FAQ Categories: Challenges Info

2-Step Standard Challenge

Free second chance included

1-Step Standard Challenge

Free second chance included

Elite Challenge

No second chance included

Elite Now (instant funding)

No second chance included

2-Step Challenge Account

RULES	PHASE 1	PHASE 2	ELITE TRADER
Profit Target	8%	5%	N/A
Drawdown Type	Static	Static	Static
Daily Drawdown	5%	5%	N/A
Total Drawdown	10%	10%	N/A
Max Trading Days	No Time Limit	No Time Limit	No Time Limit
Min Profitable Days	3 days	3 days	3 days
Leverage	Up to 1:100	Up to 1:100	Up to 1:100
Payout	–	–	21 days first payout then 14 days
Weekend Holding	Allowed	Allowed	Allowed
News Trading	Allowed	Allowed	Allowed
Profit Split	–	–	Up to 95%

1-Step Challenge Account

RULES	PHASE 1	ELITE TRADER
Profit Target	10%	N/A
Drawdown Type	Static	Static
Daily Drawdown	3%	N/A
Total Drawdown	8%	N/A
Max Trading Days	No Time Limit	No Time Limit
Min Profitable Days	3 days	3 days
Leverage	Up to 1:100	Up to 1:100
Payout	–	21 days first payout then 14 days
Weekend Holding	Allowed	Allowed
News Trading	Allowed	Allowed
Profit Split	–	Up to 95%

Elite Challenge

RULES	PHASE 1	PHASE 2	ELITE TRADER
Profit Target	8%	5%	N/A
Drawdown Type	Static	Static	Static
Daily Drawdown	3%	3%	N/A
Total Drawdown	6%	6%	N/A
Max Trading Days	No Time Limit	No Time Limit	No Time Limit
Min Profitable Days	3 days	3 days	3 days
Leverage	Up to 1:50	Up to 1:50	Up to 1:50
Payout	–	–	On Demand
Weekend Holding	No	No	No
News Trading	Allowed	Allowed	Allowed
Profit Split	–	–	Up to 95%

Elite Now Challenge

RULES	ELITE TRADER
Profit Target	N/A
Drawdown Type	Relative
Daily Drawdown	4%
Total Drawdown	6%
Max Trading Days	No Time Limit
Min Trading Days	5 days
Leverage	Up to 1:100
Payout	Bi-weekly
Weekend Holding	Allowed
News Trading	Allowed
Profit Split	Up to 95%

Yes, you can check the available leverages in the table provided below. This should give you a clear overview of the leverage options we offer.
Yes, you can check the available leverages in the tables provided below.

Standard Challenge :

LEVERAGE

FX	Indices	AU, AG	Oil	NGAS	XPD, XPT	Other	US Stocks
50 or 100 with add-ons	30	20	20	20	20	2	–

Elite Challenge :

LEVERAGE

FX	Indices	AU, AG	Oil	NGAS	XPD, XPT	Other	US Stocks
30 or 50 with add-ons	10	10	10	10	10	2	–

Elite Now Challenge :

LEVERAGE

FX	Indices	AU, AG	Oil	NGAS	XPD, XPT	Other	US Stocks
50 or 100 with add-ons	30	20	20	20	20	2	–

The live stage is a phase where traders no longer have specific profit targets. They only need to follow the drawdown rules and trading rules. To reach the live stage, traders must clear all previous phases: either 2 phases in the 2-step challenge or 1 phase in the 1-step challenge and Elite Challenge.

Once all phases are cleared, the trader will receive a congratulatory email indicating they have reached the live stage. To have their live stage account set up, they must:
1. Complete the KYC
2. Sign the Live Account Contract
Both tasks can be found on our dashboard.

All live stages have a trading cycle of either 21 days, 14 days, 7 days, or no trading cycle.
After completing the cycle and respecting all rules, the trader can request a payout, which is the payment of the demo profits made so far on the live account.

Examples:
1. Successful Completion:
Trader completes all phases, respects all trading rules, completes KYC, and signs the live contract. They receive the live stage account.

2. Rule Breach:
Trader passes all phases but breaks trading rules. The live account is not issued, and they must purchase another challenge.

3. Incomplete KYC or Contract:
Trader passes all phases but cannot complete KYC or the live contract. We cannot provide the live account.

4. Payout Request with Rule Breach:
Trader passes all phases, completes KYC and contract, receives the live
phase account, completes the trading cycle, and requests a payout. However, if they breach a trading rule, the payout will not be issued, and the live account
will be closed.

5. Change in Activity:
Trader reaches the live stage but changes their activity drastically (e.g., different IPs, trading devices, styles, and risk). They might be asked to complete a risk assessment interview before the payout is released. If all is in order, the payout proceeds; otherwise, the trader is asked to adhere to their usual trading style, or their account may be blocked.

