V7.0.0 - Unveiling the Exciting World of Proprietary Trading Challenges
Learn about all the details of all our recent CRM updates here.
Released Date - 16 October 2023
We are thrilled to introduce our latest CRM integration - Proprietary (Prop) Trading Challenge System. This powerful addition empowers you to effortlessly launch Prop Challenges as a new and innovative way to engage and retain clients. Successful traders can even access funded accounts, making it a compelling feature to attract and reward skilled traders. Join us in revolutionizing your business and capitalize on the latest trading tend! Our Prop Trading Challenge system is available to all MT4 and MT5 Brokers.
Summary
Your Challenge, Your Rules Launch multiple challenges in a matter of clicks, complete with automated progress tracking and performance insights.
Tailor Challenge Packages Highly customizable challenge packages with distinct criteria and settings, including profit targets, maximum drawdown limits, trading periods, and more. Allow your clients to select the package that aligns with their interests and goals.
Supports IB/Referral Model You have the flexibility to distribute a percentage of the participation fees to your IBs to encourage faster and more efficient market expansion. All calculations and distributions fully automated.
Prop Trading System
1) Marketplace Installation & Permission Settings
To start using the Prop Trading System, you will need to install it via the CRM marketplace and provide the respective permissions. To do so, follow these steps:
Navigate to CRM Marketplace.
Locate and click on Prop Trading Challenge Module.
You will be redirected to the Prop Trading Challenge details page.
To proceed with the installation, contact your dedicated account manager.
Once Prop Trading has been installed, you will need to grant the respective permissions to your team and your clients.
For your clients, you will need to provide the following permissions under Client Group:
For your team members, you will need to provide the following permissions under Role Management:
Once the respective permissions have been granted, you will be able to see the Prop Trading module in the navigation bar.
Your clients will also be able to see the Prop Trading tab in the CRM Client Portal.
2) Prop Trading System
The Prop Trading system is divided into two main sections, each serving distinct purposes:
Challenge Settings
In this section, you have the ability to create and configure your prop challenges. This is where you set the parameters and rules for your trading challenges.
Challenge Statistics
This section provides a comprehensive overview of the statistics related to your prop challenges. Here, you can access information about participants who have registered, review trading histories, and generate commission rebate reports for a complete understanding of your challenge's performance.
You can navigate between the 2 sections via the side navigation menu.
3) Setting Up Prop Challenges
The process for setting up a new prop challenge involves the following steps:
Creating a new challenge.
Configuring the challenge settings.
A) Creating A New Challenge
To create a new prop challenge, follow these steps:
Navigate to the "Challenge Settings" section and select "New Challenge."
Fill in the following fields:
Challenge Name
Challenge Time Zone
Challenge Start Time
Upload Cover Thumbnail & Campaign Poster
Enter Challenge Details in the respective languages
Upon providing the required information, finalize the process by clicking the "Save" button.
B) Configuring The Challenge Settings
To configure the challenge settings, follow these steps:
Locate the challenge for which you want to configure settings and click the "settings" icon.
You can only configure the settings for challenges that are upcoming.
Click "New Package" to create a new package. You can create multiple packages for a single challenge.
Fill in the package name.
Select the account currency.
Configure the number of steps.
You can add more steps by clicking the "Plus" icon.
You can remove steps by clicking the "Delete" icon next to the step.
The minimum number of steps is 2.
Configure the settings for each step.
Fill in the step names.
Select the account type (demo or live) for each step.
Choose the initial balance that will be funded in the trading account. The initial balance remains the same across all steps.
Select the server group.
Set the challenge requirements, including leverage, trading period (maximum: 100 days), minimum trading days, minimum trading volume, maximum daily loss, maximum loss, profit target, free repeat, maximum retry count, and fee.
Decide whether you want to upgrade traders to the next step immediately after they pass the previous step. If you select "Yes", the trader will be upgraded to the next step at the end of the day if the profit target is met, without the need to wait for the trading period to conclude.
Indicate whether the fee is refundable.
Set up the participation fee commission rules.
When a trader pays for the participation fee, commission rebates will be given to the client's uplines.
Click "Add" to add the number of levels. By default, level 1 will be the trader who paid the participation fee. Level 2 refers to the direct referrer of the trader.
Choose whether the commission rebate amount is fixed or a percentage.
Fill in the commission amount.
Click "Save" to finalize your configuration.
You have the capability to conceal specific challenge settings from clients by selecting the "Hide" icon.
Additionally, you can customize the challenge settings name in your preferred languages.
To achieve this, just click the "Language" icon.
Enter the challenge settings name in the respective languages.
Click "Save".
C) Editing Prop Challenge Settings
You have the flexibility to edit the following:
Prop Challenge Description
To edit Prop Challenge Description, follow these steps:
Locate the specific Prop Challenge you wish to modify, and then click on the "Edit" icon.
