SurgeTrader Review: Find out What We Say About This Prop Firm (2024)

Spreads

Through their partnership with Eightcap, SurgeTrader offers an extensive range of forex, stock and crypto markets to trade.

Eightcap are known for its very competitive RAW account spreads which it advertise as starting from 0 pips.

We tested them ourselves as can be seen from the above table and below chart, and can confirm that they’re tight with average spreads on EUR/USD, USD/JPY and USD/CAD starting from 0.06, 0.23 and 0.20 pips respectively.

This is obviously important when trading as it helps to reduce your trading costs which in turn enhances your chances of being a profitable trader.

Commissions

Eightcap is also pretty competitive when it comes to trading commissions, charging a $7.00 commission round trip for every standard lot traded.

It’s important to note however that if you are successful in getting funded, your prop trading firm will usually absorb these costs, which SurgeTrader does.

While this makes commissions somewhat less relevant as a funded trader, it still highlights the competitiveness of Eightcap as a broker, which in our view positions SurgeTrader well as a leading prop firm.

Our Verdict on Spreads and Commissions

With some of the tightest RAW account spreads on offer, Eightcap is undeniably a highly competitive and cost-effective forex broker.
Should you pass the SurgeTrader audition and become a funded trader, you can rest assured that the razor-tight spreads will help to enhance your trading success.
From the perspective of trading costs, we think SurgeTrader has a pretty attractive offering overall and we consequently scored them well for this section.

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Qualification and Rules

Regardless of whether you’re a novice or experienced trader, securing a funded account requires strict risk management and trading skill.

Retail traders often blow up their acounts, so as an aspiring funded trader, it’s important to adhere to a strict risk management framework.

This will maximise your chances of success, giving you the best shot at reaching your profit target without breaching any trading rules.

Hard Breach Rules

To quality as a funded trader with SurgeTrader, you will need to meet several ‘hard rules’ which include:

1. achieving a 10% profit target
2. avoiding a 5% daily loss limit
3. avoiding a maximum trailing drawdown limit of 8%

If you’re auditioning with an $100,000 account, you would need to reach a $10,000 profit target without incurring a $5,000 daily loss, while also avoiding an $8,000 account drawdown.

Given the percentage values increase/decrease with your account size, if you make a 5% profit and your account value rises to $105,000, your new daily loss limit would be $5,250 while your trailing drawdown limit would be $8,400.

Soft Breach Rules

In addition to the hard breach rules, several other soft breach rules also exist which include:

• ensuring you use a stop loss with all trades
• not exceeding the maximum number of open lots allowed
• holding a single equity CFD into an earnings release
• opening a single equity CFD trade at or near the end of the trading day to profit from gaps in the market

Soft breaches don’t disqualify you from the audition or your funded account, but they do trigger intervention from SurgeTrader, which again underscores the importance of risk management.

We should also add that you can purchase an add on which removes the need for a stop loss, but more on this later.

One Step Evaluation

If you want to become a funded trader, when selecting a prop trading firm you need to consider all aspects before you commit to undertaking the audition.

Too often we see aspiring prop traders focus on profit and loss limits or funded account sizes, but fail to grasp the importance of how a one, two or even three-step evaluation can impact your chances of success.

As mentioned, in SurgeTrader’s case we can confirm they offer a one-step evaluation process when completing any of their funding challenges.

What’s more, if you fail the audition, you’ll be able to try again using their 20% discount code which is a decent incentive.

Thoughts on SurgeTrader Qualification and Rules

SurgeTrader’s qualification rules are all pretty standard; a 5% daily loss limit, 10% profit target, and 8% trailing drawdown limit aren’t uncommon when considering and comparing prop trading firms.

What is notable however is that SurgeTrader only recently increased its maximum daily loss limit from 4% and max trailing drawdown from either 5 or 6% (we couldn’t clearly ascertain which as the website has contradictory information).

While these increases might seem attractive at face value, we’ve undertaken a quick competitor analysis so you can get a clearer picture.

