Overview Funding Program (OFP) is a relatively new entity in the landscape of proprietary trading firms. Opening its doors in 2021, OFP was conceived as an alternative to mainstream proprietary trading firms, offering a different model for traders looking for opportunities to manage funds. The details about its trading models, terms and conditions, and the quality of its services are essential factors that traders consider when choosing a proprietary trading firm. This OFP Funding review aims to provide an in-depth look at the service to help potential traders make an informed decision.
How Does OFP Work?
OFP operates as a catalyst for trader growth. The firm’s underlying philosophy is to recognize and nurture trading talent by providing the tools and opportunities that reflect real-world trading conditions. A set of trading rules, such as a 5% daily drawdown and a 10% total drawdown, offers a safety net for traders. These rules aim to protect them from significant losses while encouraging regular trading activities, as demonstrated by their minimum trading stipulation of three days every week.
OFP sets itself apart from the mainstream proprietary trading firms by offering an alternative business model. While traditional firms often have rigid structures and criteria for traders to meet, OFP attempts to bring flexibility to the table.
Although OFP is new in the market, entering the competitive landscape of proprietary trading requires an edge. By presenting itself as an alternative to existing models, OFP aims to attract traders who may be dissatisfied with the current options. This approach could be beneficial for the company as it targets a niche segment of traders looking for new avenues for trading with leveraged funds.
OFP Key Features
OFP is a proprietary trading firm that offers various features designed to support traders. Here are some of the key features:
Access to Funds and Trading Platforms: OFP provides traders with access to funds and trading platforms. This allows traders to engage in trading activities without needing to invest their own capital.
Payout Models: OFP has introduced new account models with payout percentages of 60% and 80%, which indicates a commitment to offering competitive returns to traders.
Various Assets and Trading Programs: OFP stands out from other forex funded account programs by offering a diverse range of assets and trading programs. This feature adds flexibility for traders who are looking to diversify their portfolio.
Ease of Securing Funding: The firm claims to provide an effortless experience in securing OFP funding, reducing the challenges often faced by traders in getting funded.
OFP’s Appeal to Traders: Who is OFP Best For?
The Novice Trader
For beginners in the trading world, OFP offers a cushioned learning ground. The platform provides risk-free demo accounts that range from $5,000 to $100,000, allowing novices to understand the dynamics of trading without risking real money. This feature allows traders to practice their strategies, familiarize themselves with trading tools, and understand market trends without financial pressures.
Furthermore, the absence of profit targets offers beginners breathing room, a freedom that is rare in the world of proprietary trading. This absence of stringent profit targets encourages novices to focus on skill development and strategy fine-tuning instead of being overwhelmed by performance pressures.
The Seasoned Professional
OFP is equally accommodating for seasoned traders. The firm offers a variety of accounts like the 40% Instant Monthly and the 40% Instant Supercharged, enabling traders to align their activities with their trading style and risk tolerance. This flexibility is augmented by transparent operations, giving experienced traders a clear landscape to make informed decisions.
OFP Funding Review of Alternatives
OFP funding is a great choice for prop traders, but it is not the only option on the market. Here are some of the other best prop trading firms:
TopStep: Known for its versatile trading environment, TopStep offers round-the-clock trading in both futures and forex. The firm stands out for its high profit split of up to 80% and its monthly trading combines, which serve as real-time trading evaluations.
Elite Trader Funding: Specializing in straightforward funding processes, Elite Trader Funding allows traders to bypass the evaluation phase. It offers a high-profit split of up to 80% and accommodates all trading styles.
Fidelcrest: One of the best instant prop trading firms, this service is ideal for traders who seek a variety of trading challenges and programs. Fidelcrest provides a high-profit split of up to 90% and offers the flexibility for traders to choose their preferred broker.
City Traders Imperium: Known for personalized mentoring and high-profit splits, City Traders Imperium offers a flexible trading environment. It allows traders to trade forex and indices, and offers scalable trading accounts.
Earn2Trade: Focused on educational content, Earn2Trade is suitable for novice traders. The firm provides a high-profit split of up to 80% and uses a thorough evaluation process known as “The Gauntlet” to select traders for funded accounts.
E8 Funding: Ideal for traders looking for quick funding without an evaluation process, E8 Funding offers a high-profit split of up to 80% and processes withdrawals promptly.
Funded Trading Plus: Known for relaxed trading rules and a wide array of tradable assets including forex, indices, and crypto, this firm offers a high-profit split of up to 90% and has no minimum trading days requirement.
FTMO: This firm is ideal for traders looking for a comprehensive educational platform. It has a two-phase evaluation process and offers a high-profit split of up to 90%.
FundedNext: This firm stands out for its flexible trading conditions and robust customer support. It offers a high-profit split of up to 90% and allows for fast withdrawals, with no minimum trading days requirement.
Each of these best forex prop trading firms offers unique benefits that cater to different types of traders, from novices to professionals.
OFP Funding Review: Final Thoughts
Overview Funding Program (OFP) emerges as a promising alternative in the competitive landscape of proprietary trading firms. With its inception in 2021, the firm aims to provide a more flexible trading environment compared to traditional proprietary firms. OFP’s unique selling points include a range of features aimed at both novice and seasoned traders. These features include risk-free demo accounts, diversified asset offerings, and various payout models. OFP’s lack of profit targets and minimum trading days stipulation stand out as distinct advantages, particularly for traders who prioritize flexibility and growth over rigid structures.
While still a newcomer, OFP holds potential for those looking for a different kind of proprietary trading experience. Against the backdrop of established firms like TopStep, Elite Trader Funding, and Fidelcrest, OFP’s alternative approach targets a niche segment of traders seeking new opportunities and greater flexibility. Therefore, for traders contemplating a funded trading program, OFP merits serious consideration. Try it today and take advantage of a new prop trading experience.