Cove Funded is a young prop firm registered in Malta, in 2022. They are operating under the legal regulations of Malta. Cove Funded created an evaluation process that helps them choose who is going to be a good fit for their trading community. You have the opportunity to trade with capital from $6k to $200k.
- Fair profit sharing
- Discounts
- Three challenge options
- Customer support is available 24/7
- Six challenge amounts available
- Easy-to-use platform
- Challenge Reset
- Limited information about the company’s background
- Relatively new prop firm
- The evaluation process may be challenging for beginners
About Cove Funded
Cove Funded states that their mission is to find promising traders to join their community. They do that by using a strict evaluation process. They offer a fair profit share. You get to keep 85% of the profit, while the remaining 15% is for the company. Because the company is relatively new, there is not much information regarding their background. The owners of Cove Funded are Stef (Instagram: @stef.meister) and his business partner Dovy that goes under the username @dovy.fx on Instagram.
Consistency Rule
The important rule in Cove Funded is the “Consistency Rule”. By fulfilling this rule, you’re showing that you’re capable of having consistent profits. The rule states that you can’t get over 30% of your total profit on your best day. You must always stay below the 30% of your total profit target. Here’s a table of the profit target and recommended best day based on the account size:
| Account Size | Profit Target (10%) | Recommended 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 |
Account Types and Trading Requirements
Cove Funded offers three challenge types: One Phase Challenge, Two Phase Challenge, and Swing Challenge. All the mentioned types have the same six challenge amounts $6k, $15k, $25k, $50k, $100k, and $200k. This allows you to either aim for a smaller-scale challenge or opt for a larger account size. The duration for all challenges is unlimited with a minimum of 1 trading day. There are no news tradings and no weekend holds. Check out the tables for every challenge option and the details for each:
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 |
Challenge Reset
You have the option to restart your challenge if you feel like you could change your strategies. You can repurchase the Phase One challenge for 30% less. The Two Phase and Swing challenges are available for 15% less. This is a great option for everyone, beginners and experienced traders.
Fees
Cove Funded doesn’t provide any information regarding their fees.
Restrictions
There are no mentioned restrictions at Cove Funded.
Trading Platform
Cove Funded made a choice to switch from Meta to TradeLocker. This is a new widely used platform. It has a built-in dashboard where you can track your performance. You can use TradeLocker on all devices and browsers, you just need an internet connection. After you choose and buy the challenge you want, you’ll receive your TradeLocker login information via email.
Conclusion
As a recently established prop firm, Cove Funded is constantly adapting and trying to give its users a flawless experience. They seem to be an amazing opportunity for the more experienced traders who are looking to strengthen their trading strategies and profit. Beginners may find the evaluation process strict and complicated. They also don’t have much educational resources that can help the new traders build strategies and learn. If you’re an experienced trader interested in the challenge amounts ranging from $6k to $200k, then this prop firm is for you.
Support
You can contact the Cove Funded support team via email, live chat, and Discord. They’re available every day for 24 hours. The Discord server has a lot of information regarding their discounts, events, giveaways, so it’s worth joining even if you don’t need assistance.
FAQ
Yes, Cove Funded is a new legitimate prop firm.
What Payment Methods are available at Cove Funded?
You can use all major Credit/Debit cards like Mastercard, Visa, etc, and Crypto payments (Only ERC-20 standard).
What is the minimum number of trading days before payout at Cove Funded?
The minimum number of trading days before the first payout is 7.
What is the maximum daily drawdown at Cove Funded?
The Maximum daily loss is 5%.
Can I use EA/Bot?
No. Expert Advisors (EAs), and “Trading Robots” (BOTs) are strictly forbidden.
