Bulenox Review April 2026

Bulenox is a US-based futures proprietary trading firm headquartered in Wilmington, Delaware (Bulenox LLC, 1201 N Orange St, Suite 7149, Wilmington, DE 19801). Founded in 2022 by a team of traders and investors, the firm has rapidly established itself as a competitive option in the funded futures trading space, earning a Trustpilot rating of 4.8 based on over 1,500 reviews.

PropFirmsFinder analyzed every technical detail of the Bulenox program: Option 1 and Option 2 account types, qualification rules, pricing, drawdown mechanics, platform options, payout structure, the Master-to-Funded Account transition, and the consistency requirements that you must follow. Dive into the data to decide whether Bulenox is the right fit for your trading style.

How Does the Bulenox Funding Model Work?

Bulenox has a three-stage funding model that consists of a qualification stage, a Master account, and a Funded account. Check them out:

1. Stage 1: Qualification Account (Evaluation). First off, you purchase a monthly subscription for a simulated evaluation account, trade CME Group futures to reach a profit target while respecting drawdown rules, and upon passing, advance to a Master Account. There are no minimum trading days required at this stage; you can technically pass in a single session if you hit the profit target.
2. Stage 2: Master Account (Funded Simulation). After passing qualification and paying a one-time activation fee, you receive a Master Account where you can earn real payouts based on simulated performance. The first $10,000 in profits is paid out with zero commission (100% to the trader). After that, a 90/10 split applies (90% trader / 10% Bulenox).
3. Stage 3. Funded Account (Live Capital). After completing three successful payouts on a Master Account, and subject to Risk Management approval, qualified traders transition to a Funded Account where they trade with real capital. All active Master Accounts are consolidated into a single Funded Account.

Note: All Qualification and Master Accounts are simulated using Rithmic data feeds with live market data. The transition to real capital occurs only at the Funded Account stage.

Account Options in Bulenox: Option 1 vs. Option 2

As introduced above, Bulenox offers two distinct account structures, each available across all account sizes. Take this as the most important decision you will make at Bulenox, bacause choosing the wrong option for your trading style can result in rapid account failure. If you are thinking that Apex Trader Funding just launched a similar type of set up with two options of the same accounts, then you are onto something. Both Apex and Bulenox have Intraday and EOD options for the same accounts. 

Bulenox Option 1: Trailing Drawdown, No Scaling Account

If you go for this option, the drawdown trails in real time based on your highest balance (realized and unrealized), including commissions. It doen't offer a scaling plan; you get full contract access from day one. Also, you won't have to deal with daily loss limit.

However, bear in mind that this simpler rule set has its cons; a bad intraday drawdown can do significant permanent damage.

Trader profile: Option 1 is a good alternative for scalpers and traders who want maximum contract access immediately.

Bulenox Option 2: EOD Account, Scaling and Daily Loss Limit

This second option has an EOD drawdown type. The drawdown updates only at the end of each trading day based on closing balance, not intraday equity peaks.

It includes a dynamic scaling plan that increases your contract limit as profits grow and a daily loss limit that pauses trading for the day (soft breach is not a violation). Option 2 is more forgiving for traders who experience intraday swings.

Trader profile: Day traders and swing-style intraday traders who want EOD drawdown protection.

Both options share the same profit targets, drawdown amounts, and pricing per account size. The difference lies entirely in how risk is managed.

Qualification Account Sizes, Profit Targets, and Drawdown

Bulenox offers six account sizes from $10,000 to $250,000. Profit targets and maximum drawdown amounts are identical for both Option 1 and Option 2 at each size. Take a closer look at the details:

The $25,000 account has a 1:1 profit-target-to-drawdown ratio ($1,500 each), which offers essentially zero margin for error. The $50,000 and $100,000 accounts provide more favorable ratios and are the most popular choices among traders. The $10,000 account is micro-only (5 micro contracts maximum) and functions primarily as a low-cost entry point.

📌 Note about subscriptions: The subscriptions at Bulenox rebill every 30 days until you pass or cancel. If your account is in a failed state (drawdown breached) when the rebill date arrives, the account resets for free on the billing date. The off-cycle resets cost a flat $78 regardless of account size.

Bulenox frequently runs promotional discounts — check their website for current offers before purchasing.

Understanding the Trailing Drawdown for Option 1

The trailing drawdown on Option 1 accounts follows your highest balance in real time, including both realized and unrealized P&L plus commissions. It never moves down.

We prepared a practical example on a $100,000 account ($3,000 trailing drawdown):

1. Starting balance: $100,000. Drawdown threshold: $97,000.
2. You open a trade that reaches +$800 in unrealized profit. The drawdown threshold moves to $97,800.
3. The trade pulls back and you close at +$500. Here the balance is $100,500, but your drawdown threshold stays at $97,800 because it tracked the peak equity of $100,800.
4. If your balance (realized or unrealized) ever touches $97,800, the account is blocked.