Make the necessary amendments.
Click "Save".
Prop Challenge Package Settings
You will not be able to edit settings for prop challenges that are ongoing.
To edit Prop Challenge Package Settings, follow these steps:
Locate the specific Prop Challenge you wish to modify, and then click on the "Settings" icon.
Locate the package settings you wish to modify, and then click on the "Edit" icon. You will not be able to see the "Edit" icon for Prop Challenges that are ongoing.
Make the necessary changes.
Click "Save".
D) Viewing Prop Challenge Settings
You will be able to view the settings configured for the following:
Prop Challenge Description
To view the Prop Challenge Description, follow these steps:
Locate the prop challenge you want to view and click the "Edit" icon.
The details will be displayed but are not editable.
Prop Challenge Package Settings
To edit prop challenge package settings, follow these steps:
Locate the prop challenge you want to view and click the "Settings" icon.
Locate the package settings you want to view and click the "View" icon.
The details will be displayed but are not editable.
E) Deleting Prop Challenges
You will be able to delete the following:
Prop Challenges
You can only delete prop challenges that are upcoming or have ended. Ongoing prop challenges are not deletable.
To delete prop challenges, follow these steps:
Locate the prop challenge you want to delete and click "Delete." The "Delete" icon will not be visible for prop challenges that are ongoing.
A popup message will appear to inform you that deleting the prop challenge will remove all historical data associated with the challenge. Click "Confirm" to proceed.
Prop Challenge Packages
You can only delete prop challenge packages for prop challenges that are upcoming. Packages for ongoing and ended prop challenges cannot be deleted.
To delete prop challenge packages, follow these steps:
Locate the prop challenge from which you want to delete packages and click the "Settings" icon.
Locate the package you wish to delete and click the "Delete" button.
A confirmation popup message will appear. Click "Confirm" to proceed with the deletion.
4) Challenge Statistics
In the Challenge Statistics tab, you can access a list of prop challenges along with their corresponding details, including:
Participants
This section displays the list of participants for the prop trading challenge.
To access the participants' list, find the specific prop challenge you wish to view, and click on the 'Participants' icon.
You will be able to see the names of participating clients, the selected package, their current progress within the challenge, and their trading account number.
You can download the participants' report by clicking on the 'Download' icon."
Trade History
This section provides a comprehensive overview of the trading history for all participants in the prop trading challenge.
To access the trading history, find the specific prop challenge trade history you wish to view and click on the 'Trade History' icon.
Here, you will find a list of all trades executed.
You have the option to switch between live and demo trading servers.
To refine your search, you can utilize the search bar and time range filter. Otherwise, for more advanced filtering options, click on the 'Filter' icon.
To update the data, click on the 'Refresh' button.
Customize the displayed fields by clicking on the '...' icon and selecting 'Field Display Settings'.
To download the trade history, click on '...' followed by 'Download'.
Fee Commission Report
This section lists all commission rebates paid to participants of the prop challenge.
The participation fee rebate is deposited in real-time into the clients' wallets.
To access the Fee Commission Report, locate the prop challenge you wish to view and click on the "Fee Commission Report" icon.
You can view specific details of the commission rebate, including the rebate amount, recipient of the rebate, and the rebate's status.
If rebates fail, you have the option to retry them by selecting the relevant ones and clicking 'Payout / Retry'.
Additionally, you can download the Fee Commission Report by clicking the download button.
5) Client Portal - Joining Prop Challenges
Through the CRM Client Portal, your clients can access the list of prop challenges by clicking on the 'Prop Trading' tab.
To begin participating in Prop Challenges, clients willl need to:
Fund their CRM Wallet
Participate in Prop Challenges
1) Funding CRM Wallet
To fund the CRM Wallet, follow these steps:
Navigate to "Funds" and click on "Deposit".
Select the preferred deposit method.
Complete the deposit process based on the selected method.
The deposit request will be submitted to you.
You will need to review the deposit request via the CRM Back Office.
Navigate to Approval > Deposit and click "Review".
Approve or reject the deposit request accordingly.
Once approved, the funds will be deposited to the client's CRM wallet.
2) Participate in Prop Challenges
To participate in Prop Challenges, follow these steps:
Navigate to "Prop Trading" to view the available challenges and their statuses.
Click on a challenge to see its description.
Navigate to the "My Challenge" tab to view available packages and details.
Select the desired package.
Click "Participate Now."
Pay the registration fee by selecting the account to deduct funds from.
Clients will be able to see the participation fee.
Click "Submit".
Upon submission, clients will be redirected to the "Request History" page. They will be able to view the status of their request here.
You will need to navigate to CRM Back Office > Approvals > Prop Trading Participation.
