How Does the Funded Account Work?
Your Funded Account Balance will be the same Account Balance that you selected when you purchased the Funded Account Challenge before Phase 1 (Evaluation Stage). To maintain your Funded Account status, as a Funded Trader, you will need to meet the following criteria:
- Max Daily Drawdown 5%.
- Max Overall Drawdown 10%.
- Minimum Trading Days before first payout 7.
What Happens If I Breach One of the Requirements?
If you violate the Daily/Overall Drawdown parameters, this will automatically result in your Funded Account being disabled, with immediate effect. You can still apply for another Funded Account Challenge.
Note: Do not worry about the losses, Cove Funded bears full responsibility for all the losses, we take all the risk, and you take 85% of the total profit.
How Much Profit Do I Get?
As a Cove Funded Trader you will receive a generous 85% of the Profit Split from each respective Withdrawal Period. If you successfully manage to avoid violating the Drawdown Limits, and you are profitable, you will be eligible for bi-weekly payouts. You are able to request your first payout 14 days after receiving your Funded Account.
Do you wish to learn more about our Profit Payout Scheme? Learn more here.
What Payout Methods Are Available?
You can view our current Payment Methods that are available on our Trading Platform as you proceed to the Withdrawal Section. Any payouts will ONLY be paid to our Funded Traders who have completed our entire Verification Process and have not violated any of our Funded Account requirements.
You can update your Payment Details at any time through your Trader’s Portal, we will send you an email informing you that you have added/removed a Payment Method, as an extra security measure.
