Frequently Asked Questions
New to Textrades
Before you decide to take on the TEXTRADES Challenge, it's crucial to understand what's involved.
After you sign up, you have the option to immediately start the TEXTRADES Challenge, but we typically recommend beginning with our Free Trial. This is a cost-free version of the TEXTRADES Challenge meant for practice, and you can take it multiple times to ensure you are thoroughly prepared.
When you feel confident to proceed with the TEXTRADES Challenge, you can configure your account here. Please note, the results from the Free Trial or any other external records do not qualify you for our TEXTRADES Account. Our Evaluation Process is designed to adequately assess your trading skills and enable you to manage a TEXTRADES Account.
We welcome traders from across the globe who can show evidence of profitable trading alongside effective risk management. While there are no specific qualifications necessary, all clients must be at least 18 years old and must undergo our verification process (KYC). Please note that we cannot provide services to residents of OFAC-sanctioned countries, individuals with criminal records related to financial crime or terrorism, or those previously banned for a breach of contract.
Trading presents numerous challenges. As a trader, you might encounter common issues such as:
- Trading an account that is too small (undercapitalisation)
- Fear of losing your own money
- Psychological pressures
- Lack of discipline
- Growth limitations
- Insufficient support from your environment
Earning a living as a retail trader, particularly when using your own funds, can be daunting. With the TEXTRADES Prop Trading firm, you can get access to a TEXTRADES Account with up to $500,000 of fictitious capital and experience what it's like to trade without the actual risk of losing your money.
Having traded ourselves, we understand that being a successful trader requires more than just sufficient capital. We aim to provide our clients with conditions that allow them to perform at their best.
Challenge Phase
In order to become an TEXTRADER, you will have to pass our 2-step Evaluation Process.
Step 1: TEXTRADES Challenge
You will start with a demo account filled with fictitious capital where you must trade according to our Challenges. This account features superior conditions, such as our own TEXTRADES solution with very low commissions and spreads. If you meet all the requirements, you'll move on to the next and final evaluation phase..
Step 2: Verification
In this stage, you'll use another demo account with fictitious capital to verify your performance and consistency one last time. The rules during the Verification stage are more lenient. For a detailed explanation of the rules, please visit the Challenges site.
After successfully completing the Verification stage, you may have the opportunity to become a TEXTRADER following our review of your trading activities. To finalize a contract for your TEXTRADES Account, we will require you to provide an identification document (passport, national ID card) and complete your identification process. The conclusion of the contract is contingent upon the successful completion of identification procedures in line with TEXTRADES internal policies.
TEXTRADES does not provide services to individuals on sanction lists, those with criminal records related to financial crime or terrorism, those under 18 years of age, company trusts, or individuals previously banned due to a breach of any TEXTRADES contractual requirements. Should any of these disqualifications be discovered after a TEXTRADES Account Agreement has been established, TEXTRADES reserves the right to terminate the contract.
Note: we don’t grant a TEXTRADES Account based on any past track record.
The basic requirement to pass a TEXTRADES Challenge is to trade for a minimum of 5 trading days (these do not need to be consecutive) or 0 days if participating in the EXPRESS Challenge. This requirement is also applicable to the Verification phase, where you must again trade for at least 5 trading days, or none at all if you choose the EXPRESS Challenge.
There is no maximum time limit set for completing our Evaluation Process, allowing you the flexibility to take as much time as you need.
Once you meet all Trading Objectives and your trades are reviewed, you are eligible to advance to the subsequent phase immediately.
Once you achieve all the Trading Objectives in your TEXTRADES Challenge, a notification will appear in your Account MetriX confirming your success, indicating that no further trading is required on this account as your Trading Objectives are deemed complete. This will automatically notify us that you have successfully passed your TEXTRADES Challenge, prompting us to begin the evaluation of your trading results.
Within about 1-2 business days after this, we will send you the new account login credentials for the Verification stage.