As can be seen, a 5% daily loss limit is pretty standard and while an 8% limit for a max trailing drawdown is decent, it’s by no means industry-leading.

What’s more, both these increases appear to be temporary offers which means when they end, SurgeTrader will actually appear to be relatively uncompetitive.

Our Verdict on SurgeTrader Qualification and Rules

At the time of writing this SurgeTrader review, we think the prop trading firm’s offering is pretty good given there’s just a one-step audition with no specified time window to complete the audition or minimum trading day requirements.

Additionally, the increase in the daily loss and max drawdown rates to more standard levels further supports SurgeTrader’s attractiveness as a prop trading venue.

However, when their summer promotion ends, we will likely need to reassess as a 5% max trailing drawdown and 4% daily loss limit are restrictive, in our view.

As a result of the above, we scored SurgeTrader well for this section.

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Account Funding and Withdrawals

SurgeTrader offers you various funding methods to pay for the audition. You can pay via Visa, Mastercard, American Express, Apple Pay, PayPal, cryptocurrency, or via direct wire transfers.

As with most prop trading firms, the amount you’ll need to pay will vary depending on the size of the account you select. For example, the fee for their $100,000 ‘seasoned’ account is $700 while their most popular $250,000 account is $1,800.

These one-time audition fees are paid upfront before you start the audition and aren’t refundable. We can also confirm that there are no deposit or withdrawal fees which is good.

Our Verdict on Funding and Withdrawals

We scored SurgeTrader well for this section as they offer a diverse range of funding options including cryptocurrency.

It’s worth pointing out that they have a 30 day withdrawal interval which is a little long for our liking, but it’s a minor point in the grand scheme of things.

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Accounts

SurgeTrader offers six accounts in total ranging from their starter account which provides you with $25,000 in funding, up to their master account which provides $1,000,000 in funding.

As is the case with most of the best prop trading firms, the assessment fee changes proportionally based on the amount of funding you’re aiming to access. All other features remain the same including a profit split which is set at 75%, although this can be increased as we explain below.

Add ons

A key selling point for SurgeTrader is the ability to buy custom add-ons.

For example, at the checkout, when selecting a funded trading account, you can choose to add the 90% profit split option for an extra 20% of the fee cost.

To illustrate, if you were selecting the $100,000 account, the total fees payable would be $840 ($700 for the audition fee + 20% for the add-on = $840).

Additionally, you can also pay to access double leverage (20:1) and the option to remove the requirement for a stop loss which cost 25% and 10% of the audition price respectively.

Alternatively, you can choose to add all three add on options for 40% of the audition price.

Scale-up

SurgeTrader also offers the ability to scale-up your accounts which we think is a positive aspect of their offering.

This means if you pass an audition for one account but decide you want more funding, you can ‘scale-up’ by continuing to the next audition. The same rules will apply but based on your new account value.

Our Verdict On Accounts

SurgeTrader offers a diverse range of funded account options to suit whatever your needs and requirements are as aspiring prop traders.

If you’re looking to start small, you can go with the starter or intermediate. If you’re looking to take on larger funding, you can aim as high as $1,000,000.

In addition to the diversity of account options, we also think the scale-up and add-on packages complement their offering.

We’re fans of the flexibility and customisation, although we’re not so sure how ethical it is to offer a no-stop loss option as risk management is paramount.

Regardless, we think it’s a net positive overall and we consequently scored SurgeTrader well for this section.

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Trading Platforms

As we mentioned previously, SurgeTrader is partnered with Eightcap which means you can either use the MetaTrader 4 or MetaTrader 5 trading platform.

You will be able to select whichever one you like at the point of purchase.

MetaTrader 4

MT4 is the world’s most popular trading platform. It has more than 30 indicators, 31 analytical tools, and a large community and library of trading robots, known as expert advisers (EAs).

The full array of algorithmic trading strategies found within MT4 can be used given SurgeTrader has no restrictions on trading strategy.

Desktop

In case you aren’t familiar with MT4, you can access the platform in various ways.

