Cove Funded is a new proprietary trading company established in 2022. You have the opportunity to trade from $6k to $200k. They have a fair way of deciding who gets to trade and get funded with their simple evaluation process. The co-owners of Cove Funded are Stef Keppens (Instagram: @stef.meister) and his business partner Dovy that goes under the username @dovy.fx on Instagram.
Here is a quick summary of Cove Funded main features:
- Profit Sharing: 80-95% Profit Split
- Evaluation process: Detailed and transparent
- Capital Entry: Up to $200k
Each type of the account challenge has trading conditions you must meet. There are 3 types of account challenges and 6 account amounts, so there’s plenty to choose from. You’re not responsible for your losses during the evaluation. Cove Funded covers all of them. If you want to learn more about the evaluation process, how they split the profit etc, keep reading.
- Three challenge options: One Phase, Two Phase, and Swing
- Multiple payment methods accepted
- Fair profit sharing
- Discord events
- Customer support is available 24/7
- Six challenge amounts available
- Numerous discounts offered
- Numerous discounts offered
- Easy-to-use platform
- Relatively new prop firm
- Very limited information about the company
- Evaluation process could be challenging for beginners
What is Cove Funded And How Does It Work?
You’re able to trade up to $200k with Cove Funded. The whole process starts with an evaluation phase where you demonstrate your trading skills. You can choose from 3 different challenge options.
The key rule at Cove Funded is the “Consistency Rule”. This rule helps Cove Funded team to identify who is professional enough to have consistent profits. This rule states that you can’t exceed 30% of your total profit on your best day. So this means you must stay below 30% of your total profit target. You can follow these examples of the recommended best day to help yourself 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 Sizes and Prices
Cove Funded has 3 challenge phases: One Phase Challenge, Two Phase Challenge and Switch Challenge. Whatever challenge type you choose, you can opt for six challenge amounts $6k, $15k, $25k, $50k, $100k, and $200k.
This allows you to aim for a smaller scale challenge or go for the larger account size. Challenge duration for all: unlimited, with minimum 1 trading day. There is NO news trading ( only as add-ons) and no weekend holds. Add-ons available: News trading.
Here’s a table of the three challenge options available, and the details for each account size:
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 |
Cove Funded Payout Process
Once you’ve got your first profit with the funded account at Cove Funded, you’re able to request your initial payout after a waiting period of 30 days. You can request the following payouts every 14 days. The minimum payout amount you can get is $100.
All payments are done in Bitcoin. You get to keep 85% of the profit, while Cove Funded claims the remaining 15% as a profit share. This type of payout structure provides you a transparent and simple process for accessing your earnings while ensuring a fair compensation for the services.
Payment Options
Cove Funded accepts several payment methods. Not long ago, they made credit card payments available so the payment options currently are:
- Most Credit/Debit cards like Mastercard, Visa etc.
- Cryptocurrencies payments
For the crypto payments, after you buy the account challenge, you’ll have to wait for the payment to be verified on the Blockchain. You must use the ERC-20 standard for these transactions.
Trading Platforms at Cove Funded
Cove Funded recently moved from Meta to TradeLocker. This is a new breed trading platform that is used by over 25 brokers white labels, and 23 white label prop firms. You simply choose and buy the account challenge you want, and you’ll receive your TradeLocker login information. TradeLocker also has a built-in dashboard where you can manage your performance. Not only that, but there is also an Affiliate Portal that offers you all the information and tools you need to start your affiliate network.
Cove Funded Support
CoveFunded really makes sure to be there for its users. Customer support is available via live chat and email, so you can contact them whenever you need, as they’re available 24/7. There is also a Discord server you can join for any assistance or to stay up to date with the discounts, events, giveaways etc.
Customer Reviews
Unfortunately, this company is very young, so there aren’t many reviews from real users. There are no reviews at all on Reddit, while there is only one on TrustPilot. Although this review is positive, one is not enough to paint an adequate picture of Cove Funded.
On the other hand, the ScamAdvisor site gave a score of 67/100, which means that this site is medium to low risk. Cove Funded seems legit. For now, there are no significant indicators that this site is fake, except for the fact that very little information is available about the company. The reason behind that can be the fact that the company is young.
You should always manually check and do your own research before making any decisions.
Final Thoughts
Cove Funded offers an amazing opportunity for those interested in proprietary trading, with challenges from $6k to $200k. It’s important to note that this platform may not be suitable for beginners due to its strict evaluation process and emphasis on consistent profits.
While Cove Funded lacks extensive user reviews and detailed company information as a relatively new firm, it maintains transparency in its payout structure and offers diverse payment options. Cove Funded might be a good option for experienced traders seeking legitimacy and support in their trading endeavors.