You will trade with the same account balance that you used in your TEXTRADES Challenge. For instance, if you traded with $500,000 in a TEXTRADES Challenge, you would also have access to a $500,000 TEXTRADES Account.
To clarify, all accounts we provide to our clients are demo accounts with virtual funds. After a client qualifies as a TEXTRADER or learn for Crypto Trading Strategies, they are provided with login credentials for a demo account. Clients are entitled to up to 90% of profits generated on a TEXTRADES Account.
Rules
Trader can hold the trades on weekends.
The leverage for Standard Challenge 1:50
The leverage for Express challenge 1:30
Our TEXTRADES Challenge is the initial step in our Evaluation Process. Before granting access to a TEXTRADES Account, it's essential that you demonstrate the ability to trade responsibly and manage risk effectively, as we may use your simulated trades from the TEXTRADES Account for actual trading on real financial markets in the future. The TEXTRADES Challenge stage features reasonable rules, balancing the Profit Target with the allowable drawdown. We refer to these rules as Trading Objectives.
There is no set time limit to meet the Profit Target; the Trading Period is indefinite. Once all the Trading Objectives of your TEXTRADES Challenge are achieved and your results have been reviewed, you are clear to move on to the Verification phase. The minimum duration to complete a TEXTRADES Challenge is 5 trading days, or 0 days for the EXPRESS Challenge.
This step applies only to the Standard Challenge..
The Verification stage is the second and final step of our Evaluation Process. The aim of this stage is to assess your trading consistency. It is crucial for us to verify that you can trade your system or strategy profitably over the long term while adhering to the rules. The Trading Objectives in the Verification stage are more lenient compared to the TEXTRADES Challenge stage, with the Profit Target reduced by half. Just like in the first step, there is no time limit to achieve these goals.
Once you successfully meet all Trading Objectives and your results have been reviewed, you can finalize your TEXTRADES Identity to sign the contract for your TEXTRADES Account. There’s no need to wait any longer!
Here are the Trading Objectives
When you become a TEXTRADER, we are confident in your trading skills and your ability to manage risk effectively. Therefore, we will provide you with top-rated trading conditions in the industry. To ensure that you are not pressured by the need to meet any targets, we have completely removed the Profit Target requirement, allowing you the freedom to trade with peace of mind. The only Trading Objectives we require you to adhere to are the drawdown rules (Maximum Daily Loss and Maximum Loss). These are the most crucial rules we focus on, as they are fundamental to trading. We may also use data from your simulated trades to guide our own trading activities in real financial markets..
In both the TEXTRADES Challenge and Verification stages, you can trade freely during all news releases.
After you pass the Evaluation Process (consisting of TEXTRADES Challenge + Verification), and unless your account type is swing, you should be careful when trading during news releases.
In a TEXTRADES Challenge or Verification, you are free to trade without restrictions. However, these do not apply to swing accounts.
On the DXtrade platform, simply navigate to your "Watchlist," right-click on any instrument, and select the "Instrument Info" option to view the Trading Hours in your local time.
If you trade cryptocurrencies, note that some can be traded during specific hours of the weekend as well.
Your trading approach is entirely your choice, as long as it is legitimate, aligns with actual market conditions, and avoids any prohibited activities. We do not impose limitations on your trading strategy, whether it involves discretionary trading, algorithmic trading, EAs, etc. Always remember that your trading style should be consistent enough to replicate the same results on live accounts as on your TEXTRADES Account. Although using a Stop-loss is not mandatory, we generally recommend having safety measures in place. You are free to trade all the instruments and assets available on your trading platform (Forex, Indices, Commodities, Stocks, Crypto,...). If your strategy is profitable while adhering to our rules, we are pleased to see you profit with us. Note, HFT is not allowed.
If you decide to use trading robots (Expert Advisors – EAs), please be aware that using an EA from a third party may carry risks, as it's possible other traders are using the same EA, hence the same strategy. This could potentially lead to a denial of your TEXTRADES Account if it breaches the maximum capital allocation rule.
