Surge Trader - Pros and Cons for Beginners

Pros of the SurgeTrader platform

There are many benefits of trading on SurgeTrader, especially for beginner traders. Some of the key ones include:

Affordable fees

One of the biggest advantages of SurgeTrader is that it does not charge commissions. However, the prop company does keep a percentage of the profits you earn. Thankfully, this percentage is favorable, compared to other brokerages. In addition, SurgeTrader also offers low spreads — from 0.1. That said, users are required to pay for the audition test, which is a one-time fee. You never have to worry about hidden fees or recurring monthly SurgeTrader fees once this audition fee is paid.

Smooth account opening

A key advantage of SurgeTrader is that it offers a simple account opening process. The platform's trading rules are among the most straightforward in the industry. While many other companies have a 30-day trial period before you can get set up, SurgeTrader has no such requirements. All you need is to pass the SurgeTrader Audition. Once you've done so, you can expect to be assigned your appropriate status and get set up within 24 to 48 hours.

It's important to note that a managing trader must be 18 or over and have a valid government ID.

Ease of use of the trading platform

SurgeTrader is designed to be easy and straightforward to use. As a trader, you can choose whether to use Eightcap MT4 or Eightcap MT5. Both are offered through SurgeTrader's EightCap and are generally considered to be universal platforms in the OTC trading industry.

Every aspect of the SurgeTrader platform has been designed with beginners in mind - from the intuitive user interface to the detailed trading features. Users also get a free testing mode. This way, you get to fully understand prop trading technology before you dive in with real money. Furthermore, the platform also offers a range of educational resources to help beginners get up to speed quickly.

Guaranteed safety

Is surge trader safe? This is a question worth asking. Thankfully, SurgeTrader is committed to providing the highest levels of security and safety for its users. The platform utilizes state-of-the-art encryption technology to protect user data, as well as robust firewalls to guard against any malicious activity. Furthermore, the platform is fully regulated by the relevant financial authorities where it operates and is compliant with anti-money laundering regulations.

Customer support

SurgeTrader also offers a comprehensive customer support system. Thanks to their quick customer service channels, users can get help quickly with any queries they may have. Additionally, the platform also offers online tutorials and FAQs that you can use to learn more about trading with SurgeTrader.

Cons of using a SurgeTrader account

Perhaps the most notable drawback of SurgeTrader is the fact that you have to pay an audition cost. The fee ranges from $250 to $6500, depending on the specific package you choose. This fee may be too steep for some traders and could prevent them from taking advantage of the platform's services.

The minimum deposit amount of $250 for a SurgeTrader account could also be a downside for some traders. This amount is relatively high compared to other trading platforms and may not fit everyone’s budget. That said, it's worth noting that SurgeTrader allows you to keep up to 90 percent of the profits. Thus, the higher minimum deposit is offset by the potential for bigger returns. Besides, SurgeTrader funds your account starting from $25,000, so it's almost certain that your daily returns will exceed the deposit amount.

Some users may also find the maximum loss limit of 5 percent quite restrictive. As such, traders must be careful to take on trades with realistic profit expectations.

Lastly, SurgeTrader is relatively new to the market, so it remains to be seen how reliable and stable its services will be in the long run.