The desktop app provides the full range of functionality including real-time market data, advanced charting tools, and various technical indicators. You can also personalise your trading environment and modify indicators, templates and other settings.

Web

The web app provides pretty much all of the same functionality and looks almost identical to the desktop app, although you have the added benefit of being able to use it on any computer device without needing to have the MT4 application installed.

Mobile

The mobile app is hugely beneficial for obvious reasons, enabling you to access and place trades whilst on the move.

Getting Set Up

To get your account set up, all you need to do is simply provide all the required KYC information, complete a brief questionnaire to test your trading knowledge, and then upload your proof of identity documentation.

Once you’ve submitted everything, you should have your account verified within 24 hours (our account was approved in 14 hours.) Either way, once you’ve received the all clear, you can proceed to load up MT4 or MT5.

MetaTrader 5

MetaTrader 5 (MT5) improves upon its predecessor’s core functionalities and extends its capabilities to include trading in equity markets. It offers an expanded range of indicators (38 compared to the previous 30), analytical tools (44 compared to the previous 33), and timeframes (21 compared to the previous 9).

Additionally, it provides real-time updates on market conditions and economic news.

Furthermore, although MetaTrader 4 permits the utilisation of Expert Advisors, it lacks the capability to construct your own trading robots, a feature that MetaTrader 5 offers. This opens up an entirely new realm of market analysis and forecasting possibilities.

Our Verdict on Trading Platforms

SurgeTrader’s integration with both the MT4 and MT5 trading platforms via Eightcap is good because it provides you with the ability to use all of MetaTrader’s powerful features.

As we mentioned, given algorithmic trading strategies are allowed, you’ll be able to use the vast library of EAs and strategies available on both platforms.

We consequently scored SurgeTrader well for the Trading Platforms category.

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Markets and Leverage

With SurgeTrader’s partnership with Eightcap, you will have access to an extensive range of trading instruments including cryptocurrencies (86), forex pairs (46) and shares (400).

They also offer 10 global indices and 4 commodities which provides you with a good selection of markets to trade with.

All these products involve trading with CFDs (or spot), if you prefer to trade futures then you might wish to take a look at our OneUp Trader review.

Leverage

Leverage on forex, metals, oil and indices is capped at 10:1, individual stocks are capped at 5:1 and cryptocurrencies at 2:1.

We mentioned it previously, but one unique aspect of their offering is the ability to buy access to additional leverage which doubles these amounts.

When you purchase this increased leverage, the maximum lots you can open also doubles. For example, a standard $100k account can normally have 10 lots open with risk, but with the leverage add-on, you can now have 20 lots open with risk.

For better or worse, leverage is what you make of it, so it’s always important to understand the risks involved in using larger amounts. Regardless, we think the flexibility is a net positive overall.

Our Verdict on Markets and Leverage

We think SurgeTrader offers a decent range of markets, especially in the forex, shares and cryptocurrency departments.

While their commodities offering is fairly limited and there are no ETFs, bonds, or interest rates on offer, the core ingredients are there if you’re primarily trading foreign exchange, equities or crypto.

With respect to leverage, the ability to unlock greater amounts is a nice differentiator which when combined with the above, saw us rank SurgeTrader well for this section.

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Customer Service

The customer service at SurgeTrader isn’t amazing when compared to some other firms we’ve reviewed.

While they state they get back to you in a few minutes, we tried to contact them twice within a 24 hour period and weren’t able to get a response.

In fairness, they have a bot which is pretty good at retrieving the information you request, but it’s not the same as speaking to a real person.

For full transparency, the following day a customer service rep did email in to apologise for the delay, so perhaps we just caught them at a bad time.

FAQs

SurgeTrader has some robust FAQs which provide answers to almost all the key questions you might want to ask. In combination with their bot, you can likely get all the information you need without having to speak to a real person.

Our Verdict on Customer Service

We scored SurgeTrader fairly well for this section despite their tardy customer service response times as their website FAQs are well-written and cover most of the key information.

Their chat bot is also quite intuitive and is able to respond to a range of questions posed.

