In the competitive environment of Apex Trader Funding, not every trading challenge proceeds smoothly. Traders might occasionally violate challenge rules, such as leaving a trade open past the allowed time or exceeding the Apex trailing threshold, resulting in account suspension. However, based on Trading Funder’s insights, Apex provides a lifeline through its reset feature, enabling traders to restart their account under the original conditions. This article explores what a reset entails, its importance, associated costs, and how to initiate one, offering traders multiple opportunities to secure a funded account.
Apex Trader Funding Reset Explained
When traders undergo the Apex challenge to try and win an Apex-funded account, things do not always go according to plan, and traders may sometimes find their accounts disabled due to flouting the rules of the challenge, such as leaving a trade open beyond the stipulated time or falling below the Apex trailing threshold. However, that is not the end, as Apex gives traders more opportunities to try and pass the challenge again through the availability of a Reset.
What does a reset mean?
A reset means a trader can have a failed account start over again with the same initial balance, profit target, and threshold.
Why do we need to reset an account at Apex Trader Funding?
A reset is needed at Apex to enable a trader to start afresh on the same account size that was disabled. With a reset, the trader will not have to pay the same fee initially used to sign up for the account. Also, a reset provides the trader with extra chances to pass the challenge and achieve the aim of winning a funded account.
How much is an Apex reset?
In the Apex-funded program, a reset costs $80 per account.
How to Reset an Apex Account?
To reset an Apex account, straightforward steps are needed:
- First, the trader has to log in to the member’s area, where he will see all registered accounts.
- Select the account for reset.
- Then click on the reset button beside that specific account.
Clicking on the reset button will take the trader to a page with terms and conditions, where the trader clicks on ‘Next’.
From there, the trader gets taken to a payment page to pay the necessary fee for the reset, which is 80 dollars.
After a few minutes, the trader can log out of NinjaTrader and Rithmic Rtrader and then log in again to find a fresh account with a new account number but the same initial account balance along with other previous account features.
For traders with multiple accounts, it is important not to make the mistake of resetting the wrong account.
Therefore, traders need to verify the account that requires a reset by logging in to Rtrader, followed by checking the account deemed to fail the evaluation and cannot perform any transaction.
After verification, the trader can return to the member’s area to select the right account that requires a reset and then click on the reset button beside it.
Does my time start over when I reset my account?
When traders reset their accounts, the balance and the minimum trading days start over, but the monthly billing remains constant.
If the trader opts for the $50K account size and then fails the challenge, once a reset is purchased, the fresh account will have the initial balance of $50K. At the same time, the trader will also have a new set of 7 minimum trading days to achieve the profit target without falling below the maximum drawdown.
Every challenge account maintained for 30 days has a monthly billing, which stays the same irrespective of the number of resets purchased by the trader. Traders should try to pass the challenge within 30 days to avoid continuous monthly billings.
Does my renewal date change when I reset it?
No, as we already said, The renewal date does not change because a reset only affects the trader’s initial balance and drawdown by resetting them. Therefore, the renewal date for the account is maintained just as it was, 30 days from the last billing.
Why is my Apex Trader Funding account reset?
Since April 1, 2022, the reset policy has changed slightly. Apex Trader Funding decided that any account that has already blown (failed) will be reset automatically after midnight of the monthly subscription date.
Let’s take an example to explain that:
Let’s assume that you subscribed to a new trading challenge at Apex Trader on October 5, and then after making some trades, you failed that challenge, so you can continue trading on that account only if you choose the Reset option to do it.
For some reason, you didn’t choose the easy (but expensive) method, resetting your account for $80, allowing you to continue trading on your account.
In that case, when the next subscription renewal day comes on September 5, Apex Trader will reset your account automatically and for free after midnight.
What are the Features to get the free reset?
This option is simple to understand, but we want to ensure everyone can understand it clearly without a problem.
