Surge Trader is one of the most popular international prop companies, and it’s especially well-liked by the US traders. However, it seems that the company is focused on professional traders with enough experience in the field and outstanding skills. While the minimum deposit is not extremely high, you’ll have to pass a difficult test to prove that you’re capable of managing the company’s funds. Is it really suitable for beginners? Let’s find out.
About the company
Surge Trader is a reliable prop company located in the US. It allows experienced traders to take and manage its own funds in exchange for up to 25% of overall profits. The company is considered safe and secure, and it’s funded by the venture fund Valo Holdings. It doesn’t trust its funds to everybody who signs up: there’s an elaborate testing system called the Audition. While it requires knowledge of advanced trading aspects, it’s also a great way to improve your skills.
How testing works
When you sign up for the platform, you have to pay a minimum audition fee of $250. While the sum is pretty high, you can make much more by completing the tests. The company offers you several exam packages: each of them corresponds to a certain trading style, so if you’re just a novice trader, you’ll probably want to choose the most conservative one. If you complete it, you can get $250,000 to trade without limitations on strategies. But is Surge Trader good for beginners, after all?
Pros for beginners
First of all, Surge Trader provides you with a valuable opportunity to test your skills on the real market and with a variety of available instruments. You keep 75% of your profits, and if you suffer losses, the company will cover them, so the risks are low. The platform has tight spreads and low fees, too. It’s a well-regulated company, and you can be sure you will be able to withdraw your funds without delays, but you can do so only once a month. The customer support is also very friendly.
Cons for beginners
However, the company has its downsides, especially for beginners. The audition fee is quite high, and you are not guaranteed to gain access to the platform if you fail your test. The daily loss limit of 5% is also pretty restrictive: if you are still learning, you won’t be able to avoid occasional losses. All in all, it is recommended to ensure that you understand at least the basics of trading before signing up.