Cove Funded is a relatively new prop firm. They have a method for determining who can trade with their funds, which involves an evaluation process. After you demonstrate your skills and complete the evaluation, you may be invited to join Cove Funded as a trader. You can trade with capital ranging from $6,000 to $200,000.
Cove Funded Overview
Cove Funded is registered in Malta in 2022, and they’re working under the terms and conditions governed by the laws of Malta. Cove Funded states that their mission is to find promising traders to join their community. They recently moved from the Meta trading platform to a new one called TradeLocker.
Cove Funded Trading Instruments
Cove Funded didn’t mention what trading instruments they’re offering and what number.
Pros and Cons
- Fair profit Share
- Discord events
- Discounts
- Three challenge options
- Not suitable for beginners
- Limited information about the company
What makes Cove Funded different from other prop firms?
Like all prop firms, Cove Funded is trying its best to stand out in the industry. They’re offering simple and structured challenges with fast and simple funding options. They also cover all your losses during the challenge phase.
Cove Funded Challenge Accounts
You can choose from three challenge accounts: One Phase, Two Phase, and Swing Account Challenge. Each of them consists of phases and different features and rules. All of them have the $6k, $15k, $25k, $50k, $100k, and $200k challenge amounts. The unlimited duration time and minimum 1 trading day is the same for all challenges. No news trading and weekend holds are available.
One Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 3% | 6% | 1:30 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1:100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $980 | $980 |
Two Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $980 | $980 |
Swing
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 90/10 | 5% | 10% | 1 : 30 | $72 | $72 |
| 15k | 90/10 | 5% | 10% | 1 : 30 | $143 | $143 |
| 25k | 90/10 | 5% | 10% | 1 : 30 | $229 | $229 |
| 50k | 90/10 | 5% | 10% | 1 : 30 | $354 | $354 |
| 100k | 90/10 | 5% | 10% | 1 : 30 | $600 | $600 |
| 200k | 90/10 | 5% | 10% | 1 : 30 | $1,176 | $1,176 |
Cove Funded Payment Options
You can use the following payment methods at Cove Funded: all major Credit/Debit Cards like Mastercard, Visa etc, and Crypto (You need to use ERC-20 standard).
If you’re using Crypto payments, you’ll have to wait for them to get verified on the Blockchain.
Owners
Cove Funded’s owners are Stef Keppens (Instagram: @stef.meister) and Dovydas Pinskus (Instagram: @dovy.fx).
Deposit and Withdrawal Methods
Cove Funded doesn’t provide any information regarding deposit and withdrawal methods.
Support
You can contact customer support whenever you like via:
- Live Chat
- Discord
Verdict
As a new prop firm, Cove Funded is constantly adapting and giving its best experience to its users. It’s tailored for the more experienced traders who are looking to strengthen their trading strategies, and profit. The challenges from $6k to $200k make it more than a good option. The evaluation process might be too strict and hard for beginners, but this doesn’t mean you can’t try if you wish. Just keep in mind that they lack educational content that can help you out.
FAQ
Yes, Cove Funded is legit.
Can I use EA/Bot?
No. EA & Bots are not allowed.
What is the minimum number of trading days before payout?
The minimum number of trading days before the first payout is 7.
What is the maximum overall drawdown?
The maximum overall drawdown is 10%.
