What is Earn2Trade?
Earn2Trade presents themselves as a trading education company, they offer multiple courses for futures trading, including webinars and mentoring sessions, made by professional traders who have successfully passed their National Futures Association examinations (NFA). But they are also one of the most known and reliable funded trading programs that exist on the market. When their trainees pass the education courses (Bootcamp) or the test known as Gauntlet™ or Gauntlet Mini™, the trainees will receive a funded futures trading account offered by the main Earn2Trade partner: “Helios Trading Partners LLC”.
What is a funded trading account?
A funded trading account is a trading account funded by a proprietary trading firm for traders who have successfully passed a test, the relationship between the prop firm and the trader is regulated by a contract. The profits of the account are shared between the prop firm and the trader, but the losses are on the prop firm, and result on the end of the contract.
Why does a trader need a funded trading account?
To learn to trade:
Almost any trader has tested trading on a virtual account, whether on a forex platform or a futures platform, and almost everyone has concluded that trading on a virtual account is nothing like trading on a real account. Why? Because we can’t experience the real emotions and feelings that we will face on a real account.
Funded trading accounts offer a real experience where beginners can learn trading and learn how to control their emotions during trading.
To get a capital:
Many new traders have difficulties finding a good capital to start trading. Starting with 500$ or even 2000$ is not really the kind of investment that can make you a good profit in your first days, and it is also risky! This is why participating in a funded trading program is the best way to get funded with extremely minimal risk. Traders can start trading with a minimal investment of about 80$ to get funded with a 25000$ trading account. They just need to prove that they can trade with a good strategy during a test.
Is Earn2Trade Legit?
To answer this question, we will look a little into the history of this company and the reviews on the internet, including our experience.
Who are Earn2Trade founders?
Earn2Trade was founded in 2016 by Ryan Masten and David Lojko.
Other Important team members at Earn2Trade:
- Christopher Gray: Lead Education Coordinator
- Csaba Francis Nahoczky: Director of Education and Client services
- Orianna Foucault: Director of Support and Candidate Relations
The team has also multiple professional mentors who all have passed the National Futures Association examinations; Series 34 and 3.
Ryan Masten Froud:
This was very bad publicity for Earn2Trade, but in reality, there was no relation between the fraud and the company.
In september 2020, The U.S. Commodity Futures Trading Commission (CFTC) charged four companies for fraudulent binary options trading scheme, “Ryan Masten” name was included in this Binary Options fraud.
The Earn2Trade community was very suspicious about that news and the effect of that on their collaborations with the company, but those 4 companies in question have nothing in common with Earn2Trade, and even Ryan Masten was not a part of Earn2Trade at this time, he actually sold his last shares of the company by the 1st july 2020.
Earn2Trade reviews on the internet
We did a deep research for reviews about this well known funded futures trading program and trading education center. Here is a summary of our research and some conclusions about Earn2Trade platform according to reviewers:
- The reviews at TrustPilot are great for Earn2Trade, there are more than 540 reviews and the result until now is 4.6/5.
- Earn2Trade have gained the trust of lot of people around the world.
- The customer service and support are high quality and always responsive.
- Lot of people have passed the test and got funded.
- No one has a bad review about withdrawals.
- 7% of reviewers have left a bad review at TrustPilot.
- People hate the many rules that Earn2Trade has, especially “Allowed trading hours and days” and “the number of allowed contracts”.
- When you break a rule on the Gauntlet Mini™, your account will be closed immediately. Some other platforms just reject your action and you continue your trading, but at Earn2Trade, your account is automatically closed. Traders feel like Earn2Trade want them to lose.
- People forget to cancel their subscription and they get billed every month.
Conclusion: Is Earn2Trade scam or legit?
Earn2Trade Is 100% legit, they pay their traders, they offer all information needed, and their support is excellent. BUT, any trader must be careful with the rules, the rules at Earn2Trade are very strict, and they can cause account closing on the first day. Earn2Trade must fix this to gain more trust, they can reject any unwanted action from the trader without closing the account, like Leeloo Trading or Topstep.
Advantages and Disadvantages of Earn2Trade
Why Earn2Trade may be a good choice?
- Comprehensive Education system.
Earn2Trade offer multiple courses and trainings for all levels, beginners to advanced. Multiple videos, webinars made by professional traders that have passed the National Futures Association examinations. The quality of their trading courses are very high, and are reinforced by continuous testing.
