Frequently Asked Questions

How can I qualify to become a WFYT funded trader?2023-08-23T10:05:44+00:00

WFYT offers trading opportunities for anyone aged 18 and over. If you demonstrate consistent profitability and disciplined risk management through our WFYT Audition, you can qualify to become a funded trader, leveraging our capital for your trades.

How can I start my journey as a WFYT funded trader?2023-08-23T10:06:34+00:00

To embark on your journey as a funded trader, simply select the assessment level that best suits you and undertake the WFYT Audition. This audition will assess your trading skills, profitability and risk management strategies. Upon successful completion of the audition, we’ll provide you with a funded account. It really is that simple.

How can I qualify to become a WFYT funded trader?2023-12-15T16:44:20+00:00

WFYT offers trading opportunities for anyone aged 18 and over. If you demonstrate consistent profitability and disciplined risk management through our WFYT Audition, you can qualify to become a funded trader, leveraging our capital for your trades.

Why should I consider becoming a WFYT funded trader?2023-12-15T16:44:20+00:00

If you’ve honed your trading skills through hours of market study and have successfully demonstrated profitable trades, you might be facing the common challenge of undercapitalisation. This is where becoming a WFYT funded trader comes in. Our model allows you to keep up to 85% of your profits and protect your investments as all losses are covered by WFYT. Imagine if your trading skills resulted in a 30% return one month. With a small personal investment, this might not seem significant. However, by managing a large account like $200,000, this return suddenly becomes much more attractive, especially when you retain up to 85% of it. It’s worth noting that trading is inherently risky, and all traders have periods of break-even or loss. WFYT mitigates this by covering all losses and imposing rules that enhance risk management, whilst still allowing your trading strategies to flourish.

What amount of capital will I be managing as a WFYT funded trader?2023-12-15T16:44:21+00:00

The capital you’ll be managing as a funded trader will be equivalent to the amount you handled during the WFYT Audition. For instance, if you demonstrated your trading skills with a $200,000 demo account during the audition, you would then be trusted with managing $200,000 of our capital in your funded account. All WFYT Audition accounts are demo accounts using virtual funds.

How is the daily loss limit determined?2023-12-15T16:44:21+00:00

At WFYT, the daily loss limit is calculated based on the ending equity balance of your account from the previous day. For instance, if your previous day’s closing equity balance was $100,000, the daily loss limit would be activated once your account equity drops to $95,000 within a day. It’s important to note that our daily stop-out level is percentage-based, not fixed, which means as your account grows, so does your daily stop limit. For example, if you grow your account from a $100,000 equity balance to $110,000, the daily stop out level increases from $5,000 to $5,500. Remember, all accounts are subject to the daily loss limit and max trailing drawdown rules in place at the time of purchase; any subsequent rule changes will not apply retroactively.

Can you explain slippage and its potential impact on my account?2023-12-15T16:44:21+00:00

Slippage refers to the disparity between the expected trade price and the actual execution price. At WFYT, we ensure your trades are filled at the projected price, thereby not passing any slippage on to your execution price.

How should I manage tax obligations on my trading profits?2023-12-15T16:44:21+00:00

The responsibility for meeting all relevant tax obligations in your country or region lies with you. It’s essential to keep track of and comply with your local tax laws regarding trading profits.

What will be the size of the account that I will be managing?2023-12-15T16:44:22+00:00

Traders will handle a live account balance that corresponds with the amount chosen during the WFYT Audition. Once a trader successfully completes the audition and the results have been verified, they will receive access to a live account. This account entitles the trader to keep up to 85% of all generated profits.

What does the legal relationship between a trader and WFYT entail?2023-12-15T16:44:22+00:00

The legal relationship between a trader and WFYT is governed by the contractual agreement that you accept upon signing up for your audition. This agreement is legally binding for both parties.

Are there any hidden or recurring fees involved?2023-12-15T16:44:22+00:00

No, there are no hidden or recurring charges. The only fee is the one-time payment for the WFYT Audition. You won’t be asked to pay any ongoing monthly fees.

Can I manage multiple accounts?2023-12-15T16:44:23+00:00

Yes, traders can manage multiple funded accounts, subject to an overall funding limit of $600,000. However, each account per audition tier must be unique. For example, if you’re managing a $100,000 account and wish to trade with a higher amount, you can apply for an additional $50,000 account by taking a $50,000 WFYT Audition.

