Cove Funded is a new prop firm registered in Malta. You’re able to trade with capital from $6,000 to $200,000. After you show your abilities and pass the evaluation, you’re offered a place as a trader at Cove Funded. Cove Funded covers all your losses during the challenge phase.
Owners
Cove Funded’s owners are Stef Keppens (Instagram: @stef.meister) and Dovydas Pinskus (Instagram: @dovy.fx). They’re both focused on promoting the reality of trading, capturing wins and losses on this social media so traders can stay motivated. It’s important to make sure that everyone is aware that there are going to be fluctuations, so persistence is the key.
Pros & Cons
- Multiple payments methods
- Fair profit sharing
- Great customer support
- Discounts
- Six challenge amounts
- Relatively new firm
- Limited company information
- Evaluation process challenging for beginners
Trading Platforms
They recently moved from Meta to TradeLocker. This is a new platform with a built-in dashboard that’s widely used. You can use TradeLocker on all web browsers and devices with internet access. Just choose and buy the account challenge you want and the TradeLocker login information will be sent to you.
Trading instruments
Cove Funded didn’t specify the number of trading instruments they’re offering.
Funding Program Options and Rules
The key Cove Funded rule is the “Consistency Rule”. It states that you can’t exceed 30% of your total profit on your best day. You must stay below 30% of your total profit target. This way Cove Funded team can identify who is professional enough to have consistent profits. Here are examples of the best day:
| Account Size | Profit Target (10%) | Best Day |
|---|---|---|
| $6k Account | $600 | Less than $180 |
| $15k Account | $1,500 | Less than $450 |
| $25k Account | $2,500 | Less than $750 |
| $50k Account | $5,000 | Less than $1,500 |
| $100k Account | $10,000 | Less than $3,000 |
| $200k Account | $20,000 | Less than $6,000 |
Deposit and Withdrawal Methods
Cove Funded doesn’t have any information regarding the deposit and withdrawal methods.
Cove Funded Account Sizes and Prices
There are three account challenges you can choose from:
- One Phase Challenge
- Two Phase Challenge
- Swing Challenge
All of these have the same challenge amounts $6k, $15k, $25k, $50k, $100k, and $200k. For all challenges the duration time is unlimited, with a minimum of 1 trading day. There is no news trading, and no weekend holds. The only add-on available is news trading.
One Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 3% | 6% | 1:30 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1:100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $980 | $980 |
Two Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $980 | $980 |
Swing
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 90/10 | 5% | 10% | 1 : 30 | $72 | $72 |
| 15k | 90/10 | 5% | 10% | 1 : 30 | $143 | $143 |
| 25k | 90/10 | 5% | 10% | 1 : 30 | $229 | $229 |
| 50k | 90/10 | 5% | 10% | 1 : 30 | $354 | $354 |
| 100k | 90/10 | 5% | 10% | 1 : 30 | $600 | $600 |
| 200k | 90/10 | 5% | 10% | 1 : 30 | $1,176 | $1,176 |
Support and Training for Traders
You can get in touch with the Cove Funded customer support anytime via:
- Email: [email protected]
- Live Chat
- Discord
Cove Funded doesn’t have any educational resources for beginners so far.
Cove Funded Payment Options
There are several payment methods you can use at Cove Funded: Crypto (You need to use ERC-20 standard), and all major Credit/Debit Cards like Mastercard, Visa etc.
You’ll need to wait for the Crypto Payments to get verified on the Blockchain.
Community
Cove Funded mostly uses Instagram to promote news, sales, discounts, giveaways, payouts, motivational posts, Discord events, etc.
They also started a YouTube channel with the idea of sharing educational and motivational content.
Real User Reviews and Comments
Because the company is young, there are no reviews from real users. To be precise, there are none on Reddit and only one on Trustpilot. This is definitely not enough for you to decide whether this prop firm is for you based on the reviews. The ScamAdviser site gives Cove Funded a score of 67/100. That’s medium to low risks. The best thing for you is to do your own research and decide
Verdict
Cove Funded is constantly adapting, and trying to give their clients the best experience they can. This new prop firm is ideal for the more experienced traders who want to strengthen their trading strategies. If you’re interested in a prop firm offering challenges from $6k to $200k, Cove Funded is a good option.
The evaluation process may be too strict and hard for new traders. There are no educational resources that can help beginners learn and practice. Obviously, if you feel like you want to try even as a beginner that is totally okay.
FAQ (Frequently Asked Questions)
Yes. Cove Funded is relatively new but legit.
There is no account number limit, but the budget limit is $200k. That means you can buy different challenges, but you can’t spend more than $200k altogether. You can buy more challenges once you finish some and have room in the $200k budget.
All Major Credit/Debit cards like Mastercard, Visa, etc, and Crypto payments (You need to use ERC-20 standard).
No. EA & Bots are not allowed.
The Maximum daily loss is 5%.
The maximum overall drawdown is 10%.
The minimum number of trading days before the first payout is 7.
