Reviewed by PropFirm201 Research Team·At a Glance
Pricing & Challenge Types
1-Phase Audition
1 phase · 75% profit split
| Account Size | Price | Target P1 | Daily Loss | Max DD |
|---|---|---|---|---|
| $25,000 | $250 | 10% | 5% | 8% |
| $50,000 | $400 | 10% | 5% | 8% |
| $100,000 | $700 | 10% | 5% | 8% |
| $250,000 | $1800 | 10% | 5% | 8% |
| $500,000 | $3500 | 10% | 5% | 8% |
| $1,000,000 | $6500 | 10% | 5% | 8% |
2-Phase Audition
2 phases · 80% profit split
| Account Size | Price | Target P1 | Target P2 | Daily Loss | Max DD |
|---|---|---|---|---|---|
| $25,000 | $250 | 8% | 5% | 5% | 8% |
| $50,000 | $400 | 8% | 5% | 5% | 8% |
| $100,000 | $700 | 8% | 5% | 5% | 8% |
| $250,000 | $1800 | 8% | 5% | 5% | 8% |
| $500,000 | $3500 | 8% | 5% | 5% | 8% |
| $1,000,000 | $6500 | 8% | 5% | 5% | 8% |
Lightning Audition
1 phase · 75% profit split
| Account Size | Price | Target P1 | Daily Loss | Max DD |
|---|---|---|---|---|
| $25,000 | $250 | 5% | 3% | 4% |
| $50,000 | $400 | 5% | 3% | 4% |
| $100,000 | $700 | 5% | 3% | 4% |
| $250,000 | $1800 | 5% | 3% | 4% |
| $500,000 | $3500 | 5% | 3% | 4% |
| $1,000,000 | $6500 | 5% | 3% | 4% |
Pros & Cons
Pros
- Offered large account sizes up to $1,000,000
- No minimum trading days on most audition types
- Multiple audition styles (1-Phase, 2-Phase, Lightning)
- EAs and news trading were allowed
- US-friendly firm based in Florida
Cons
- SHUT DOWN in May 2024 -- no longer operational
- Lost both MetaTrader and MatchTrader platform licenses
- Audition fees were non-refundable
- Standard profit split of 75% was below industry average
- No scaling plan was available for funded traders
Trading Rules
About SurgeTrader
IMPORTANT: SurgeTrader ceased all operations on May 24, 2024. The firm is no longer accepting new traders or processing payouts. This profile is maintained for historical reference only.
SurgeTrader was a proprietary trading firm founded in 2021 and based in Naples, Florida, United States. During its approximately three years of operation, the firm offered funded trading accounts ranging from $25,000 to $1,000,000 through what it called an "audition" process. SurgeTrader was one of the prop firms that gained popularity during the industry's rapid growth phase in 2021-2023, particularly among US-based traders who had fewer options due to regulatory restrictions affecting other firms.
The firm offered three audition types: a standard 1-Phase evaluation with a 10% profit target, a 2-Phase evaluation with 8% and 5% targets, and a Lightning audition with a 5% target but only 7 days to complete it. SurgeTrader differentiated itself by having no minimum trading days and no maximum time limits (except for the Lightning option), giving traders flexibility in how they approached the evaluation.
At its peak, SurgeTrader held a 4.2-star rating on Trustpilot and attracted traders with its large maximum account sizes and US-friendly status. However, the firm ultimately could not survive the platform licensing challenges that hit the prop trading industry in 2024.
How SurgeTrader Works
Note: SurgeTrader is no longer operational. The following describes how the firm worked before its closure.
SurgeTrader's evaluation process was called an "audition" and worked as follows:
Step 1 - Choose an Audition: Traders selected from three audition types (1-Phase, 2-Phase, or Lightning) and one of six account sizes ($25K to $1M). They paid a one-time audition fee ranging from $250 to $6,500.
Step 2 - Pass the Audition: Traders needed to hit the profit target while staying within the daily loss limit and maximum drawdown. There were no minimum trading days (except Lightning, which had a 7-day limit) and no maximum time limits on the 1-Phase and 2-Phase auditions.
Step 3 - Get Funded: Upon passing, traders received a funded account and could trade with the firm's capital. Profits were split 75/25 (1-Phase/Lightning) or 80/20 (2-Phase) in the trader's favor. An add-on was available to increase the split to 90/10 for an additional fee of 20% of the audition cost.
The firm used MatchTrader as its sole trading platform after being forced to migrate away from MetaTrader due to MetaQuotes suspending licenses for prop firms.
