Regular Challenges
Are There Any Hidden Rules?
There are zero hidden rules with us. Anything you need to know will be always be displayed here in the FAQ.
We understand that gamifying the experience of trading is unique, so if something doesn’t seem clear, or you are unsure about a certain aspect of our program, you can reach out to support and we will take care of you.
What is the payout schedule for regular funded accounts?
Payout 1: Your first payout will be 20 calendar days from the first trading day on your experienced trader account. Performance Commission: 50%
Payout 2: After your first payout, your account balance will be reset. You now have access to biweekly payouts for life. You are now eligible for higher commission payouts. Performance Commission: 70%
Payout 3: Once the third payout is reached, your account balance will be reset again. Performance Commission: 80%
Payout 4: Once the fourth payout is reached, your account balance will be reset yet more. Performance Commission: 95%
A trader will be eligible to receive accounts with reset balances at a 95% commission amount every 14 days. If your account is in drawdown at any of the above eligibility dates, you can simply continue trading your account until you are eligible.
All payouts are performance commission while trading a simulated market environment.
Please note when requesting a payout, you may not trade on the account or your payout may result in a decline.
Regular Challenge Rules And Payouts
Regular Challenges have 1 phase and a 10% profit target. You must pass them yourself; however, there is NO consistency rule when trading this type of challenge.
To get a full payout at the point of withdrawal, use a stop loss for every trade placed. If you violate this rule, your payout will be 50% of the profit share that you are awarded for that payment cycle (ex. if your profit share is 50% for that cycle, you will be awarded 25%). Keep in mind you must have 5 minimum trading days to get approved for a payout.
There is a 6% profit cap on all accounts and payments cycles.
1st payout is 50% profit share
2nd payout is 70% profit share
3rd payout is 80% profit share
4th payout is 95% profit share
You may trade over 6% on your account, but only 6% will be counted for the payment cycles.
What Is The Refund Policy?
After the payment of your evaluation plan is officially confirmed, you will receive an email with the login details to access your evaluation. Once this information is emailed to you, the sale will be final and no refund will be issued due to the instantaneous nature of the program.
For our 1-Step Challenge, traders are paid purely based on their simulated performance during the paradise trader stage. We do not provide refunds after evaluations are passed.
If I Have An Issue And Need Assistance, What Should I Do?
If you need assistance during any time throughout your funding journey with us, you can contact live support on our website, or email us at [email protected].
Which Payment Methods Can You Use To Purchase An Evaluation?
You can purchase an evaluation through credit/debit card as well as crypto.
Can I Hold Trades Over The Weekend On These Accounts?
With the 1-Step Program, you may hold over the weekend during the evaluation phase AND the paradise trader stage.
Crypto Payout Transaction Fees
For each payout, expect minor transaction fees ranging from 1% to 2% for each cryptocurrency payout transaction. These fees are applied by the cryptocurrency exchange during the process of acquiring the digital assets designated for your payouts.
What Can Cause You To Lose An Account?
There are only 3 ways to lose an account.
- Violation Of A Drawdown Metric (5% Equity Based Daily, or 10% Total Drawdown, Trailing Of Balance Or Highest Equity)
- Inactivity For 30 Days On Your Challenge Or Evaluation Account.
- Account Management/Similar Trading to other user’s accounts
The reason an account can be terminated after 30 days of inactivity is to prevent any vacant accounts from being in our system. If it is required for you to go through a prolonged period of inactivity, you can let the team know ahead of time and we will make sure your account is secure. You can also update our team anytime before the 30 days with the reason for inactivity, and this violation will not apply. An account can also be terminated if continuous copy trading or account management warnings have been issued.
Can I Trade While Awaiting A Payout?
Once a performance commission payout is requested, your account will be placed into the status of “In Review”. This can be visible on your dashboard. During this time, please refrain from taking any further trades until your commission payout is completed and or finished with the necessary review process. If this happens we will not process your payout and reset your account.
Is Funded Account Management Allowed?
Any simulated trading account associated with your name must be traded by the account owner registered with our platform. Using any form of “Live Simulated Account Management” is prohibited as this is not what Paradise Capital is looking for as a firm. Allowing a 3rd party service to trade the program on your behalf will end in a breach of your account.
Are Guaranteed Limit Orders Prohibited?
Guaranteed limit orders deal with placing limit orders with SL and TP using high lot sizes around periods of high-impact news or high volume. In such a scenario, there is no guarantee that the order gets filled at the same price through live market conditions due to occurrences of slippage. For example, if a trader was to place a buy stop above price, and a sell stop below price before a high impact news event such as FOMC, this would classify as a guaranteed limit order approach. This type of approach is based on entirely different outcomes each time depending on order fills, slippage, and market conditions.
Can I Use A Trade Copier?
Yes, the use of trader copiers to copy your own personal trades onto your simulated live account with Paradise Capital is permitted. You may use your Paradise account as your master account, or copy trades over to it from your other trading accounts.
When using a copy trader, be sure that identical orders are not placed within identical time intervals as other traders on our platform. This can occur through the use of widespread EA’s, account management services, and 3rd party signals. Any form of consecutive identical orders through two or more users on our platform will lead to a violation. This trade copying policy applies to the funded stage only.
