Update: BluFX has ceased operations
|UPDATE: March, 2023. An announcement posted on BluFX’s Discord channel stated that all BluFX accounts would be closed due to their ongoing issues with regulators. For those of you who were attracted to BluFX’s simple rules, I’d suggest SurgeTrader as an alternative prop firm. Here’s a link to SurgeTrader’s site and my recent review. I’ve also compiled a list of my other favorite prop firms for 2023.|
What happened to BluFX?
Significant problems with the UK’s Financial Conduct Authority (FCA), liquidity provider issues, and more led BluFX to close all trader accounts. They are technically not out of business, as they hope to restructure and return, but they have ceased all trading operations for the immediate future.
I go into far more details in my article about BluFX’s demise if you want to learn more, but obviously you should not sign up with BluFX at this time.
I am keeping the rest of my BluFX review online below since I think it still has a lot of valuable information, so continue reading if you’d like, but I’ve removed any links to the BluFX website.
BluFX offers instant funding of up to $100,000 for forex traders, loose trading parameters, and incredibly simple rules. If you’re not based in the US, you can join BluFX at one of the most popular prop firms in the world.
As much as I love BluFx, they have had some recent issues that give me pause. In December they lost their liquidity provider and traders were unable to execute trades for nearly three weeks. This is a good time to look at other great prop firms.
- Instant funding — Instantly receive up to $100K in trading capital without any evaluation or demo account.
- Simple trading parameters — No complicated calculations. Just don’t lose more than 10% of your initial account balance. That’s the only rule.
- Loose trading parameters — Not only are the rules simple, they’re also very trader friendly. The 10% max loss is one of the best in the industry.
- Rapid account growth — Grow a $50K account to a $1 million account in just four stages by hitting 10% profit objective.
- Weekly profit withdrawal — Unlike some firms that make withdrawing profits a chore, BluFX lets you withdraw once a week.
- Trustworthy — BluFX has been in the industry for 10 years and funded more than 20,000 traders. As legitimate as they come.
- Simple swap-free account signup — No extra emails needed. Simply select the swap-free option for either the Pro or Lite Account.
- Forex only — If you want to trade any other markets, you’ll have to find another prop firm.
- Monthly fees — BluFX charges a monthly subscription for most accounts. Some traders prefer one-time fees, although the one-time fees for other instantly funded accounts are quite high. (See the 5%ers.)
- Low leverage — BluFX only provides 3:1 leverage, which doesn’t give a great deal of buying power.
- As of December 9, 2022, no longer available to US traders
- Had significant issues with a liquidity provider in mid-December, 2022, which resulted in traders being unable to trade for more than three weeks. As of January 9, 2023, the issue is apparently resolved.
BluFX funded trader program highlights
- No evaluation!
- Up to $100K instant funding
- 50/50 profit split
- 10% maximum drawdown
- No daily loss limits
- Meet 10% profit goal to scale Pro Accounts up to $1 million
- Withdraw profits every week
- Trade gold, plus 29 major & minor currency pairs
Who should sign up with BluFX?
(UPDATE: No one should sign up with BluFX at this time, as they’ve ceased operations.)
If forex trading is your specialty and you want a funded account with up to $50K in trading capital, BluFX will get you trading as fast as any prop firm in the world. There’s no evaluation, no demo accounts. As soon as your identity is verified and you’ve made your first payment, you’ll be trading a real account with real cash in the real market.
Most traders who sign up with BluFX do so because they love how quickly they get funded, but BluFX is also ideal for traders looking for a long term partnership. BluFX quickly promotes skilled traders, and in just four stages a trader with a Pro Account can become a fund manager with $1 million in capital.
BluFX is also ideal for those who value simplicity. There’s a 10% max drawdown, but that’s the only trading parameter. You don’t have to worry about daily loss limits or complicated trailing drawdowns calculations. Just don’t lose more than 10% of your initial balance. BluFX keeps traders in the game and gives them more of a chance to prove their abilities than most prop firms.
Finally, if you have trading experience and know your way around trading platforms but haven’t yet had a funded account, BluFX is a great place to start. They are among the most popular, trustworthy prop firms in the world.
Who should NOT sign up with BluFX?
If you’re a novice trader who doesn’t understand the fundamentals of forex trading yet, you should consider a prop firm with more education resources or further educate yourself before signing up with BluFX.
Although BluFX has a good trading support team to guide you through any problems you may encounter, they do not offer any sort of beginner level education for brand new traders. Learn the forex market first, then sign up with BluFX.