This is critical: the trailing drawdown tracks your highest intraday equity, not just closed trades. On Master Accounts, the trailing drawdown stops moving once it reaches the initial starting balance + $100 (e.g., $100,100 on a $100K account).

All About Option 2: EOD Drawdown, DLL, and Scaling Plan

We gathered all the information about Option 2 straight from Bulenox's help center so you don't have to dig through it yourself. Option 2 is the EOD (End of Day) account, and it comes bundled with three interconnected rules you need to understand: the EOD drawdown, the Daily Loss Limit (DLL), and the Dynamic Scaling Plan. 

We develop these rules below.

Option 2 EOD Drawdown

The EOD drawdown on Option 2 accounts updates only at the end of each trading day. It trails based on your highest end-of-day closing balance, unlike Option 1's trailing drawdown, which moves in real time.

Here's a practical example for this alternative on a $100,000 account ($3,000 EOD drawdown):

1. Starting balance: $100,000. Drawdown threshold: $97,000.
2. Day 1: You end the day at $101,000. The drawdown moves to $98,000.
3. Day 2: You end the day at $100,500. The drawdown stays at $98,000 (no new high).
4. Day 3: You end the day at $102,500. The drawdown moves to $99,500.

The EOD calculation makes Option 2 significantly more forgiving for traders who experience intraday swings. On Master Accounts, the EOD drawdown stops moving once it reaches the initial starting balance + $100.

Daily Loss Limit of Option 2 

Option 2 accounts include a daily loss limit: a soft breach that suspends trading for the remainder of the day but does not count as a rule violation. Trading resumes at the start of the next session.

The Daily Loss Limit caps how much you can lose in a single session, ranging from $400 on the $10K account up to $4,500 on the $250K account.

The daily loss limit is based on your total P&L for the trading day, including commissions and unrealized trades, calculated from 5:00 PM to 4:00 PM Central Time.

On Master Accounts, the daily loss limit is removed once the maximum drawdown threshold reaches the account's starting balance (e.g., when your drawdown locks at $100,000+ on a $100K account).

📌 Option 1 accounts have no daily loss limit at any stage.

The Option 2 EOD Dynamic Scaling Plan

Option 2 accounts use a scaling plan that ties your maximum contract size to your current profit level. As you build profit, you unlock larger positions.

Here's a full breakdown of how this works:

Withdrawals can reduce your cash-on-hand and affect the number of contracts available. One standard contract equals 10 micro contracts.

📌 Option 1 accounts have no scaling plan as we previously mentioned, and full contracts are available from day one.

Master Account: Rules, Fees, and Activation

After passing the Qualification Account, the verification phase takes up to 24 hours. You will receive a certificate, instructions, a questionnaire, and a contract. Once the verification is finished, your evaluation subscription cancels automatically.

One-Time Master Account Activation Fees 

There are no monthly fees on the Master Account. You will only have to pay the one-time activation fee, which includes data feed and maintenance. Here are the details for each account size:

What Is the Master Account Drawdown?

The trailing or EOD drawdown rules carry over from the Qualification Account with one key difference: the drawdown stops moving once it reaches the initial starting balance + $100. For example, on a $50,000 account with $2,500 drawdown, once your highest balance reaches $52,600, the drawdown locks at $50,100 and never trails again.

IMPORTANT: If the drawdown is breached on a Master Account, the account is permanently closed; there is no reset option.

Bulenox's Payout Structure and Withdrawal Rules

We believe this is a crucial aspect of your trader's journey, the payout structure, methods and its rules. Bulenox allows you to withdraw via via ACH/Wire Transfer, PayPal, and Wise. All payments are made in USD.

Let us share some more details about payments below. Keep on reading.

Profit Split

The first $10,000 earned on the Master Account is paid out with zero commission (100% to the trader). After the first $10,000, the company takes a 10% commission; you keep 90%.

Payout Schedule and Requirements

Payouts can be requested anytime during the calendar month. they are all processed once a week, on Wednesdays.

You must complete a minimum of 10 individual trading days must before the first payout request. The minimum withdrawal is $1,000 (applicable to most accounts).

Maximum Withdrawal Limits 

A very positive side of withdrawals: After the third payout, there is no maximum withdrawal limit.

Withdrawal Safety Threshold Reserve

A minimum balance must remain in the account to be eligible for withdrawals. This reserve is designed to protect long-term account viability. This is the safety threshold you must keep in mind:

The safety threshold reserve is withdrawable upon termination of the Master Agreement.

Consistency Rule (40%)

Bulenox enforces a 40% consistency rule on all Master Account payouts. When submitting a withdrawal request, no single trading day's profit can account for more than 40% of your total profit balance.

