Proprietary (prop) trading as a concept has experienced a huge surge in popularity over recent years, developing into an established way of trading for many across the world, while ushering in a new era in terms of how trades are conducted.
For the many companies now operating within the sector, prop traders are typically expected to pass a lengthy, multi-level evaluation process before being deemed appropriate to proceed to the funded account stage.
This can lead to intense frustration from some participants, particularly skilled or experienced ones, who end up finding themselves caught up in a cycle of repetitive evaluations that can negatively affect both their emotions and outcomes.
Ultimate Traders tackles this problem head on, with the innovative prop firm removing the need for a second evaluation stage as part of its ‘Speedy Challenge’ – meaning competent traders can kickstart their trading journeys without unnecessary delay.
The speedy way to account funding
Unlike traditional multi-tier structures offered by various other firms, the Speedy Challenge provides a fast-track route on the path to a live funded trading account through its unique single-tier structure.
Designed for experienced, disciplined traders with rapid results in mind, this challenge saves time and effort, bypassing the drawbacks of conventional evaluations. It allows individuals to skip the second step by going directly to a funded account once the challenge is successfully completed.
It provides traders with up to 1:30 leverage on forex, with tailored leverage for other assets like commodities, indices, and cryptocurrencies, giving them greater control over their trading strategies. There is also full transparency in the pricing structure, with entry fees starting at $79, while VAT is applied on challengers from the UK or EU.
The Speedy Challenge offers quicker access to capital, with multiple account sizes ranging from $5,000 to $200,000, allowing traders to reach the account funding stage and generate profits faster. However, this accelerated path comes with tighter risk controls, including a 4% drawdown limit, compared to the 6% cap offered in the company’s ‘Classic Challenge’.
Unlocking the Speedy Challenge benefits
With no fixed deadlines, participants who sign up for the challenge are encouraged to trade on the days when the market conditions are favourable, meaning there is no time pressure with regards to generating profit on either the live or evaluation accounts.
Aside from the obvious fast-track benefits associated with the Speedy Challenge, traders are able to get excellent value out of their registration fee, which is unmatched by other prop firms. It represents only a small fraction of the account balance and is refunded once the first withdrawal is made from their live account.
Another helpful feature for traders is the access they have to automated trading tools, with Ultimate Traders granting permission to use Expert Advisors (EAs) so long as they are not used in an abusive way.
Important day trading techniques such as scalping and hedging are also permitted, meaning traders can modify their strategies and manage risk more effectively, particularly during periods of rapid market fluctuation.
Optional add-ons and fast withdrawals
Challengers have several opportunities to further tailor their prop trading experience through a series of optional add-ons, which include removing stop-loss requirements, and enabling news trading during high-volatility events. They can also opt for a 90/10 profit split in order to retain more of their earnings.
Once funded, traders are able to benefit from flexible withdrawals, with the ability to withdraw profits every 14 days, which is significantly better than the industry-standard 30-day cycle. This added flexibility provides quicker access to profits, supporting financial freedom and motivating participants to maintain high levels of performance.
Ultimate Traders’ trading rules
Once a trader accepts the challenge, they are expected to meet a defined set of rules before they are entrusted with the company’s capital in a fully-fledged funded trading account, with the most important rules outlined below.
● Minimum of 3 Trading Days: Traders must place at least one trade on three separate days, but this rule is removed for those with a funded Ultimate Traders account.
● 4% Daily Drawdown Limit: Losses cannot exceed 4% of the previous day’s recorded equity, including both balance and floating P&L.
● 6% Maximum Loss Limit: Total losses must not exceed 6% of the account size, with the limit trailing until it matches the initial balance, where it remains fixed.
● 10% Profit Target: Traders need to reach a 10% profit target (e.g., $100,000 account must grow to $110,000) with no time limits imposed.
● Weekend Trading / Stop-Loss: All trades require a stop-loss and must close before the weekend, unless traders pay a 10% premium to lift these restrictions.
Offering an accelerated path to trading capital, the Speedy Challenge is well suited to disciplined prop traders who can manage risk effectively under tighter constraints and are looking to progress without the usual delays associated with completing multiple evaluation phases.
Looking to take on the challenge? To find out how to get started, click here.