EA’s are enabled, however we do recommend you use a unique set file or confirm that no other traders are using the same EA on our servers. This will prevent our system from picking up any form of matching orders.
To keep the process fair, Paradise Capital offers one warning for the first occurrence of a trader violating trade copying rules and a deduction of any profits while copying other users on our platform. With the second occurrence of copy trading from other users on our platform, a violation will be issued. It is important that your simulated trade data is entirely unique.
How Is Drawdown Calculated?
The 5% Max Daily Drawdown is originally and firstly based on your initial account balance at the reset time, before any trades are executed.
This resets each day at 00:00PM Market Watch Time. (5:00PM EST)
Secondarily, this metric is also calculated by the highest equity point.
Be sure not to go 5% lower than the initial balance at reset time, or 5% lower than the highest equity point in one day.
Attached below is the counting formula that our system uses in order to determine drawdown amounts.
Counting formula:
Highest initial balance at reset time *or* equity of the day (whichever is higher) – current equity.
The 10% Maximum Total Drawdown is also a trailing metric of the account balance and equity.
Example: If you start with a $100,000 account, your maximum loss level will be set at $90,000. If your account balance or equity reaches $110,000, your trailing drawdown meter will be set at $100,000. The trailing drawdown will always trail the highest balance or equity by 10%.
It is at the traders discretion to manage risk according to these rules when trading our funded accounts. A violation of these drawdown rules will result in a loss of the funded account.
Each trader will readily have access to their maximum daily and total drawdown levels on their dashboard at all times. Although keeping an eye on your balance is important during the “paradise trader” stage, it is also important that your equity swings do not meet a 5% difference in one day, or an 10% difference in total.
Merging Accounts
At this moment in time we do not support account merging. Each trading account must be traded separately, however you are more than welcome to use a trade copier within your accounts. We will consider allowing merging at a future date.
What Is The Maximum Capital I Can Receive?
The maximum amount of commission eligible buying power that a trader can unlock during the paradise trader stage is currently $1,000,000. Our largest evaluation offering is currently 1M, traders may acquire multiple evaluations, however you must not exceed 1M in active funded accounts.
Is It Required To Use A SL While Trading?
We do not require the use of an SL on our Fast Pass Challenges, but we do on our Regular Challenges. Of course, we recommend you use them as it can allow you to manage risk on virtual funds, but there is no rule requiring it.
Which Trading Styles Do We Accept In This Program?
Whether you’re a fan of Support/Resistance, Candlestick Patterns, Martingale, EA’s, Supply/Demand or Smart Money Concepts, you are free to use it on our simulated accounts.
The most successful traders in the world all have different strategies/backgrounds.
Although we enforce no restrictions during the evaluation stage, using the following strategies/approaches during the experienced trader stage is prohibited and will be subject to review:
- Latency Arbitrage
- Hedging Orders Across Multiple Accounts
- Abusing The Volatility Of News By Placing Gauranteed Limit Order Fills
- Any Use Of Delayed Data Feeds For Risk-Free Profit
- Copy Trading Of Another Persons Signals/System or Copy Trading Amongst Multiple Users On Our Platform
- Account Management By A 3rd Party
We want to be as open as possible when it comes to the trading styles that you can use while undertaking the program. The strategies above are prohibited during the paradise trader stage as they either cannot be replicated into the live market, thrives on demo conditions only, or because they are designed to game the system.
How Are Payouts Processed?
All payouts are processed through Cryptocurrency and Bank Wire.
When traders are eligible for commission payouts on their simulated “paradise trader” account, they will have the option to receive performance commission payouts on either the BTC (Bitcoin Network) or USD-T (ERC-20 Network), or to the bank of their choosing.
Payouts are reviewed and sent to the trader within 1-5 full business days of their request, please be mindful that weekends and U.S. holidays would not be a part of the processing time.
When Do I Receive The Challenge Account Credentials?
After purchasing your evaluation, you will receive a notification from us via email within minutes.
If you do not receive an email, check your spam/junk folder.
If you do not have your credentials within 60 minutes nor are they on your dashboard, please contact our live chat support and we will assist you.
I Passed The Challenge, What’s Next?
Firstly, Congratulations! Make sure all positions are closed and confirm you have a minimum 8% gain on the challenge account while respecting all challenge parameters. At this point, your challenge will be labeled as “Finished”Our system will generate the paradise trader stage immediately once the challenge is complete. The paradise trader stage will be labeled as “Pending”.
This is the time to submit all KYC information and the funded trader agreement to your dashboard.
Once these documents have been provided and approved, your paradise trader account will be enabled to trade in as little as 24 hours. This will be the paper trading account which becomes eligible for commission payouts.Note: If you encounter any issues with the 3rd party verification gateway, please notify our team via live chat and we will reset your KYC status for re-submission manually.
How Do I Get Started With Legacy Funded?
Begin your challenge by clicking the “Become a Legacy Trader” button, and create your account.
Purchase the challenge/account size you want, and you will be emailed the login credentials to your trading evaluation account.
From there, you will be able to sign in and access your challenge instantly.