- Take 80% of the profits when you get funded
After you pass the The Gauntlet™ or The Gauntlet Mini™ evaluation, you will get 80% of the profits that you make in the real account.
- No restriction with withdrawals
When you get funded, Almost all companies ask you to trade a minimum of trading days, or a target profit to reach or other restrictions that doesn’t allow you to withdrawal your earning immediately, but with Earn2Trade, you can withdraw your profits in the first day, the minimum withdrawal amount is 100$.
- Minimum Trading Days 15 days
During the Gauntlet Mini, The minimum trading days is only 15 days, and no second step is required.
- Only one step for evaluation
Not like Topstep that require 2 steps in the evaluation phase, Earn2Trade require only one step during the evaluation “The Gauntlet™”.
- Gauntlet™ and Gauntlet Mini™
The rules on Gauntlet Mini are a little bit hard to follow for some traders, so Earn2Trade offer a better option, but slower (60 days), the Gauntlet™, flexible rules with no daily loss and no contract size limits, no restriction on holding trades overnight.
- Gauntlet™ refund
The Gauntlet allows up to 10% maximum drawdown, but if you didn’t exceed 2% drawdown from your starting balance, you will get a 100% refund of the Gauntlet fee. This money will be refunded into your professional LiveSim or Live account. So you can either withdraw it immediately, or add it to your balance.
- Trading during news is also allowed
Like Leeloo Trading, Earn2Trade also allows trading during news, this gives traders more freedom to trade with less stress.
- Finamark Trading Platform available
Earn2Trade allows you to trade online with Finamark Systems, an online trading platform, you can login with the same Earn2Trade credentials, then login to your trading account with the Rithmic R Trader credentials that was provided by Earn2Trade.
Finamark Systems gives you multiple tools and helpful materials including: all chart types, news dates marks, wide range of indicators, depth of market, multiple chart types, nice order book and much more.
- Journalytix tool available
Journalytix is an automated analytics and journaling tool, it gives traders real time analytics of their trades, and also all dates and events that can affect the market.
Why Earn2Trade may be a bad choice?
- No “auto reject action” when you break a rule
For other platforms like Topstep or Leeloo, when you break a rule like number of contracts allowed, or allowed times, your action will be rejected automatically and you can continue trading, but for Earn2Trade, when you break one of these rules, your account will be closed immediately. 🙁
- Maintain Consistency
You may reach your target goal with Earn2Trade, but will still need to process trading until your trading matches the consistency rule, which is “no single trading day can account for 30% or more of your total PnL ”.
- No free trial
Almost all other platforms offer a free trial, but Earn2Trade does not offer that option, it may help a lot of traders be used with their platform and rules.
There are three major products proposed by Earn2Trade; The Gauntlet Mini™, The Gauntlet™
And The Bootcamp.
The Gauntlet Mini™
We will start by the most known and used products of Earn2Trade which is The Gauntlet Mini™.
The Gauntlet Mini™ is an exam/challenge that allows you, when successfully passed, to win a guaranteed live futures trading account from one of the Earn2Trade proprietary trading firm partners: Helios Trading Partners or Appius Trading Limited.
Challenge Prices and Contracts:
The prices of Gauntlet Mini™ accounts depend on the account size and number of contracts allowed.
Here are the sizes of the accounts offered in the Gauntlet Mini™. You can get better prices by clicking here.
|Account size||Number of allowed contracts||Price of challenge|
Rules to follow when you start your evaluation:
To make it easier to understand, let’s say that you want to pass the 50000$ challenge. Here are the most important rules that you need to respect during the process of passing the exam:
- Trade a minimum of 15 trading days:
You may reach the profit target in the first day or in the first 5 days, but you will still need to trade at least a total of 15 trading days (not calendar days) to complete the exam. This help Earn2Trade supervisors to check your consistency on making profits.
- Do not reach the maximum daily loss:
In our case it’s 1100$, if you lose 1100$ or more in one single day, your account will be eliminated. Even if you didn’t reach your account maximum loss, which is 2000$ for the 50000$ account size.