Review and approve the client's participation request.
Upon approval, your client will receive a notification via email, containing important details, including the trading account password. They can view the trading account details on the CRM Client Portal as well.
With these credentials in hand, clients can log in to their trading accounts and commence trading for the challenge.
6) Prop Trading Challenges
Prop Challenge Progress Bar
During the Prop Challenge, clients can track their progress using a progress bar.
The progress bar is updated on a daily basis.
Passing The Challenge
Upon passing a prop trading stage, the existing prop trading account is disabled.
If the next stage is another demo stage, a new set of trading account is automatically created, allowing the client to start trading.
If the next stage is a live stage, the process depends on your approval settings.
Automatic: Live trading account credentials are automatically created, and the client can begin trading.
Manual:
You will need to approve the request from the CRM Back Office.
Once approved, your client will receive the new trading account credentials to start trading.
Failing The Challenge
If clients fail the challenge, their trading accounts will be disabled, preventing further trading activity.
On the next day, the challenge progress bar will be updated to reflect that they have hit the maximum loss. A message will also be displayed informing the client that they have failed the challenge.
Clients can choose to retry the challenge by clicking "Reset Challenge".
Upon resetting the challenge, the client will have the opportunity to participate again by paying the registration fee.
Refund of Participation Fee
Enabling participation fee refunds means clients receive a refund of their registration fee if they make a profit in the live stage challenge.
To qualify for a refund, the trader's profit percentage must be above 0.
You can find refund details on the CRM Backoffice Portal under Reports > CRM Transactions.
Clients can also check the CRM Client Portal under Funds > Transactions.
Retry Challenge
If you have enabled the "free retry" option for the self-trading challenge, as long as the customer meets all the relevant conditions and their profit amount is positive, your customers can try the challenge again for free.
Your clients won't get the "Free Repeat" option if they hit the daily loss limits or overall loss limits.
When a client qualifies for a free repeat, his trading account will be disabled, and a message will be shown stating that their trading period has ended. They'll also be informed that they can retry this step for free.
To give the challenge another shot, clients can simply click "Retry This Step".
The challenge will be reset, and clients will be given a new set of trading account credentials to trade.
7) Enhancements to CRM Functions for Prop trading
These updates have been implemented in your CRM to ensure comprehensive support for Prop Trading:
Trading Accounts System Tag
Trading accounts created for Prop Challenges now feature a "Prop Trading" system tag.
Clients can easily identify trading accounts associated with prop challenges through the "Prop Trading" tags as well.
Approval Settings
You will have control over the approval settings for Prop Challenges too:
Prop Challenge Participation Requests
Only manual approval is available.
This means each request must be individually reviewed.
Prop Trading Live Step Requests
You can choose between:
Manual Approval: Each request requires manual review before clients proceed to the live trading step.
Automatic Approval: Clients meeting criteria gain instant access to the live trading step without manual review.
CRM Transaction Report
New filter types have been added for prop challenges:
Prop Trading Fee
Prop Trading Refund
Prop Trading Challenge Fee Commission
Streamline your reporting by utilizing these filters for prop challenge-related data.
Navigation Tab
Customize the Prop Trading tab via Navigation Settings.
Easily arrange the tab to your preferred location by dragging and dropping.
You can also modify the tab name:
Click "Edit".
Make the respective changes and click "Confirm".
Additional Email Templates
Additional email templates designed specifically for prop trading activities are now available as well.
Tailor the content and format of these templates to meet your unique requirements.
8) Pre-Configurations for Prop Trading Brokers
For brokers intending to host the Prop Trading module on their own trading servers, a series of essential steps are recommended to be taken:
A) MT Groups
We strongly advise creating distinct groups for Prop Trading, completely separate from regular trading groups.
It is mandatory to establish a unique group for each step of each package. For example, if you have 5 packages, each with 3 steps, you'll need to create 15 new groups.
Fixed Stop Out [Mandatory]
Configure a fixed stop-out level for each group to ensure robust risk control.
For MT5 and MT4:
If the package value is USD 10,000 and the maximum loss percentage is 10%, you will need to configure the stop-out level at USD 9,000.
Similarly, for a package value of USD 15,000 with maximum loss percentage of 8%, you will need to configure the stop-out level at USD 13,800.
Allow Hedging [Recommended]
This is only available for MT5.
In Group Settings, under Margin, select "For Retail Forex, CFD, Futures with hedged positions" to enable hedging.
Disable Expert Advisor [Recommended]
You are able to disallow Expert Advisors (EAs) in the Group Settings.
For MT5: do not check this field to disallow EAs
For MT4: do not check this field to disallow EAs
B) Symbols, Feeds & Routings
You can choose from your own available symbols, feeds, and execution routings for the newly created groups.
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