Pricing & Plans
| Account Size | Audition Fee | 1-Phase Target | 2-Phase Targets | Lightning Target |
|---|---|---|---|---|
| $25,000 | $250 | 10% | 8% + 5% | 5% |
| $50,000 | $400 | 10% | 8% + 5% | 5% |
| $100,000 | $700 | 10% | 8% + 5% | 5% |
| $250,000 | $1,800 | 10% | 8% + 5% | 5% |
| $500,000 | $3,500 | 10% | 8% + 5% | 5% |
| $1,000,000 | $6,500 | 10% | 8% + 5% | 5% |
Profit Split:
- 1-Phase: 75% (upgradeable to 90%)
- 2-Phase: 80% (upgradeable to 90%)
- Lightning: 75% (upgradeable to 90%)
- 90% add-on cost: 20% of audition fee
Leverage:
- Forex/Metals: up to 1:50
- Indices/Commodities: 1:10
- Crypto: 1:2
Rules & Restrictions
- Daily Loss Limit: 5% (1-Phase and 2-Phase), 3% (Lightning)
- Maximum Drawdown: 8% (1-Phase and 2-Phase), 4% (Lightning)
- Drawdown Type: Trailing (1-Phase and Lightning), Fixed (2-Phase)
- Minimum Trading Days: None (1-Phase and 2-Phase), None (Lightning)
- Maximum Trading Days: No limit (1-Phase and 2-Phase), 7 days (Lightning)
- News Trading: Allowed (stock earnings positions had to close by 3:50 PM ET)
- Weekend/Overnight Holding: Allowed
- Expert Advisors: Allowed (except high-frequency and latency arbitrage strategies)
- Copy Trading: Not permitted
- Scalping: Allowed
- Hedging: Allowed
- No free retries: A 20% discount was available for repeat attempts via affiliate links
Payouts
Before its shutdown, SurgeTrader processed payouts on a bi-weekly basis. Available payout methods included bank transfer and cryptocurrency. The standard profit split was 75% for 1-Phase and Lightning auditions and 80% for 2-Phase auditions, with the option to upgrade to 90% by paying an additional fee equal to 20% of the original audition cost.
As of May 24, 2024, SurgeTrader is no longer processing any payouts or operating any funded accounts.
Is SurgeTrader Legit?
SurgeTrader shut down on May 24, 2024, and is no longer operational. The firm's closure was triggered by a chain of events in the prop trading industry:
-
MetaQuotes License Revocation: MetaQuotes began suspending MetaTrader 4/5 licenses for prop firms servicing US investors, forcing SurgeTrader to abandon its original platform.
-
Migration to MatchTrader: Like many affected firms, SurgeTrader migrated to MatchTrader as an alternative platform.
-
MatchTrader License Termination: Just one week after the MetaTrader issue, Match-Trade Technologies also terminated SurgeTrader's platform license due to an unresolved dispute.
-
Full Shutdown: Without a viable trading platform, SurgeTrader announced it had "closed and ceased all operations."
While SurgeTrader was operational, it held a 4.2-star rating on Trustpilot. However, the sudden shutdown left many funded traders without access to their accounts or pending payouts. The firm's website (surgetrader.com) is still online but no longer functional. Traders should be aware that this firm is completely defunct and no new accounts or evaluations are available.
FAQ
What is SurgeTrader?
SurgeTrader was a US-based proprietary trading firm that operated from 2021 to May 2024. It offered funded accounts from $25,000 to $1,000,000 through a single-phase or two-phase audition process. The firm shut down in May 2024 after losing its trading platform licenses.
How much does SurgeTrader cost?
SurgeTrader is no longer operational. When it was active, audition fees ranged from $250 for a $25,000 account to $6,500 for a $1,000,000 account. These fees were non-refundable.
What is SurgeTrader's profit split?
When operational, SurgeTrader offered a 75% profit split on 1-Phase and Lightning auditions and 80% on 2-Phase auditions, with the option to upgrade to 90% for an additional fee.
Does SurgeTrader allow EAs/bots?
SurgeTrader is no longer operational. When active, EAs and automated trading were allowed, with the exception of high-frequency trading and latency arbitrage strategies.
Is SurgeTrader available in the US?
SurgeTrader is no longer operational. When active, it was based in Naples, Florida and was fully available to US traders. The firm shut down in May 2024 after losing its MetaTrader and MatchTrader platform licenses.