Unbiased Review of Rocket 21 Challenge Prop Firm
Welcome to this review, where I'll provide you with an unbiased and honest perspective on the Rocket 21 Challenge Prop Firm. If you're here contemplating the Rocket 21 Challenge, rest assured, I've conducted thorough investigations so you don't have to.
Let's dive right in and understand how their challenge operates. Rocket 21 offers two distinct types of challenges. The first one is their standard challenge, a two-step evaluation method commonly found in Prop Firms. This will be our primary focus. Additionally, they offer a one-step challenge named Apollo11. These challenges come in a variety of options, ranging from $5,000 to $300,000.
Understanding the Two Phase Challenge
Let's break down how their Two Phase Challenge operates:
Standard (Two Step Challenge)
| Capital | $5,000 | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 | $300,000 |
|---|---|---|---|---|---|---|---|
| Targets | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% | Phase I- Propfit Target = 8%, Phase II- Profit Target = 5% |
| Profit Split | Up to 85% | Up to 85% | Up to 85% | Up to 85% | Up to 85% | Up to 85% | Up to 85% |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 5 days | 5 days | 5 days | 5 days | 5 days | 5 days | 5 days |
| Time Limit | Unlimited For both Phases | Unlimited For both Phases | Unlimited For both Phases | Unlimited For both Phases | Unlimited For both Phases | Unlimited For both Phases | Unlimited For both Phases |
| Daily Starting Drawdown | 5% | 5% | 5% | 5% | 5% | 5% | 5% |
| Max Drawdown | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Leverage | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 | 1:100 |
| Refundable Fee | 79$ | 139$ | 249$ | 349$ | 549$ | 939$ | 1399$ |
- You have the freedom of unlimited trading days.
- A minimum of five trading days is required.
- They offer a generous 1:100 leverage.
- Your maximum daily loss is capped at 5%.
- Your maximum allowable total loss is restricted to 10%.
- Your profit target is set at 8%.
When we compare these terms with those of other Prop Firms, Rocket 21 stands out as one of the best in the industry.
Now, let's talk about the pricing for the 100K challenge, which is $549, placing it in the relatively higher price range. However, it's worth noting that they often provide discount codes. At the time of writing, there's a 12.5% discount code available, reducing the cost to around $480. This pricing is quite reasonable and competitive when compared to other top Prop Firms in the industry.
Exploring the Apollo 11 Challenge
Now, let's briefly examine the Apollo 11 one-step challenge. This challenge consists of a single phase, requiring a minimum of 3 trading days to complete within an unlimited time period.
Appllo11 (One Step Challenge)
| Capital | $10,000 | $25,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|---|
| Targets | 9% | 9% | 9% | 9% | 9% |
| Profit Split | Up to 85% | Up to 85% | Up to 85% | Up to 85% | Up to 85% |
| Weekend Holding | Allowed | Allowed | Allowed | Allowed | Allowed |
| Minimum Trading Days | 3 days | 3 days | 3 days | 3 days | 3 days |
| Time Limit | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Daily Starting Drawdown | 3% | 3% | 3% | 3% | 3% |
| Max Drawdown | 6% | 6% | 6% | 6% | 6% |
| Leverage | 1:30 | 1:30 | 1:30 | 1:30 | 1:30 |
| Refundable Fee | 119$ | 199$ | 299$ | 499$ | 939$ |
- It offers a leverage of 1:30.
- The maximum allowable daily loss is 3%.
- Total maximum loss is capped at 6%.
- With a profit target of 9%, this challenge proves to be quite demanding, considering the requirement to achieve a 9% profit target while not exceeding a 6% drawdown.
Considering the challenges and their difficulty levels, most individuals may opt for the two-phase test, even though it is priced at $499. The two-phase test is expected to be more manageable in comparison. Now, let's assess the Rocket 21 Challenge in terms of its actual challenge rating.
Overall, I would rate the challenge an eight out of 10, but remember, the challenge is just one aspect of the Prop Firm. Let's now delve into the company itself.
Evaluating the Company Behind Rocket 21 Challenge
As for the company's history, it has been in operation since 2019.
Upon investigating some of the partners involved, it appears that many of them are online influencers within the social media trading community. The key figure behind the project seems to be Alex Gonzalez, based in Miami. You can find him on his Instagram page, Alex Gonzalez, and he also runs a Forex YouTube channel called fxalexg. The team seems to consist mainly of young individuals, primarily based in Miami or of Latino origin.
In terms of customer support, they offer live chat support, and I was able to contact a representative within a quick two minutes. The support was efficient, providing timely assistance, which reflects positively on their service.
Now, when it comes to assessing the company further, I decided to explore online reviews. I visited trustpilot.com and noticed they had a rating of 4.2 stars, which is respectable but slightly lower than some other prop firms I've reviewed on my website. However, what raised concern was the fact that 14% of the reviews were rated with just one star, which is significantly higher than many other prop firms I've evaluated. This is an aspect that warrants careful consideration. I encourage you to read some of these one-star reviews to gain a better understanding of the issues raised.
Overall, when assessing the company, support appears satisfactory, and they have a history dating back to 2019. However, the relatively high percentage of one-star reviews on Trustpilot is a notable red flag, indicating potential customer dissatisfaction. On a scale from 1 to 10, I would rate the company around a 6.
Unique Perks of the Rocket 21 Challenge
Now, let's explore any unique perks associated with the Rocket 21 challenge.
A couple of distinctive advantages include their starting profit split, which is 85/15, slightly higher than the typical 80/20 split seen in the industry. Additionally, they offer a scaling plan, where you need to achieve 8% net profit in three consecutive monthly cycles to qualify for a capital increase. While this scaling plan isn't particularly groundbreaking, it's a common industry practice. Another offering is their competition, which essentially provides you with access to a free trial, a nice benefit for prospective traders.
However, when evaluating the unique perks, it appears that Rocket 21 might be a white-labeled prop firm without standout features that truly set it apart from other firms in the market.
Overall, in terms of unique perks, I would rate them at 6 out of 10.
Assessing Trading Conditions
Let's now assess and rank the trading conditions on the Rocket 21 Challenge Prop Firm, using a scale from 1 to 10. To do this, I've compiled some key information:
They appear to utilize three different brokers: Eightcap, ThinkMarkets, and Purple Trading, which are commonly used by many prop firms.
Here's a breakdown of the commission charges:
- Forex: $7 per lot
- Indexes, oil, and metals: Mostly $0
- Indexes, oil, and metals (depending on the broker): Between $3 and $7
- Crypto: $0
Regarding leverage, for the two-phase program:
- Forex: 1:100
- Crypto: 1:2
- Indices: 1:30
- Metals and commodities: 1:40
For funded accounts, the leverage remains similar. However, if you opt for the one-phase Apollo11 challenge, your leverage will be lower.
One essential factor in assessing prop firms is the spread. Rocket 21 Challenge appears to offer competitive spreads, which is a positive aspect.
Overall, the trading conditions on the Rocket 21 Challenge Prop Firm appear favorable, and I would rate them an 8 on a scale from 1 to 10. They have successfully maintained competitiveness among other prop firms, and their choice of brokers aligns with industry standards.
Overall Rating for the Rocket 21 Challenge
So, in summary, how would I rate the Rocket 21 Challenge? Here's a breakdown of the ratings:
- Trading Challenge: 8
- Company Overview: 6
- Unique Perks: 7
- Trading Conditions: 8
When we average these ratings, the Rocket 21 Challenge earns an overall rating of 7.1.