Here's the Formula: Best Day P&L ÷ Total P&L × 100 = must be below 40%.

If the consistency rule is not met, the payout cannot be processed, but it does not violate the account. You can continue trading to generate more profit until the ratio falls below 40%. The safety threshold reserve also counts toward the 40% calculation for the first withdrawal.

Funded Account: All About the Master Account and Live Capital

Upon completion of the three successful payouts under a Master Account, and subject to Risk Management approval, if you qualify, you transition to a Funded Account. At this point, you will be able to trade with real capital.

Funded Account Balance Caps (Effective as of April 28, 2025)

All active Master Accounts are consolidated into a single Funded Account. Any Master Accounts not yet activated remain in pending status. Payout requests on Funded Accounts require a minimum of 5 completed trading days.

Important: If a trader does not consent to the Funded Account transition, the Master Account is closed and no reward payout is issued. You won't have the option to remain on a Master Account.

Trading Platforms Allowed

Bulenox uses Rithmic for data feeds and account connectivity. The firm supports over 20 options of platforms. This variety makes it one of the most platform-flexible futures prop firms available.

Here's the list of platforms Bulenox offers:

NinjaTrader, R Trader Pro, Tiger Trade, Optimus Flow, Inside Edge Trader, Volfix.net, ATAS, QScalp, Overcharts, Medved Trader, Quantower, Quick Screen Trading (QST), ScalpTool, TSLAB, Trade Navigator, Sierra Charts, MultiCharts, Photon, MotiveWave, R Investor, and Bookmap X-Ray.

Bulenox provides a free NinjaTrader 8 license for both Qualification and Master Accounts, including mobile trading via NinjaTrader Mobile.

Nonetheless, there are some platform limitations. For instance, Rithmic and NinjaTrader run on Windows OS only — macOS and Chrome OS are not natively supported. Rithmic undergoes maintenance over weekends and you won't be able to access during that time.

OCO warning for NinjaTrader: One-Cancels-Other (OCO) functionality is simulated locally on your PC. If NinjaTrader disconnects from Rithmic, the second part of an OCO order will not be canceled, potentially resulting in unintended extra positions. Bulenox is not liable for losses caused by uncanceled OCO orders.

Trading Hours, Products, and Commissions

Trading hours are: 5:00 PM to 4:00 PM Central Time (CT) the following day. All positions must be closed before 3:59 PM CT. Holidays and weekends do not count as trading days.

There are +40 tradable products. Futures instruments across four major CME Group exchanges:

• Equity Futures: ES, NQ, YM, RTY, EMD, NKD, MBT (Micro Bitcoin)
• Micro Futures: MES, MNQ, MYM, M2K
• Currency Futures: 6A, 6B, 6C, 6E, 6J, 6S, 6N, 6M + micro equivalents (M6A, M6B, M6C, M6E)
• Energy Futures: CL, MCL, QM, NG, QG, RB
• Metal Futures: GC, MGC, SI, HG, PL
• Agricultural Futures: HE, LE, GF, ZW, ZS, ZM, ZL

Commissions: Per-side commissions at standard Rithmic rates vary by instrument. Check the full commission schedules on Bulenox's help center for both Rithmic and ProjectX connections.

Exchange data feed: Non-professional traders receive data feed included with their subscription at no additional cost. Professional traders must pay $116/month for exchange data across all four exchanges (CME, CBOT, NYMEX, COMEX). This status is selected during Rithmic registration and cannot be changed afterward.

Algorithms, Bots, Copy Trading, and News Trading

Automation: Bulenox does not provide algorithms but does not prohibit their use. Trade copiers, algorithms, strategies, and bots are all permitted. Bulenox takes no responsibility for technical issues caused by third-party software.

Copy trading is permitted. You can use platform-built-in copiers or third-party solutions to copy trades across their own accounts.

News trading: There are no explicit news trading restrictions in Bulenox's published rules. Traders can trade through any market event.

Scalping is permitted. There are no minimum hold time restrictions.

Can I Have Multiple Accounts?

You can hold unlimited Qualification Accounts simultaneously and up to 11 active Master Accounts at one time. However, Multiple Master Accounts cannot be combined into a single larger account.

Up to 3 Master Accounts can be activated simultaneously. Each additional activation requires reaching the initial starting balance on a previously activated account.

All accounts must be under the same Rithmic User ID. Only one login per individual is permitted. Creating multiple logins or Rithmic User IDs will result in account deletion and permanent ban without refund.

Bulenox's Reset Policy

If your Qualification Account hits the maximum drawdown, you can reset it. Consider the following informatioon:

• Free resets are available automatically on your next billing date if the account was violated before that date. Previous trading days are preserved.
• Off-cycle reset: $78 flat fee, processed immediately, at any time. All previous gains, losses, and trading days are wiped.
• Resets do not change your subscription billing date.
• There is no limit on the number of resets you can purchase.
• No resets are available on Master Accounts. A drawdown breach permanently closes the account.