Below are the maximum open lots across all pairs that a trader can have at any given time:
- $25K – 2.5 lots with risk
- $50K – 5 lots with risk
- $100K – 10 lots with risk
- $250K – 25 lots with risk
- $500K – 50 lots with risk
For instance, if you are on the $100K plan, you will be allowed to have 10 open lots with risk. If you buy 5 lots of EURUSD at 1.20 and set your stop loss at 1.18, you will have 5 lots considered as being with risk, leaving you 5 lots still available. Should the EURUSD rise to 1.25 and you adjust your stop loss to 1.20, which is your entry price, this trade is no longer considered as having risk. Therefore, you would again have 10 lots available, although you have 5 lots currently open.
If you exceed the allowable lots with risk, our system will automatically liquidate all trades that currently carry risk.
Please be aware that margin and leverage requirements also apply. Thus, despite the maximum lots permissible, the leverage on your account may restrict your ability to trade up to the maximum.
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Textrader
The relationship between a TEXTRADER and TEXTRADES is governed by the TEXTRADES Account Agreement that will be signed following your successful completion of the TEXTRADES Challenge, Verification, and the KYC process. The TEXTRADES Account Agreement is a legally binding document that outlines both our responsibilities and your rights and obligations.
Upon successfully passing your Assessment, you will be sent an email containing detailed instructions on accessing and completing your Trader Agreement, as well as submitting your AML/KYC documents. Once the agreement is finalized and the required documentation is provided, your Funded Account will be established, funded, and typically issued to you within 24-48 business hours.
Upon becoming a TEXTRADER, you will maintain the same account balance size that was selected during your initial TEXTRADES Challenge and Verification. To prevent any confusion, after transitioning to a TEXTRADER, you will receive a demo account stocked with fictitious capital. Clients are entitled to retain up to 90% of the profits generated on their TEXTRADES Account.
Please note that we do not offer upgrading options, so it is essential to select the correct account size from the start when setting up your TEXTRADES Challenge. You may, however, initiate a new TEXTRADES Challenge, and upon successfully completing another Evaluation Process, we will issue you another TEXTRADES Account.
After becoming a TEXTRADER, clients are provided with a demo account containing fictitious capital. A TEXTRADES Account operates with entirely fictitious funds but receives real market quotes from liquidity providers. It's important to note that, for TEXTRADES Account purposes, liquidity providers do not supply any real money (liquidity) to us or the TEXTRADER; they only provide market quotes. Consequently, our clients do not engage in any actual trading on live markets.
Separately, TEXTRADES conducts its own trading activities on live markets using real financial resources, independent of the TEXTRADES platform. During these operations, TEXTRADES may use trading data from its clients’ TEXTRADES Accounts. TEXTRADES continuously monitors and analyzes trades made by TEXTRADES Traders in the demo environment and assesses whether to execute similar trades on its own account. This execution does not affect TEXTRADES’s clients or their simulated trading. These processes are distinct, ensuring that TEXTRADES Trader activities are not influenced by TEXTRADES’s own trading activities.
Although TEXTRADES Traders operate with fictitious capital, they are eligible to receive real money as a reward if they can generate "profit" on a TEXTRADES Account. This means that if they successfully trade the fictitious capital in a profitable manner, demonstrating their trading skills and the value of the data provided, they will earn a reward.
The profit split for a TEXTRADES Account is calculated every 15 days, but the first payout can be requested after 7 days. Payouts are processed within 1-2 business days after the invoice is confirmed. You can receive your profits either through a regular bank wire transfer or via crypto. We do not charge any commissions on withdrawals.
Please be aware that you are solely responsible and liable for the payment of any and all taxes, levies, or fees that are applicable to you in connection with the TEXTRADES Account Agreement, as per the relevant laws and regulations. TEXTRADES is neither able nor authorized to offer any tax advice or instructions..
