By Nathan Ferguson
OFP Funding Review
The existence of proprietary trading firms offers a reprieve to individuals who confront many hurdles in their quest to become professional traders. While failure to raise sufficient capital is apparent, such individuals lack reliable access to market data, tools, and technology fundamental to success.
Proprietary trading firms, such as the Overview Funding Program (OFP), facilitate skilled individuals to propel trading careers by providing capital and general support to engage in trading activities.
A prop firm offers one access to capital in return for a share in the percentage of profits generated. Consequently, the primary objective is generating profits for the institution by leveraging the capital and resources allocated by the firm for trading.
Choosing the ideal proprietary trading firm can become challenging, especially for beginners amid the influx of firms chasing profits. Nonetheless, selecting OFP Funding will guarantee you the opportunity to navigate the trades successfully using the top-notch features uniquely assembled to maximize your convenience.
This review takes an in-depth look at what to expect from OFP Funding. With a range of capital funding, friendly support, and access to a suite of technology-powered analytic tools, OFP Funding checks all the boxes to equip you to build your desired trading career.
OFP Funding Features to Maximize Convenience
OFP Funding shapes up as a premier platform well-equipped to be your partner throughout the prop trading journey.
OFP Funding is owned by Finteknology Ltd UK and stands out among the proprietary trading firms offering professional skill-assessment services. Starting in February 2022, OFP Funding has enabled individuals to participate and reap the best spreads in a range of financial instruments such as forex, bonds, metal, crypto, index, and raw materials. Such is possible by providing an instant funding program without a challenge to pass.
OFP Funding offers a three-fold trading focus oriented trading program to expand trading opportunities for traders. The UK-based firm runs under the management of OverviewFX LTD to provide hassle-free funding and a transparent platform that features excellent customer-centric services. OFP Funding utilizes distinctive, easy-to-use progress monitoring and a solid support network, making it a preferred choice for traders.
The Instant Funding Program eliminates the prop supplier barriers to offer fast and hassle-free funding. The OFP Funding provides the opportunity to purchase funded accounts. The immediate access to the funds simplifies the trade journey by saving one from the tedious screening procedures.
Master Prop Trading Basics with Demo Account
OFP Funding distinguishes itself from other prop trading platforms that mandate you to sign contracts initially to get funded and access their features. Such a level of commitment is a concern for beginners who are apprehensive about the disappointment that arises later on. The OFP Funding’s awareness of such instances is evident in offering the option of mastering basics with the MetaTrader 4 or 5 (MT4/5) demo account. The firm does not obligate contract signing as the demo account allows you to learn and master the ins and outs required to execute trades.
The mobile-accessible OFP Funding demo account will allow you to assess your trade strategies, align with market dynamics, and reach trade decisions relative to the outcomes. OFP is the ideal catalyst for trade expansion since the MT4/5 account guarantees the opportunity to replicate the actual trading scenarios while safeguarding you from possible risks. Alternatively, if you prefer not to use MT4 or MT5, you can leverage the OFP Funding web terminal.
Access to Diverse Account Types
OFP Funding’s customer-centric approach offers you diverse account types into Monthly Payout or On-Demand Payout categories. The diversity provides a broad choice yet guarantees the customer-centric experience to realize the desired trading success.
OFP offers you four account options in either demand or monthly payout categories. Each account option has a leverage ratio of 1:100. As a trader, you can choose from six account sizes, 5K, 10K, 25K, 50K, 100K, and 200K, in 3 currencies – USD, EUR, and GBP.
OFP offers you the option to purchase accounts with additional trading capital while retaining the profit-sharing arrangement in either the On Demand or Monthly Payout categories. However, the prop trading firm imposes varying charges relative to the account size.
For the Instant Monthly Payout category, you can choose the 80%, 60%, 40%, or 26% priced at $185, $139, $103, and $73, respectively. The account type indicates that one will earn the respective percentage every 28 days when the account trader value score declines below 25%.
The On-Demand Payout category offers 80%, 60%, 40%, and 26%, priced at $278, $209, $155, and $110, respectively. This category guarantees you earnings whenever the account realizes a trader value score below 20% of the profits realized on the trading account relative to the percentage.
Transparent Trading Guidelines by OFP
The OFP runs under three simple and transparent rules applied to all account types:
1. 5% Daily Drawdown – The OFP precautions the traders to guarantee they stay within the 5% allowable loss of the initial deposit in the daily trade.
2. 10% Total Drawdown – The UK firm requires you to ensure the balance never declines below 10% of each account. This rule is considered a crucial principle for maintaining sustainable trading.
3. Trader Value Rule – The OFP requires you to ensure the trading day does not account for 25% or more of the cumulative profit and loss since acquiring the account or receipt of the last payout. The OFP will postpone the payout until the subsequent review and add to the amount due.
The OFP deploys a distinctive approach by guaranteeing lifelong account duration. Such differs from the usual account duration that features limited days. Besides, OFP will not terminate the account based on realizing a high inconsistency score.
OFP doubles as a legitimate and conscious partner eyeing your regular participation. As such, OFPFunding.com promotes frequent involvement by setting the minimum trading days to three weekly to keep one’s skills sharp and up to date.
Is OFP a Scam or Legit?
OFP strives for transparency in your quest for a professional trading journey. As such, the OFP prohibits several trading approaches, including tick speculation, hedging, and martingale trading. The prohibition applies to all OFP accounts with violators earning cancellations.
Unlike peers who freeze payouts till one realizes profit targets, OFP sets no profit targets for users. Additionally, it guarantees payouts monthly or on-demand after acquiring the funded accounts. Such differs from the trend where payouts are frozen until 2-3 months after the account purchase.
OFP manifests customer-centricity and transparency in scraping the compulsory stop loss in other firms. It accommodates scaling accounts attracting higher payouts. Unlike peers whose break-even average is 4.3% to 9%, OFP sets the break-even at < 1.9% relative to the account size.
Final Thought
OFP Funding offers a differentiated opportunity for individuals through instant funding, flexibility, and adaptability options. It distinguishes itself from other prop trading firms by offering funded accounts, saving you from the tedious screening.
OFP Funding portrays readiness to nurture trader growth without imposing barriers that limit access to flexible funding and robust support systems for secure trading.
OFP appears ready to serve new traders and experienced professionals seeking a platform that values their expertise. Their advanced dashboard, robust support system, and commitment to secure trading make them a top proprietary trading firm.