You may have heard of Bulenox and wondered what it is all about. However, you are unsure if this program fits your skills and budget. You might have read many articles on it but still cannot understand what Bulenox does. Look no further, as this review will provide everything you need to know about Bulenox. This review contains information from the Bulenox challenge to the various account sizes and their specific features. You will also find details on how to access a Bulenox evaluation account and the rules of the Bulenox challenge.
Introduction to Bulenox
What is Bulenox?
Bulenox is a prop trading firm that operates a funded trading program to allow traders to access a trading-funded account. This funded Account can then be used for futures trading. The firm lauds itself as a next-generation global platform that is built for traders by traders.
The firm has a unique approach to running the funded program by combining many years of trading experience. This has allowed the firm to develop entirely new and secure access to trading the financial markets in the world. This was achieved by implementing cutting-edge technology available to all the firm’s clients.
Who are the founders of Bulenox?
Despite scouring and filtering through information on the internet, nothing was found about the founders of Bulenox.
Is Bulenox a Scam?
From over sixty reviews of Bulenox users on trustpilot.com, the company is genuine and makes conscious efforts to deliver exactly what is promised. Some reviews suggest that the firm is an ideal blend of all the other prop firms. Bulenox is seen as the best when it comes to operating a funded trading program.
There was an initial complaint about customer support’s response, but that was eventually rectified. In addition, the funded program has a $10,000 special account with which some clients had problems and needed to contact customer support. Finally, an explanation was given, the issue was resolved, and the clients were compensated. In the review, one of the users advised that those with an MT4/MT5 CFD trading background should understand how the CME clearing process works before choosing the special Account.
Bulenox is also seen as a leading prop firm in terms of prices and features despite being relatively new in the prop firm industry. For example, users know the firm has cheaper evaluations, shorter payout durations, and excellent customer service. Also, the process of getting funded is transparent, and the rules are merit-based.
Overall, most of the users have had a smooth experience with Bulenox.
Bulenox Challenge for Futures Traders
The Bulenox challenge for futures traders is known as the Qualification Account. The firm’s goal with the Qualification Account is to discover talented traders and support them financially. The firm endeavors to make all the necessary tools available for traders to turn their passion for trading into a business with stability.
Traders must show their trading skills, adopt a suitable strategy, and focus on their market vision. Once traders are responsible, reliable, and disciplined, they will undoubtedly qualify for the funded Account. This funded Account is referred to as the Master Account. To pass the Bulenox challenge, follow the steps outlined below:
- Registering and creating a personal account
- Selecting one of the account sizes
- Begin to trade on a Qualification Account
- Show excellent results without breaking any rules
What are the account sizes offered by Bulenox?
Bulenox offers clients five account sizes to choose from, and they all have their specific features.
|Account Size||Maximum Number of Contracts||Price of Challenge|
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There is a special account known as the Micro Account with a size of $10K. It enables traders to trade up to five micro contracts. It has the following features:
- Maximum position size of 5 micro contracts.
- A profit target of $1,000.
- Option 1: Trailing drawdown account of $1,000.
- Option 2: EOD drawdown of $1,000; Daily loss limit of $400.
We will learn more about those 2 options in the following paragraphs.
This Account allows traders to hold open trading positions overnight till the next day except on weekends. Below are the instruments that are permitted to be carried over to the next day:
- MNQ (Micro Nasdaq)
- MYM (Micro Dow)
- MES (Micro S&P)
- M2K (Micro Russel)
Specific features for every account size
Let us now examine the features that are peculiar to each account size.
|Account Size||Profit Target||Drawdown|
All the different account sizes feature two options:
Option 1: With a Trailing Drawdown but with no Scaling plan.
Option 2: With an EOD Drawdown (End of Day Drawdown) and with a Scaling Plan
A subsequent section will provide more information on what the two above options mean.
Also, when the trader eventually qualifies for a funded account, the first $10,000 belongs to the trader, irrespective of the account size selected.
There is also a free trial to test out the features of Bulenox, valid for 14 days after registration.
How to access a Bulenox evaluation account?
