Willis Capital Prop Firm Account Types and Differences

Willis capital prop firm account types and differences provides a venue for traders to showcase their abilities and obtain capital. Legally known as Startrader LLC, Willis Capital has established itself as a proprietary trading firm dedicated to finding and developing talented traders. Dapo Willis founded the firm, which provides a platform for traders to use their skills in the financial markets and offers tools and capital to help them succeed. Willis Capital places a strong emphasis on risk control, a friendly community, and fair trading opportunities for traders everywhere. On unidentified platforms, the firm provides a range of trading instruments, including Forex, Crypto, Commodities, Indices, and Metals. This article examines Willis capital prop firm account types and differences between them.

An Overview of Willis Capital Programs

With a variety of “SkillCheck” programs, Willis Capital gives traders a special opportunity to demonstrate their abilities. A trader’s abilities are assessed through these programs, which, if completed successfully, provide access to funded accounts. For elite traders, Willis Capital provides limited investment of up to $10,000,000. By starting with the SkillCheck program, traders can aim for funding up to $50,000. If they continue to be profitable, they can scale up to $250,000 and eventually a maximum of $500,000.

Willis Capital is currently running a Standard Trader (2-Phase) challenge. The firm presently highlights the two-phase challenge, even if earlier data points to the possibility of SkillCheck Standard, SkillCheck Expedited, and SwiftTrade alternatives.

The Two-Phase Standard Trader Challenge

The purpose of the Standard Trader (2-Phase) challenge is to evaluate a trader’s capacity for risk management and steady profit-making. There are two stages to this program, and each has distinct profit goals and risk management standards. 

Characteristics:

• Drawdown Type: Balance Based Drawdown
• Copy Trading: Allowed
• Tradable Instruments: Forex, Crypto, Commodities, Indices, Metals
• EA Allowed: Yes
• News Trading: Allowed

Phases and Objectives:

• Phase 1: Traders are required to meet the drawdown and daily loss limits while reaching a predetermined profit target. This stage assesses the trader’s capacity to turn a profit within predetermined parameters.
• Phase 2: Traders must continue to exhibit consistent performance and risk management in Phase 2 after successfully completing Phase 1. Access to a funded account is granted upon successful completion of this phase. 

Pricing and Account Sizes:

Willis Capital offers the Standard Trader (2-Phase) challenge in three account sizes with corresponding fees:

• $10,000 Account: $99
• $25,000 Account: $210
• $50,000 Account: $345

Risk Management Parameters:

• Drawdown: 10%
• Daily Loss: 5%

Profit Targets:

• Profit Target: 5%-10%

Potential Future Program Types

Although the Standard Trader (2-Phase) challenge is Willis Capital’s present emphasis, historical data suggests possible future initiatives. To accommodate a wider variety of trading styles, they include SwiftTrade, SkillCheck Standard, and SkillCheck Expedited, each of which may include unique features and evaluation criteria.

• SkillCheck Standard: This program offers a balance between challenge difficulty and evaluation duration, and it might serve as a representation of the baseline evaluation procedure.
• SkillCheck Expedited: With maybe more stringent prerequisites or more expensive costs, this option might offer a quicker review procedure. It might serve seasoned traders who are sure of their skills.
• SwiftTrade: There aren’t many details available about this possible program, although it might concentrate on high-frequency trading or particular trading philosophies and provide special evaluation standards. 

Additionally, Willis Capital is building Discord-powered virtual trading floors to create a community where traders can work together, share strategies, and share insights. Specialized teams comprise these virtual trading floors:

• Team Nova: For traders skilled in analyzing market trends and executing precise trades.
• Team Fury: For risk-takers who capitalize on opportunities during market turmoil.
• Team Alpha: For pioneers who explore uncharted territories and unconventional strategies.
• Team Phantom: For traders who operate with discretion, safeguarding sensitive information.

Key Differences and Considerations

The evaluation structure, pace, and requirements are the main distinctions between the present Standard Trader (2-Phase) challenge and any future initiatives. While expedited programs may place a higher priority on speed and aggressive trading methods, the two-phase challenge evaluates consistency and risk management over a predetermined length of time.

Things to think about when selecting a program: 

• Trading Style: Choose a program based on your risk tolerance and trading style. You might find the Standard Trader (2-Phase) challenge appropriate if you like a more methodical approach. If you work best in a fast-paced setting, an expedited program might be more suitable for you.
• Experience degree: Determine your degree of experience and pick a program that fits your abilities. While seasoned traders might choose more challenging programs, novice traders might profit from the Standard Trader (2-Phase) challenge.
• Financial Resources: Think about the costs of each program and select one that suits your spending limit. Because higher-speed programs might cost more, consider the possible return on investment. .

Becoming a Funded Trader

The steps to becoming a funded trader with Willis Capital are as follows:

• Pass all phases of the SkillCheck program for a $50,000 account size and get funded live.
• Enroll for another SkillCheck program for a $50,000 account size until funded live.
• Repeat this process until a trader has a total of $250,000 (($50,000 * 5) funded live.

A trader enrolled for a SkillCheck Program of $10,000 account size cannot enroll for more than ($50,000 max, i.e., enroll for 5 * $10,000 to max $50,000) until they pass/breach all phases and get funded live. However, if a trader passes the SkillCheck program and is funded live, they can then be allowed to enroll for additional SkillCheck programs of up to $50,000 max and must pass all phases until live-funded.

At Willis Capital, a trader can only be scaled to $500,000 max because the firm provides live funding to traders in its programs, and this funding is capped at $10,000,000. The goal is to provide an equitable platform, giving every trader an equal opportunity to get funded.

Conclusion

Through its SkillCheck programs, Willis Capital provides a venue for traders to showcase their abilities and obtain funding. Though prospective future programs might provide a variety of possibilities for traders with different styles and degrees of experience, the Standard Trader (2-Phase) challenge is now the main evaluation approach. Willis Capital seeks to promote its traders’ performance in the financial markets by delivering a helpful environment, placing a strong emphasis on risk management, and providing possibilities for growth. When selecting a program that fits their objectives, aspiring traders should carefully evaluate their trading style, amount of experience, and financial resources.

Frequently Asked Questions

What Types Of Accounts Does Willis Capital Offer?

Willis Capital currently offers two primary account types under its SkillCheck program:

• SkillCheck Standard Account: This is a two-phase challenge designed to evaluate a trader’s ability to manage risk and generate profits consistently.
• SkillCheck Expedited Account: This account type allows traders to reach profit targets at their own pace, offering more flexibility in the evaluation process.

What Are The Profit-Sharing Arrangements?

• The profit-sharing plan offered by both account types allows traders to keep 70% of their profits while Willis Capital keeps 30%. This competitive profit split encourages traders to do well while giving the company a steady stream of income.

Are There Any Restrictions On Trading Strategies?

Yes, there are specific restrictions in place:

• Hedging: Willis Capital does not allow hedging on funded accounts to maintain clarity in performance metrics.
• Sharing Login Details: Traders are prohibited from sharing their login details with others to ensure security and integrity within the trading environment.

What Is Required For KYC Compliance?

• After completing the SkillCheck program successfully, traders are required to undergo a Know Your Customer (KYC) process. In order to confirm identity and guarantee adherence to legal standards, this entails submitting identification documents via the platform’s dashboard.