Bulenox LLC is a futures prop firm headquartered at 1201 N Orange St, Suite 7149, Wilmington, DE 19801.
Bulenox operates an evaluation-based model. Traders subscribe to a Qualification Account (the evaluation stage), then transition to a Master Account (the simulated funded stage) upon passing. A third stage exists as a discretionary pathway for traders who have completed three successful payouts on the Master Account: the Funded Account, involving real capital.
The firm focuses exclusively on futures. It supports traders in over 100 countries, with a defined list of restricted countries. No regulatory disclosures beyond standard CFTC Rule 4.41 risk language are stated on the firm’s site. The site notes that all traders operating on the Master Account are treated as independent contractors.
Account Types & Pricing
Bulenox offers two distinct account options within its program. Both follow the same two-stage evaluation structure (Qualification Account leading to Master Account), but they use different drawdown methods, different contract limit structures, and different rule sets at the funded stage. Choosing between them is one of the most consequential decisions a trader makes at signup.
Option 1: No Scaling Account
Option 1 uses an intraday trailing drawdown. There is no daily loss limit and no scaling plan. Contract limits are fixed at the maximum for the account size from day one. This option is available for $25k, $50k, $100k, $150k, and $250k account sizes.
Monthly subscription fees (retail pricing):
| Account Size | Monthly Subscription |
|---|---|
| $25,000 | $145/month |
| $50,000 | $175/month |
| $100,000 | $215/month |
| $150,000 | $325/month |
| $250,000 | $535/month |
The activation fee is a one-time payment due at the transition from Qualification Account to Master Account. Activation fees for Option 1 per account size:
| Account Size | One-Time Activation Fee |
|---|---|
| $25,000 | $143 |
| $50,000 | $148 |
| $100,000 | $248 |
| $150,000 | $498 |
| $250,000 | $898 |
Reset fees are covered under Billing & Account Management.
Option 2: EOD Account
Option 2 uses an EOD trailing drawdown (end-of-day trailing). It includes a daily loss limit and a dynamic scaling plan, where contract limits increase as the account balance grows. This option is available for $25k, $50k, $100k, $150k, and $250k account sizes.
Monthly subscription fees are the same as Option 1 per account size (see table above).
The activation fee for Option 2 is a one-time payment due at the transition to Master Account:
| Account Size | One-Time Activation Fee |
|---|---|
| $25,000 | $143 |
| $50,000 | $148 |
| $100,000 | $248 |
| $150,000 | $498 |
| $250,000 | $898 |
The activation fee amounts are identical across both options for these account sizes.
Evaluation Rules
Bulenox calls its evaluation stage the Qualification Account. The rules below apply during this stage. Where Option 1 and Option 2 differ, both are covered separately.
Profit Target
The profit target is the same for both Option 1 and Option 2 within a given account size. Targets are expressed as dollar amounts.
| Account Size | Profit Target |
|---|---|
| $25,000 | $1,500 |
| $50,000 | $3,000 |
| $100,000 | $6,000 |
| $150,000 | $9,000 |
| $250,000 | $15,000 |
Drawdown Rules (Evaluation)
Rules differ across account options. See the tables below.
Trailing Drawdown Values
The trailing drawdown amount (TDA) is the same for both options within a given account size. The drawdown level trails from the account’s highest balance point reached during trading.
| Account Size | Max Trailing Drawdown |
|---|---|
| $25,000 | $1,500 |
| $50,000 | $2,500 |
| $100,000 | $3,000 |
| $150,000 | $4,500 |
| $250,000 | $5,500 |
Daily Loss Limit
Option 1: No Scaling Account: No daily loss limit applies during the evaluation stage.
Option 2: EOD Account: A daily loss limit applies. It is calculated on profit and loss including commissions and unrealized (real-time) positions, measured from 5:00 pm to 4:00 pm Central Time each trading day.
| Account Size | Daily Loss Limit |
|---|---|
| $25,000 | $500 |
| $50,000 | $1,100 |
| $100,000 | $2,200 |
| $150,000 | $3,300 |
| $250,000 | $4,500 |
If the daily loss limit is reached on Option 2, the account is suspended for the remainder of that trading day. This does not count as a rule violation. Trading resumes at the start of the next session.