When will I receive my account after paying for my WFYT Audition?2023-12-15T16:44:23+00:00

Once you’ve completed the payment for your WFYT Audition, your account credentials along with a platform download link will be sent to your email within a matter of minutes.

What payment options are provided?2023-08-24T13:19:49+00:00

At WFYT, we offer a wide array of payment methods, accepting all major credit and debit cards as well as direct wire transfers.

Why does WFYT charge a fee for the audition?2023-08-24T13:19:49+00:00

The fee charged for the WFYT Audition is in place for several reasons. Primarily, it helps cover our operational expenses, including technological platforms, personnel, customer service, marketing, and other crucial costs that contribute to a robust company. Furthermore, the fee ensures traders are committed to disciplined trading practices. The “skin in the game” concept encourages traders to manage their account responsibly. Notably, the audition fee is the only capital at risk for traders, as losses on live funded accounts are covered by WFYT. This fee also filters out and attracts only serious, profit-generating traders, fostering a strong WFYT community. Ultimately, we believe that the WFYT programme offers valuable service and the fee supports a beneficial, symbiotic relationship.

Is the assessment carried out on a demo account?2023-08-24T13:19:49+00:00

Indeed, the assessment takes place on a demo account. This allows us to evaluate your consistent trading skills without any capital risk. Unlike typical demo accounts, our evaluation accounts mirror the performance of live market conditions. However, as this phase is solely for assessment purposes, withdrawal of profits is not permissible.

Can I use Copy Trading during the evaluation process?2023-09-14T15:33:05+00:00

Copy Trading is not permitted during the evaluation stage if the intention is to pass the evaluation by mirroring another’s trades, whether from your evaluation accounts or from others. Traders found engaging in such practices may face review and potential breach of agreement, leading to the loss of the funded account.

How does the Evaluation Fee Refund work?2023-12-15T16:44:20+00:00

At WFYT, we value your success and demonstrate this by refunding your evaluation fees. This refund is processed once you make your first profit withdrawal from your live funded account.

Do Funded Traders sign a contract with WFYT?2023-08-24T13:19:49+00:00

Absolutely, all funded traders enter a contractual relationship with WFYT. A service agreement is required to be signed by each trader before a funded trading account is assigned.

What is the maximum number of accounts I can hold?2023-12-15T16:39:30+00:00

You are free to hold as many evaluation accounts as you wish. However, we limit the funding to three live accounts at any given time. The total funded account size across multiple accounts can’t exceed $600,000. Trading the same markets simultaneously on more than one account constitutes a breach of our terms and conditions.

Which brokerage service does WFYT use?2023-08-24T13:19:53+00:00

We rely on Capital Index for brokerage services.

Is WFYT a brokerage firm?2023-08-24T13:19:53+00:00

No, WFYT is a proprietary trading firm. We do not accept deposits from traders for trading their own funds. As a trader, you don’t put your capital at risk and aren’t liable for losses incurred on live funded accounts.

What are the trading rules for funded accounts?2023-09-28T14:40:43+00:00

The trading rules for funded accounts closely mirror those of the evaluation stage. The same risk parameters apply to both the evaluation phase and funded accounts, except for the profit target rule which is removed.

Can I make payments through a third party?2023-08-24T13:19:53+00:00

We do not accept payments made through a third party’s card/account. All evaluation purchases must be made by the card holder themselves.

Is prior experience a prerequisite to apply?2023-12-15T16:44:18+00:00

While you don’t need experience to purchase and attempt a funding evaluation, it is advisable. Without trading experience, the likelihood of successfully passing an evaluation is significantly lower.

How is the Daily Loss calculated?2023-12-15T16:44:18+00:00

Initial Equity and Drawdown Limit: Starting with an equity of 100k, a trader has a daily drawdown limit of 5%. This implies they can’t let their equity drop below 95k on that day without breaching their challenge.

Profitable Day without Rollover: If, during the same trading day, a trader’s equity rises to 103k before rollover occurs, the daily drawdown limit remains anchored to the initial equity, meaning it’s still at 95k.

Profitable Day after Rollover: If a trader closes the day with an equity of 103k and the rollover takes place, the daily drawdown for the next trading day is recalculated based on this new equity value. Thus, 5% of 103k is 5150. For the next day, their equity shouldn’t go below $97,850.

Losing Scenario: Similarly, if the equity drops, the daily drawdown will be adjusted based on the closing equity of the day after the rollover.

Dashboard Update: Traders can keep track of their daily drawdown limits, which are continuously updated in the dashboard under the “performance” tab.

