E8 Funding, the last big addition to the Forex proprietary firm industry. With their bunch of lucrative offerings and legitimacy to the forex industry, they have successfully created hype apart from all the big names. So, we at MyForexReport, joined them to test their claims and all the other benefits they promise and advertise.
Hello forex traders and enthusiasts! This is Richard Gibson, the senior trade analyst of MyForexReport. Today, I’m going to share with you our experience with E8 Funding. You’ll find Anna in some places of this review since she did a brilliant job going through this write-up review.
However, knowing a forex service provider before using their services is important, so we studied their history and credibility among the trader’s community. Our core interest initially was to find out..
Last Updated on February 6, 2024 by Richard Gibson
The Background of E8 Funding
We found E8 Funding to be based in the USA, having other offices in Dallas and Texas. Besides the USA, we have also discovered their offices in Prague, Czech Republic. According to their social media and website, they commenced their forex traders funding program on November 5, 2021. It might not be a long time, but it’s neither too less to impact the proprietary funding business in the Forex Funding Industry.
In the following sections, you’ll find our experience with E8 Funding and if we recommend you to take their service.
E8 Funding Legal Information:
| Business Name | E8 FUNDING, LLC |
| Texas Tax ID | 32079163724 |
| CEO | Dylan Elchami |
| Commenced Operation | 05 November 2021 |
| Organizational Type | TEXAS LIMITED LIABILITY COMPANY |
| Record Type | Secretary of State (SOS) File Number |
| State of Formation | TX |
| Country | USA |
| SOS or COA File Number | 0804058195 |
| Mailing Address | E8 Funding LLC 100 Crescent Ct, Unit 700, Dallas, TX 75201, United States |
To begin with, firstly we needed to know about their account type and how they work. We went onto their website to check the flow of funding for traders.
E8 Funded Account Types
They have a very interesting account solution, they offer three different types of accounts E8 Account, ELEV8 account and E8 Track Account. We found E8 Account to be the fastest one to start with while the ELEV8 Account needs one to pass Phase 2 of the traders’ competency evaluation process and E8 Track accounts need one to pass phase 3.
Ohh.. sorry, I didn’t introduce you to their traders’ competency evaluation process.
We found them having 2 phase traders’ competency evaluation process. In phase 1, we were given a trading objective to achieve within 30 days. In this phase, the rules were not too strict but a true trader who has knowledge of risk management and solid trading strategy would pass quite easily. They even allowed drawdowns to a certain limit.
According to my experience in forex trading and having operated others prop firm’s accounts I found E8 Account quite convenient in pricing. Though it starts only at $228 for a $25k account, I started with a $100k account that cost us $588. We choose this particular account size totally to check the risk factors involved in choosing a larger size account. However, you can choose any of their E8 Account from the offered four types. You may now think that…
What is the difference between E8 Account and ELEV8 Account?
The basic difference is that for E8 Account you’re starting with an account size of as little as $25K but ELEV8 Account offers you to start with directly at $100K. The Trader’s competency rules are still the same here. You have to pass the same objectives like the one in the E8 Account. The benefit of choosing ELEV8 Account is that if you can maintain the objectives well, your account will be boosted with $100K more after 30 days. Moreover, there is no fixed trading period and no profit target to be worried about. We never had to deal with trades that would take us at risk of breaching our 8% loss limits in either of the account types we traded on, and we never had to lose more than 5% daily.
I would take this opportunity to thank my boss David for his continuous support throughout the trading period and MyForexReport team of traders.
The difference between E8 Track and E8 Account
The E8 Track program is a 3-phase evaluation with a lower cost of entry for traders who have demonstrated that they are capable of managing capital and are willing to pass through an extra phase of evaluation. E8 Track has an additional evaluation phase, which is the only difference between the two evaluation models.
You can generate 80% profit on their funded E8 Track account if you follow the account’s objectives and rules. The daily drawdown is calculated by deducting 5% from the initial balance or scaled balance of the account. A payout will be eligible after eight trading days, and profit splits after 14 days.
E8 Funding Size and Pricing
| Account Types | E8 Account | ELEV8 program | E8 Track |
| Account Size & Fee | $25,000 (Fees: $228) $50,000 (Fees: $338) $100,000 (Fees: $588) $250,000 (Fees: $988) | $100,000 (Fees: $888) | $25,000 (Fees: $138) $50,000 (Fees: $208) $100,000 (Fees: $358) $250,000 (Fees: $598) |
I believe it’ll be helpful to you if I share the evaluation phases with you in detail. It will certainly be working like a guide to you and many more.
