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Overview of Nova Funding Forex Prop Firm

TheTrustedProp
Date: May 11, 2024

In the fast-paced world of forex trading, finding the right opportunity to hone your skills and earn rewards can be a challenging task. However, Nova Funding is changing the game for forex traders worldwide. This article will provide an in-depth overview of Nova Funding, covering essential details about the company, its evaluation process, and the unique benefits it offers to traders.

Company Details

  • Name: Nova Funding
  • Legal Name: Nova Benefits Private Limited
  • CEO: Undisclosed
  • Started in: 2021
  • Registered in: Texas, Austin

Nova Funding is not your typical forex trading platform. It stands out by offering a 1-Step Demo Evaluation Program designed to test traders' skills and reward them in the arena of paper trading.

Step 1: Beginning Your Journey

Think of this as the training grounds. When you join Nova Funding, you'll receive unlimited calendar days to reach a 10% profit target while maintaining the 4% daily and 8% total drawdown parameters. What sets Nova Funding apart is the flexibility it offers. You can pass this stage in 10 days or even 2 hours – the choice is yours. This program is tailored for speed and unlocks the ability to trade commission-eligible paper trading funds in as soon as 3 days.

Step 2: Experienced Trader Stage

Congratulations, you've taken your trading to the next level. During this stage, you'll have the opportunity to display your trading performance and become eligible to receive up to 80% of your simulated profits through a performance commission. As you grow with Nova Funding, you will also unlock the ability to receive commission payouts bi-weekly. The experienced trader stage is a commission-eligible paper trading account, and it's all about rewarding your trading skills.

Account Sizes

Nova Funding offers various account sizes to match your trading ambitions: $25,000, $50,000, $100,000, and $200,000. The potential for growth is substantial.

Unlock Up to $400,000 in Simulated Buying Power

Nova Funding stands out by allowing traders to unlock up to $400,000 in collective simulated buying power within 72 hours of passing the evaluation stage. This unlocks the ability to be paid commissions through your performance, giving you even more incentives to excel in your trading journey.

No Time Limits, No Time Maximums

One of the remarkable features of Nova Funding is the absence of time constraints. You can pass the evaluation stage in 60 minutes, 8 days, or 3 weeks – it's entirely up to you. This flexibility allows you to tailor your trading experience to your own preferences.

No Restrictions on Trading

Nova Funding encourages you to trade your desired system, whether it's simulated news trading, EA's, or manual trading. The focus is on consistency within the markets on your paper trading account, and Nova Funding takes care of the rest.

Trading, Gamified

Nova Funding adds a fun twist to trading by introducing gamification. The trader with the highest commission payout will be displayed on the front page of their website in the "High Score" category. This leaderboard competition can motivate you to perform at your best, and as you climb the ranks, you'll unlock higher commission structure percentages and increase your payout frequency.

What Does Nova Funding Offer?

Nova Funding is a fully simulated prop trading firm that provides forex traders with the opportunity to test their skills in a paper trading environment with amplified potential rewards through their commission structure.

Display Positive Trading Performance

During the evaluation stage, all you need to do is display positive trading performance, and you can unlock up to $400,000 in commission-eligible simulated buying power. This is a significant opportunity for traders looking to maximize their earning potential.

Fast Access to Commission-Eligible Paper Trading

Nova Funding understands that time is valuable. They have an accelerated process that allows you to start trading your commission-eligible paper trading account within 72 hours of passing the evaluation. This means you can quickly start earning rewards for your trading skills.

Worldwide Accessibility

Nova Funding is open to traders worldwide, making it accessible to traders from various regions and backgrounds. However, there are a few exceptions.

Restricted Countries

Nova Funding cannot accept traders from the following countries due to U.S. Government restrictions: Cuba, Iran, Lebanon, Syria, North Korea, Libya, Sudan, and Somalia.

Changes for Traders from India and Pakistan

As of August 30, 2023, Nova Funding has discontinued the onboarding of new clients from India and Pakistan. However, existing clients from these countries can continue to use their services. This change is a result of regulatory determinations and business choices based on risk assessment factors.

Trade Copier Compatibility

Nova Funding allows the use of trade copiers to copy your personal trades onto your simulated live account. You can use your Nova account as your master account or copy trades from other trading accounts. However, there are some important guidelines to follow:

  • Avoid placing identical orders within identical time intervals as other traders on the platform.
  • Use unique set files for EA's or confirm that no other traders are using the same EA to prevent matching orders.

Nova Funding offers a warning for the first occurrence of violating trade copying rules and a deduction of profits. For the second occurrence, a violation will be issued. It's essential to ensure that your simulated trade data is entirely unique.

Account Termination

There are only three ways to lose your Nova Funding account:

  1. Violation of a drawdown metric (4% equity-based daily or 8% total drawdown, trailing of balance or highest equity).
  2. Inactivity for 30 days on your challenge or evaluation account.
  3. Weekend holding without prior approval.

The 30-day inactivity rule aims to keep the system free of vacant accounts. If you anticipate a prolonged period of inactivity, you can inform the Nova Funding team to secure your account. Additionally, account termination can occur if continuous copy trading or account management warnings have been issued.

In conclusion, Nova Funding offers a unique opportunity for forex traders to test their skills and earn rewards through paper trading. With flexible evaluation stages, high earning potential, and a gamified approach to trading, Nova Funding stands out in the world of forex trading platforms. Whether you're a seasoned trader or just starting, Nova Funding could be the platform to take your trading to the next level.

FAQs

Nova Funding offers a 1-Step Demo Evaluation Program with flexible timeframes and profit targets.

By passing the evaluation stage at Nova Funding, you can unlock up to $400,000 in collective simulated buying power.

Yes, Nova Funding allows the use of trade copiers to replicate your trades onto your simulated live account.

Nova Funding encourages traders to use their preferred trading systems, including simulated news trading, EA's, and manual trading.

Account termination can occur due to drawdown violations, inactivity for 30 days, or weekend holding without prior approval.

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