A prop firm (proprietary trading firm) offers evaluation accounts with profit-target and risk rules; if you meet them, you receive rewards based on your performance. Vex Funded is VexPro’s prop firm. It pays to be clear about its nature from the start: every Vex Funded account is a simulated evaluation account on MetaTrader 5, with real market conditions thanks to connectivity with Exura Prime. No real capital is allocated to the account: the “account size” is a notional balance, and what you earn are performance-based rewards.
Vex Funded has four programmes. Vex Instant delivers the account with no evaluation phase. Vex2Pro is a two-phase evaluation. Vex Elite sets a 10% target per stage and scales the account up to $4,000,000. Accounts X12 is a direct purchase with minimal rules. All of them trade with 1:33 leverage, and each has its own limits: the first step to passing is knowing exactly what yours are.
Vex2Pro is the classic evaluation. In Phase 1 you must reach a net profit of 8% on the initial balance, and in Phase 2, 5% on the balance assigned to that phase. You need at least 4 trading days in each phase; a trading day is a calendar day on which you open or close at least one trade. There is no time limit to complete the evaluation, but an account with no trades for 30 consecutive days is closed automatically. The maximum daily loss is 5% and the overall loss 10%. In addition, there is no weekend trading, no trading from 5 minutes before until 5 minutes after high-impact news, and every trade must stay open for at least 2 minutes.
The rule that causes the most misunderstandings is the dynamic (trailing) drawdown. In every programme, the loss limit is not measured against the initial balance but against the highest equity the account has reached (the high-water mark). Example: a $100,000 Vex2Pro account that rises to $110,000 recalculates its overall limit from $110,000, so equity can no longer fall below $99,000. The daily limit resets every day at 00:00 (server time) on the highest equity of the day. Because it is measured on equity, the floating losses of open positions count too. Breaching either limit terminates the account permanently.
Vex Elite has no phases and no minimum days: you clear each stage when you reach a 10% profit. At that point you receive your profit share and the account doubles, up to a maximum of $4,000,000. Its limits are tighter: 3% daily loss and 6% overall, both dynamic. Weekend and news trading are allowed, except “bracket” strategies. The first withdrawal comes 14 days after the first trade and then every 14 days, provided you make at least a 10% profit in the cycle.
Vex Instant has no evaluation: you trade from day one, with a 3% daily loss limit and 6% overall. In exchange, more operating rules apply: every trade must last at least 5 minutes, your lot sizes must stay within the consistency range (between 0.25 and 2 times your average lot) and the first withdrawal can be requested after completing 30 trading days with at least a 1% profit. Accounts X12 is the exception to almost everything: a single maximum loss of 10% (in one day or overall, dynamic), no consistency or minimum-time rule, and grid, martingale and hedging within the same account permitted.
There are two review rules worth knowing before you trade. The 30% rule: if a single trade generates more than 30% of the period’s total profit, the excess is deducted. And the lot consistency rule: with an average lot of 20, the valid range runs from 5 to 40 lots. When a withdrawal is reviewed, with 3 violations the withdrawal is denied but you can start a new period with the initial balance; with 4 or more, it is denied without a new period. In every programme, HFT, latency arbitrage, tick systems, hedging across multiple accounts, copying trades or signals between accounts or users, third-party account management, abusing news volatility with guaranteed orders and the use of delayed data are prohibited. Grid and martingale are prohibited except in Accounts X12.
The mistakes that cost the most accounts keep repeating. Calculating drawdown from the initial balance rather than from the peak reached. Risking too much on the first trades to “finish fast”, when there is no time limit. Concentrating almost all the profit in a single trade and running into the 30% rule. Trading on Vex2Pro right before high-impact news, or closing trades before the 2- or 5-minute minimum. Leaving the account inactive for 30 days. And opening trades after requesting a withdrawal, which leads to its automatic rejection.
A sensible approach is to treat the daily limit as your real risk capital. If your maximum daily loss is 5%, risking a small fraction of that room on each trade lets you absorb several losses in a row without nearing the limit. Set the position size before you enter, keep lot sizes similar from trade to trade, check the economic calendar every morning and stop trading on the day you hit your own loss cap, before the programme’s.
Once you pass the evaluation (or before the first withdrawal in programmes without one) you must complete KYC verification; rewards are paid only to verified traders. Withdrawals are requested from “My Programs”: they are reviewed within up to 72 business hours, credited in USD to your internal balance and paid in USDT, with a $30 minimum. In Vex2Pro and Vex Elite, the amount paid for the programme is refunded together with the first approved withdrawal; Vex Instant and Accounts X12 are not refundable.
This summary is for information only: in case of any discrepancy, the Prop Firm Terms prevail. Vex Funded accounts are simulated, past performance does not guarantee future results and nothing above is investment advice. Trading leveraged instruments carries a high risk of loss.
Sources: Bank for International Settlements (BIS), central banks, official MetaQuotes (MetaTrader 5) documentation and regulatory bodies.
