In this review, we take a look at Level Up Trading. This prop trading firm has 5 account types ranging for $25,000 to $100,000 and has no maximum days you need to trade in order to pass the audition.
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If you’re looking for a prop trading firm that provides you with a simple one-step evaluation and the flexibility to make and take trades whenever you want with no time restrictions, then Level Up Trading could be the prop firm for you.
While leverage and maximum loss targets are on the low side, there’s plenty to like about the Level Up Trading offering. We really appreciate the firm doesn’t apply pressure tactics to decrease your chances of success some firms do, which is why we consider Level Up Trading to be the best firms in this competitive space.
Before we start our review, it is worth noting that Level Up Trading has no association with Leveled Up Society. While the names are similar and both are prop trading firms, don’t confuse the two.
After conducting the Level Up Trading review and analysing their offering in detail, we believe Level Up Trading is one of the best prop trading providers in the market.
First and foremost, we want to call out the fact that there is no requirement to make trades within a set timeframe nor any time limit for the audition duration. This is a great feature because as a funded trader, with no time limits, you are afforded the time to carefully plan and execute trades without stressing over trading deadlines.
Just like regular trading, when doing funded trading, it often pays to be patient and wait for the right setups. The problem is many prop trading firms impose prohibitively short audition durations and/or trading time limits. This reduces the chances of success in getting a funded account and is further compounded when multiple audition phases are introduced.
Level Up Trading removes all of these restrictions and offers just a single-step evaluation phase. When it comes to audition fees, they also offer some of the most competitive pricing in the market. In fact, their 100K funded account is the best on the market out of all proprietary trading firms with a single-step evaluation.
While they do have a lower minimum loss target compared to some other prop trading firms, we don’t think this detracts from the offering given the other features we mentioned above.
What’s more, their competitive pricing positions them well in the market and in fact earned them the CompareForexBroker’s title of cheapest $100,000 account with a single-step audition process.
If you are looking for a prop trading firm to sign up with, we think Level Up has a compelling product which is why we gave them a score of 9.66 out of 10.
Level Up Trading utilises Eightcap’s ultra-competitive RAW account spreads which start from as low as 0 pips on major forex pairs. Given Level Up doesn’t impose any trading rules or restrictions when trading, you can take advantage of scalping and high-frequency trading styles which lend themselves well to their tight spreads.
While we don’t have the tools to test the spreads of prop trading firms, we can compare the spreads of Eightcap vs other prop trading firms. For this comparison, we collected the ‘average’ spreads Eightcap and other CFD Forex brokers publish on their websites and compared them side by side. As can be seen, spreads with Eightcap are very tight. In fact, according to our scoring, Eightcap offers some of the best RAW account spreads in the market, making the Level Up Trading offering pretty attractive from a cost perspective.
| Forex Pairs | Eightcap | Industry Average |
|---|---|---|
| EUR/USD | 0.06 | 0.22 |
| USD/JPY | 0.23 | 0.41 |
| GBP/USD | 0.73 | 0.52 |
| AUD/USD | 0.27 | 0.46 |
| USD/CAD | 0.20 | 0.66 |
| EUR/GBP | 0.42 | 0.57 |
| EUR/JPY | 0.59 | 0.74 |
| AUD/JPY | 0.49 | 0.87 |
| Forex Pairs | CompareForexBrokers Tested Spreads For Eightcap |
CompareForexBrokers Tested Industry Average |
|---|---|---|
| EUR/USD | 0.20 | 0.26 |
| USD/JPY | 0.47 | 0.47 |
| GBP/USD | 0.44 | 0.53 |
| AUD/USD | 0.48 | 0.40 |
| USD/CAD | 0.64 | 0.60 |
| USDCHF | 0.42 | 0.69 |
It’s not all about spreads being tight on average but also how low the spreads can be. Most spreads for major pairs can be as low as 0 pips, so if you time your entry and exit right, you might not have a spread cost.
Commissions
Level Up charges a $3.50 commission (side-way) for every standard lot traded. You pay this commission to open and again to close meaning the commission is $7.00 in total. Our tests found these commission costs are consistent with the commission average for the industry.
One key difference when trading with a prop trader vs a CFD forex broker is that commission won’t eat into any potential profit you obtain. As a funded trader this commission is covered by the prop trading firm in full rather than yourself, so is not an expense you need to be concerned about.
Our Verdict on Spread Trading Costs
Given Level Up have the same tight spreads Eightcap offers, we can’t fault the trading costs you will experience with Level Up.
