Prop firms are becoming more popular with each passing day. This is because they offer traders a chance to trade the market with funds provided by these firms. While there is a general standard of what to expect from these prop firms, they still differ in their operations. They are all trying to offer unique services to attract clients and distinguish themselves from one another.
Uprofit is one such firm, and it will be the focus of this review. We will be examining the firm’s challenge, rules of trading, and the different account sizes, among other things. Every important information that you need to know about Uprofit is contained in this review. Let us get started as we begin with a brief history of the firm and what the firm is about.
What is Uprofit?
Uprofit is a prop firm based in Texas, the United States. It started as an educational firm that focused on helping traders avoid financial pitfalls that tend to derail their trading journeys. The company was founded in 2017 and provided educational services for two years before transitioning into a prop firm in 2019.
Uprofit focuses on futures trading, which is only suited to futures traders. The firm offers up to $200,000 in funding depending on a trader’s capacity. The firm has built one of the best reputations in the prop firm industry in a short period. The firm has achieved this by providing traders with high support and funding. Traders can then utilize these to enhance their trading careers.
Explore In-Depth Coverage of Uprofit with These Articles:
- Lindsay Duff: Uprofit Founder
- Uprofit Withdrawals Policy And Safety Net Explained
- Uprofit Pro Drawdown Explained
- Major Differences between Bulenox and Uprofit
- Uprofit Trading Challenge: Account Unique Rules
Uprofit distinguishes itself from other prop firms by lowering its registration fee. This way, many traders can afford it and test themselves to see if they have what it takes to win a funded account. Also, the rules are not strict, providing traders with additional flexibility. This way, traders can confidently utilize their trading strategies and enhance their success chances.
This firm has a genuine commitment to traders, which is seen in the top-notch customer support that the firm provides. The team behind Uprofit has many years of experience in the funding industry and providing trading education. This combined experience has given the firm a favorable structure for Futures traders.
Once traders pass the Uprofit challenge, they become eligible to get funded. The process is quite simple, with no complications. As long as traders abide by the rules and achieve the designated goals, nothing will stop them from owning a funded account with this firm. Uprofit endeavors to provide its clients with the best trading conditions. This will enable traders to develop the necessary consistency to play a key role in their long-term success.
Who are the founders of Uprofit?
The founder of Uprofit is Lindsay Duff, who also founded Responsible Day Trading. She is a trader with more than sixteen years of experience, especially in the futures market. Over the years, she has noted the factors contributing to why traders succeed and fail. She has dedicated herself and her team to pointing traders in the right direction and ensuring they can build a successful trading career.
As a trader, she understands the challenges traders face when navigating financial markets. She does not offer a rigid structure for traders to follow. Instead, she encourages them to trust themselves and find what works. Also, she emphasizes that they trade what is happening in the market rather than what they want the market to do. This fluid and flexible approach to trading is reflected in the firm’s liberal rules for the challenge of winning a funded account.
Is Uprofit a scam?
Considering the popularity of prop firms nowadays, it is sometimes difficult to know which one to choose. One of the best ways to choose is by examining reviews about a particular prop firm from a sizable number of traders. Based on the reviews of Uprofit on Trustpilot, the firm has an overall score of 4.8 out of 5. This shows that Uprofit is reliable and delivers what is promised.
The 4.8 scores are earned from more than 4500 reviews, meaning the firm has built a great reputation while also developing a high level of credibility. It can be concluded confidently that Uprofit is not a scam. A significant number of traders have registered with the firm and have gotten funded. On the website, the firm claims that over 700 traders were funded in June 2022 alone. That is quite significant, and it shows that the firm is truly committed to helping traders succeed.
Many reviews praised the firm’s flexible rules and customer support team, especially for their prompt responses. The reviews also praised the quickness by which the live accounts are issued once traders pass the challenge. Despite its relatively short existence, Uprofit has demonstrated that it is one of the leading prop firms in the industry and intends to keep improving.
Most of the reviews attested to having a positive experience with this firm. While few reviews indicated slight issues, nothing too significant would detract from the overwhelmingly positive reviews.
