Cove Funded Prop Firm Review

Cove Funded emerges as a distinctive prop trading firm that offers traders an opportunity to manage substantial capital with a promise of high-profit splits and various challenge options. 

While details on pricing are shown in the provided screenshot, they are known for providing flexible leverage options and demanding profit targets that test a trader’s skill and strategy.

Cove Funded Prop Firm Coupon Code

Currently, there are no available coupon codes for Cove Funded. Check back regularly for updates on promotions and discounts that may arise in the future.

About Cove Funded Prop Firm

Introduction

Cove Funded is a Malta-registered proprietary trading firm that extends its capital to traders willing to demonstrate their proficiency in the markets. 

While the physical address and year of establishment are not disclosed, the firm’s dedication to identifying and fostering trading talent is evident through its challenge-based model.

What is Cove Funded’s Company Name?

The official name of the company is Cove Funded, which focuses on branding that conveys its role as a source of funding and growth for serious traders.

Where is Cove Funded Prop Firm Registered?

Cove Funded is registered in Malta, ensuring legal compliance and operational jurisdiction within a reputable framework.

Who is the Owner of Cove Funded Prop Firm?

The owners of Cove Funded are Stef (Instagram: @stef.meister) and Dovy (Instagram: @dovy.fx).

Cove Funded Prop Firm Trading Platforms

Cove Funded offers several trading platforms, each designed to cater to different trading styles and preferences. 

A special focus is given to TradeLocker, their proprietary platform boasting advanced analytics and customization options to enhance the trading experience.

Cove Funded Prop Firm Instruments Offered

Cove Funded provides a range of trading instruments, though the total number available has not been specified. The selection is designed to cater to diverse trading strategies from forex to commodities and indices.

Payment Options at Cove Funded Prop Firm

Cove Funded allows for various payment methods, including:

• All major credit/debit cards (Mastercard, Visa, etc.)
• Crypto Payments
• For cryptocurrency payments, once you have purchased a Cove Funded Funded Account Challenge, you must wait until the crypto payment has been verified on the Blockchain

Cove Funded Prop Firm Account Sizes

Cove Funded offers a variety of account sizes, ranging from $6,000 to $200,000, accommodating traders at different career levels.

Cove Funded Prop Firm Profit Splits

Cove Funded offers appealing profit splits, ranging from 85% to 90%, allowing traders to keep a majority share of the profits, depending on the challenge type and phase.

Cove Funded Prop Firm Profit Targets

Cove Funded has established clear profit targets for each type of trading challenge, which are consistent across all challenge sizes.

For the 1-Step challenges, traders are expected to reach a profit target of 10% to succeed. In the case of the 2-Step and Swing challenges, the targets are divided into two phases; traders must first achieve an 8% profit in the initial phase and subsequently a 5% profit in the second phase.

Cove Funded Prop Firm Max Daily Drawdown and Loss

Cove Funded enforces a structured risk management policy concerning maximum daily losses. Regardless of the account size, the maximum daily loss is set at 3% for all initial steps of the trading challenges. 

Once traders progress to the second step or the swing phase, the daily loss limit is adjusted to 5%. This tiered approach to daily loss limits underscores the firm’s commitment to fostering a disciplined trading environment.

Cove Funded Trading Days: Minimum and Maximum

Cove Funded has established minimum trading days criteria for its challenges to ensure that traders are sufficiently engaged with the market and their trading strategies are robustly tested. 

For the 1-Step challenges, traders are required to trade for a minimum of 4 days, whereas the 2-Step challenges require at least 8 trading days. 

The Swing challenges are designed to be rapid and intensive, necessitating traders to trade for just 1 day across Phase 1, Phase 2, and when funded. 

These minimum trading day requirements are consistent across all account sizes, from $6,000 to $200,000 challenges.

Cove Funded Prop Firm Challenge Steps

1-Step Challenge:

The 1-Step Challenge at Cove Funded offers traders a direct path to managing significant capital.

By completing this single-phase challenge, traders can swiftly transition to trading with Cove Funded capital across account sizes of $6k to $200k.

2-Step and Swing Challenges:

These challenges provide expanded daily drawdown limits and leverage, facilitating a two-phase progression toward trading with Cove Funded capital. 

The 2-Step and Swing options are designed for those seeking a phased approach to success, available in the same account sizes as the 1-Step Challenge, ranging from $6k to $200k.

Cove Funded Prop Firm Challenge Price

The price of entry ranges from $60 for a $6.000 challenge to $980 for a $200.000 challenge.

Cove Funded Fees and Commissions

Cove Funded maintains a clear fee structure with no commission per lot, aligning with the industry’s push toward transparent pricing.

Cove Funded Refundable Fees

They only offer registration fee refunds for funded accounts. This means the amount of money you get back from the company after completing the challenge. The refunds range from $60 USD to $980 USD.

Cove Funded Free Trial Availability

Cove Funded does not currently offer a free trial for its challenges or platforms.

Cove Funded Payout Frequency

Payouts at Cove Funded are bi-weekly, providing traders with regular returns on their successful trading strategies.

Pros and Cons of Cove Funded Prop Firm

As there are no TrustPilot reviews, we cannot accurately gauge the user experience and sentiment towards Cove Funded. This absence of reviews highlights the need for personal due diligence when considering the firm’s services.

Conclusion

Cove Funded stands as an intriguing option for traders seeking to leverage professional capital. Despite the lack of widespread community feedback, its challenge-based approach and potential for high-profit splits may appeal to skilled traders. 

As with any prop trading firm, it is essential to research thoroughly and consider all factors before participating in their challenges.