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What is the minimum account balance to start a Performance Test?

Discussion in 'Forex Peace Army FAQ and Knowledge Base' started by AsstModerator, Oct 23, 2015.

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  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    What is the minimum account balance to start a Performance Test?

    If this is your first time volunteering, the minimum live account opening balance for EAs is $50. For Managed Accounts and Signals services, the minimum is $500. This is money which must be deposited, not bonuses or any other form of money supplied by the broker.

    If this really is your first time CLICK HERE and you can get started volunteering.

    If your website or related websites have any tests which ended in significant drawdown, the initial deposit will be significantly higher. This policy was placed since some companies can learn from its mistakes and improve. Sometimes a company just wants to grab money again and again without improvement. The Forex Peace Army wants those who learn and improve to have more chances. The FPA wants those who just want to grab money from traders for worthless products and services to quietly go out of business.

    Failure has a price. Repeated failures mean that a company has to show greater confidence in its products or services to get a restart in the FPA’s Performance Testing Program. You do have faith in your product, don’t you? If so, put your money at risk in the account.

    Previously, rules were added for restarting after a failed test. Failure is defined as any test that ended 20% or more in drawdown from deposits or any active test that is 20% or more in drawdown. If a failed test continues to run, it it possible that it can move above the 20% loss limit and no longer be considered to count as a failure.

    Abandoned tests also count as failures. If a test stops trading for an extended period, the FPA will email twice. If there is no reply, the test is considered to be abandoned. If the investor password changes, the FPA will email twice. If there is no reply, the test will be considered to be abandoned. If all money is withdrawn from a test account and the company does not notify the FPA within 5 business days, the test is considered to be abandoned.

    For EAs

    No failures – $50
    1 failure – Undiscounted price of the EA , minimum $100
    2 failures – Twice the undiscounted price of the EA , minimum $250
    3-4 failures – 3 times the undiscounted price of the EA , minimum $500
    5-6 failures – 6 times the undiscounted price of the EA, minimum $1000
    7-8 failures – 10 times the undiscounted price of the EA, minimum $2500

    9 or more failures, please ask.

    Some EAs using a subscription system. If so, the maximum rate for 12 months of the undiscounted subscription fee is used. Other EAs are “free” for users signing up under IB links. Those will be calculated the same as Managed Accounts.

    Signals and Managed Accounts

    For Managed Accounts, the minimum balance listed on the company’s website to have the account managed is used for 2 or more failures. For Signals that are free if the client signs up using the signals provider’s IB link or that use a profit sharing plan, the minimum balance required by the signals provider is used. For signals providers that have a fee, 12 months of the undiscounted fee is used. For companies with multiple options to pay, the largest amount is used.

    No failures. $500 deposit.
    1 failure doubles that to $1000
    2 failures, Minimum managed balance, minimum $2000
    3-4 failures, twice minimum managed balance, minimum $4000
    5-6 failures, 3 times minimum managed balance, minimum $8,000
    7-8 failures, 6 times minimum managed balance, minimum $20,000

    9 or more failures – please ask.

    All Products

    If there are 2 or more ways to calculate the sum, the largest amount will be used.

    All products on all website associated with or related to the same group or company are counted. Organizations that try to sneak in “new” website while hiding relationships to other sites with failed tests will be banned from Performance Testing and have warnings added to their review pages.

    Some account failures may be viewed as unusual or spectacular. If this happens, the FPA reserves the right to increase the minimum or to reject all new test submissions related to the failed product.

    If you think your company and its products deserve another chance, show your faith in your product by risking your own money on it. If you don’t have faith in your own product to work after 1 or more failures, then the Forex Peace Army won’t have faith in you.

    Ready to volunteer? CLICK HERE and submit your account for testing.


    Related Questions

    Other PT Questions? CLICK HERE

    Other company representative questions? CLICK HERE
     
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