Uprofit Challenge for Futures Traders
Like other leading prop firms, Uprofit has an evaluation process that determines the eligibility of a trader for a funded account. However, unlike some other firms, the evaluation process known as the Uprofit challenge only involves one step.
In the challenge, traders will choose from different account sizes. The chosen account size is where they will be expected to achieve certain targets or goals without violating rules. We will now be examining the different account sizes offered by Uprofit.
What are the account sizes offered by Uprofit?
Uprofit offers six different account sizes in its funded program challenge, shown in the table below.
|Account Size||Number of Contracts||Price of Challenge|
|Basic 9K||5 Micro contracts (Max)||$89|
|Basic 25K||3 contracts (Max)||$145|
|Basic 50K||6 contracts (Max)||$160|
|Premium 75K||8 contracts (Max)||$245|
|Advanced 100K||12 contracts (Max)||$315|
|Elite 200K||20 contracts (Max)||$580|
Specific features for each account size
|Account Balance||Profit Target||Daily Loss Limit||Max Drawdown|
The $9K, $25K, and $50K accounts are the basic programs because they allow traders to start their journey in the futures market. They can test their personalized trading strategy without risking any capital.
The 75K premium account and 100K advanced account are for traders that have mastered any of the basic accounts. They are now in the right direction for managing more capital and a higher number of contracts. The 200K elite accounts are where traders prove their consistency as a futures trader and their readiness to manage the ultimate master account.
How to access a Uprofit evaluation account?
Once you complete your registration for an evaluation account, you will receive a confirmation mail. It will be sent to your registered email address and contain credentials and login details. The login details will be needed to configure your Rtrader account because that is where you will gain access to the evaluation account.
Below are the steps involved in setting up a Rtrader account:
- Download Rtrader, and it can either be the Regular or Pro version.
- Input the login details contained in the credentials that were sent by mail. Navigate to the System Tab and choose “Rithmic Paper Trading”. Then navigate to the Gateway Tab and choose “Chicago Area”.
- Once you are logged in, you must accept the two digital documents that will be shown in an image on that page.
Afterward is a Rithmic LLC Market Data Subscription Agreement, and you must click “I Agree”.
The next action is to configure NinjaTrader. The steps below highlight how to do this:
- Download and install NinjaTrader. Version 8 is the recommended version.
- Open the email containing the credentials earlier sent by Uprofit. The credentials also contain a license key that is exclusive to you. Once you open NinjaTrader, navigate to Help, and select License Key to delete the default license of the platform. Then use the license key sent by Uprofit to configure the NinjaTrader you just downloaded.
- NinjaTrader will inform you that the Global Simulation Mode has been activated and must be deactivated. Please do this by navigating to Tools and clicking Global Simulation Mode to deactivate it.
- Navigate to the Credentials Configuration. Select Connections and click on Configure. The Connections screen will appear, and you must ensure that you double-click on My Rithmic for NinjaTrader Brokerage. You can then input your credentials on the right-hand side in Properties.
- Navigate to the Connection Name box and input the name you wish to use for your connection. Copy the Username and paste it into the box for Username. Repeat the same process for the Password by copying and pasting the password in the Password box.
- Ensure that the option of Rithmic Paper Trading (Chicago) is chosen in the System box. If you are not allowed to choose the box, and it is clear that the option is checked, then everything is accurate.
- Click on “Apply” and click “OK” afterward. That completes the configuration of the platform.
To log in to NinjaTrader, click on Connections, followed by the name you assigned to your account. You will observe a light on the lower left-hand side that changes from gray to yellow to green. It is a signal to let you know that you are connected and ready to get started on your evaluation account.
Rules in the Uprofit Challenge
The Uprofit challenge has specific rules that traders need to know if they want to pass the challenge and qualify for a funded account.
Minimum trading days
There is an established minimum number of trading days that traders must actively trade for them to pass the challenge. The minimum number of trading days is 10 days. A trading day refers to the duration allowed for trading as designated by the firm.
The trading days are when traders’ strategy, consistency, and risk profiles are evaluated. The 10 trading days do not have to be consecutive, and there is no maximum number of trading days. Traders can take all the time needed to achieve the profit target without violating rules.