As with all prop trading firms, to qualify for Level Up Trading you need to fulfil several trading objectives without breaching any of the trading rules. These include:
These are known as the ‘hard breach rules’ and they remain the same irrespective of the funded account size you select. In addition to these rules, several other ‘soft breach rules’ also apply and it’s important to note that these do change depending on the account size chosen.
If you read some of our other prop trading reviews, you’ll notice that while a 10% profit target isn’t the lowest available in the market, it’s by no means high. Likewise, the 4% daily loss limit might seem on the lower end of the spectrum, but when selecting a prop firm it’s important that you don’t evaluate such metrics in isolation.
To get the full story, you need to take a holistic view and assess all the features and requirements offered by a prop trading firm. For example, when we consider that Level Up Trading offers just a one-step evaluation process and no trading deadlines or minimum trading day requirements, this paints a much clearer picture of the competitiveness of the audition.
Rules With Level Up Trading
It’s important to note that there are two types of breaches that can see you fail the funding challenge, or if in the case you’re already a funded trader, your account closed and access revoked.
Hard Breach
A hard breach is when you break one of the key rules we mentioned earlier – either a 4% daily loss or a maximum trailing drawdown limit of 5%.
If this happens and you’re a funded trader, as we mentioned the account is closed and any profits you earned will be distributed to you. If you’re doing the audition, it’s an instant disqualification and you will need to try again.
Soft Breach
A soft breach happens when you:
“don’t close a position by the time markets close on Friday (3:55 PM EST)”
and
“place a trade without a stop-loss in place open more than the maximum number of lots allowed with risk, which for the 100K plan, is 10 lots.”
If any of two soft breaches occur, your trade will be closed but you won’t be disqualified and can continue using your funded trading account.
One Step Evaluation
As mentioned, one of the aspects we like most about Level Up Trading is that there’s just a one-step process when completing any of the funding challenges. This is important to call out as it greatly increases your chances of success, even if you’re an experienced trader.
For context, some other competitors have a two or even three-step process which makes it significantly more difficult to pass the challenge and secure funding. This is despite having a lower profit target and higher daily loss limit.
If you do fail the audition, you’ll be able to pay and try again using their 10% discount which we think is another good selling point.
Competitor Comparison
To demonstrate why we like Level Up Trading’s offering, we compared their trading rules to a few other notable proprietary trading firm competitors.
| Level Up Trading | FTMO | Surgetrader | 5%ers | |
|---|---|---|---|---|
| Max Loss | 4% | 10% | 6% | 5% |
| Max Daily Loss | 5% | 5% | 5% | 4% |
| Profit Target | 10% | 10% | 10% | 6% |
| Minimum Trading Days | None | 10 days | None | None |
| Evaluation Duration | None | 30 days | 60 days | 12 months |
| Evaluation Phases | 1 step | 2 step | 1 step | 3 step |
While the maximum loss amount limit is marginally lower for Level Up Trading, when considering the other factors, we feel comfortable in proclaiming that the Level Up Trading audition is one of the fairest in the market.
We should add that account deactivation can occur if your trading activity is too low – specifically if you don’t place a trade at least once every 30 days. The good news however is that they will either reactivate it or create a new one with the associated P&L transferred across.
Our Verdict On Qualification
Many prop trading firms force retail traders to make trades within a specified audition timeframe, adding even more stress to what is already a high-pressure activity, even for seasoned forex traders.
Given Level Up Trading removes all of these restrictions, we believe their offering and evaluation process is one of the best and fairest in the market as it focuses on testing trading skills without time restrictions.
Given the above, we consequently scored Level Up Trading highly for the qualification and rules category.
Within their trading portal, Level Up Trading offers a diverse range of funding options. You can pay for the audition fee using Visa, Mastercard, American Express, Apple Pay, PayPal, cryptocurrency, or via direct wire transfers.
As with most prop trading firms, the amount you’ll need to pay will vary depending on the size of the account you select. For example, the fee for their most popular $100,000 account is $695 but increases to $1,960 for their $250,000 account.
We spoke to the team and can confirm that the one-time audition fee is the only charge you will need to pay and there are no other hidden deposit, withdrawal or recurring costs which is good as collectively these can eat into trading profit.
