Surge Trading

About Surge Trading

SurgeTrader was a proprietary trading firm that provided funded accounts to traders after they passed an evaluation. Founded in September 2021 by Jana Seaman and based in Naples, Florida, the company aimed to capitalize traders who had successful strategies but lacked sufficient capital. The firm was backed by Valo Holdings, a venture capital group.

The business model centered on a one-step audition process. Aspiring traders would pay a one-time fee for an "audition" on a simulated account, with sizes ranging from $25,000 up to $1 million. The main objective was to achieve a 10% profit target without breaching specific risk parameters, such as a daily loss limit (typically 4-5%) and a maximum trailing drawdown (5-8%). There were no minimum trading days required, meaning a trader could pass the evaluation quickly. Upon successfully passing the audition, traders were given control of a funded account, initially live but later switched to a simulated environment, and were entitled to keep 75% to 90% of the profits, while SurgeTrader absorbed any losses.

The firm allowed trading in a wide range of assets, including forex, cryptocurrencies, metals, oil, indices, and stocks. However, the company ceased all operations around May 2024. This followed a series of issues, including the termination of its license by the trading platform MetaQuotes and a subsequent, unsuccessful move to Match-Trader. The shutdown was also clouded by the founder's husband being charged by the SEC in relation to a significant Ponzi scheme.