Allowed trading time
This is a rule that traders need to be very aware of because the allocated trading time must be respected. Each trading day starts at 5 PM CT and ends at 3:10 PM CT except for holidays and weekends. All trading positions must be closed before 3:10 PM CT, and trading positions can be reopened after 5:00 PM CT.
Traders should note there is an assigned date for contract rollover across the available instruments. When the time for contract rollover is due, traders are expected to make the necessary adjustments to the contract on or before the rollover date. This is applicable in both the evaluation and live accounts, and failing to attend to this will be a rule violation.
Each account size has an allocated profit target that traders must achieve within a minimum of 10 trading days. As shown in one of the earlier tables above, the profit target increases as the account size increases. Traders should know this when selecting an account size for the Uprofit challenge.
The Pro drawdown rule is to give the firm a panoramic overview of the maximum loss that a trader can incur. It also serves as a means of measuring the volatility that a trader’s capital has experienced to achieve the designated target.
The Pro drawdown at Uprofit works similarly to the EOD (End of day Drawdown) used by some prop firms like Earn2Trade and Bulenox.
How the Pro drawdown is calculated
The Pro drawdown only considers the profits made at the end of the trading day. This is why it is updated whenever the account balance achieves a new high at the end of any trading day. This method of calculating the Drawdown means traders taking the Uprofit challenge can trade freely and effectively capitalize on trading opportunities.
The Pro Drawdown can be monitored at the end of each trading day via the Trading Dashboard on a trader’s account. Remember that it differs from Trailing Drawdown, which considers both realized and unrealized profits. It is only the realized profits that Pro Drawdown considers at the end of a trading day. Traders should note that their accounts must never fall below the Pro Drawdown at any point during the trading day. This will lead to the liquidation of such an account.
There are specific instruments that Uprofit makes available for trading, and traders must not trade any other instruments outside of the designated ones. The categories of the allowed instruments are Equity Futures, Agricultural Futures, CBOT Interest Rates Futures, COMEX Futures, NYMEX Futures, CBOT Agricultural Futures, FX Futures, and CBOT Futures.
Daily loss limit
The daily loss limit rule is about helping traders to develop and enhance their discipline. It is the maximum loss traders can incur for a given trading day. Each account size has been allocated a Daily loss limit to ensure traders engage in proper risk management. One of the earlier tables has shown the corresponding daily loss limit for each account size.
If a trader should hit the daily loss limit while actively trading, any open trading position will be closed automatically along with the account itself. The Daily loss limit encompasses fees and commissions, so it must be directly monitored in the Rtrader platform.
Questions and Answers
Are there any consistency rules for Uprofit?
No, Uprofit does not have any consistency rules.
Can traders reset their Uprofit accounts?
Yes, traders have a chance to reset their accounts at Uprofit. A reset is needed whenever a trader violates a rule that causes his/her account to be closed. Violating rules like hitting the daily loss limit or going below the pro drawdown leads to scenarios in which a reset is needed.
The reset comes with a fee of $99, and when applied to an account, the trader will get a fresh account balance and a fresh set of rules such as profit target, daily loss limit, and pro drawdown. However, the reset does not affect the trader’s monthly subscription renewal date.
Traders must go to their Trading Dashboard and click “Reset” to reset their accounts.
How does the monthly subscription work?
The monthly subscription renewal is done every 30 calendar days from the day the first payment is made. The monthly subscription and subsequent renewal remain active until the trader achieves the profit target and graduates to a funded account. However, traders can cancel their subscriptions anytime via their Trading Dashboard.
Traders should note that monthly billing does not restore the account balance or make up for violating any rules. This is why the reset is available and does not affect the monthly subscription. Also, rule violation does not cancel an active subscription; traders must do that themselves or contact the Uprofit support team.
What is the next step after passing the Uprofit evaluation?
After passing the Uprofit evaluation, the trader is eligible for a funded account and is granted access to one. However, a one-time assignment fee must be paid when signing the Live Account Agreement. This fee will cover the data costs involved with trading a live account. Uprofit will cover the fees for the following month. The trader does not have to pay monthly fees or charges on the Uprofit Live Account.