E8 funding evaluation phases
| Maximum Trading Day | From our experience, we found 30 trading days for phase-1 evaluation while we got 60 days of trading days for phase-2. A trader has to hit the trading objectives within those periods. |
| Maximum Daily Loss | E8 allows a trader to have a maximum daily loss of 5%. If you breach this tool then your account will be affected in the further trading process. |
| Maximum Loss | Maximum loss to the entire trading journey is scaled from 8% to 14%. We have seen that this number is adjusted according to the trader’s performance. |
| Profit Target | Throughout the evaluation period a trader must hit 8% profit in phase-1 and for phase-2 it is around 5%. If you don’t hit the profit target, you’ll not be able to pass the evaluation process. |
| Copy Trading | Copy trading and social trading are highly discouraged by E8 Funding. They advise traders to stick to a single trading strategy because switching between strategies while trading is against their trading rules, and if they detect it happening to any of their accounts, they may disqualify the trader’s account. |
| Trading on Expert Advisor | Traders are allowed to trade with any indicator they like. Discretionary trading, hedging, algorithmic trading, and Expert Advisors; you may choose to use anything you like according to your strategy. However, E8 Funding discourages having high-frequency EA. They won’t bother you unless the same EA is used by multiple traders, this is probably because they want a diversified risk proportion. |
E8 Funding Spreads
You don’t have to go down to their website and sign up now to know about E8’s spread,. Since we’ve traded with them, here is how we found their spreads to be in different instruments.
E8 Dashboard Tour ( Real Account ):
E8 Funding being a very new fund provider in the forex prop firm industry has a very attractive, well-organized, informative, and seamless Dashboard for traders. According to our experience, we’ve got a very decent user-friendly dashboard from them. A disorganized user interface is a common issue traders encounter when exploring a prop firm dashboard, however, E8 Funding has set a standard in this regard. It would be simple for any trader to find the information they need.
Payment Proof and Profit Split
If you’re reading this article this far, it’s our core responsibility to introduce you to the E8 Funding payment proof and profit splits. As of my experience against their promised up to 80% profit share, here is how it went with us. Since I trade for MyForexReport, you might have expected that I would get additional benefits throughout my trading period. Sadly, they didn’t give me any additional advantages in addition to their standard services.
E8 Funding Education, Tools, and Application
It was shocking for me not to find any educational content on their website, youtube channel, and social media. Generally, every forex service regardless of their field of work provides educational content for traders. I really don’t know why they didn’t choose to provide content for the traders. However, we do care about traders, which is why you can get a huge collection of blogs and videos here as well as on our YouTube channel.
Throughout the journey, we didn’t find any tools that should’ve been there to assist in better decision-making. Pip Calculator, Lot size calculator or other forex calculators should’ve been there, but it wasn’t there. There were only economic calendar tools we found in the dashboard, I’m not really sure if we can call Economic Calendar a tool!
However, they provide an mt4 platform inside the dashboard. It runs smoothly throughout our trading period.
Besides, E8 has an app for iPhone and Android users. Their app is not easily gettable, we had to go out to their support to find out how to do it. Here is how you can download the E8 funding app…
Trading Assets and Instruments
There are not many prop firms that provide complete trading instrument solutions. In my experience, E8 Funding is listed among those few who offer so. We found them providing Forex, Commodities, Indices, Equities, and Cryptocurrencies to trade with their funded money.
Reputation and E8 Funding Reviews
The reputation of a fund provider is probably one of the most important factors for traders like us, since a badly reputed company may trap you and get you scammed. We, at MyForexReport, always take on such matters carefully. After that Funding Talent thing, we had to do it in a more extensive way. Regarding E8 funding reputation, we have gone through every possible web attribute, since they were new(est. 2021), we made thorough research before we subscribed them for trading with their fund.
E8 Trader Experience:
It’ll be biased to share only our experience trading with E8’s Funding, but we don’t want that happening. So we look for some other E8’s funded traders to know about their journey. We found Tim Wade and Erin Smith agreeing to share their E8 experience with us for the purpose of this review. We won’t go into detail about their experience, but in the following screenshot of our conversations with them, you will find how.
Trader Tim Wade:
Trader Erin Smith:
E8 Funding Trustpilot:
Since TrustPilot is considered to be the most dependable site for individual review, we, for the purpose of this review, also investigated E8 Funding’s profile there for more opinions by traders.
Video Review of E8 Funding
E8 Funding Customer Support
Throughout this E8 Funding review process, we were in continuous contact with E8 Funding through their website live chat support, and email for some information and material support. They have a limited time scheduling for live customer support and the timing is Monday-Friday: 5 AM – 5 PM CST. Their weekend is scheduled from 8 AM – 2 PM CST. Martin and Jerry, we found both of them very active in replying. They barely replied after 3 minutes.
E8 Alternatives
It’s been almost a year since E8 Funding launched their operation. Many traders may be wary of a new prop firm because there is some risk involved, which is true. But the offerings of such new prop fund providers can get past the ones of top-tier ones. So we tried to compare the top-tier alternatives of E8 Funding, and this is how it looks.