Drawdown Calculation Method
Option 1: No Scaling Account: Intraday trailing. The drawdown level moves up in real time as unrealized or realized profit grows during the session. Intraday highs set the high-water mark. The drawdown is recorded in real time during the trading day and includes commission. If the balance decreases, the drawdown level remains at the current high-water mark and does not move down.
Option 2: EOD Account: EOD trailing (end-of-day trailing). The drawdown level only updates at the end of each trading day based on the closing balance. Intraday highs do not move the drawdown level. If the account does not finish the day at a new high, the drawdown level stays where it was.
Drawdown Lock
Option 1: No Scaling Account: No drawdown lock is described for the Qualification Account stage. The lock behavior applies at the Master Account stage (see Funded Account Rules).
Option 2: EOD Account: No drawdown lock is described for the Qualification Account stage. The lock that stops the EOD drawdown at the initial starting balance plus $100 is documented at the Master Account stage (see Funded Account Rules).
Consistency Rule (Evaluation)
No consistency rule applies during the Qualification Account (evaluation) stage. There is no such requirement for passing to the Master Account.
Minimum Trading Days
There are no minimum trading days required to pass the Qualification Account and transition to the Master Account. A trading day is counted only when the trader has opened a trade.
Time Limit
There is no time limit on the Qualification Account. There is no maximum limit on how many trading days a trader must trade, and the trader can continue until the profit target is reached. The subscription renews automatically every 30 days until cancelled.
Position Size & Contract Limits
Rules differ across account options. See below.
Option 1: No Scaling Account: Contract limits are fixed and apply from the first day of trading.
| Account Size | Max Contracts (Standard) |
|---|---|
| $25,000 | 3 |
| $50,000 | 7 |
| $100,000 | 12 |
| $150,000 | 15 |
| $250,000 | 25 |
A trader can hold multiple positions simultaneously and can trade both standard and micro contracts at the same time. 1 standard contract is equivalent to 10 micro contracts.
Option 2: EOD Account: Contract limits start lower and scale up dynamically as the account’s cash-on-hand (profit) increases. Starting limits are lower than the Option 1 maximums. Full scaling tiers are covered under the Scaling Plan section in Funded Account Rules. The same scaling structure applies from the start of the Qualification Account on Option 2.
Activation Fee
The activation fee is a one-time payment triggered at the transition from the Qualification Account to the Master Account. There is no monthly charge for the Master Account. The activation fee is paid once only.
| Account Size | One-Time Activation Fee (Both Options) |
|---|---|
| $25,000 | $143 |
| $50,000 | $148 |
| $100,000 | $248 |
| $150,000 | $498 |
| $250,000 | $898 |
The activation fee includes data feed and maintenance costs for the Master Account. Once paid, there is no recurring monthly cost on the Master Account.
Funded Account Rules
Bulenox calls its simulated funded stage the Master Account. Traders trade on simulated capital at this stage. The Master Account opens after Bulenox receives the completed application form and signed contract following the Qualification Account review.
Drawdown Rules (Funded)
Trailing Drawdown Values
The trailing drawdown amounts at the Master Account stage are the same as the Qualification Account stage per account size.
| Account Size | Max Trailing Drawdown (TDA) |
|---|---|
| $25,000 | $1,500 |
| $50,000 | $2,500 |
| $100,000 | $3,000 |
| $150,000 | $4,500 |
| $250,000 | $5,500 |
The drawdown trails from the highest account balance point reached. If a trader exceeds the maximum trailing drawdown, the account is closed by the administrator.
Daily Loss Limit
Option 1: No Scaling Account: No daily loss limit applies at the Master Account stage.