As of December 2022, BluFx is no longer available to US traders, so Americans should sign up with another firm.
All things considered . . .
If their liquidity issues are behind them (SPOILER: THEY’RE NOT), BluFX is your best bet. They get you your trading capital faster than any other prop firm, and with their scaling program and loose trading parameters, you could be well on your way to trading $1 million of their capital.
BluFX origin story
BluFX was founded by Yu Song, who wanted to give the best traders access to capital regardless of their financial or socioeconomic backgrounds. His motives weren’t completely altruistic, of course. Many traders have obtained $1 million accounts with BluFX and have split their profits with the company every step of the way.
In the 10 years since Yu Song started BluFX they have funded more than 20,000 traders in 140 different countries. Traders funded by BluFX make $800 million worth of trades every single day.
How does BluFX work?
BluFX works a lot like any prop firm that offers funded accounts, although BluFX tends to keep things much simpler than most of their competitors. Most prop firms make things so complicated that this is usually one of the longest sections of my reviews, but with BluFX, the explanation is simple.
Sign up, and choose an account size between $10,000 up to $100,000. Make the first of your monthly subscription payments and send the necessary documentation. In as little as a few hours (although more realistically a few days, depending on how long it takes to verify your documents) BluFX will send you the log in on the ctrader trading platform for a funded account with $25,000 or $50,000. Start trading.
Whatever profits you make will be split 50/50 with BluFX. After you’ve made more than 5%, you can start to withdraw your share of your profits. Or you can keep your profits in the account and trade them as well. If you have a Pro Account, after you’ve gained more than 10%, BluFX will give you more capital to trade. Keep making money, and they’ll keep giving you more.
The best traders will be promoted all the way up to fund manager and be given $1 million worth of capital.
If you lose money, you have no personal liability. BluFX covers your losses. If you lose more than 10% of your initial balance, however, your account will be terminated. As long as you keep the account open, you pay a monthly fee to continue trading BluFX’s capital.
There are a few other nuances regarding maximum trade size and the available trading hours if you chose the Lite Account, but that’s pretty much it!
Can Americans trade with BluFX?
According to a sudden footnote that appeared on the BluFX website in December of 2022, BluFX is no longer accepting US traders. A customer service rep confirmed, blaming “US laws and regulations.”
That’s bad news for Americans as BluFX used to be one of my favorite prop firms, but here’s some good alternatives.
How much does BluFX cost?
For years, BluFX has operated on a subscription basis. Every month you’re trading with BluFX, you’re responsible for their monthly subscription fee. That’s a pretty common fee structure in the prop trading world, and one that has served BluFX and their traders well for 10 years now.
As part of their anniversary, however, BluFX has added a limited-time account option that allows you to immediately trade real funds after paying a one-time fee.
|Name||Instant Funding Account Size |
|Monthly Fee||Monthly Fee|
|Lite||$25,000 / $75,000||$159||$143.10|
|Pro||$50,000 / $150,000||$369||$313.65|
|Swap-Free Mini Lite||$10,000/$30,000||$129||$122.55|
|Swap-Free Lite||$25,000 / $75,000||$219||$197.10|
|Swap-Free Pro||$50,000 / $150,000||$489||$415.65|
|Swap-Free Super Pro||$100,000/$300,000||$1,239||$991.20|
Anniversary One-Time Payment Accounts
|Name||Account Size (Capital/Buying Power)||One-Time Fee|
|Basic||$20,000 / $100,000||$429|
|Swap-Free||$20,000 / $100,000||$549|
I assess prop firms according to seven main criteria. I weigh each criteria evenly, but for you personally, some of these factors will be more important than others. For example, if you are looking at purchasing a Lite Account, the scaling opportunities at BluFX aren’t very relevant to you. So please, prioritize this list according to your personal requirements.
Profit splits – 9/10
Traders are never thrilled with the 50/50 profit split, but that is industry standard for companies that offer instantly funded accounts. Yes, other prop firms offer an 80% or more profit split, but you typically have to endure long evaluation periods with demo accounts in order to be eligible for such a generous profit split.
If you want real capital, immediately, a 50/50 profit split is as good as it gets.
Several prop firms have offered a higher profit split for instant funding, but it’s not a sustainable business model. DT4X is a prime example. They were briefly the darling of the prop trading world for offering a 60% profit split for instant funding. They didn’t last long and had to cease operations.