What are the minimum trading days?2023-12-15T16:44:18+00:00

The minimum number of trading days is 5 for both Phase 1 and Phase 2 of the evaluation.

Is funding guaranteed upon completion of all trading objectives?2023-12-15T16:44:19+00:00

Absolutely. If all required trading objectives are met within the specified time frame without any rule violation, the trader successfully passes the evaluation phase and transitions to a live funded account.

What is the maximum capital allocation?2023-12-15T16:44:19+00:00

The maximum capital allocation is $600,000, spread across a maximum of three accounts.

Are there profit targets on funded accounts?2023-12-15T16:44:19+00:00

No, once you are a funded trader with WFYT, there are no profit requirements. However, you are expected to maintain the same level of risk as per the funding plan.

Is there a minimum profit target before I can withdraw from a funded account?2023-12-15T16:44:20+00:00

Your first withdrawal should be equivalent to the challenge fee, as it is refunded on your first withdrawal. Subsequent withdrawals should be a minimum of $100.

What are the implications of rule violation?2023-08-24T13:20:00+00:00

The outcome varies depending on the specific rule violated. Some breaches may be classified as soft breaches, others as hard breaches leading to account failure. Certain violations could result in a complete ban from our platform and funding services.

What is the maximum total loss allowed?2023-08-24T13:19:57+00:00

The maximum loss is 10% of the initial starting balance. For example, for a $100k evaluation, the maximum loss is $10,000. This rule is violated if the account balance or equity drops to $90,000 or lower at any time.

Are there trade size limits during the evaluation?2023-08-24T13:19:57+00:00

There are no maximum trade size limits during evaluation, provided you have sufficient funds for margin requirements.

What is our profit split?2023-11-02T13:34:58+00:00

For the first three payouts of the live funded account, we offer an 80% share of profits made on the funded account. From the fourth payment onwards, the profit share is increased to 85%.

What happens if a rule is broken on a funded account?2023-08-24T13:19:57+00:00

The outcome depends on the specific rule broken. For instance, accounts found using a prohibited strategy can result in funded account termination & potential ban from our services and funding. Breaching the max daily loss rule can lead to a funded account closure.

Are the accounts provided live or demo?2023-11-15T20:44:12+00:00

All accounts we provide to our clients are demo accounts utilising virtual funds. Upon passing the evaluation phases clients continue to trade on simulated accounts and make performance fees of up to 85% of the increase in the account value.

How do I withdraw profits once funded?2023-08-24T13:19:57+00:00

Profit withdrawals are facilitated via bank wire transfers, available twice per month. All trades on the account must be closed when submitting the withdrawal request. Trading may resume once the withdrawal amount has been deducted from the trading account balance.

How does the Challenge Fee Refund work?2023-08-24T13:19:57+00:00

At WFYT, we value your success and demonstrate this by refunding your challenge fees. This refund is processed once you make your first profit withdrawal from your live funded account.

Is the challenge carried out on a demo account?2023-08-24T13:19:57+00:00

Indeed, the challenge takes place on a demo account. This allows us to evaluate your consistent trading skills without any capital risk. Unlike typical demo accounts, our challenge accounts mirror the performance of live market conditions. However, as this phase is solely for assessment purposes, withdrawal of profits is not permissible.

What are the objectives for Step 1 and Step 2?2023-09-06T09:57:16+00:00

Step 1 entails a 10% profit target and 5% maximum daily loss and 10% maximum total loss. Step 2 entails a 5% profit target, 5% max daily loss, and 10% max total loss.

What happens if I reach my Step 1 or Step 2 targets early?2023-09-14T15:14:57+00:00

In Step 1 and Step 2 , you’re required to trade for at least 5 days.  If you’ve fulfilled these minimum trading days and achieved your profit targets without violating any rules, you are eligible to pass your phase early.

What’s the profit target required to pass the challenge?2023-09-28T14:39:08+00:00

The total profit targets for our challenge are 10% for Step 1 and 5% for Step 2, based on the initial account balance. For instance, if your starting balance is $100,000 and your profit target is 10%, you would need to reach a balance of $110,000, including account equity. This implies that all positions must be closed.

How long does the challenge period last?2023-08-24T13:19:57+00:00

You must trade for a minimum of 5 days on each Step of the challenge, but there is no time limit to complete your challenge.

Can I engage in trading during news events?2023-08-24T13:19:57+00:00

Absolutely. With WFYT, you are free to trade at any time our markets are operational, including during news events.

