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?
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.
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.
Summary
The article has covered the major points traders need to know about how the reset process at Apex funding works, thus informing traders of what they will be getting into if they sign up for the Apex funded program.
