FXIFY account types and drawdown provides a range of account types catered to varying skill levels and trading preferences. Founded in 2023 and headquartered in the UK, FXIFY has made a name for itself in the proprietary trading sector quite rapidly. FXIFY offers a wide variety of account types and funding schemes with the goal of giving traders flexible, transparent, and profitable alternatives. Strong drawdown criteria and a simplified evaluation procedure are essential components of its methodology, which aims to maximize trader potential while ensuring disciplined risk management. This article examines FXIFY account types and drawdown guidelines, and the unique selling points of the firm in the marketplace.
Overview of FXIFY
FXIFY is a prop trading firm established in the UK that collaborates with the respectable broker FXPIG to provide access to more than 300 tradable products, including equities, currency, metals, and indices. With raw spreads starting at 0.0 pips and STP execution, the firm’s infrastructure supports the MetaTrader 4, MetaTrader 5, and DXtrade platforms. With reports that it paid out over $30 million to traders in its first year and received favorable reviews for its timely payouts and up to 90% profit splits, FXIFY has rapidly acquired popularity.
FXIFY Account Types
FXIFY is unique in that it offers a variety of account types that are tailored to suit varying trader profiles, risk tolerances, and levels of experience. Each of the firm’s three primary evaluation programs has a unique structure and set of drawdown guidelines.
1. 1-Phase Evaluation Program
- Target Audience: Traders looking for quick access to funding are the target audience.
- Structure: To be eligible for a funded account, you must finish one evaluation process.
- 10% profit is the target profit for the evaluation period.
- Drawdown: A maximum loss of 10% overall, with a maximum loss of 5% every day.
- The size of an account might vary from $5,000 to $400,000.
- Leverage: 1:50 maximum.
- Features: Supports a variety of methods, including copy trading, news trading, EAs, and algorithmic trading.
2. 2-Phase Evaluation Program
- Target Audience: It is intended for traders that choose a more conventional, methodical evaluation.
- Structure: Two assessment stages, each with a distinct risk threshold and profit goal.
- Phase 1 and Phase 2 profit targets are usually 10% and 5%, respectively.
- Drawdown: A maximum loss of 5% every day and a maximum loss of 10% per phase.
- Sizes of Accounts: $5,000 to $400,000.
- Leverage: 1:50 maximum.
- Features: A more steady progression with comparable trading flexibility to the one-phase scheme.
3. 3-Phase Evaluation Program
- Target Audience: Traders looking for a lengthier, more thorough evaluation in return for reduced fees and profit targets.
- Structure: Three assessment stages with decreasing profit goals for each.
- Profit Targets: It is accessible to traders who choose a slower pace because it is lower than the 1- and 2-phase plans.
- Drawdown: A maximum loss of 5% every day and a maximum loss of 10% per phase.
- Sizes of Accounts: $5,000 to $400,000.
- Leverage: 1:50 maximum.
- Features: Less expensive up front, ideal for people who appreciate stability and patience.
4. Instant Funding Program
- It is intended for seasoned traders who wish to forego the assessment and begin trading with actual capital right away.
- Structure: Funding is awarded immediately; there is no evaluation phase.
- Drawdown: Risk management guidelines are comparable to those for evaluation accounts.
- Account Sizes: Specifics differ, but a variety of capital allocations can receive immediate funding.
Key Characteristics Across All Account Types
- Profit Split: Up to 90% for traders, with a standard starting split of 70% that can be upgraded.
- Tradable Instruments: 300+ assets, including forex, metals, indices, and stocks.
- Platforms: MT4, MT5, DXtrade.
- Trading Styles: All strategies allowed, including EAs, grid, martingale, and news trading.
- Scaling: Accounts can be scaled up to $4 million for consistently profitable traders.
- Payouts: Fastest in the industry, with bi-weekly withdrawals.