Scaling opportunities – 10/10
BluFX offers great scaling opportunities, particularly for those traders who keep trading any accrued capital rather than making withdrawals.
Like all BluFX trading rules, the scaling system is very simple. Pro Accounts start with $50,000. If you achieve 10% profits and keep your profits in your account, BluFX will double your initial capital. Do it again and they will double your account again to $200,000. Hit 10% just one more time and they will bump you all the way up to $1 million.
That’s right, $1 million in just four stages. I don’t think there’s another funded forex account out there that scales you that quick.
And if you do want to make withdrawals, they have a scaling plan for you too. You can join the Steady Growth program, take 5% out every time you hit your profit objective, and still reach the $1 million capital mark in only six stages.
Note that BluFX only offers scaling with their Pro Account, not the Lite Account.
Trade parameters/profit targets – 9/10
BluFX earns high marks in this section for the simplicity of their trading objectives. Securing a funded account at some prop firms is less about your trading ability and more a measure of your ability to understand the rules. Not so with BluFX.
BluFX traders have to be wary of one trading parameter: Don’t let your account dip more than 10% below the initial balance. Not too complicated!
The one limitation that irritates some traders is the somewhat limited trading hours with the Lite package. For traders who opt for the Lite Account, trading is only available 6 a.m.–9 p.m. London time on weekdays. Those with Pro Accounts don’t have to worry about trading hours. They can trade 24 hours a day, Monday–Friday.
BluFX also doesn’t allow EAs, copy, or robot trading at this time, but you can hold trades overnight.
Affordability/value – 9/10
BluFX is very affordable compared to other prop firms that offer instant funding accounts. The Lite package starts at just $99 per month, which is quite a bit cheaper than the one-time fee you’d pay at the 5%ers, for example.
Of course, since BluFX charges a monthly subscription fee, it can add up, particularly if you are languishing just below profitability for months at a time. In that scenario, it’s important to know when to cut your losses. But if you reach 5% and are making profit withdrawals, the monthly fees are a drop in the bucket.
Educational resources – 6/10
BluFX doesn’t offer the educational resources you can expect from other firms for beginners. They do have an excellent trader support team and a very active trading community that can help with risk management, but little in the way of very basic level forex trading education. If you’ve never even had a personal trading account, you should probably get a little more experience before jumping in with BluFX.
BluFX does have a YouTube channel and a blog, but both channels are chiefly used to show off the most recent traders to reach $1 million accounts and to discuss market trends with more experienced traders.
Tradable assets – 9/10
Forex traders are quite happy with BluFX’s selection of major and minor currency pairs. You can trade 29 in total. BluFX doesn’t offer trading products in any other markets, however. If you want to trade crypto, stocks, or any other financial instruments, FTMO or Fidelcrest offer many more options.
Trustworthiness – 8/10
You don’t survive 10 years in the prop trading business if you’re not making your payouts or if you’re trying to get the best of your traders. BluFX has built up their business over the years by keeping things simple and affordable. Traders have rewarded them by signing up in droves. To date they’ve funded more than 20,000 traders.
I recently docked BluFX two points on their trustworthy score due to the recent liquidity issues. A lot of traders were scared that the BluFX would fold, but they held on and everything seems to be back to normal. To their credit, BluFX was honest with their traders throughout the lockout.
My overall rating – 8.6/10
I loved the simple rules, the 10% max drawdown, the scaling opportunities, and of course the instant funding that BluFX offered. It is a shame I had to put that sentence in the past sense as BluFX is no longer trading.
What Others are Saying
BluFX has a 4.4/5 rating on TrustPilot, which is more than good enough to receive an “excellent” rating. As of this writing they have more than 950 reviews that give credence to their great rating and are a testament to how many traders BluFX has funded.
That rating has definitely taken a hit recently due to the liquidity provider issues that froze out traders for several weeks. However, many traders were satisfied with BluFX’s response to a pretty tough situation. Now with everyone trading again, most reviewers have nothing but good things to say.
BluFX has somehow managed a 4.4/5 on Google, which is a miraculously high score by Google standards. By way of comparison, the pub across the street from BluFX’s London office only has a 3.9. If you give your prop trading firm a higher score than a pint or two at your local pub, you’re pretty damn pleased with your prop firm.
The good reviews mention BluFX’s integrity and on-time payouts, while a few bad reviews criticized the company for not being responsive to queries on Instagram and other social media platforms.