A Bulenox evaluation account is accessed via the firm’s website: Bulenox. There are two ways by which interested traders can register on the website. Traders can select any account size or click on the “Login” link in the website’s upper right corner. Click on “Sign Up” and supply the information listed below:
- Full name
- Choose login
- Create password
- Choose the preferred account size in your Bulenox profile
Once the above process has been completed, you will be directed to a payment page. You will find the requisite registration fee you need to pay for the account size chosen. You can either use credit/debit cards or PayPal to make payments. Once payment has been confirmed, you will be given access to the evaluation account (Qualification Account) within a short period. You can then begin your process of passing the Qualification Account and becoming eligible for a funded account (Master Account).
Rules in the Bulenox Challenge (Qualification Account)
There are rules that traders need to follow when they are trying to pass the Bulenox challenge and qualify for a funded account. These rules are discussed below:
Minimum trading days
Traders are expected to trade for at least ten days before passing the Bulenox challenge successfully. A trading day is an allocated period that a trader enters and exits one or more trading positions in the market. It should be noted that weekends and holidays are not counted as trading days.
Allowed trading time
Trading begins at 5:00 PM, and ends at 4:00 PM the next day, North American Central Standard Time (CST). Therefore traders are not permitted to trade outside the allocated trading time. Also, all trading positions must be closed thirty minutes before the stipulated closing time, which is 3:30 PM CST.
Maximum position size
This rule can also be called a Scaling Plan, determined by the selected Account. Traders are allowed to have several open positions simultaneously. However, this rule depends on the option chosen. Remember that it was mentioned earlier that all the account sizes feature two options. Option 1 has no scaling plan, while Option 2 has a scaling plan and EOD (End of day Drawdown). Therefore, traders need to know the two options when choosing an account size.
As shown earlier in one of the tables above, a profit target is allotted to each account size. Traders are expected to hit this specific profit target if they want to pass the Bulenox challenge. The larger the account size, the bigger the profit target.
Bulenox focuses its funded trading program on the futures market, meaning the instruments allowed for trading are all in the futures category. There are 7 classes of futures available for trading. They are Currency futures, Metal futures, Agricultural futures, Equity futures, Micro futures, Energy futures, and Interest rate futures.
Daily loss limit
This depends on the option chosen by the trader. It refers to the maximum loss a trader can incur per trading day. The daily loss depends on the profit and loss made by the trader. It encompasses commissions along with real-time realized and unrealized trades for each trading day that spans 5:00 PM to 4:00 PM CST.
Traders need to be very aware and not hit the daily loss limit.
The Rtrader platform is where traders can monitor the daily loss limit. The list below shows the designated daily loss limit for all the account sizes offered by Bulenox:
- $25K Account – $500
- $50K Account – $1100
- $100K Account – $2200
- $150K Account – $3300
- $250K Account – $4500
The $10K Special Account also has a daily limit loss of $400.
If traders should hit the Daily loss limit, their qualification account is rendered ineligible. The administrator will block the Account, and the trader can either reset or create a new account.
Once the Bulenox challenge, the Qualification account, is passed, daily loss limits will not be present in the Master Account. However, this is only possible under one condition: when the maximum drawdown threshold hits the Account’s starting balance. This is when daily loss limits are removed.
Trailing maximum drawdown
Traders must not hit the Bulenox maximum drawdown on their qualification accounts. This rule works in two ways depending on the choice made by the trader between the two options mentioned earlier.
Option 1: With Trailing Drawdown and No Scaling Account
In this case, here are some essential points to note:
- First, the trailing drawdown will always move according to the current balance corresponding to the trader’s profit, real-time realized, and unrealized gains.
- If the balance reduces, the permitted drawdown is not changed because it only varies with an increase in profit. In other words, the highest account balance at any point determines the maximum drawdown on that Account.
- The drawdown is calculated real-time during the trading day, and a commission is also included.
- If a trader hits or exceeds the maximum drawdown, the administrator will block such an account. The trader will then have to opt for a reset or a new account.
Let us now examine a practical example of how the trailing drawdown works with this option. Let us assume the trader goes for the account size of $150,000 with 15 contracts and a maximum trailing drawdown of $4,500. The $4,500 represents the maximum loss a trader can incur from the point of maximum profit at any particular time. Therefore, if the account balance drops to $145,500 ($150,000 – $4,500), the Account will be terminated.