Below is the corresponding assignment fee for each account size.
- The assignment fee for the $9K account is $99
- The assignment fee for the $25K account is $150
- The assignment fee for the $50K account is $150
- The assignment fee for the $75K account is $165
- The assignment fee for the $100K account is $250
- The assignment fee for the $200K account is $380
What happens if I hit my profit target in less than 10 days?
If this happens, you must continue trading until you hit 10 trading days because that is the minimum before you can be considered to have passed the challenge. However, once you have achieved the profit target while trading for at least 10 days, then send an email to the Uprofit Support team (firstname.lastname@example.org). The support team will then begin a review of your account to determine your eligibility for a funded account.
Must traders choose between Non-professional and Professional status?
When setting up a Rtrader account for the Uprofit challenge, traders must choose between Non-Professional and Professional. There is a portion for Rithmic LLC Market Data Self-Certification, where traders must choose between Non-Professional and Professional.
Traders must choose Non-Professional, and they must sign in as such. However, if a mistake is made and a Professional is chosen instead, traders can mail the support team about the mistake. It will be rectified, and traders can continue their normal trading activities once the mail has been sent.
What is the Max Position size on Uprofit regular contracts and micros?
The Max position size has to do with the maximum number of contracts available for trading on each account size. Trading the contracts does not have to be limited to one instrument as they can be distributed across several instruments. However, this will depend on the number of contracts that corresponds to the account size chosen by the trader.
For example, a trader that selected the 100K account will have more contracts to spread across more than two instruments. On the other hand, a trader that chose the 50K account might be limited to dividing the contracts between two instruments. The number of contracts has been highlighted in one of the tables above but will be mentioned again as a reminder.
The 25K account has a maximum of 3 contracts, 50K has 6 contracts, 75K has 8 contracts, 100K has 12 contracts, and 200K has 20 contracts. Uprofit also offers micros, seen mostly in the 9K account with a maximum of 5 micro contracts.
How can I withdraw from Uprofit?
The process of withdrawal consists of two steps:
- The first step is to request a withdrawal. This should be done by sending the request to email@example.com
- The second step is the submission and confirmation of the information requested. This will be followed by deducting the requested amount from the trader’s account. Payment will then be sent in the space of the next 24 hours.
Generally, withdrawals are processed from Mondays through Fridays within 24 hours. The following payout methods are available at Uprofit:
- Bank transfers for clients within the US (Zelle or ACH transfer)
- International bank transfers for clients outside the US (via the Deel platform)
- Cryptocurrencies (USDT or USDC)
Pros and Cons of Uprofit
Like with other prop firms, Uprofit has its benefits and drawbacks, which will be examined shortly.
What are the advantages of Uprofit?
- Uprofit has a minimum number of trading days (10) and no maximum number, which means traders can take as long as they need to pass the evaluation.
- The evaluation only involves one step, which is excellent because the evaluation process of some other prop firms involves two steps.
- The first $8,000 in profit entirely belongs to the trader
- There are multiple account sizes for traders to choose from.
- The calculation of the Pro drawdown is straightforward and can be monitored easily.
- There are various means of withdrawing profits.
- The monthly fees are relatively cheap and affordable.
- The live account only involves a one-time assignment fee rather than a recurrent monthly fee seen with other firms.
What are the disadvantages of Uprofit?
- The firm only focuses on futures which might not be ideal for some traders.
- Traders can only operate no more than two funded accounts at the same time.
- The responses from customer support may sometimes be unclear and difficult to understand.
Uprofit Review Summary
It is apparent from this review that Uprofit is totally legit and is neither a scam nor a fraud. In its relatively short existence, the firm has developed into one of the leading prop firms for futures traders. It is one of the top choices for traders with its simple rules, low monthly fee, one-step evaluation process, and ease of getting funded.
The firm has certainly built a strong reputation, and it is highly trusted. This is backed up by the high score the firm has on Trustpilot from a high number of reviews. The firm certainly stands tall against its competitors in the industry. If you are a futures trader and need a prop firm to register with, Uprofit might be worth checking out.