Drawdown Rules Explained
Drawdown rules are the backbone of FXIFY’s risk management, ensuring both the firm’s and the trader’s capital are protected. FXIFY enforces two main types of drawdown limits:
1. Maximum Daily Drawdown
- Definition: The largest loss (realized and floating) allowed in a single trading day.
- Limit: 5% of the initial account balance for all evaluation and funded accounts.
- Example: On a $100,000 account, the maximum daily loss is $5,000. If the sum of closed losses and floating losses on open trades hits this threshold within a day, the account is breached.
2. Maximum Overall (Total) Drawdown
- Definition: The total maximum loss allowed from the initial account balance, regardless of the time frame.
- Limit: 10% of the initial account balance.
- Example: On a $100,000 account, the account is breached if the equity falls below $90,000 at any time.
How Drawdown is Calculated
- Daily Drawdown: Calculated as the difference between the start-of-day balance and the lowest equity point reached during the day (including both closed and open trades).
- Overall Drawdown: Calculated from the initial account balance, not from the highest achieved balance (i.e., it is not trailing).
Advantages and Flexibility
- No Trading Restrictions: FXIFY permits all trading methods, including news trading, scalping, high-frequency trading, and EAs.
- Scaling Up: Traders who consistently turn a profit can grow their accounts to $4 million.
- Platform options include support for DXtrade, MT4, and MT5.
- Fast Payouts: Often regarded as the fastest in the market, biweekly withdrawals are made.
- High Profit Split: 70% initially, with a maximum of 90%.
- Transparent prices: Evaluation prices start at $59 and are competitive.
Potential Drawbacks
- Strict Drawdown Enforcement: If daily or total drawdown limitations are exceeded, there will be an instant account breach and funding loss.
- Greater Profit Targets: Some traders find the challenge more difficult because the 10% profit target for passing the evaluation is larger than that of some competitors.
- Limited Educational Resources: FXIFY does not provide comprehensive beginner-friendly educational resources.
Who Should Choose FXIFY?
FXIFY is best suited for:
- skilled traders who can control risk within tight drawdown limitations and reach larger profit targets.
- Discretionary and algorithmic traders looking for style and strategy flexibility.
- Traders seeking large profit splits and quick payouts.
- Those who wish to gradually increase their account sizes.
Conclusion
FXIFY has fast become a competitive competitor in the prop trading industry by offering a number of account types, tight but transparent drawdown criteria, and an attractive profit-sharing scheme. Ambitious, disciplined traders are drawn to FXIFY because of its fast payouts, flexibility in trading techniques, and potential for scaling up to $4 million. However, it is best suited to individuals with experience and a solid trading strategy because of its stringent risk management and higher assessment criteria. Anyone thinking about using FXIFY as their prop trading partner must comprehend the subtleties of each FXIFY account types and drawdown including the significance of respecting drawdown limitations.
Frequently Asked Questions
What Account Sizes Does FXIFY Offer?
- FXIFY provides eight funded account sizes: $5,000, $10,000, $15,000, $25,000, $50,000, $100,000, $200,000, and $400,000. Traders can scale their accounts up to $4,000,000 over time.
What Evaluation Programs are Available?
FXIFY offers three main evaluation types:
- One-Phase Evaluation: Single phase with a 10% profit target.
- Two-Phase Evaluation: Two phases with profit targets of 10% in phase 1 and 5% in phase 2.
- Three-Phase Evaluation: Three phases with profit targets of 5% each, designed for a slower, more gradual evaluation.
What Is The Instant Funding Account?
- Experienced traders can bypass the examination and begin trading funded accounts right away with Instant Funding. It offers instant funding but has higher costs, a maximum trailing drawdown, and a daily loss limit of 8%.
What Leverage Does FXIFY Offer?
- Leverage is up to 1:50, with the option to add an add-on for increased leverage. Without the add-on, leverage is typically 1:30.
Are There Any Trading Restrictions?
- No. FXIFY allows all trading styles, including algorithmic trading, martingale, grid trading, news trading, and weekend positions. There are no restrictions on strategies.