Cost Analysis
To really get a clear perspective on the cost competitiveness, we conducted a quick fee analysis and benchmarked Level Up Trading’s fee for a 100K account with some other prop trading firms.
| Prop firm | Fee for 100K account | Evaluation Phase |
|---|---|---|
| Level Up Trading | $695 | One step |
| Ment Funding | $750 | One step |
| My Forex Funds | $750 | Two step |
| FTMO | $600 | Two step |
| Funded Next | $549 | Two step |
While FTMO and Funded Next offer cheaper fees, they require a two-step audition phase, so this needs to be considered before making a decision on taking a prop trading firm audition.
Deposits
Once you pay the audition fee, you’ll be able to start your journey as an aspiring prop trader and begin working towards your profit target. If you pass the evaluation, Level Up Trading guarantees you will get a funded account within 24 – 48 hours.
Withdrawals
As a funded trader with Level Up Trading, you can request to withdraw profits once every 30 days. While some other prop trading firms offer shorter withdrawal timeframes, we don’t see this as a huge issue, but it’s worth calling out nonetheless.
To initiate a withdrawal, simply click the ‘Withdraw Profits’ button within the trader portal dashboard. Once processed, Level Up Trading will take their portion of the profits and distribute your funds to your Deel account. From there, you can withdraw the funds into your bank.
Our Verdict On Funding
We scored Level Up Trading well for funding methods given the diverse range of funding options available including cryptocurrency. While they would have scored even more points if the processing time for profit withdrawals was reduced from the current 30 days, we don’t think it detracts too much in this category.
Level Up Trading offers a range of funded account types ranging from $25,000 up to $1,000,000. While the assessment fee changes proportionally, all other features remain the same including profit share which is set at a 75/25 split between trader and prop firm.
One particular aspect we like about Level Up Trading is that they offer a 10% discount on all plans if you need to sit a re-audition. Additionally, if you are successful in passing an audition but want to scale-up to a larger account, you can opt to continue the audition. If you decide to do this, then the same straightforward trading rules apply.
It’s important to note however that if you fail during the scaling-up process, you will need to do the audition again.
Profit Split
Level Up Trading offers a generous 75% profit split which is a decent amount. While it’s possible to get a higher profit split if you search other competitors, chances are the trading rules won’t be as fair.
Our Verdict On Accounts
We like that Level Up Trading offers a decent profit split percentage and a variety of account sizes. Whether you’re planning on starting off on the smaller end, or you’re looking to size up with the $1 million account, the diversity of the offering is undoubtedly good.
Level Up Trading in partnership with Eightcap can be used on both the MetaTrader 4 and MetaTrader 5 platforms. When you set up your account, you’ll have the option of choosing either one of the two platforms which are both available via the desktop app, web app, or mobile app.
MetaTrader 4
MT4 is the world’s most popular trading platform, offering an expansive library of trading indicators and EAs. With over 30 indicators and 31 analytical tools, there’s not much it can’t do, and given most forex traders already use MT4, we think having familiarity during the audition process is certainly a positive.
Desktop
The desktop app provides real-time market data, advanced charting tools, and various technical indicators. You can also personalise your trading environment and modify indicators, templates and other settings.
The availability of expert advisers (EAs) also means you can use various automated trading strategies involving hedging and scalping or even create your own custom indicators. Alternatively, you can buy ready-made EAs from the MT4 Marketplace.
MT4 is available with Windows and MAC operating systems.
Web
The web app provides almost all the same functionality as the desktop app and is a good option if you are using a computer without access to or can’t download the MT4 desktop app.
Mobile
The MT4 mobile app is especially useful when on the move and provides you with almost complete functionality, enabling you to access market data, monitor and place trades. You get the same 30 indicators, 24 analytical objects, 3 types of charts and 9 timeframes but expert advisors are not available with this app. MT4 apps are available for Android and iOS operating systems.
MetaTrader 5
MetaTrader 5 (MT5) builds upon the basic features of its predecessor and also enables trading of equity markets. There are also more indicators (38 vs 30), analytical tools (44 to 33) and timeframes (21 to 9), and it also shows the latest market updates and economic news in real-time.
One point of difference worth noting is that MT4 and MT5 EAs are not compatible with each other since they are written in different languages
Our Verdict on Trading Platforms
We think it’s great that Level Up Trading provides integration with both MT4 and MT5 which provides you with familiarity and choice.
Additionally, given algorithmic and hedging strategies are allowed, you’ll be able to use the vast library of EAs and strategies available on both platforms. Due to this, we scored Level Up Trading highly for the Trading Platforms category.
