A new program from the Kraken app promises to let users trade on the exchange's dime.
But before it lets you trade with its funds, you must compete in a trading competition.
Kraken Funded, a promotional program, will sign up eligible users to compete in a simulated, sandboxed assessment to qualify for a funded trading account backed by Kraken’s capital.
The program has now launched, and it is live now in more than 150 countries, including the US and the EEA region.
In Kraken Funded, meanwhile, Kraken will charge a one‑time entry fee to enter the challenge: $20 for $1,000 of trading credit, $50 for $5,000 and $90 for $10,000.
Kraken said, in an announcement, that traders would need to achieve at least a 12% profit target without exceeding a 5% overall drawdown, after which traders keep 80% of profits, and payouts are processed in USD, typically in under 24 hours.
It noted that in implementation, traders in the program provide trade signals to Payward Oceanic, rather than trading on their own behalf, and Payward Oceanic would exercise sole discretion over whether to act on those signals. The service is unregulated, and the protections of MiCA do not apply.
Kraken said it expects Kraken Funded will be rolled out to other markets in the coming weeks.