The trader begins to trade, and after opening the first position, he/she ends up with a profit of $1,500. The maximum drawdown subsequently increases (because it is trailing) to $147,000 ($151,500 – $4,500).
However, if the trader does not close the trading position yet and continues to trade but then incurs a loss of $500. As a result, the trader is then closing the trading position with a balance of $151,000. However, the maximum drawdown does not change from the level when the account balance was $151,500. For this example, the maximum drawdown will always trail the highest account balance by $4,500.
Option 2: with an EOD Drawdown + a Scaling Plan
End-of-day (EOD) Drawdown
In this case, the EOD Drawdown is calculated and updated at the end of the trading day. The EOD Drawdown considers the exact time the profit is made at the end of the trading day. The EOD Drawdown is updated whenever the account balance hits a new high at the end of the trading day. The EOD trailing drawdown will constantly follow the balance at the end of the day per the profit made.
Let us now examine a practical example. We are still working with the assumption that the trader chose the $150,000 account with 15 contracts. The maximum EOD drawdown of the Account remains $4,500. It still means that if the account balance should drop to $145 500, the Account will be terminated.
Let us assume the trader begins trading and then makes some winning and some losing trades. At the end of the first day, the account balance stops at $151,500. The EOD Drawdown will consequently be rectified to $147,000. For the second day, the trader’s account balance at the end of the day closes at $150,500. The EOD balance will remain unchanged at $147,000.
At the end of the third day, the trader’s account balance closes at $152,500. This leads to a new EOD Drawdown seen as $148,000.
Once the trader passes the Qualification Account, the EOD Drawdown stops moving in the Master Account when it reaches the initial balance.
EOD Dynamic Scaling Plan
As a trader, your EOD (End Of Day) Scaling buying power depends on the Cash-On-Hand value. An increase or decrease in your account profits directly affects your ability to trade more or lesser contracts. The amount you withdraw can also determine the total number of contracts that you will have available for trading.
The table below paints a clearer picture of the EOD dynamic scaling plan according to the profit made on every Account:
|Account Size||Total number of Contracts|
|$10K EOD Account Scaling|
|No scaling||5 Micro-Contracts Max|
|$25K EOD Account Scaling|
|$0 – $1,500||2 Contracts Max|
|$1,501 +||3 Contracts Max|
|$50K EOD Account Scaling|
|$0 – $1,500||2 Contracts Max|
|$1,501 – $4,000||4 Contracts Max|
|$4,001 +||7 Contracts Max|
|$100K EOD Account Scaling|
|$0 – $2,000||3 Contracts Max|
|$2,001 – $3,000||5 Contracts Max|
|$3,001 – $5,000||8 Contracts Max|
|$5,001 +||12 Contracts Max|
|$150K EOD Account Scaling|
|$0 – $4,000||5 Contracts Max|
|$4,001 – $8,000||8 Contracts Max|
|$8,001 – $12,000||10 Contracts Max|
|$12,001 +||15 Contracts Max|
|$250K EOD Account Scaling|
|$0 – $5,000||6 Contracts Max|
|$5,001 – $12,000||12 Contracts Max|
|$12,001 – $20,000||18 Contracts Max|
|$20,001 +||25 Contracts Max|
Questions and Answers
Are there consistency rules for Bulenox?
There are no consistency rules for Bulenox.
Can traders reset their Bulenox accounts?
Bulenox offers traders the reset option. This is useful when traders hit the maximum drawdown, which causes their accounts to be closed. The reset is processed instantly, and the trader receives a notification by email about the reset.
The reset updates the initial balance, allowing the trader to keep trading on the Account that he/she has subscribed to. However, the reset does not maintain previous losses and gains because the trader is getting a fresh start. Also, the proactive trading days will not be considered a part of the required minimum of ten trading days. Therefore, the trader will have to start the ten trading days again.
The reset only gives the trader the original account balance along with the norm standard tunes such as profit target, the total number of contracts, and drawdown. It should be noted that using the reset option does not affect the subscription expiration date for the Qualification Account. The subscription is renewed automatically every 30 days until the trader cancels the subscription or passes the Qualification Account.
The reset costs $78.
Below are the steps on how traders can activate a reset on their accounts:
- First, log in to your Account at the firm’s website with your apprrelevantin details.
