In a world full of different prop firms claiming to give you the best offers, many people settle for BluFx. This company, which was established years ago, is known for the high profits it can give to its customers. New and experienced traders have both tried out this firm over the years.
But how do you know if this prop firm is legit and if it can truly improve your trading experience? Well, we have done our research and created this BluFx review to tell you everything you should know about the company. Let’s see whether you can trust it for a funded account and whether it is the right firm for you or not.
What Is BluFx?
BluFx is a prop firm that was founded by Yu Song in 2015. The goal of the founder was to give any forex trader access to high amounts of capital. What makes the company popular is the number of traders it was able to help with capital. Over the years, it offered funding for 20,000 people in 140 countries.
Unlike other prop firms in the forex market, BluFx does not require you to pass any challenge in order to gain access to the capital. Instead, you have to get a monthly subscription. As you can imagine, many people who have a trading account and need the funds have been pleasantly surprised to find out about this.
To get a funded account, traders just have to pay a small subscription fee every month. It is very easy and spares you of all the challenges.
Currently, there are two account sizes offered by BluFx – one is $25,000, and the other is $50,000.
What Makes BluFx Unique?
BluFx may be a popular prop firm that people seek for a funded personal trading account, but it is not the only one. The Internet is full of companies that offer instant funding for forex traders, so BluFx is simply one of the fish swimming in the wide ocean.
At the same time, BluFx has a quality that makes it different from the others.
If you have researched prop firms in the past, you must know that most of them require you to go through a challenge before you can obtain the trading capital. To do so, you will buy a demo account, which you use to start your challenge.
For a specific amount of time – usually a few weeks or months depending on the company – you have to reach a particular profit goal. Not only that, but you have to consider the loss limits for the day and for the entire period.
If you meet your goal, the next step would be to try a verification account. This is in order to show that your previous success was not just out of pure luck. This stage tends to be a bit longer, even if the process is about the same. Passing this challenge then grants you the funding you were so eager to get.
Well, on BluFx, you do not have to bother with all of that. Actually, compared to other prop firms, it is not that difficult to receive capital with BluFx.
A monthly fee is all you need for funded accounts. Depending on the account size you opt for, you will pay £99 or £249 in monthly fees. Then, you use the capital to trade, and whenever you hit a milestone, you take a profit split.
This is what makes BluFx unique and so special to most traders. Whenever you need some funding, you can get it instantly without having to spend time passing challenges first.
How Do You Get the Capital?
By now, we have established that BluFx is different and very convenient. Those who are into forex trading do not have to worry about proving their worth in lengthy challenges to get a funded account.
How do you get capital from BluFx, though?
Well, it is actually a piece of cake. You pay a certain monthly subscription fee based on the account type you choose. What is even better is that once per month, the prop firm will double the capital for the same sum. This means that you will be able to build up to £1 million.
BluFx has a 50-50 profit split, and you can trade on MetaTrader 4. You have a 10% maximum drawdown, and any profits that pass a 5% gain will lead to you being paid every month.
Types of Accounts You Can Choose
Forex traders who wish to obtain capital with BluFx have two options – Pro accounts and Lite accounts. Here is what the two of them have to bring to the table:
Pro Accounts
Pro accounts are usually pricier – they have a $50,000 funding level, and every month, you have to pay £249 for it. It is refundable at any time, but you also get instant funding with it. Only a few hours after you have opened this account can you already start your trading journey.
In the future, this account can also be scaled.
Lite Accounts
This type of account costs less on a monthly basis, as it has an available funding level of $25,000. As such, you only pay £99 per month in fees. Similar to the Pro account, this one is refundable.
Leveraging Challenges
Pro and Lite accounts also have a downside – their low leverage. Because the leverage is not that great, many traders, especially newer ones, will find it difficult and perhaps almost impossible to meet their monthly goal of 5%.
On top of that, this gives forex traders less buying power.
The Capital Scaling Plan of BluFx
Once you see that instant funding granted to you by BluFx, chances are that you are tempted to withdraw it as soon as possible to your personal account. Although this is not necessarily bad, you should also consider scaling the capital.
Fortunately, BluFx has just what you need for scaling, respectively, their Capital Scaling Plan.
This plan is new, and it will double the funded account balance you own for each 10% profit. This applies as long as you are able to respect the rules, though.
Therefore, you do not have to make 100% profit. In a few months only, you can boost your capital, bringing it to $1,000,000. Furthermore, when you reach the million, you will be allowed a profit split on everything related to the balance.
BluFx Pros and Cons
Here are the pros and cons you can expect with BluFx:
Pros
- Accounts can grow very fast
- It is a trustworthy firm with 10 years of experience, and it funded thousands of traders all over the world
- The trading parameters are simple to understand
- You can get your funding instantly
- With the swap-free account signup, it is quick and easy to start your BluFx journey
- It is possible to make withdrawals weekly
Cons
- You have to pay monthly fees
- The leverage is very low
BluFx – Is It a Legit Prop Firm?
You can rest assured that BluFx is a legit company. It is a verified business and has a rating of 4.5 stars out of 5, with 76% of the reviewers giving it positive feedback. This shows that people did not have a problem with BluFx for the most part and that their experience with the funded forex account was positive.
The Bottom Line
BluFx is a legit platform created by someone who wanted nothing more but to help forex traders in need of capital. Unlike other prop firms, BluFx does not force you to spend your time trying to pass challenges before offering you the funding. So, it’s a much better option for people with urgent needs or beginners.
Whether you are new to trading or have some experience, BluFx can certainly be a suitable option for capital funding that you should not ignore.