- Do not use more contract than allowed:
At Earn2Trade, This is also called “the Progression Ladder”. For the 50000$ account size, you have a maximum of 6 contracts to use, but you are not allowed to use all those 6 contracts on the first day. Your allowed number of contracts depend on the profits that you make. You are first allowed to trade with 2 contracts, then when you make a total profit of 1501$ you are allowed to use 4 contracts, then 6 contracts if you reach 2001$ profits.
- Do not reach the trailing drawdown:
On July 1, 2021, Earn2Trade made an important update for the drawdown, it is not calculated at the end of the day instead of intraday.
For example, the maximum drawdown for the 50000$ account is 2000$, that means that you can’t go below 48000$ on your futures trading account. The minimum account balance will never go down, it only goes up.
Trailing drawdown with profits:
- At the end of the first trading day, let’s say you made 500$ profits, so your account balance now is 50500$, and since the maximum drawdown is 2000$, now you can’t go below 48500$ in your account balance for the next trading days.
Trailing drawdown with loses:
- At the end of the first trading day, let’s say you lost 500$ in your account balance, so now you have 49500$ in your trading account. As we already said, the minimum account balance will never go down, so your minimum account balance will always be 48000$ when you make losses.
When your minimum balance reaches 50000$, it will no longer rise again.
- Trade during approved times:
- Maintain consistency:
- We already talked about it, check here Maintain consistency.
The Gauntlet™ is a futures trading evaluation with a one time payment ($429 /one time) and 60 calendar days period. When you succeed in this evaluation and respect all the rules, you will be funded with a trading account from “Helios Trading Partners”, or from “Appius Trading Limited”, which are Earn2Trade proprietary trading partners.
The Gauntlet™ evaluation Price and Contracts:
There are no multiple packages on this product like in the Gauntlet Mini™, there is only one package which will cost you a one time payment $429, that will allow you to manage a 25000$ futures trading account for exactly 60 days. This product has no contract size limits.
Rules of the The Gauntlet™ evaluation:
The rules on the The Gauntlet™ are more flexible than The Gauntlet Mini™, but The Gauntlet™ takes more time to pass than the Gauntlet Mini™.
- Complete a trading period of 60 days:
You will have to manage the 25000$ account for 60 days, not just until you reach your goal, that means that if you reach your goal earlier, you must maintain your profits for the remaining days.
- Trade a minimum of 30 days and at least once a week:
This will prove more consistent in making profits.
- Show your strategy:
You have to mention in the dashboard your strategy or so called the trading plan, this will help Earn2trade team to track your trading according to your strategy and see if you have a winning strategy.
- Reach 10% profits:
When 60 days have passed, you must have at least 10% profits in your balance, that means for the 25000$ account, you must finish with plus 2500$ in your balance.
- Don’t reach 10% losses:
Your maximum drawdown in the Gauntlet™ is 10%, that means -2500$, if your account reaches 22500$, you are immediately eliminated.
What is The Bootcamp
The Bootcamp is a trading course that takes 6 months to complete, it’s an all in one complete trading course where professional mentors and traders teaches you the basics of trading, then provides advanced lessons, then helps you practice and prepare for the real world.
You will learn about technical analysis, markets, strategies, risk management and more.
But the most important thing is that as a final step in the last 8 weeks, you will be allowed to take the The Gauntlet™ evaluation, which then offers you the possibility to manage a real trading account and take 80% of the profits each month.
The Bootcamp Schedule
There are 3 principal periods of the Bootcamp:
- Education period: 45 days
You will be educated by professional mentors and traders about the fundamentals of trading step by step with comprehensive videos and personal mentoring, then your mentors will provide deeper information and lessons about analysing the markets and charts, risk management and more.
- Practice and preparation period: 75 days
In this period, you will have access to simulated accounts with live data, where you can practice all your knowledge and test your strategy and enhance your risk management skills, you can then develop your own trading method that you will use during The Gauntlet™ evaluation.
- The Gauntlet™ evaluation: 60 days
As already mentioned before, you will be managing a 25000$ account for 60 days with the goal of making 10% profits at the end of this period. When successfully done, you will have access to a real trading account funded by one the Earn2Trade proprietary trading partners; “Helios Trading Partners” or “Appius Trading Limited”.
The Bootcamp price
There is one time payment for the Bootcamp: $1999.20.
The price is very high for some people, but personal mentoring and getting access to the Gauntlet™ evaluation, free data and multiple tools, can justify this price for sure.