They’re also contactable via phone and email which is displayed on their website, alongside their office address. Lastly, they have a fairly active Discord community with more than 12,000 members, so you can speak to a customer service rep here also.

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Education

SurgeTrader provides a pretty good and extensive range of educational materials. Their blog is freely accessible to everyone and covers a range of topics focusing on technical analysis, trading strategies, and fundamental analysis.

Gated website content

They also offer premium gated content which you need to provide an email and phone number to access. This content takes the form of e-books which contain in-depth information about various topics suitable for beginners, to more seasoned forex traders.

BK Forex Partnership

SurgeTrader also offers a 30 day membership to BKForex’s suite of educational resources which include trade ideas, bespoke indicators, coaching, market commentary and analysis, webinars, and more.

YouTube

SurgeTrader is pretty active on social media. On YouTube specifically, they post analysis almost every day with average views fluctuating from 30 up to 150 per video. A lot of this content is in Spanish but they do publish in a range of languages including English.

Our Verdict on Education

Across the blog, premium website material and YouTube, SurgeTrader provides a comprehensive range of educational content in different formats. The nature of the content is diverse yet informative and insightful which is why we consequently scored SurgeTrader well for this section.

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Trust and Community

SurgeTrader has an impressive social media presence and a large online community. This makes them one of the more attractive proposition if you’re looking for a prop trading firm with an active community to share trading ideas with.

Discord

With over 12,000 members including 117 funded members and six 1 million account members, SurgeTrader undeniably has an engaged audience.

Their Discord has specific channels for their website FAQs, trading rules, and instructions on how to get funded. It’s all clearly articulated and there are dedicated chat channels segmented by language and topic including market news, winning trades, payout proof, and more. We prefer FTMO since this firm actually provides insightful content.

Instagram

SurgeTrader’s Instagram account boasts an impressive 38,000 followers and garners some decent engagement on the published content. This isn’t surprising given it’s primarily skewed towards sports cars, yachts, private jets, and trading – more or less in that order.

While there is the occasional post or reel about market analysis/education, the content is carefully curated to entice prospective traders with photos/videos of ‘the good life’.

For us, this is where the SurgeTrader offering starts to fall apart. In our view, their marketing and promotion is sleazy and doesn’t paint an accurate picture of what trading often entails – hard work, determination, stress and risk management.

Trustpilot

SurgeTrader has an excellent (4.7) Trustpilot score and is a verified company. While there are a few negative reviews (SurgeTrader responds to them), for the most part they are overwhelmingly positive.

Our Verdict on SurgeTrader’s Community

While trading can yield significant profits, the opposite is also true. This is why it’s important to have realistic expectations and the right mentality.

Trading is a serious endeavour that requires discipline, hard work, and perseverance, even more so when trading with a forex funded account.

That doesn’t look or sound quite as appealing as a Lamborghini parked next to a private jet, but that’s the hard truth.

The content produced by SurgeTrader is done very well in the sense that it’s engaging, enticing and appealing, but is it realistic?

Despite having a strong social media following and an active Discord community, we scored SurgeTrader as an ‘average’ for this section due to the nature of the marketing material they produce.

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How to Sign Up with SurgeTrader

The setup process with SurgeTrader is very simple and easy. All you need to do is select your account level, your trading platform, any add ons you might want, and then proceed to purchase your desired plan.

We’ve outlined the steps for you below.

Select account type and choose platform

Fill out billing details and select payment method

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Our Final Verdict

Overall, we think SurgeTrader performs well despite its dubious marketing approach.

Their straightforward trading rules and qualification system are good, as is their content and spread of products.

While their customer service could improve slightly, we scored them 9.08 out of 10 overall.

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About the author: Justin Grossbard

Justin Grossbard is the co-founder of CompareForexBrokers and since 2014 with the role of Strategic Head Of Research. He is a member of the AICD and holds a Master's and Bachelor's Degree in Commerce. He previously worked with the banking sector, including ANZ and is a contributor to Finance Magnates, Kiplinger and Forbes. He has also published a book on alternative investments which is available on Amazon.