Option 2: EOD Account: The daily loss limits that apply during the Qualification Account stage (see Evaluation Rules) continue to apply on the Master Account until the maximum drawdown threshold reaches the account’s starting balance. Once the drawdown level locks (see Drawdown Lock below), daily loss limits are removed.
Drawdown Calculation Method
Option 1: No Scaling Account: Intraday trailing. The drawdown level moves up in real time as unrealized or realized profit grows. This is the same method as the evaluation stage.
Option 2: EOD Account: EOD trailing (end-of-day trailing). The drawdown level updates only at the end of each trading day based on the closing balance. Intraday highs do not move the level. This is the same method as the evaluation stage.
Drawdown Lock
Both options share the same drawdown lock behavior on the Master Account. The trailing or EOD drawdown stops moving once it reaches the initial starting balance plus $100. For example, on a $100,000 account, the drawdown level stops trailing once it reaches $100,100.
Once the drawdown level locks at this point, it remains fixed permanently for the life of the account. If the account balance subsequently falls to that locked level, the account is closed by the administrator.
For Option 2, daily loss limits are also removed once this lock point is reached.
Consistency Rule (Funded)
A 40% consistency rule applies to every payout request on the Master Account. Upon submitting a withdrawal request, no single trading day’s profit may account for more than 40% of the total profit balance on the account.
The calculation is: (Best day P&L / Total P&L) × 100. The result must be 40% or below.
For the first withdrawal, the safety threshold reserve (payout buffer) is counted toward the 40% rule calculation.
If the consistency rule is not met, the payout cannot be processed. This does not violate or close the account. The trader continues trading until the best single day represents 40% or less of the total profit.
Position Size & Contract Limits (Funded)
Rules differ across account options.
Option 1: No Scaling Account: Contract limits on the Master Account are fixed and match the evaluation stage maximums.
| Account Size | Max Contracts (Standard) |
|---|---|
| $25,000 | 3 |
| $50,000 | 7 |
| $100,000 | 12 |
| $150,000 | 15 |
| $250,000 | 25 |
Option 2: EOD Account: Contract limits are dynamic and increase as the account’s profit grows. See the Scaling Plan section below for full tier details.
Profit Split
The profit split structure is the same for both options. The first $10,000 earned is paid to the trader at 100%, with no commission deducted. After the first $10,000 has been withdrawn, the split moves to 90% trader / 10% Bulenox on all subsequent profits. The commission is charged at the time of each transfer.
Payout Rules
First Payout Requirements
The first payout can be requested after the trader has completed at least 10 individual trading days on the Master Account. A trading day counts as completed when the trader has opened at least one trade during that session.
The withdrawal safety threshold reserve (the payout buffer covered below) must remain in the account before any withdrawal can be processed. The 40% consistency rule also applies to the first payout, with the safety threshold reserve counted toward the calculation.
Subsequent Payout Requirements
The same conditions apply after the first payout: minimum 10 completed trading days is a standing requirement per payout request. The 40% consistency rule applies to every payout. The payout buffer must remain in the account at all times.
The maximum withdrawal cap that applies to the first 3 payouts is lifted after the 3rd payout. From the 4th payout onward, there is no maximum withdrawal limit.
Payout Frequency
Payouts can be requested at any time during the calendar month. All payouts are processed once per week, on Wednesdays.
Payout Buffer
The withdrawal safety threshold reserve is the minimum amount that must remain in the trader’s account balance before a withdrawal can be processed. It is not withdrawable during the life of the account but is returned to the trader upon termination of the Master Agreement.
| Account Size | Safety Threshold Reserve |
|---|---|
| $25,000 | $1,600 |
| $50,000 | $2,600 |
| $100,000 | $3,100 |
| $150,000 | $4,600 |
| $250,000 | $5,600 |
Daily Progression Rule
No daily progression rule applies to the Master Account.
Payout Caps & Limits
The minimum withdrawal amount is $1,000.
