Risk Warning: Your capital is at risk. 74-89% of retail investors lose money when trading CFDs.
You should consider whether you can afford to take the high risk.
Cove Funded is a new prop firm registered in Malta, in 2022. The owners of Cove Funded are Stef Keppens ( Instagram: @stef.meister) and his partner Dovy that goes under the username @dovy.fx on Instagram. You can trade with capital ranging from $6,000 to $200,000. If you wish to trade with them, you’ll need to complete the evaluation process first. The process is created so you can demonstrate your skills and show you’re a promising trader. During the evaluation phase, Cove Funded covers all your losses.
Funded Account Evaluation
The evaluation process is highly important. Prop firms have these strict evaluation processes to single out skilled and serious traders. The Cove Funded account evaluation process is detailed and transparent.
How To Purchase a Challenge
Time needed: 10 minutes
The process for buying a Cove Funded Challenge is straightforward:
- Log in
- Go to Account Dashboard
- Choose the challenge you want
- Choose the payment option
- Click the “ Process to Payment” button
- If you’re paying with crypto, copy the crypto address to send funds to your wallet. Remember to think about any network fees.
- If you’re using ETH, USDT, or USDC, use the ERC-20 standard.
- Once the payment is confirmed, you’ll get your Funded Account Challenge details in your email
Challenge Reset
If you feel like you want to change your strategy and trading approach, you can reset your challenge. For the phase one challenge, you can repurchase it for 30% less. The other two stages are available for 15% less.
Consistency Rule
The key rule in most prop firms, including Cove Funded is the “ Consistency Rule”. This rule helps them know if you’re professional enough to have consistent profits. This means you can’t exceed 30% of your total profit on your best day. You must stay below 30% of your total profit target.
| Account Size | Profit Target (10%) | Recommended Best Day |
|---|---|---|
| $6k Account | $600 | Less than $180 |
| $15k Account | $1,500 | Less than $450 |
| $25k Account | $2,500 | Less than $750 |
| $50k Account | $5,000 | Less than $1,500 |
| $100k Account | $10,000 | Less than $3,000 |
| $200k Account | $20,000 | Less than $6,000 |
Different Challenge Amounts available on Cove Funded
There are three challenge types you can choose from.
- One Phase
- Two Phase
- Swing
Each of the mentioned challenges has different features and rules. All challenges have the same account amount: $6k, $15k, $25k, $50k, $100k, and $200k. There are no news trading and weekend holds available, and all of them have unlimited duration time and a minimum of one trading day.
One Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 3% | 6% | 1:30 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1:100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1:30 | $980 | $980 |
Two Phase
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $60 | $60 |
| 15k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $119 | $119 |
| 25k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $190 | $190 |
| 50k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $295 | $295 |
| 100k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $500 | $500 |
| 200k | 85/15 up to 90/10 | 5% | 10% | 1 : 100 | $980 | $980 |
Swing
| Account Data | Profit Split | Max Daily Drawdown | Max Overall Drawdown | Available Leverage | Challenge Cost | Refundable Fee |
|---|---|---|---|---|---|---|
| 6k | 90/10 | 5% | 10% | 1 : 30 | $72 | $72 |
| 15k | 90/10 | 5% | 10% | 1 : 30 | $143 | $143 |
| 25k | 90/10 | 5% | 10% | 1 : 30 | $229 | $229 |
| 50k | 90/10 | 5% | 10% | 1 : 30 | $354 | $354 |
| 100k | 90/10 | 5% | 10% | 1 : 30 | $600 | $600 |
| 200k | 90/10 | 5% | 10% | 1 : 30 | $1,176 | $1,176 |
Available Tradable Markets
Cove Funded doesn’t provide information regarding the Tradable Assets they’re offering.
Profit Sharing at Cove Funded
Cove Funded has a fair profit share. You get to keep 85% of the profit, while they claim the remaining 15%.
Trading Platforms at Cove Funded
TradeLocker is the only trading platform available at Cove Funded. They recently moved from Meta to it. This is a widely used platform with a built-in dashboard. You can manage your performances using the dashboard. You’ll receive your TradeLocker login information once you purchase the challenge you want. It is worth mentioning that TradeLocker is available on all devices and browsers, as long as you have internet connection.
Customer Support
Cove Funded customer support is available every day for 24 hours. You can contact them via live chat and email. There’s also a Discord server you can join for assistance or events, giveaways, etc.
Final Thought
Cove Funded is a great opportunity for those who are more experienced. They offer challenge amounts from $6k to $200k. Even though they lack user reviews and detailed company information, they remain transparent about their payout structure. They only offer TradeLocker as a trading platform, so if you don’t want to use it for whatever reason, Cove Funded is not for you. The evaluation process might be too challenging for beginners.
FAQ
Yes, Cove Funded is legit.
What is the maximum overall drawdown?
The maximum overall drawdown is 10%.
What is the minimum number of trading days before payout at Cove Funded?
The minimum number of trading days before the first payout is 7.
Can I use EA/Bot?
No.