Level Up Trading offers access to a wide range of markets including 46 forex pairs (on both MT4 and MT5), 10 global indices, 4 commodities, 86 cryptocurrencies, and 400 shares from the NASDAQ and NYSE.
While an impressive selection of cryptocurrency pairs is offered, there are some shortfalls when it comes to other asset classes with no bonds, interest rates or ETFs available to trade.
Level Up Trader does not provide futures products. If you wish to use this type of instrument then have a look at our OneUp Trader and The Trading Pit review for brokers that provide this.
Leverage
The leverage amount offered on forex, metals, oil and indices is capped at 10:1 while individual stocks are capped at 5:1 and cryptocurrencies at 2:1.
While these ratios are fairly low, given excessive leverage can rapidly lead to large losses, causing you to either fail the audition or have your funded account revoked, we don’t think it’s a huge deal.
Our Verdict on Markets and Leverage
We think Level Up Trading via their partnership with Eightcap offers a solid selection of assets and asset classes to choose from. This means no matter whether you’re predominantly focused on trading FX majors, cryptocurrency ‘alt-coins’, or technology stocks, you’ll be able to take the audition knowing you can trade the markets you know best
While the leverage offered is on the low side and some asset classes aren’t provided at all, we still ranked Level Up Trading fairly well for the Markets and Leverage category
Level Up Trading provides rapid customer service support with a live chat bot where you can speak to a real person almost instantly. They not only responded to direct questions but were eager to provide assistance in guiding us through the application process.
Additionally, they have a pretty robust FAQ section on their website which addresses all the core questions you might have as a prospective prop trader.
Our Verdict on Customer Service
We scored Level Up Trading well overall given they have a responsive and friendly customer service team who can be contacted immediately via their online chat. They’re also contactable via phone and email which is displayed on their website, alongside their office address.
While Level Up Trading doesn’t offer any educational materials, their partnership with Eightcap means funded traders can make use of the insights available via Eightcap Labs which provides a range of resources including e-books, guides and trading strategies.
We checked out the materials and can confirm they are well-written and cover a broad range of topics from cryptocurrency to indicators, and how to set up templates within the MetaTrader environment.
Eightcap also offers Trading Week Ahead and Trading Outlook sections which provide market analysis in video format, featuring perspectives from both guest and in-house analysts.
Our Verdict on Education
While Level Up Trading doesn’t have any educational materials on its website, its alliance with Eightcap means they do provide some indirectly.
Level Up Trading would have scored better for this section if they had their own materials, but they still received a moderate rating overall due to this partnership and the calibre of the materials offered on the Eightcap website.
Getting set up with Level Up is pretty straightforward. You simply choose your audition size, select your trading platform, purchase a plan and then start the audition. You’ll also need to tick that you’ve read and agree to the terms and conditions, refund policy or privacy policy. From here, you’ll be ready to start the audition.
We’ve broken down the specific steps with images below:
Log into Level Up Trading
And that’s it, you should now have access to the backend of Level Up Trading where you can explore the dashboard and interface. You’ll be able to see all your account details, trading performance, progress metrics, and more.
Getting Set Up With Level Up
When getting set up with Level Up you will need to provide all the required KYC information, complete a brief questionnaire to test your trading knowledge, and then upload your proof of identity documentation. If you get stuck or have questions along the way, you can speak to someone via their live chat feature fairly quickly.
Once you’ve submitted everything, you should have your account verified within 24 hours (our account was approved in 14 hours.) Either way, once you’ve received the all clear, you can proceed to load up MT4 or MT5.
The loading screen looks a little antiquated, but before you know it you’ll be in familiar territory when the MT4 dashboard fires up at which point. The final step will be to select whether you want to use a real or demo account.
As we have mentioned throughout this review, we think Level Up Trading is one of the fairest offerings in the market, chiefly because of its one-step evaluation phase and the removal of any time-based restrictions.
Additionally, their competitive pricing undoubtedly makes them an attractive choice, especially for those looking to get funded with a $100K account.
While they don’t have the most competitive profit target or maximum daily loss target, when considering the points mentioned above, we feel it’s more than a fair trade-off, especially if you are a position or swing trader.
This combined with the multiple accounts on offer, the ability to scale-up accounts during the audition phase, and the availability of discounts for re-sitting any audition, has led us to score Level Up Trading a 9.66 out of 10, cementing itself as the most attractive prop trading firm in the market, according to Compare Prop Firms.