A maximum withdrawal cap applies to the first 3 payouts only, based on account size:
| Account Size | Max Withdrawal (First 3 Payouts) |
|---|---|
| $25,000 | $1,000 |
| $50,000 | $1,500 |
| $100,000 | $1,750 |
| $150,000 | $2,000 |
| $250,000 | $2,500 |
After the 3rd payout, there is no maximum withdrawal limit.
Scaling Plan
The scaling plan applies to Option 2 (EOD Account) only. Option 1 (No Scaling Account) uses fixed contract limits throughout, with no scaling.
On Option 2, contract limits are determined by the account’s cash-on-hand (profit level). As profit increases, the trader can access higher contract limits. The same scaling tiers apply during both the Qualification Account and Master Account stages.
$25,000 EOD Account
| Profit Level | Max Contracts |
|---|---|
| $0 – $1,500 | 2 |
| $1,501+ | 3 |
$50,000 EOD Account
| Profit Level | Max Contracts |
|---|---|
| $0 – $1,500 | 2 |
| $1,501 – $4,000 | 4 |
| $4,001+ | 7 |
$100,000 EOD Account
| Profit Level | Max Contracts |
|---|---|
| $0 – $2,000 | 3 |
| $2,001 – $3,000 | 5 |
| $3,001 – $5,000 | 8 |
| $5,001+ | 12 |
$150,000 EOD Account
| Profit Level | Max Contracts |
|---|---|
| $0 – $4,000 | 5 |
| $4,001 – $8,000 | 8 |
| $8,001 – $12,000 | 10 |
| $12,001+ | 15 |
$250,000 EOD Account
| Profit Level | Max Contracts |
|---|---|
| $0 – $5,000 | 6 |
| $5,001 – $12,000 | 12 |
| $12,001 – $20,000 | 18 |
| $20,001+ | 25 |
The maximum contract limits on Option 2 at the highest scaling tier match the fixed maximums available on Option 1 for the same account size. The trade-off is that on Option 2, traders start with lower contract limits and must build profit to access higher limits. On Option 1, the full contract limit is available from day one but the intraday trailing drawdown method applies.
Micro contracts can be traded alongside standard contracts. 1 standard contract equals 10 micro contracts.
Live Account Pathway
Bulenox offers a live funded stage (trading with real capital) beyond the simulated Master Account stage. Transition to the Funded Account (real capital) requires completing at least 3 successful payouts on the Master Account. Eligibility is subject to the sole discretion of the Risk Management Department, meaning the selection process is discretionary rather than rules-based. Completing 3 payouts does not guarantee transition.
If a trader does not consent to transition to the Funded Account when offered, the Master Account is closed and no further reward payout is issued.
Upon transitioning, all active Master Accounts are consolidated into a single Funded Account. Any Master Accounts that have not been activated remain in pending status.
Balance caps apply to the Funded Account (real capital), effective April 28, 2025:
| Account Size | Balance Cap |
|---|---|
| $25,000 | $2,500 |
| $50,000 | $5,000 |
| $100,000 | $10,000 |
| $150,000 | $15,000 |
| $250,000 | $25,000 |
The first payout on the Funded Account can be requested after completing at least 5 individual trading days. A trading day counts as completed once the market closes.
Bulenox describes the Master Account as being “designed for a long-term relationship with the opportunity to receive a unique offer from our partners in the future,” and states that traders with proven results receive an individual offer from capital partners, with conditions discussed individually. The specific risk rules, profit split, and payout terms at the Funded Account (real capital) stage are discussed individually between the trader and Bulenox’s capital partners and are not published publicly.
