Overview
Rapid Challenge will have unlimited trading days.
The fastest you can receive the demo funded account for the Rapid Challenge is within 3 business days based on your performance in the Rapid Challenge.
The Rapid Challenge is a two-step evaluation program in which you can get your first payout in as little as 20 days! Traders are able to sign up for this challenge using a $5K, $10K, $25K, $50k, $100k, or $200k virtual funds account. Simply choose the amount of virtual funds you would like to manage and pass the evaluation by meeting the Trading Objectives during Phase-1 and Phase-2 of the evaluation.
With the Rapid Challenge, there are no minimum trading days on your evaluation. Your first payout is eligible after 14 days once you earn your funded account or within 7 days if purchased with the weekly payout add-on. You will also have the opportunity to scale your payout percentages with each corresponding payout.
Upon meeting the profit target for Phase-1, you will be issued your Phase-2 account 6 hours later. The moment you meet the profit targets for Phase-2, you can begin verifying your documents and signing the agreement in order to receive your Rapid Challenge Funded Account.
Objectives
Objectives | Profit Target | Max. Daily Drawdown (Daily floating loss + closed loss) | Max. Overall Drawdown | Min. Trading Days | Trading Days |
Phase 1 | 8% | 5% | 8% | 0 | Unlimited |
Phase 2 | 5% | 5% | 8% | 0 | Unlimited |
Funded | No | Yes | Yes | - | - |
NOTE: All Phase 1 & 2, as well as Funded Accounts, are routed through a simulated feed, therefore simulating, real market conditions.
Pricing
Account Size | Price | With Weekly Payouts Add-on | First Payout Bonus |
$5k | $79 | $95 | $79/$95 |
$10k | $129 | $155 | $129/$155 |
$25k | $229 | $275 | $229/$275 |
$50k | $299 | $359 | $299/$359 |
$100k | $499 | $599 | $499/$599 |
$200k | $899 | $1,079 | $899/$1,079 |
Understanding Max Daily and Total Drawdown
Daily Drawdown
Maximum Daily Loss | 5%
In the course of one working day, the maximum daily drawdown on the account (which consists of the account’s current result of opened positions and the result of positions closed on the given day) must not exceed 5% of the initial demo balance of the account. Please note this includes simulated commissions.
Reset Time
The max daily drawdown resets every day between 4:57 PM - 5:03 PM EST. To ensure smooth functionality, we advise our traders to not execute trades in between the window of 4:57 PM - 5:03 PM EST when the drawdown is being reset. Once your last balance is pulled for the trading day, your dashboard will update with new Daily Breach Level. This is the amount your account equity must stay above in order to not be breached.
Note: We also utilize a reconciliation module that reviews breaches the following day to add an additional layer of verification for any breach activity.
Daily Funded Drawdown Rules
The following chart shows the daily drawdown loss and overall max loss by account size for the Rapid Challenge.
Max Drawdown
Maximum Total Drawdown | 8%
The maximum total drawdown is 8%. Therefore, the equity of the account must not fall below 92% of the initial demo account balance both for open and closed positions, including simulated commissions and simulated swaps.
Note: We also utilize a reconciliation module that reviews breaches the following day to add an additional layer of verification for any breach activity.
Withdrawals
Receive an 80% payout at the end of every 14-day period (counted from the first trade after the last approved withdrawal).
Receive an 80% payout at the end of every week if purchased with the Weekly Payouts add-on (counted from the first trade after the last approved withdrawal).
If you purchased an account with a special payout promotion, that percentage will be the account's base payout.
i.e. If an account was purchased with a 90% promotion, the account's payout will remain at 90% for all subsequent withdrawals.
Violations
Any violation of the rules above will result in the termination of your TFT trading account and you will not be eligible to move forward in the program with that account.
Note: both the daily drawdown and max drawdown breach on an account include simulated commissions, simulated swap fees and simulated dividends (only on ThinkMarkets) as well.
All ThinkMarkets & Eightcap accounts have been transitioned to DXtrade. Customers can access their DXTrade credentials via the dashboard. If you have any concerns or issues arising from this transition, please reach out to our team for assistance in resolving them.
Our outsourced system, on a regular cadence, gathers the required tick data from our Trading Platform provider to calculate drawdown violations. Real-time equity tracking is not technologically feasible and thus what is displayed on the dashboard is provided 'as-is' and solely for informational purposes. Therefore, we deploy a proprietary reconciliation system intended to identify discrepancies in account drawdown calculations. This reconciliation system runs each day, using the prior periods data, to identify drawdown violations. Based on reconciliation system results, TFT may in its sole discretion undertake and execute the rejection of payouts if the drawdown violation occurred prior to a payout request, termination of funded or challenge accounts identified to have violated their drawdown in a prior period, and termination of funded or challenge accounts that were upgraded, merged, or scaled from a funded or challenge account that violated their drawdown parameters. TFT exercises its right to take and implement without prior notice one or more of the firm actions referenced above, in accordance with our customer agreement and Terms of Use.