Funded Elite is the first prop firm to offer the “second chance” feature for free to every participant, applicable exclusively during the evaluation phases of Standard Challenges (either 1-Step or 2-Step), and just once per challenge bought. If you breach your account during the first or second phase, you can start again fresh from the first phase. However, this second chance is not available during the elite/live trading phase. Each challenge you purchase includes this unique benefit, emphasizing our commitment to supporting and educating our traders.
Adjustments to Challenge Limits:

Two-Step Challenge Accounts:

Daily loss limit adjusted from 5% to 3%.

Total allowable drawdown remains unchanged.

These limits will apply during subsequent phases and the live stage.

One-Step Challenge Accounts:

Total allowable drawdown adjusted from 8% to 6%.

Daily loss limit remains unchanged.

These limits will apply during subsequent phases and the live stage.

Live Stage Adjustments:

In second chance accounts, the first payout during the live phase is reduced to 50%,
compared to the standard 80% (or 95% with addons).

Example 1: Two step
If you start with $100,000, the daily drawdown limit will be $3,000 instead of $5,000,
while the total drawdown limit remains $10,000 on the new account.

Example 2: Two step
Trader breaches during the second phase. They receive a second chance account starting
from phase 1 with a 3% daily drawdown. If they pass phase 1 and move to phase 2, the
second phase will also have the 3% daily drawdown. Upon reaching the live stage, the
adjusted drawdown limits will continue to apply.

Example 3: Utilizing Second Chance
Trader breaches their account during the first phase. They automatically restart from
the first phase with adjusted drawdown limits.

Example 4: Not Available in Live Phase
Trader breaches their account during the live phase. The second chance is not
applicable, and they must purchase a new challenge.

Trading Days refer to the minimum number of days a trader must be active in the market. To
count as a trading day, a trader must complete at least one trade during the course of the
day, with any position size.
Example 1:
To have 5 trading days, a trader must open at least one position on 5 different days.
For instance, a trader opens one trade on Monday, Wednesday, Friday, the following
Monday, and Wednesday. This satisfies the requirement of 5 trading days, even
though they are not consecutive.
Profitable Days are specific days where the trader achieves a certain profit target.
Example 2:
If the trader must have 3 profitable days of 1%, it means reaching 1% profit ($1,000
on a $100k challenge) on 3 different days. These days don’t have to be consecutive. If
the trader reaches $108k (8% profit) but never makes more than 0.7% in a day, they
must continue until they have 3 days with 1% profit each.
Example 3:
For a challenge requiring 5 profitable days at 0.5%, the trader must achieve 0.5%
profit ($500 on a $100k challenge) on 5 different days. These days don’t have to be
consecutive.

1 Step Challenge:

Phase 1: 3 profitable days at 1%
Phase 2: 3 profitable days at 0.5%
Live Phase: 3 trading days

2 Step Challenge:

Phase 1: 3 profitable days at 0.5%
Phase 2: 3 profitable days at 0.5%
Live Phase: 3 trading days

2 Step Elite Challenge:

Phase 1: 3 profitable days at 1%
Phase 2: 3 profitable days at 1%
Live Phase: 3 trading days

Elite Now:

Live Phase: 5 trading days

Daily Drawdown and Total Drawdown are critical parameters that traders must respect to
avoid disqualification.
Daily Drawdown: The maximum loss allowed in a single day.
Total Drawdown: The maximum loss allowed overall, calculated from the initial
balance.

Example 1: Initial Drawdown Limits
A trader starts with a $100,000 balance in a 2-Step Challenge with 5% daily drawdown and
10% total drawdown. The daily drawdown limit is $5,000, and the total drawdown limit is
$10,000.

Example 2: Profit During the Day
If the trader makes a $3,000 profit during the day, the daily drawdown remains at $95,000,
providing a buffer. The daily drawdown stays at $95,000 with an increased limit of $8,000
instead of $5,000.

Example 3: Profit After Daily Reset
If the trader ends the day with a running profit of $3,000, the new day’s drawdown limit will
be recalculated from the highest equity point. So, with $103,000 as the starting point, the new
daily drawdown will be $98,000, while the total drawdown remains at $90,000.

Profit Target is the profit that must be made on the demo accounts we provide for traders. To
be considered profit, all positions in positive must be fully closed, and the balance must
update to reach the correct profit target (e.g., 5%, 8%, 10%).

Example 1: Passing the Phase
A trader starts with $100,000 and reaches $108,000 (8% profit target) with all positions
closed and no running trades. Since all parameters are respected, the trader will receive the
second phase account.

Example 2: Not Passing the Phase
A trader reaches a $108,000 balance but still has positions running. The trader must close all
positions and maintain the $108,000 balance before progressing to the next stage.
The dashboard, accessible at tech.fundedelite.com, shows these parameters in real-time,
updating every 60 seconds.