Trading Rules & Restrictions
Permitted Instruments
Bulenox supports a broad range of futures instruments across all major categories. Both standard and micro contracts can be traded simultaneously. Permitted instruments include:
Equity Futures: E-mini S&P 500 (ES), E-mini NASDAQ 100 (NQ), Mini-DOW (YM), E-mini Midcap 400 (EMD), Russell 2000 (RTY), Nikkei NKD (NKD), Micro Bitcoin Futures (MBT)
Micro Equity Futures: Micro E-Mini S&P 500 (MES), Micro E-Mini Dow Jones (MYM), Micro E-Mini Nasdaq-100 (MNQ), Micro E-Mini Russell 2000 (M2K)
Currency Futures: Australian Dollar (6A), E-micro Australian Dollar (M6A), British Pound (6B), E-micro British Pound (M6B), Canadian Dollar (6C), E-micro Canadian Dollar (M6C), E-mini Euro FX (6E), E-micro Euro (M6E), Japanese Yen (6J), Swiss Franc (6S), New Zealand Dollar (6N), Mexican Peso (6M)
Agricultural Futures: Lean Hogs (HE), Live Cattle (LE), Feeder Cattle (GF), Wheat (ZW), Soybeans (ZS), Soybean Meal (ZM), Soybean Oil (ZL)
Energy Futures: Crude Oil (CL), Micro Crude Oil (MCL), E-mini Crude Oil (QM), Natural Gas (NG), E-mini Natural Gas (QG), New York Harbor RBOB Gasoline (RB)
Metal Futures: Gold (GC), E-micro Gold (MGC), Silver (SI), Copper (HG), Platinum (PL)
Instruments not appearing on this list are not available for trading.
Trading Hours & Overnight Policy
The trading day runs from 5:00 pm to 4:00 pm the following day, North American Central Time (CT). Holidays and weekends do not count as trading days.
All open positions must be closed by 15:59 CT. The position close requirement at 15:59 CT applies to both the Qualification Account and Master Account stages. Whether positions can be held overnight within the same session window (5:00 pm CT through to the next day’s 4:00 pm CT close) is not specified.
News Trading Policy
Bulenox does not publish a news trading policy for either the Qualification Account or Master Account stage.
Expert Advisors & Copy Trading
The use of trade copiers, algorithms, strategies, and bots is permitted. Bulenox does not provide any algorithms but does not prohibit their use. The firm is not responsible for any technical issues caused by or related to third-party software. Traders are directed to contact the relevant software developer for any issues.
A free NinjaTrader 8 license is provided with the Master Account. No account-size restrictions or payout interaction limitations are specified for automated trading. No copy trading restrictions beyond the above are stated.
Prohibited Practices
Bulenox does not publish an explicit list of prohibited trading practices. The Warning section covers market halts and technical issues only. No specific trading behaviors are listed as resulting in account termination beyond violating the maximum trailing drawdown rule, which results in the account being blocked or closed by the administrator.
Important: If it is found that a trader has registered multiple logins at Bulenox.com and holds multiple Rithmic User IDs from Bulenox.com, Bulenox reserves the right to delete the Rithmic User ID and block the trader’s profile without a refund.
Additional Rules
Multiple Accounts
A trader can hold unlimited Qualification Accounts and up to 11 active Master Accounts simultaneously. All accounts must be under the same Rithmic User ID.
Traders can activate up to 3 Master Accounts simultaneously. To activate each additional Master Account beyond the initial activation, the trader must first reach the initial starting balance on one of the 3 previously activated accounts. Each subsequent Master Account is reviewed individually. Multiple Master Accounts cannot be combined into one larger account.
Single Rithmic User ID Requirement
A trader can only register one login at Bulenox.com. One Rithmic User ID is created at signup and must be used for all accounts. Registering multiple logins or holding multiple Rithmic User IDs from Bulenox.com will result in deletion of the Rithmic User ID and a permanent block without refund.
Professional vs. Non-Professional Data Feed Status
When a trader signs the Rithmic user agreement, they must select either professional or non-professional status. This selection cannot be changed on either the Qualification Account or the Master Account.
Non-professional traders do not pay for exchange data feed, as it’s included in the Qualification Account subscription. Professional traders are required to pay $116 per month for exchange data feed covering CME, CBOT, NYMEX, and COMEX. Business entity registrations may also trigger professional status obligations depending on the entity structure.
