Cove Funded Review
4.0

Cove Funded Review

Cove Funded is a Proprietary trading firm that is looking for promising traders to join their growing global trading community.

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CoveFunded is a relatively young proprietary trading firm registered in 2022. You have the opportunity to trade with up to $200k. Your success is determined through the evaluation process. Once you show your abilities and successfully pass the evaluation, you’re offered a place as a Cove Funded Trader. 

Cove Funded 30% Discount – Code: MARCH

During March, you can get 30% off on all challenges at Cove Funded. Simply choose the challenge you want, and enter the code: MARCH. The offer is valid until 31/03/2024, so hurry up.

Pros
  • Customer support available 24/7
  • Discord Events
  • Many discounts available
  • Three challenge options One Phase, Two Phase, and Swing
  • Six challenge amounts available
  • Various Payment methods
Cons
  • Evaluation process might be hard for beginners
  • Very young prop firm
  • Limited company information

Who is the CEO of Cove Funded?

The CEO of Cove Funded is a Belgian influencer and content creator who specialized in Entertainment, Stef Keppens (Instagram: @stef.meister). He also goes under the name “miestertrades” on different social media channels. He makes sure to capture losses and wins on his social media, to promote transparency and the reality of trading. It’s important to create a real picture of the trading process, and that there will always be ups and downs no matter how experienced you are. The second owners name is Dovy and his Instagram username is @dovy.fx.

Trading Platform and Features at Cove Funded

You can use the TradeLocker platform for trading at Cove Funded. You just choose and buy the desired account challenge. After that, you receive your TradeLocker login information via email, and you’re ready to trade.

The platform has a built-in dashboard. You can track and manage your performance there. There’s also an Affiliate Portal where you can find all the information and tools you need to start your affiliate network.

What makes Cove Funded different from other prop firms?

All props try their best to stand out from the industry to attract traders. Cove Funded stands out  with it’s:

  • Simplicity – You get funded after you pass their well structured challenges 
  • Support – The customer support is available 24/7.
  • Covering Your Losses – Cove Funded covers all your losses.

Cove Funded Account Challenges

You can choose from One Phase, Two Phase and Switch challenge at Cove Funded. All three of them have 6 challenge amounts $6k, $15k, $25k, $50k, $100k, and $200k.

How To Purchase a Challenge

After you sign up and check the dashboard, it’s time to buy a challenge. The process is fast and easy, simply follow these steps:

  • Log in to your Account
  • Go to Account Dashboard
  • Pick the challenge you want
  • Choose how you want to pay
  • Click “Proceed to Payment”
  • If you’re paying with crypto, follow the instructions or copy the crypto address to send funds to your wallet. Remember to think about any network fees.
  • If you’re using ETH, USDT, or USDC, make sure to use the ERC-20 standard.
  • Once the payment is confirmed, you’ll get your Funded Account Challenge details in your email
  • You’re all done.

Challenge duration for all: unlimited, with minimum 1 trading day.  There is NO news trading ( onl yas add-ons)  and no weekend holds. Add-ons available: News trading.  

One Phase

Account DataProfit SplitMax Daily DrawdownMax Overall DrawdownAvailable LeverageChallenge CostRefundable  Fee
6k 85/15 up to 90/103%6%1:30$60$60
15k 85/15 up to 90/105%10%1:100$119
$119
25k 85/15 up to 90/105%10%1:30$190$190
50k 85/15 up to 90/105%10%1:30$295$295
100k 85/15 up to 90/105%10%1:30$500$500
200k 85/15 up to 90/105%10%1:30$980$980

Two Phase

Account DataProfit SplitMax Daily DrawdownMax Overall DrawdownAvailable LeverageChallenge CostRefundable  Fee
6k 85/15 up to 90/105%10%1 : 100$60$60
15k 85/15 up to 90/105%10%1 : 100$119$119
25k 85/15 up to 90/105%10%1 : 100$190$190
50k 85/15 up to 90/105%10%1 : 100$295$295
100k 85/15 up to 90/105%10%1 : 100$500$500
200k 85/15 up to 90/105%10%1 : 100$980$980

Swing

Account DataProfit SplitMax Daily DrawdownMax Overall DrawdownAvailable LeverageChallenge CostRefundable  Fee
6k 90/105%10%1 : 30$72$72
15k 90/105%10%1 : 30$143$143
25k 90/105%10%1 : 30$229$229
50k 90/105%10%1 : 30$354$354
100k 90/105%10%1 : 30$600$600
200k 90/105%10%1 : 30$1,176$1,176

Payment options at Cove Funded

Cove Funded offers several payment methods:

– All Major Credit/Debit cards like Mastercard, Visa etc.

– Crypto payments (You need to use ERC-20 standard)

If you make a payment with cryptocurrency, you need to wait until the Crypto Payment gets verified on the Blockchain.

Funded Account Payouts

After you get your funded account, you can request your first payout after 30 days. You can request additional payouts every 14 days. The minimum payout amount is $100. All payouts are done using Bitcoin. You can keep 85% of the profits, which means that Cove Funded takes 15% of profit share.

Education 

The platform lacks educational resources for beginners. However, you can find quality information that can help you out on their Discord and Instagram. Their Instagram account is full of motivational posts, discount codes, events, giveaways etc. 

Support

This prop firm offers excellent customer support. You can contact them via live chat and email, they are available 24/7.
Email: [email protected]

Verdict

This new prop firm seems to have a bright future. They recently added new payment methods and switched from MetaTrader to TradeLocker platform. They are constantly adapting, and give their clients the best experience possible. But have in mind, it’s a new prop firm, so there isn’t any real user data. 

If you’re a beginner, Cove Funded might not be the best option for you. This is a new platform that lacks educational resources, and information in general. But, this doesn’t mean you can’t try and grow along with the platform. 

Make sure to check the site and their social media. For more experienced traders, this prop firm can be a great opportunity to strengthen trading strategies and earn extra profits. 

FAQ


Is Cove Funded legit?

Yes. Cove Funded is a new prop firm, but totally legit.


What is the Maximum Number of Accounts?

There is no account number limit. You can buy different challenges, but you can’t spend more than $200k altogether. Once you finish some challenges and have room in the $200k budget, you can buy more again.


What Payment Methods are available at Cove Funded?

All Major Credit/Debit cards like Mastercard, Visa etc, and Crypto payments (You need to use ERC-20 standard).


Can I use EA/Bot?

No. Expert Advisors (EAs), and “Trading Robots” (BOTs) are not allowed.


What is the maximum daily drawdown?

Maximum daily loss is 5%. 


What is the maximum overall drawdown?

The maximum overall drawdown is 10%.


What is the minimum number of trading days before payout?

The minimum number of trading days before the first payout is 7.

Profit Split: up to 90%
Accounts: $6k-$200k
Challenge: 2-phase, no time limit

4.0
Licensing & Safety
4.0
Markets
4.0
Bonuses & Promotions
4.0
Customer Support
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Cove Funded Review
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