Rule
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Challenge Phase 1
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Challenge Phase 2
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Notes
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Profit target
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8% - Classic
10% - Boost
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5% - Classic
5% - Boost
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- The user passes the Challenge Phase as soon as the respective profit target is reached, provided they have also reached minimum trading days required, and have not violated any other conditions stated here or in the Terms and Conditions.
- Upon passing Phase one, the trading account used for that Phase is locked. The user is issued a new trading account for Phase two.
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Daily loss limit
(Applicable to Classic only)
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5%
Always a static value for the trading day, calculated as 5% from the previous EoD Equity value on the Account
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- Violating this limit is a hard breach, meaning loss of challenge account access.
- The daily loss limit is the maximum amount (measured in account equity) that the account can lose on any given day. The daily loss limit is set for the day as the stated percentage (i.e 5%) of the previous day’s end of day Equity value on the account at 17:00 EST.
- The daily loss limit will not be adjusted intraday. If the account equity reaches a new high watermark level from profitable positions (Realized or Unrealized) on that day, it will not affect the daily loss limit on that trading day.
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Daily loss limit
(Applicable to Boost only)
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5%
Always a fixed amount of 5% from the Initial (starting) balance of the Account.
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- Violating this limit is a hard breach, meaning loss of challenge account access.
- The daily loss limit is the maximum amount (measured in account equity) that the account can lose (including unrealised losses/ profit and swaps) on a given day. The Daily Loss limit is measured as a fixed amount of 5% of the starting balance for a Boost type challenge. The daily loss limit is tracked for the day starting from 17:00 EST
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Daily max profit limit
(Consistency rule)
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5%
(Classic and Boost)
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2%
(Classic and Boost)
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- Upon reaching this limit, all open positions will be closed and trading will be disabled until the following day
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Maximum drawdown limit - Trailing
(Applicable to Classic only)
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10% - from new High Watermark balance update (Realized PL on the account)
(Trailing - hard breach)
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- Violating this limit is a hard breach, meaning loss of Challenge account access.
- This is the limit on the maximum loss a user can sustain in the lifetime value of their Challenge account in each Phase.
- The loss limit is calculated versus the maximum value of the account over time. The limit is a percentage of the user’s starting account value.
- This limit is a “trailing” limit, meaning it is calculated versus a high water mark which increases as the value of the account balance increases. However, the breach level is capped at the initial funding amount of the account.
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Maximum drawdown limit - Static
(Applicable to Boost only)
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10% from Initial Balance
(Static - hard breach)
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- Violating this limit is a hard breach, meaning loss of Challenge account access.
- This is the limit on the maximum loss a user can sustain in the lifetime value of their Challenge account in each Phase.
- Breach level will remain fixed (static) at 90% of the initial balance and triggered when account equity reaches that level (Includes unrealised losses/ profits, swaps, dividends.)
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Max leverage
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Up to 100:1 for FX and Gold
Up to 50:1 for CFD Indices, and CFD Commodities
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- Leverage shown here is the maximum available on any instrument.
- Positions will be assigned to a tiered margin structure depending on instrument and size of position converted to USD amount
- See the following table in this document for details per instrument.
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Min trade size
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0.01 lot for FX, Metals
1 lot for 1 CFD Index
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- One mini lot, or one index
- See the following table in this document for details per instrument
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Retry discount
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20% on 5k - 50k accounts
10% on 100k - 500k accounts
(Applicable to Classic plans)
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- Users who attempt a Challenge and do not pass will be eligible for a discount on the fee paid to retry the same Challenge
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10% on all accounts
(Applicable to Boost plans)
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Inactivity time
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30 calendar days
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- This is the maximum number of consecutive days a user can be inactive (not place an opening or closing trade) and maintain access to the Challenge account.
- The period starts from the date of the purchase of a challenge and then restarts on any date of trading activity.
- Inactivity over 30 calendar days is a hard breach: users who are inactive (no trades placed) for 30 consecutive days lose Challenge account access, and the account is closed.
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News Trading
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Restricted
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Avoid opening new trades or closing existing trades around major news events:
- No opening or closing trades 2 minutes before and 2 minutes after the news release.
- This includes all trading operations from processing Market Orders, (Open and Close trades), EA activity, Entry Stops, Entry Limit orders.
- Positions closed from triggered Take Profit and/or Stop Loss orders are not counted as soft-breach.
- Any modification of Stop Loss, Take Profits, Entry Stops or Entry Limit orders is not restricted
Consequences of opening or closing positions during the restricted window
- Any newly opened positions in the 4-minute window will be automatically closed
- A soft breach will be notified via email for all Phase 1, Phase 2, and Signal Providers accounts
- You can resume trading immediately after a soft breach, however, please take note of the following Account-Specific Rules:
Account-Specific Rules
- Challenge account (Phase1 & Phase2): No hard breaches will be imposed
- Signal Provider account: The third soft breach will result in a hard breach and the account will be terminated.
News Trading is a forbidden practice as stated in our Terms and Conditions, and can result in profit removal and/or account termination. To locate major economic news events, please refer to:
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Holding Positions during News
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Allowed
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- Trading strategies must not violate the rules described in Rules of Trading and Forbidden Trading Practices as found in the Terms and Conditions
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Copy Trading
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Partly Allowed
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- Using OANDA Prop Trade Account as Master account where trades can be copied from is allowed.
- Copy trading into OANDA Prop Trader Account from external accounts (including any other OANDA Prop Trader accounts by the same user would be considered a violation of the trading rules and may result in the trading account being breached.
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Flatten on Friday?
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Not required
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- Users are not required to flatten/close all open positions each weekend.
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StopLoss required
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Not required
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- Users are not required to place StopLoss orders on all positions.
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Refund of Challenge Fee
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Available on first profit share payout
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- Users who successfully pass Phase 2 of the challenge and become Signal Providers are eligible for a refund of the fee they paid for the most recent challenge they completed (and only this fee). The refund will be paid with (and not before) the payout of the first profit share according to the payout rules specified for Signal Providers. Signal Providers who do not generate a profit share payout will not receive a refund.
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Min payout amount
(At the signal provider stage)
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Minimum $200
(for All Classic plans)
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- This is the minimum amount that a signal provider can request as a payout.
- The actual amount paid to an OANDA Global Markets account will then be adjusted by the profit share percentage.
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2% of the initial balance
(for All Boost plans)
$200 - for 10k plan
$1,000 - for 50k plan
$2,000 - for 100k plan
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Max capital allocation
(only applicable to Classic plans)
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$500,000
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- This is the maximum virtual capital that can be allocated to a signal provider account. Signal providers can only have one signal provider account active at any given time. If a user successfully completes multiple assessments (OANDA Prop Trade Challenges), the virtual capital will be merged in a single account up to a maximum of $500,000. If a user completes an assessment that would result in the virtual capital allocation being greater than $500,000, the capital will not be merged into or allocated to a virtual account until such time as the user no longer has an active allocation, and a new virtual allocation will be created.
- Please note, only Classic accounts can be merged.
- Boost Plans can not be merged.
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