- After logging in, navigate your account profile and click “reset the account.”
- Follow the instructions to pay the reset fee.
What is next after passing the Bulenox Evaluation?
After passing the Bulenox evaluation, you have traded for a minimum of 10 trading days and achieved the profit target. The next step is to send a ticket to the Bulenox support team via your Account on the website. The following information should be provided on the ticket:
- Full name
- Email address
- Rithmic User ID
- For those with multiple accounts, enter the corresponding account numbers
Verification can take up to two days. Once the verification of the submitted information and account(s) has been completed, an email will be sent. The email will contain a certificate, a questionnaire, a contract, and instructions.
You do not have to pay a subscription fee for a Qualification Account at this stage. However, the administrator will cancel your active subscription to the Qualification Account.
Must traders choose between the status of Non-professional and Professional?
This is applicable when a trader signs a user agreement with Rithmic. Rithmic is the software that runs the trading platform used by Bulenox for the funded trading program. When traders sign the deal, they must choose the correct status, either professional or non-professional.
It is essential to choose the correct status because once a status is determined, there will not be a chance to modify it when, then on, the Qualification Account or the Master Account. Note that a professional trader has to pay a fee of $112 each month for the exchange data feed (CME, CBOT, NYMEX, COMEX).
A trader that selects a non-professional status will not need to pay the fee for the exchange data feed. This is already a part of the Qualification Account.
Can traders have multiple accounts?
A trader is allowed to operate various Qualification and Master accounts at the same time. However, all additional accounts they used must have been created under the same Rithmic User ID. Traders are allowed to have as many as 11 accounts in total.
A trader can subscribe to different Qualification Accounts simultaneously as long as they all have approval and registration is done under a single Rithmic User ID. It is also possible with Master Accounts once approval is provided. However, each subsequent Master Account is subjected to individual review. In addition, each approved Account can only be added when the Max drawdown reaches the initial starting balance.
It is not possible to combine multiple Master Accounts into a single larger account. A trader can have only one Rithmic User ID, which means only one login can be registered on the firm’s website. The Rithmic User ID is created when the trader subscribes to a Qualification Account.
If you are interested in subscribing for extra Qualification Accounts, follow the steps below:
- Log in to your Bulenox account via the firm’s website with your username and password.
- On your account profile, navigate to the Bulenox Account tab and choose one of the additional accounts.
All the additional accounts will then be linked automatically to your Rithmic User ID. Note that if it is discovered that a trader has registered multiple logins on the firm’s website, thus leading to multiple Rithmic User IDs, then the firm has the right to delete all the multiple Rithmic User IDs and block the trader’s profile without a refund.
Remember, you can have multiple accounts, but they must be under a single login and Rithmic User ID.
What is the Max Position Size on Bulenox Regular Contracts and Micros?
The maximum position is dependent on the account size chosen by the trader. It can be as low as 2 contracts and high as 25 contracts. However, traders are allowed to trade both standard and micro contracts simultaneously. One standard contract is equal to 10 micro contracts. The micro contract is mainly seen in the $10K special Account.
Pros and Cons of Bulenox Funded Futures Trading Program
Having examined the various features of Bulenox, including its account sizes and rules, it is time to explore this funded program’s benefits and downsides.
Advantages of Bulenox
- The terms are flexible as there are no restrictions on trading, and traders are free to use their plans.
- The firm has one of the highest payouts and a meager resetting cost. (The reset fee is probably the lowest in the industry).
- Traders are allowed to have several accounts simultaneously.
- It is accessible globally.
- The first $10,000 in profit belongs entirely to the trader.
- The firm allows Micro Bitcoin (MBT), which is unique because most other firms do not permit micro crypto contracts.
- There are several withdrawal options that traders can choose from.
- Once a trader gets funded, the monthly fee that has to be paid is relatively low.
- Multiple choices of account sizes are made available to traders.
- The profit split is initially 80/20 and can rise to 90/10 as the traders continue to make more profits.
Disadvantages of Bulenox
- The CME clearing process can be complicated for those unfamiliar with it.
- Customer support may not always respond promptly.
- The firm is still relatively new, which makes it slightly challenging to ascertain the program’s long-term authenticity and sustainability.
- We Don’t have any information about the founders and business registration.