14-Day Free Trial

Bulenox offers a free 14-day (10 trading days) Rithmic trial account for traders who have never registered with Rithmic before. This allows you to test the platform and data feeds at no cost before committing to a Qualification Account subscription, a great advantage to start trading.

Registration and KYC at Bulenox Firm

For the registration process, you will be requested only your full name, email, and password. Upon passing a Qualification Account and transitioning to a Master Account, you must complete the KYC verification and sign a contract.

You will have the choice of registering as an individual or as a business entity. Business registrations may require professional exchange data feed payments depending on the business structure.

Restricted Countries

Bulenox operates in over 100 countries but maintains a restricted list of countries. If you are in any of the following locations, you won't be allowed to use Bulenox services:

Afghanistan, Albania, Angola, Armenia, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Benin, Bermuda, Bolivia, Bosnia and Herzegovina, Botswana, Brunei, Burkina Faso, Burundi, Burma (Myanmar), Cameroon, Central African Republic, Chad, China, Congo, Côte d'Ivoire, Croatia, Cuba, Curaçao, Ethiopia, Gabon, Ghana, Gibraltar, Grenada, Guinea, Haiti, Hong Kong, Iran, Iraq, Jamaica, Jersey, Jordan, Kazakhstan, Kenya, Kosovo, Kuwait, Kyrgyzstan, Lebanon, Lesotho, Liberia, Libya, Macau, Macedonia, Maldives, Mali, Mauritania, Mauritius, Mayotte, Monaco, Mongolia, Montenegro, Mozambique, Namibia, Nepal, New Caledonia, Nicaragua, Niger, Nigeria, North Korea, Occupied Palestinian Territory, Oman, Pakistan, Papua New Guinea, Republic of the Congo, Russia, Rwanda, Saint Martin, Senegal, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Taiwan, Tajikistan, Tanzania, Togo, Trinidad and Tobago, Uganda, Uzbekistan, Vanuatu, Venezuela, Virgin Islands (British), Western Sahara, Yemen, Zambia, and Zimbabwe.

Tax Information

All traders who trade and receive payments on the Master Account are classified as independent contractors. Bulenox issues a Form 1099-NEC (Non-Employee Compensation) for US citizens and W-8BEN for citizens of other countries.

Payment Methods

Qualification Account subscriptions can be paid via credit card, debit card, PayPal, or cryptocurrency.

Return Policy

After registering and using the service, no refunds are allowed. Bulenox recommends reading all terms and conditions before subscribing.

Bulenox Comparison to Competitors

If we compare Bulenox to other Prop Firms, its standout advantages include the choice between trailing and EOD drawdown on every account size, 100% profit retention on the first $10,000, the broadest platform support in the industry (20+), unrestricted use of algorithms and bots, and a free 14-day trial. As for its main limitations, the company has capped payouts on the first three withdrawals, a 40% consistency rule, overnight position holding is restricted, and their platform is compatible only with Windows.

Here's an overview of how Bulenox compares to other Prop Firms:

Final Verdict: Is Bulenox the Right Prop Firm for You?

Bulenox is a well-structured futures prop firm that differentiates itself through flexible drawdown options, generous first-profit retention ($10,000 at 100%), broad platform compatibility, and an explicit path to live trading capital after three successful payouts. 

It's a strong fit if you want to keep 100% of your first $10,000 in profits before any commission kicks in, use algorithms, bots, or trade copiers without restriction, or access 20+ trading platforms through Rithmic connectivity. The $78 flat reset fee across all account sizes is among the lowest in the industry, there are no minimum trading days to pass the Qualification, and weekly payouts every Wednesday deliver more frequent cash flow than firms on bi-weekly or monthly cycles. If you trade CME Group futures across equities, currencies, energy, metals, or agriculture, Bulenox covers the full instrument range.

That said, it won't suit everyone. All positions must close by 3:59 PM CT, which rules out overnight holders. The first three payouts are capped ($1,000–$2,500 depending on account size), a 40% consistency rule applies to all Master Account withdrawals, and the maximum allocation tops out at $250K across three simultaneous Master Accounts. Mac and Linux users would feel dissappointed since Rithmic and NinjaTrader require Windows. There are also no refunds once you've subscribed, and declining the mandatory transition to a Funded Account results in immediate account closure with no payout.

For disciplined futures day traders who want platform flexibility, drawdown choice, and a clear progression to real capital, Bulenox is worth evaluating.

References

Data in this review is based on Bulenox's official website, help center documentation, and publicly available information. Rules and pricing are subject to change. Always verify current terms directly on the Bulenox website before making a purchase.