Am I permitted to keep trades open overnight and over the weekend?2023-08-24T13:19:57+00:00

Yes, you can hold your trades open overnight and over the weekend. However, be aware that leverage may vary during periods of heightened market volatility.

What level of leverage is offered?2023-08-24T13:19:57+00:00

Typically, WFYT offers a leverage ratio of 1:100 under normal market conditions. However, please note that the leverage may adjust according to fluctuations in market volatility.

Which trading platforms can I utilise for my trading activities?2023-08-24T13:19:57+00:00

As a trader, you will be using the proprietary WFYT platform, which offers live institutional liquidity pricing from our broker, Capital Index.

What kind of information can I find on my trading account dashboards?2023-08-24T13:19:57+00:00

Your trading account dashboards will provide key metrics such as daily loss limit, profit target, maximum loss limit, account equity, balance, monthly return and projected annual return. Additionally, you will have access to a comprehensive history of your account, including details of all executed trades.

What is the minimum trade duration?2023-08-24T13:20:04+00:00

Trades must be held for at least three minutes.

Can I employ hedging strategies?2023-09-14T15:37:59+00:00

Our trading platform permits simultaneous long and short positions in the same market. However, opposite positions across multiple accounts whether in the evaluation or live stage are considered a breach of conduct and could lead to account closure. For instance, trading EUR/USD long on one account and short on another is termed ‘grid trading’ and is not allowed.

Which markets are available for trading?2023-08-24T13:20:01+00:00

As a WFYT trader, you can trade in the Foreign Exchange (FX) market, Commodities, and Indices.

Could you clarify trading spreads, commissions, and fees?2023-08-24T13:20:01+00:00

At WFYT, we’ve negotiated favourable spreads with our broker, Capital Index. Importantly, there are no data fees, trading commissions, or slippage costs on trade execution. We aim to provide a transparent and cost-effective trading environment.

Which trading platforms are available to me?2023-08-24T13:20:01+00:00

We currently offer our own bespoke platform which is priced using institutional liquidity from our broker, Capital Index.

Are Stop Loss and Take Profit orders obligatory?2023-09-26T07:50:45+00:00

Not necessarily, though we strongly advise utilising Stop Loss and Take Profit orders for efficient risk management.

Is Copy Trading permitted?2023-09-14T15:22:04+00:00

Copy Trading, particularly from another evaluation account or any other accounts for the purpose of evaluation passing, is also prohibited. Breaching these rules could result in a review and potential agreement violation, leading to the loss of the funded account.

What products can I trade?2023-08-24T13:20:01+00:00

You can trade in Forex, Commodities, and Indices.

What is the leverage provided?2023-08-24T13:20:01+00:00

We provide leverage up to 1:100.

Is trading during high-impact news allowed?2023-08-24T13:20:01+00:00

Yes, there are no trading restrictions surrounding news or high-impact news releases.

What trading strategies are prohibited?2023-08-24T13:20:01+00:00

Prohibited strategies include Latency trading, Arbitrage trading, High-Frequency Trading (HFT), and Group hedging/reverse trading. Account management services are also not allowed.

How can I monitor my rules and trading objectives?2023-08-24T13:20:01+00:00

You can utilise our trader dashboard, which offers a comprehensive analytics suite and tracks your trading account and all trades placed.

Can I hold trades over the weekend?2023-08-24T13:20:01+00:00

Absolutely, you can hold positions overnight and over the weekend. However, during volatile periods, leverage may be decreased, affecting the margin you need to have available.

Are trades copied to live funds?2023-08-24T13:20:01+00:00

We may, on a case-by-case basis, copy trades to our master account, which trades directly with the live market. We offer up to an 85% profit share to our traders and take 100% of the agreed 10% max risk on each account. The copying and execution method for each individual funded trader’s account is at the company’s discretion.

When are the trading hours?2023-08-24T13:20:01+00:00

Trading is possible during the trading times of Capital Index, which currently run from 22:00 Sunday to 21:45 Friday, UK time.

What trading strategies can I employ?2023-12-19T15:37:06+00:00

WFYT places no restrictions on your trading strategy as long as you don’t use EA’s or connect via multiple devices or IP addresses.

Is there a consistency rule?2023-11-09T13:10:09+00:00

Consistency Rule: To ensure our traders utilise a strategy that is able to be scaled successfully in the live market there must be consistency with the trade sizes used during each stage. The smallest executed trade must be at least 35% of the notional trade size of the largest trade per stage.