Trading Platforms
Available Platforms
Bulenox operates on the Rithmic infrastructure and is not locked to a single proprietary platform. The primary platform is Rithmic R|Trader Pro. NinjaTrader 8 is fully supported, and a free NinjaTrader 8 license is provided with the Master Account.
Beyond these two primary platforms, Bulenox supports a large number of third-party platforms that connect via Rithmic:
TigerTrade, Optimus Flow, Inside Edge, Volfix, ATAS, QScalp, OverCharts, Medved Trader, Quantower, QST, ScalpTool, TSLab, Trade Navigator, Sierra Chart, MultiCharts, Photon Trader, MotiveWave, Investor R/T, Bookmap.
Platform support is Windows-based. Both Rithmic R|Trader Pro and NinjaTrader 8 run on Windows OS only, with no support for macOS or Chrome OS. NinjaTrader Mobile is available for mobile trading via a third-party link.
Data Feeds & Connectivity
Bulenox connects through the Rithmic Paper Trading system (Chicago gateway by default, with European options via Europe or Frankfurt, and Asian options via Tokyo or Singapore). Rithmic is on maintenance over the weekend, so login is not possible during this period.
Non-professional traders have exchange data feed included in their Qualification Account subscription at no additional cost. Professional traders pay $116/month for exchange data (CME, CBOT, NYMEX, COMEX).
An OCO (One Cancels Other) limitation applies specifically to NinjaTrader: OCO functionality is simulated on the trader’s PC. If NinjaTrader goes offline or disconnects from Rithmic, the second part of an OCO order (target or stop) will not be cancelled. This can result in extra positions being opened. Bulenox is not liable for losses caused by extra positions opened as a result of uncancelled OCO orders.
Billing & Account Management
Subscription Model
The Qualification Account operates on a monthly subscription that renews automatically every 30 days until cancelled. There is no time limit on the account. The subscription continues until the trader either passes, cancels, or terminates the account.
Traders can manage their subscription through the Bulenox member profile. Two cancellation options are available. “Cancel” stops the renewal and keeps the account active until the current billing period expires. “Terminate” cancels immediately and removes the account from the dashboard and trading platform at once.
Once the Qualification Account passes review, the subscription is cancelled by the administrator. The trader no longer needs to pay for it. There is no monthly fee on the Master Account. The only payment at that stage is the one-time activation fee.
Payment for subscriptions is accepted by credit card, debit card, PayPal, and crypto. No refunds are permitted after registering and using the service.
Resets
A reset updates the account’s initial balance so the trader can continue trading on the subscribed account. All previous gains and losses are cleared. All previously counted trading days are also cleared.
If a rule is violated before the next billing date, the account resets for free on the specific billing date. This free reset is only available on the billing date. Completed trading days are retained on the free billing date reset.
If a trader wants to reset at any other time, the paid reset costs $78. The reset is processed immediately, and the trader receives a notification by email.
The reset fee does not match the monthly subscription cost. At $78, it is lower than any of the subscription tiers. Resets are only available on the Qualification Account. There is no option to reset on the Master Account.
Payouts & Withdrawals
This section covers payment methods, processing timelines, and tax requirements. Payout qualification rules (minimum trading days, consistency requirements, payout caps, buffers, and frequency) are covered in Funded Account Rules above.
Payment Methods
Withdrawals from the Master Account can be made via ACH/Wire Transfer, PayPal, or Wise. No fees are listed for any of the available methods.
Processing Times
All payouts are processed once per week, on Wednesdays. Per-method transfer timelines are not published.
Tax & Eligibility Requirements
All traders who trade and receive payments on the Master Account are classified as independent contractors. Tax documentation is required before payouts can be processed. US traders receive Form 1099-NEC (Non-Employee Compensation). Traders outside the US are required to complete a W-8BEN form.
Restricted Countries
Bulenox supports traders in over 100 countries. The following countries are currently restricted and ineligible for the program:
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, Zimbabwe.
This list is subject to change at any time based on updates from brokerages and other regulatory developments.