To take advantage of that free automated reset, you must meet some conditions:
- Your account must be in a failed status before the renewal date and must keep that status during the renewal.
- Your account must be charged the renewal fees. Unfortunately, you can’t get the free reset if you don’t pay the renewal fees.
- The reset will take place automatically at midnight.
- You can have a free reset only one time after each renewal date.
Do I have to wait until the renewal to reset?
Not really. Waiting for the renewal date to get a reset is optional if you want to continue trading immediately. All you have to do is pay the reset fees and refresh your account to start over.
What was the situation like before?
Before applying this feature, before April 1, 2022, traders must reset their account anytime they fail in their challenge, with no free resets.
The main problem was when a trader failed his challenge and didn’t want to trade anymore on his account, but he forgot to cancel his subscription for some reason. So what happens here is that he is charged for the monthly subscription renewal and gets an account that can’t be traded because it is already blown!
Imagine the trader’s frustration and anger at that time, especially since Apex prop firm doesn’t offer a refund.
How can I benefit from that free reset?
Before we talk about an intelligent way to benefit from that option, remember that this option is made primarily for traders that need to remember to cancel their monthly subscription and get charged without having the attention to continue trading on that specific account. In that case, resetting their account may lower their frustration, as we already explained.
Now let’s assume that you don’t have enough money to reset your account, and you have a highly negative trading account, and you know that it is hard to pull it back and win the challenge. So you may intentionally blow up your account for a free reset during the renewal date. This way, you will refresh your trading account and start over with a clear mind and a better strategy.
Questions and Answers about Apex Resets
How many times can I reset an Apex Account?
There is no limit to the number of times a trader can use the reset option, as it is at the trader’s discretion. This is one of the good features distinguishing Apex from other funded trading programs, as some do not have a reset option, while those tend to limit the number of times traders can use a reset. However, with the Apex-funded program, using a reset is limitless.
Will I be penalized if I reset multiple times?
No, There is no penalty for using the reset option multiple times. The firm understands that the pressure of performance can get to traders, which might cause them to perform actions that could lead to disabling accounts unintentionally. This is why the reset option has been made available, so traders can use it as much as they want, as long as they can afford to pay the fee associated with purchasing a reset. Therefore, traders are not penalized if they reset their accounts multiple times.
When can I get a free reset at Apex?
Based on the recent policy released by the firm in Mai 2022, if a trader’s evaluation account fails the challenge and it renews while forgetting to cancel and register for a new account, then the firm will automatically reset such an account after midnight renewal for free.
In other words, a trader’s account can qualify for a free reset if the account has already failed before and into the renewal. Also, the account must have paid the monthly renewal fee, and that is when the account will be reset automatically.
Can I reset an Apex paid account?
No, Traders cannot reset an Apex Paid Performance account because once the account is deemed to have failed, then that is the end of that account. The account and the recurring Paid Account fee then get canceled automatically. The trader’s only option is to start again by signing up for new evaluation accounts to pass the challenge to become eligible for a new paid account.
The trader can use as many resets as possible with evaluation accounts, but the reset option is unavailable with PA accounts.
Can I get a refund after making a reset?
The firm does not provide partial or full refunds for purchases made via the website, including purchasing resets. This is because immediately after traders subscribe to the program, the firm is incurring costs, thus making it impossible to provide refunds of any kind. Therefore, once a trader pays the required fee for a reset, the payment is acknowledged, the account reset is done, and it is irreversible or non-refundable.
Conclusion about Apex Trader Funding Resets
Apex Trader Funding offers traders a valuable reset feature, allowing them to restart their trading challenge if rules are violated, such as exceeding the trailing threshold. As the Trading Funder team has observed, this reset option provides an affordable second chance for $80, with no limits on how many resets a trader can purchase. While resets help traders get back on track, it’s important to note that they do not affect the monthly billing cycle. This flexibility ensures traders can focus on passing the challenge and securing a funded account, with ample opportunities to refine their strategies.