BluFX has such a good reputation that it’s hard to find any really good dirt. A lot of prop trading firms have former traders foaming at the mouth to tell you about bad experiences. Not BluFX. BluFX is well loved for their trading support, simple trading requirements, weekly payouts, and more.
Frequently Asked Questions
Is BluFX legit?
Yes, it was. BluFX was as legit as they come. More than 20,000 traders over the last 10 years could verify that BluFX was for real. Unfortunately they had to cease operations in March of 2023.
What trading platform does BluFX use?
BluFX now exclusively uses cTrader.
Does BluFX offer discounts or promo codes?
Yes, they are currently offering 5%-20% discounts on all accounts.
Can anyone join BluFX?
BluFX has funded traders from more than 140 countries, and states on their website that they have no geographic restrictions. However, a recent update states that they can no longer accept traders from the US.
A customer service representative in the BluFX Discord channel confirmed the news and said that the reason for the sudden restriction is “US laws and regulations,” so it sounds like this change is permanent.
What are BluFX trading hours?
For those traders who opted for a Lite Account, you must trade 6 a.m.–9 p.m. London time. Traders with a Pro Account can trade 24 hours a day from Monday to Friday.
What can I trade with a BluFX funded account?
BluFX offers trading of 29 major and minor forex pairs, plus gold.
What types of accounts does BluFX offer?
BluFX offers instantly funded accounts with account sizes ranging from $10K (Mini Lite) up $100K (Super Pro). These accounts are also offered as Swap-Free accounts.
For their anniversary, BluFX is offering a special account that charges a one-time fee, which differs from their typical subscription model. This account is also a real account, but you are on a probation account for 60 calendar days.
Does BluFX offer swap-free accounts?
Yes, BluFX offers swap-free versions of all of its accounts. BluFX makes it very very easy to sign up for a swap-free account. Simply click on the Swap-free option as you choose your account.
Is BluFX regulated?
No. BluFX, like almost all prop firms, doesn’t really fall under regulation from any of the world’s large financial governing bodies. Prop firms, by definition, use their own capital. Since they are not raising funds from the general public or acting as forex brokers or dealers, they avoid regulation.
Does BluFX give you a second chance?
Yes, you can pay a refinance fee of £50 to reset your balance to the initial amount, so long as you have not breached the 10% maximum drawdown. After paying the reset, you can continue trading at your initial account balance.
How do I get in contact with BluFX?
You can reach BluFX via chat on their website. Trading support is available live during London trading hours, but you can also use the chat app to leave a message, to which they often respond in a few hours.
They can also be reached by good old fashioned post: 1A Old Bond Street, London, W1s4PB.
8 thoughts on “BluFX Review – Rules, Pros, Cons & Promos (2023)”
Thanks for this platform I really appreciate all the scaling and parameters, can I trade from the Gambia and how get my money?
Hi John, happy you’ve found the site useful! BluFX has no country restrictions according to their FAQ. Here is what they say: “We do not place restrictions on traders geographically. We have traders from every continent. It is up to the trader to make sure of compliance with local regulations”. You can find more information about their methods of payout on their FAQ page as well: https://blufx.co.uk/faqs/
How can I start without money to be part of your trading
Hi Daniel, I am a trader that reviews prop firms and do not work with BluFx myself. You can connect with BluFx here. I just added an update to this post, however, explaining that now might not be a good time to join BluFx. Maybe look to one of these firms instead.
In general, however, prop firms charge you either a one-time or monthly fee and often make you complete a trading challenge in order to have access to their capital. For instance, most firms charge a one-time fee. So you would pay the prop firm around $150 and then prove that you are a good trader in a demo account by meeting profit targets and avoiding substantial risk. Once you’ve passed these challenges, the prop firm will give you money to trade. Any profits you make at that point will be split with prop firm, although you’ll keep as much as 90%. Other firms, like BluFX, charge you a monthly fee but give you immediate access to their cash. You can trade their money as long as you don’t lose too much or violate their trading parameters. With these instant funding prop firms, profits are usually split 50/50.
Good luck! Hope that helps!
Hi. I just joined with Blufx December 2022 and the system is unable to trade. Is there a way for me to cancel and get my money back?
Hi Manyane, apparently they’ve fixed the issues with their liquidity provider and everyone can trade again. I’m not sure if they are giving refunds for lost trading time, you’ll have to ask them directly on their site.
I hope this works off to work will prove 2/20/2023
Good luck Anthony!