E8 VS FTMO:
| Trading Features | E8 Funding | FTMO |
| Phase 1 Profit Target | 8% | $1000 |
| Phase 2 Profit Target | 5% | $500 |
| Maximum daily loss | 5% | $500 |
| Maximum Loss | 8% | $100 |
| Minimum trading days | NA | 10 Days |
| Leverage | 1:100 | 1:100 |
| Profit Split | Up to 80% | Up to 90% |
| Minimum Account Opening Fees | $138 Account Size: USD 25,000 | $162 Account Size: USD 10,000 |
| Maximum Account Opening Fees | $598 Account Size: USD 250,000 | $1080 Account Size: USD 200,000 |
| EA Trading | Allowed(at your own risk) | Allowed(at your own risk) |
| News Trading | Allowed | Allowed |
E8 VS MyForexFunds:
| Trading Features | E8 Funding | MyForexFunds (MFF) |
| Phase 1 Profit Target | 8% | 8% |
| Phase 2 Profit Target | 5% | 5% |
| Maximum daily loss | 5% | 5% |
| Maximum Loss | 8% | 12% |
| Minimum trading days | NA | 10 Days |
| Leverage | 1:100 | 1:100 |
| Profit Split | Up to 80% | Up to 85% |
| Minimum Account Opening Fees | $228 Account Size: USD 25,000 | $49 Account Size: USD 5,000 |
| Maximum Account Opening Fees | $988 Account Size: USD 250,000 | $979 Account Size: USD 200,000 |
| EA Trading | Allowed(at your own risk) | Allowed(at your own risk) |
| News Trading | Allowed | Allowed |
Things That E8 Should Improve
E8 Funding as a new prop firm offers a number of options for traders to make their trading journey easier, on the other hand of the story, after talking to many E8 Funded traders and our own experience, we’ve identified a few factors, which, if could be improved, would result in a 100% trader satisfied proprietary trading firm.
- Office Image
E8 Funding’s team and office pictures are not featured on their website. Even if we only got a few pictures of them online and on their telegram channel, in my experience as a long-time trader in this industry, posting pictures of their workplace on social media and their website will increase their credibility among traders. By doing so, they would gain the same level of market credibility and acceptance as top proprietary firms and their other competitors.
- 24/7 customer support
Most of the proprietary firms now make their customer support available 24/7, E8 Funding Customer Support, however, is only available to a certain time schedule. We believe if they can make it 24/7 and solve trader’s issues and the queries of interested people, they would certainly be appreciated over other proprietary firms.
- Discord server
The most recent innovation in creating its own trading community inside the prop firm sector is the use of a discord server. Prominent prop firms like E8 Funding not having a trendy social community platform like Discord is a drawback in my sense. They might not consider it as a platform for growth! However, they should use such a trendy and demanding community for growth.
- Trader friendly pricing
Pricing for E8 Funding is relatively expensive in comparison to both contemporary competitors and established prop firms. An aspect to take into account for long-term growth in the number of traders under their belt would be providing funds at a traders-friendly fee structure. If they don’t emphasize on improving, even in their account funding fees, they risk being outperformed by others in the fiercely competitive market.
Is E8 Funding Legit or Scam?
Since you have already read this far, you may not have this question roaming around your mind. E8 Funding with our investigation has legit proof of being a US entity. They are formed under the jurisdiction of Texas Limited Liability Company. Besides, we could explore E8 Funding offices and their activity for the traders that don’t show anything suspicious as of now.
E8 Funding Review Conclusion:
E8 Funding being a new prop firm, offers lots more benefits than other contemporary prop firms are lacking. Their account types and the traders’ friendly evaluation phases have taken their acceptability to another level. Since they’re transparent about their commitment and promises, we’ve seen them follow up if the traders are facing difficulties in trading and through the funding process. We encourage you to trade with them because we discovered them to be reliable in terms of timely payouts, clearly fast funded account processing, and the reasons we’ve already stated above.
Happy Trading! ❤
E8 Funding Frequently Asked Questions
Read the detailed E8 funding FAQ section updated for 2022.
Does E8 have any discord server for traders?
No, E8 Funding currently doesn’t have any discord server like their other competitors
Can I try E8 for free?
Yes, you can try the E8 Funding trial account for free to gain prior knowledge of what you’ll be getting out of them and how it feels to be trading with them
How fast can I get an E8 funding account?
If you want to get a real E8 Funding account, you’ll have to pass their evaluation phases. Once you get over the evaluation period, you’ll be funded by them within no time.
Does E8 have any country restrictions?
No, as of now and from our own experience we couldn’t find any country restriction from their side. But if it is not legal in your country to trade forex, crypto, and other instruments then, E8 might not help you as well. For further details on that you may directly contact their support.
Are the E8 fees refundable?
Yes, E8 Funding fees are refundable with conditions.
Does E8 offer a scaling account?
Two different scaling options are offered by E8 Funding. For traders who desire to swiftly boost their trading balance, their ELEV8 Program is the most aggressive scaling option. The scaling method used by all other E8 Funded accounts is more conservative, rewarding consistency while allowing you to increase your account balance at your own pace.
At the end of each trading session, you must request your profit share, after which they will send you 80% of the earnings you have made and add the remaining balance to your account to expand its size.
How can I withdraw my E8 Profit?
At the end of your 14-day trading term, you have to request a payout at https://e8x.e8funding.com/funded-center/withdrawal in order to withdraw your E8 Funding profit. In our experience, they processed the request promptly. Our experience is that the initial payment became eligible after 8 calendar days. Within 14 days, you can make any subsequent withdrawal requests. In your E8X Dashboard, you may view the day that you are currently eligible for a withdrawal. The payouts are processed in 1-2 business days.
