 8% total drawdown limit, which are calculated based on the equity of the account, not the balance. Traders also have to be mindful of the profit target, which is based on the initial balance of the account, not the current equity. Traders have to make a net profit of 10% of the initial balance every month to be eligible for payouts.

Nova Funding Payout Proof

Nova Funding claims to pay its traders up to 80% of their profits through a performance commission. The payout percentage depends on the account size and the trading performance of the trader. The payout percentage ranges from 50% to 80%, with higher percentages for larger account sizes and higher profits. The payout schedule is monthly, bi-weekly, or weekly, depending on the account size and the trading performance of the trader. The payout schedule ranges from 30 days to 7 days, with shorter periods for larger account sizes and higher profits.

Nova Funding provides proof of its payouts on its website and its social media channels. Traders can see screenshots of bank transfers, PayPal transactions, and Skrill payments made by Nova Funding to its traders. Traders can also see testimonials and reviews from satisfied traders who have received their payouts from Nova Funding.

Nova Funding offers various payment methods for its payouts, including bank transfer, PayPal, Skrill, Neteller, Bitcoin, and Ethereum. Traders can choose their preferred payment method when they sign up for the funded account. Traders can also change their payment method at any time by contacting Nova Funding support.

Nova Funding Coupon Codes & Discounts

One of the ways to save money on Nova Funding is to use coupon codes that can give you discounts on the challenge fees. According to the web search results, there are several coupon codes available for Nova Funding that can offer you up to 14% off on the challenge fees. You can find these coupon codes on websites which also provide information on how to apply them and how often they work. You can also follow Nova Funding on their social media channels to get updates on their latest promotions and deals.

Conclusion

In conclusion, Nova Funding is a prop trading firm that offers forex traders a simple evaluation process that consists of one step: reaching a 10% profit target while staying within the 4% daily and 8% total drawdown limit. Traders who pass the evaluation stage can access up to $200,000 in commission-eligible simulated buying power and receive up to 80% of their profits through a performance commission.

Finally, traders need to consider the benefits and limitations of prop firms before concluding which prop firm to go with.

FAQ

What is Nova Funding’s maximum drawdown?

Nova Funding has a maximum drawdown limit of 8%.

What is Nova Funding’s profit target?

Nova Funding has a profit target of 10%.

What are Nova Funding’s minimum and maximum trading days?

Nova Funding has no minimum or maximum trading days.

What are Nova Funding’s challenge fees?

Traders can choose from four account sizes: $25,000, $50,000, $100,000, and $200,000. The challenge fee ranges from $297 to $997 depending on the account size.

Does Nova Funding offer a retry?

If traders fail the challenge, they can retry it by paying a reduced fee of 50% of the original fee. Traders can retry as often as they want until they pass the challenge. If traders pass the challenge, they will be upgraded to the funded account within 72 hours.

Does Nova Funding offer a fee refund?

Nova Funding does not offer refunds for their 1-Step program. Traders are rewarded solely for their performance during the funded stage.

What is Nova Funding’s profit split?

Traders who pass the challenge can access the experienced trader stage, where they can trade with up to $200,000 in simulated buying power and receive up to 80% of their profits as commission.

Does Nova Funding offer a scaling plan?

The scaling plan is a feature that allows traders to increase their funded account size based on their performance. Traders can increase their funded account size by 25% every time they reach a 10% profit target without violating any rules. For example, if a trader starts with a $100,000 funded account and reaches a 10% profit target ($110,000), then they can request an increase of 25% ($25,000) and receive a new funded account size of $125,000. The scaling plan is unlimited and traders can grow their funded account size as much as they want.

Does Nova Funding allow expert advisors?

Yes, Nova Funding allows expert advisors.

Does Nova Funding offer a free trial?

Nova Funding offers a free trial for traders who want to test their platform and their trading skills before joining the prop firm challenge. The free trial is a demo account that has the same rules and features as the challenge account, except for the profit target and the drawdown limit. The free trial has no profit target and no drawdown limit, which means that traders can trade freely without any pressure or risk.

The free trial is valid for 14 days and traders can use it to familiarize themselves with the platform, the instruments, the spreads, the commissions, and the swap rates. Traders can also use it to practice their trading strategies and test their expert advisors. The free trial is a great way to experience Nova Funding’s service and see if it suits their trading style and goals.

Traders can sign up for the free trial by creating an account on Nova Funding’s website and choosing the “Free Trial” option. Traders will receive their login credentials to their email addresses instantly. Traders can access the free trial on MetaTrader 4 using Nova Funding’s server details.

What is Nova Funding’s minimum deposit?

Based on web search results, it seems that Nova Funding does not have a minimum deposit.

What are Nova Funding’s brokers?

According to their website, the broker that Nova Funding uses for all accounts on their platform is Foreign Exchange Clearing House LTD. FXCHL is an institutional service provider.

Nova Funding acts as the “evaluator” through a demo evaluation. Any simulated trading activity forgoing into the funded stage executed by a trader is provided through FXCH, a 3rd party broker based in Eden Island, Seychelles while providing a trading experience in accordance with all Seychelles local laws and jurisdiction.

What are Nova Funding’s platforms?

All accounts are provided through the MT4 and MT5 platforms via Foreign Change Clearing House. You can trade simulated accounts on your PC, Mac, or Mobile device remotely through the desired platform of your choice.

What is Nova Funding’s leverage?

The leverage is fixed at 1:100 and there is no lot size limit.

Is Nova Funding legit?

Nova Funding is a legit prop trading firm that claims to have paid out over $2.25 million in total commissions since launch. Nova Funding has a transparent and simple evaluation process that consists of one step: reaching a 10% profit target while staying within the 4% daily and 8% total drawdown limit. Nova Funding also has a flexible and generously funded account program that allows traders to receive up to 80% of their profits through a performance commission. Nova Funding is a forex prop trading firm that offers forex traders a great opportunity to test their skills and earn commissions in a simulated market environment. If you are interested in joining Nova Funding, you can sign up for their free trial or use one of their coupon codes to get a discount on their challenge fees. However, you should also be aware of the risks and challenges involved in prop trading and be prepared to face them. You should also do your research and compare various prop trading firms before choosing one that suits your needs and expectations.

Nova Funding alternatives

Nova Funding is not the only prop trading firm that offers forex traders the opportunity to trade with simulated funds and earn commissions. Many other prop trading firms have similar or different evaluation processes, funded accounts, trading rules, payout percentages, payout schedules, payment methods, platforms, instruments, and so on.

Some of the popular prop trading firms that compete with Nova Funding are FTMO, The5%ers, BluFX, Traderseed, City Traders Imperium, Earn2Trade, TopstepFX, OneUp Trader, Funded Forex Trader, Fidelcrest, AxiSelect, Audacity Capital, Maverick Trading, Apiary Fund and more.

Each prop trading firm has its advantages and disadvantages that may appeal to different types of traders. Traders should do their research and compare various prop trading firms before choosing one that suits their needs and expectations. Traders should also be aware of the risks and challenges involved in prop trading and be prepared to face them.