Our SurgeTrader Review Breaks Down the Company’s Offer

SurgeTrader is a proprietary company, which means it offers traders capital for trading. It then takes a commission from the profits they make. 

Traders who are interested in applying to trade with SurgeTrader must first pass the company’s audition, which costs a certain fee depending on the package.

It seems that this audition is where problems popped up, based on the complaints we read. Our SurgeTrader Review is an unbiased analysis of this company and what it offers. Please read it before paying to audition!

Is SurgeTrader a Legitimate Proprietary Company?

Since Surge Funding LLC is a proprietary company, it does not require a license. That’s just how the business works in the United States, where SrugeTrader is based.

Surge Funding LLC was incorporated on December 29, 2022, in the Florida Company Directory. This legal entity is part of the Valo Holdings Group. So SurgeTrader is unregulated, we got that out of the way.

What about the trading services and platform mentioned on the website? SurgeTrader’s partner EightCap actually provides the MT platforms to the former’s clients. EightCap is an Australian brokerage that also operates via a subsidiary in the Bahamas.

Now it is getting interesting. The Bahamas is an offshore domain where the regulations are pretty lax compared to heavy onshore jurisdictions such as the US or Australia. Companies tend to expand their businesses by opening offshore branches in order to reach more potential clients.

SurgeTrader states that all “platforms and trading are provided through EightCap,” meaning that all trading is basically done via an offshore broker with no credible trading license.

This could be problematic so maybe it is not such a good idea to invest your time, energy, and money in SurgeTrader. It’s definitely a bad idea to trade with Investing X though.   

Trader Reviews Of SurgeTrader

For our analysis, we decided to check what traders think about both SurgeTrader and EightCap. Trustpilot was our go-to for this. Recent Trustpilot reviews and complaints seem to point to fraudulent practices.

I have been emailing for more than 6 months to get my money from The Prop Trading prop, but no one is answering me! They shut down the company with a fake letter and stole hundreds of thousands of dollars…

– Trustpilot user, May 24, 2023.

There’s a manipulation by the broker. I have few accounts across different prop firms. With the same trade on the same currency, Surgetrader slips my trade out by its super huge spread!!! While other prop firms didn’t… From a trader with 10yrs experience.

– Trustpilot user, March 16, 2023.

Although there are many positive reviews, these here are alarming. There is definitely something going on with SurgeTrader. What about EightCap?

Horrible and clearly manipulating trading conditions. Spreads are not as advertised, and slippage is horrible, the worst I’ve seen in 10 years… Close a position at 200+ in profit, during a time which is not that volatile, and get 75 instead. Run from this broker and any prop firm that uses them…

– Trustpilot user, May 3, 2023.

Warning Against SurgeTrader

We already mentioned that SurgeTrader’s scope of business does not require a special license. However, that does not mean that the company is welcome to provide services in all domains of the world.

You can clearly see this in the recent warning issued against SurgeTrader by the Spanish regulator, the CNMV. This watchdog operates under the European Securities and Markets Authority (ESMA), which set common rules of financial market conduct in the European Economic Area (EEA).

Further implications of this warning are that SurgeTrader, like River Prime, has no authorization to provide services in the EEA, i.e. basically most of Europe.

Where Is the Company Present? – Countries of Service

Speaking of domains, the largest concentration of SurgeTrader’s activity can be pinned down to three countries. Here is the list:

• US;
• UK;
• France.

France is also under ESMA’s regulations, meaning it is off-limits to SurgeTrader. The UK as well. As for the United States, that’s where the broker was most active.

SurgeTrader’s Packages

To reiterate, SurgeTrader is a proprietary company that provides traders with trading capital they use to make profits, of which they get to keep 75% (can be increased to 90% if the trader buys add-ons), per the website. The daily loss limit traders must not exceed is 5%.

The capital traders get depends on how well they perform in the audition. Thus, SurgeTrader has six packages in store:

• Starter – 25,000 $, audition fee 250 $;
• Intermediate – 50,000 $, audition fee 400 $;
• Seasoned – 100,000 $, audition fee 700 $;
• Advanced – 250,000 $, audition fee 1,800 $;
• Expert – 500,000 $, audition fee 3,500 $;
• Master – 1,000,000 $, audition fee 6,500 $.

If you’re wondering why there are audition fees, SurgeTrader does have legitimate reasons for including them. For instance, the company wants to cover the expenses of technology platforms, personnel, customer service functions, marketing, etc. Furthermore, the SurgeTrader audition fee serves as a filter for serious traders.

Trading Platforms – Available Software

SurgeTrader’s, or rather EightCap’s trading software selection includes MetaTrader 4 and MetaTrader 5, two of the greatest trading platforms in the industry.

Both MT platforms feature an array of cutting-edge tools such as automated & algorithmic trading, live market reports, a user-friendly interface, instant execution, multiple timeframes, etc.

You cannot go wrong with either MT platform. However, you may experience issues given the fact that EightCap is an offshore brokerage with no credible and strict regulation. 

Withdrawing Profits From Your Broker Account

According to SurgeTrader’s website, the company accepts payments via the following methods:

• Credit/debit cards;
• Wire transfers;
• PayPal;
• Crypto (BTC, ETH, USDC).

These methods are used for both depositing and withdrawing funds. Judging by what traders wrote on the forums, withdrawal issues are a possibility. It happened with the shady ip t trade broker.

The minimum audition fee is 250 $, which is sort of in line with the amount regular brokers charge for opening a standard live account. There are no monthly or recurring fees, just the audition fee.

How Can I Get Help for Filing a Chargeback Case?

To sum up, you definitely need to be careful if you decide to sign up for SurgeTrader’s audition. If you ask us, we would rather you find a regulated broker. If you believe that you have been scammed and need help getting your money back, please contact us. 

Depending on the payment method you used, there are several ways of getting a refund. Our team will guide you through the chargeback process and explain each step of the way.

If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.